indeed we (i.e. students (in economics)) are hedged at this moment, even if effects on real economy will probably appear soon. looking through some comments on this article, we realize how this meltdown affects people, from the high to the middle and low class. it looks like as the risk aversion goes down, the degree in which they are affected goes up...
- we are not paying anymore CEO salaries. we are old and retired and they are entirely too greedy.
- getting another job, cutting use of water, electricity, gas consumption, eatting out, switching to lower cost internet, phone and TV service, sold one car.
- eating out less, delaying capital purchasing, planning less and shorter vacations, reducing gifts at holiday time, wearing older cloths and not replenishing wardrobe, washing my own car, cutting our own lawn, raking our own leaves, cleaning our own gutters, painting ourselves instead of hiring a painter, consuming more leftovers, making sure dishwasher and wash is full before doing and worrying about our retirements, our children and our financial stability.
- my credit card had expired, and for that i won’t buy clothes, electronics machines, travel and heath/education.
- we’re not buying any Christmas gifts this year. instead we’ll spend about half of what we did last year and donate that money to charity - no expensive electronics or clothes for us. No winter vacation. we’re taking our lunches to work, and cooking dinners at home (and eating left overs the next day). [...] Our goal? To go back to a much simpler life. Reuse, recycle and rely on nothing but cash. No frills.
- This crisis is affecting my peace of mind. I used to think all these central bankers, economic theorists, and outrageously paid CEOs were really super-duper smart and were too smart to let a crisis like this happen. Now that I know they are just human like the rest of us and that they can make mistakes, leaves me feeling nervous and agitated.
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