Do you have any wealthy friends or family who this Bush recession has hurt?

[NNN0LHI]

I sure do. I can think of at least a half a dozen people in my extended family who have never been adversely affected by any of the past six recessions I have lived through during my working life. None of them were ever true 1%ers. But they were close. Probably in the top 5%. And the same past recessions that put me out of work for years at a time never bothered them.

But this GOP recession even got them this time. Their motorcycles, sports cars, horses, and boats have all been sold off. Vacations have been cancelled. And several of them actually had to take out mortgages on their homes that had been paid off for decades.

Have they learned anything? I don't know? Only time will tell.

Don

[Puzzledtraveller]

1. Be honest please, theres blame enough to go all around.

I was struggling before said Bush was in office. Still am.

[NNN0LHI]

2. I have been struggling ever since my first lay off in 1980

That honest enough for you?

Don

[raccoon]

3. Yes. A relative and her husband. I don't think they were the 1%, but they were well off.

They owned a family business and several houses. They spent a few days here and there at a house in the
mountains and another at the beach. They were into real estate--buying, fixing up, and reselling homes--for
years before the bubble.

Now, they are renting out the house in the mountains. They are trying to sell a house at the beach. They sold a house
about a year ago, and didn't get enough for it to pay off the mortgage.

They used to take trips such as to Australia, Scotland, Italy, etc. They haven't done that in a long time.

I'm not glad they're dealing with this. Heck, I used to stay at their beach house, the one they're trying to sell.
I can't stay there any more.

Have they learned anything? I don't know. One of the couple has always known that luck has a lot to do with financial
success. The other, I don't know the person has learned anything or not.

[KharmaTrain]

4. Those Who Panicked Lost...

I have an investor friend who got selfish and greedy...played the market like a gambling casino and when it came crashing down, he went with it. Getting 6% return wasn't good enough...he had to get 10 or 20%...there was always some "miracle" fund or sure-fire stock that they were hopping on. When the market went down they did the one thing he shouldn't have...he tried to hedge and lost big. He saw a $500k portfolio vanish in two months. To my knowledge he hasn't recovered and definitely is a victim of what you're describing...and who does he blame for it all? President Obama, of course!

Cheers...

[NNN0LHI]

5. I have been witnessing a lot of panic too

I think what is really hurt them was they thought it was never going to end for them.

And when it did end they had no idea how to deal with it.

They had huge homes that they couldn't afford the upkeep and taxes on any more. But rather than bite the bullet and downsize and/or cut back on their spending they continued on as if nothing had happened. Until it was too late.

They had no real life experience with this recession stuff. And that made it only go worse for them.

Don

[HopeHoops]

6. Yeah - mine.

[L0oniX]

7. Moms home worth over 6 mill down to 3 and isn't selling yet.

[cali]

8. where does she live?

that's a big drop in value.

[L0oniX]

9. Rancho Santa Fe - San Diego

[cali]

10. wow. I didn't realize property values had plummeted so much there