We have a pretty safe financial situation - but today we felt the first effects of the financial crisis in this country. When logging on to our bank online, it was no longer Washington Mutual, but JPMorganChase. Chase has bought the financially stretched WAMU bank.The main effect of that for us is that we soon will have 9300 more ATMs we now can use for free. Here you have to pay a fee to use another bank's ATM - so I guess that is actually good news. Not that I'm a frequent ATM user - I'm pretty bad at not having cash in my wallet.
In general, we feel pretty good right now about being very conservative when buying our house five years ago, sticking to our budget, not over buying (despite all offers to do so...), locking the interest - and not cashing out any that equity we had at the high peak (at one point we had almost $150 000 in artificial equity, which was just totally crazy). Those who didn't stick to a budget, bought a house way over their limits, using the interest free mortgages, calculating with a continuous growth in the realty market, cashing out the equity - they sure do not have good times right now.
I'm glad that so far the only financial effect we've had is more available ATMs.
5 comments:
Contrary to what the main stream media says, wall street as a whole (capitalism) should not be blamed for the actions and policies set forth by OUR congress. There are, in fact, corrupt men in wall street who partnered with corrupt men in government to engineer a win-win situation at the expense of the taxpayer. Capitalism (and our nation or any nation) will only survive when the good and virtuous people are running it. Which means, come this November, you must vote for good men and women who stand by principle and uphold our constitution and not just give lip service to causes that seem noble and just.
Right on.
Precis, några fler fria ATMs kan man ju leva med. ;) . När vi sålde vårt hus i UK för 2 år sen bestämde vi oss för att "hoppa av" the property market i några år och vi plöjde in vår vinst i vårt företag istället.
Vi fick verkligen en ganska odelad kritik, när vi gjorde så (av engelska vänner och bekanta). "Sååå kan man ju inte göra!" och "Man är näst intill 2nd class medborgare om man hyyyyyr".
Lustigt nog är det ingen som tjostar över att vi hyr nu. Vi har säkrat våra jobb och hyr nu i en marknad, där hyrorna sänkts tack vare huskraschen. De räknar med att husmarknade år 2010 kommer vara nere på 2001s UK huspriser (och vi köpte vårt hus 2003).
Inte oss emot...
Nick - there sure is a major financial mess...
Mia - låter onekligen som ni lyckats ta rätt tåg. Jag är så extremt konservativ - och hitills har det varit rätt tåg...i alla fall på kort sikt. Att äga har sina fördelar - men det finns ju alternativa sätt att säkra sin finansiella situation. Kan nästan bli upprörd på hur mycket dumma besluts som fattats... alla dessa människor som plockat ut equity för ren konsumtion...
Tur att ni inte "drabbats" värre!
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