So Wall Street has taken Yet another Thrashing...

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This has been the main story on the news here in New Zealand ALL day, Here in NZ we have seen an absolute heap of financial institutions go to the wall, Many of them taking with them, the lifetime savings and earnings of thousands upon thousands of "mum and Dad" investors who have worked hard and invested their savings in the ever decreasing hope that they may have some sort of security in their retirement. Some of these institutions have gone down through "Mis-management" some have gone perhaps through the downturn of the USD Dollar in the period that it did indeed suffer, and some sadly have overextended themselves and perhaps lent more than they had at the time, to an extent that recovery in what is already a tough economic climate, is close to impossible. The bottom line is that Investors, be it Corporate, Upper Class,Middle Road, or even just plain old Mum And Dad investors are the ones who, through no fault of their own will eventually lose out...BIG TIME! To me, that just sucks hugely! From what Wall St has shown today (via News Broadcast) it would seem that the entire credit world has in fact been "Dumped" into a huge freezer, and for those of you in the States, and various other countries that this affects, I feel for you!. As a Kiwi Trucker I spend alot of time driving ... and listening to, of all things... talkback! (I know!...I'm a boring old fart!) The one question though that was bounced out to listeners today was...and I quote.. So things are getting tougher!... Mortgage payments have risen through the Official Cash rate, Power has gone up,food is becoming costlier, FUEL? dont even go there! So what is it that you do? Pull the "Plastic" out! (ie:Credit card) BUT what would you do if it came time to pull the plastic out... only to find that it DIDNT work? (ie: Credit has been Frozen) If the credit meltdown came right down to you as "Joe (Or Joanne) Public" and you had nothing left... what would YOU do? It sounds like a silly question, I know, but if you look at it in essence... its not really. Your Views? Would be most welcome! Cheers MrL®