The current financial downturn is wreaking havoc on many individuals and businesses. Bankruptcy filings are way up, foreclosures are breaking records and businesses are closing one after another. Times are bad for many, but the downturn is relative to each individual’s situation.
There are many people who have steady cash flows from government pensions, commercial investments, family trusts and other sources that are unaffected by the slow down. For the moment, they have found themselves in a wonderland of cheap assets, and some have recognized that now is a great time to buy discounted antique cars, furniture and collectibles.
If there is an inflation or as some have claimed to foresee a super-inflation in our future, it makes sense to be in the acquisition mode now if you can afford to be. Even if inflation were not to materialize, any kind of return to normalcy would bring with it an increase in prices as fewer and fewer people liquidate their valuable possessions.
Individuals act in their own self-interest, and while taking advantage of others doesn’t sound like the right thing to do, it’s exactly what you can expect to see in the future as we continue down the dark path of recession.
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That’s an interesting point about the notion of taking advantage of other people’s financial misfortune.
I’m re-reading Robert J. Ringer’s “Restoring The American Dream” and he refers to being grateful when he sold some of his possessions to others for cents on the dollar, because that was part of his rebuilding process.
I think he had a very positive attitude. I assume that he did quite well after that.
Taking advantage of people who are losing their homes seems to be a theme now in the real estate business. I have heard of sereral loan modification rip off artists, people taking advantage of others when they are suffering always makes me crazy.
I don’t know if I should be happy about it or not. I mean taking advantage of those weaker than you, isn’t that bad? And when you do you’ll just say.. Its business, nothing personal.
All i can say is that even if there is no recession some individual not all of course, is always act on their personal interest no matter what we are experiencing now and take advantage of other people’s weaknesses. And due to this its very well expected that it will getting worse. We must be then very careful not to be involve on this kind of individual and maintain a frugal life.
In my opinion its always the third world country who will be affected on this recession… and i agree with joy on her comments above.
on industrialize countries or the self sufficient ones.. the recession we are experiencing is just a minor one compare to other poor countries in the world . I live in a poor country and seen people die in hunger, i just hope that the rich countries will try to reach out to them .
I know that. Specially bank loans. If ever you’re a card holder, I suggest you not to be anymore since it will just eat up your money. Know the credit cards? Its actually a way to take advantage of those people who doesn’t have money. They’re giving you virtual money and when its pay time, you won’t be able to and you’ll have a much bigger problem now with your debt to them.
From GMANews.TV in Philippines, Wayne Vroman, an economist at the Urban Institute stated this, “its a monstrous problem”. Referring to the millions of jobs have lost and hundred thousands of people who were jobless.
This is really very frustrating. Some statistics shows that Filipino got the big percent as employee or render service from many industries and companies in many countries and they are hugely affected by this recession of the companies.
Yes, people do things for their on interests and I think it can be horrible. Many families are losing their homes and, like wolves, there are other people just waiting to buy these forclosed homes for very little money and then resell it for a lot of money. It’s just dispicable to me to ain for other peoples problems but there is nothing to be done about it. It just makes me feel very bad.
People take advantage of others during good times, it just insults our sensibilities when they do it to those suffering greivous misfortune during a financial crisis. On the other hand, I have talked to more than a few individuals who had 3 homes, boats, cars and were living way beyond their means because of the cheap money that was around. I also feel bad for those who lost their only home, but I don’t feel that bad for those who were just financially irresponsible and borrowed way beyond their means. Since its hard to tell who is who when you are buying a foreclosed asset, its also difficult to judge the asset buyers.
This is really not good. I also have encountered families or people like that. There are some very hardworking to cope up for their living but nothing great things happen for them. Some are just spending their money for luxurious materials and arising them to borrowing from loan sharks that leads to bankruptcy and loss of jobs.
It only expands the distance between rich and poor, considering that one’s social strata becomes the measurement of whether or not recession adversely affects a person.
Is it easier to fall into bankruptcy in a recession? Before I was not aware of the recession in our economy. It was just recently when I become more interested with this issue. How about you, how do react with this issue in our economy and when it comes to bankruptcy?
Its the time for us to use what we know in terms of surviving in this kind of economic crisis we are facing..and i agree with the author of this blog..we must live with in our means or maybe frugally..
Maybe you’re right, lyka. Living by our means and frugality, would help us. Moreover, its really sad to think that our economic crisis today is increasing. Do you agree?
If those owners can’t continue to save their lost better to sold it some who can afford it, its not taking advantage to those who are weak, being practical and don’t think of anything else especially what other thinks about you. With this kind of situation we are facing its better to be true and be simple.
Taking advantage of others for your own benefit is never right. I think, we’ll be experiencing more of that in the future. Why can’t these people just work hard? I mean, they should have thought that the people they’re taking advantage of have problems of their own. They need to survive as well.
I agree Krisskross, they should have thought that these people have families as well. Is it really hard to think of others benefit also? We shouldn’t use people for our own personal interest. I guess, it would be better if they’d work hand in hand, right? In that case, no one will take advantage of the other.
I fully agree. Every cloud has a silver lining. Recession time is a good time for cheap deals, provided of course one should have sufficient savings. This is a cycle and good time will return. Till that tine it survival of the fittest.
Well, I definitely agree with you guys. By the way, are you aware that this recession issue is like a domino game? I think, it was all stated in the US country and connected to almost all countries in the world. It was about the global economic crisis, right? But, come to think of it, why is it there are still lot of people going to the mall having shopping or traveling to other places?