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To: Petrol who wrote (178676)	7/10/2002 10:45:32 AM
From: Mike M2	Read Replies (2) \| Respond to of 436258

Petrol, read Jim Davidson's " The Great Reckoning" . Some things to start now- Reduce or eliminate debt, keep your car longer, consider buying a smaller cheaper home( Real estate is a bubble in many areas especially NYC area suburbs - I expect many Wall Streeters to be out of work), increase savings rate, long: bear funds like BEARX, gold stocks. Don't boast about profitting from the decline - people won't like you ( except us CFZ'ers). Final point do not underestimate the power of TL & EV ! ho ho ho Mike

To: Petrol who wrote (178676)	7/10/2002 6:11:12 PM
From: John	Respond to of 436258

Petrol, I wish I knew, hon. I'm considering sticking my head between my legs and kissing my sweet ass goodbye. -g- Seriously, I think consumables mixed with precious metals that are physically in your possession. I think it will be a lot different from the last great depression though, and I really don't think we are going to see a panic laced sell off. I think people'll just wake up one day and realize that the Dow has somehow fallen below 5000, and the NASDAQ has somehow fallen to below 500 along with the S&P 500. Maybe a lot lower, as many portend. On the other hand, we could just languish for a decade very near these levels, as money is slowly squeezed out of leveraged positions on both sides. The stock market seems to be like a small life raft with millions clamoring to hang on. A lot will have to perish financially (and maybe a few literally, and by their own hands) for it to remain afloat. Shrug... No one knows for sure about any of this, obviously. It is essentially gambling. Best Hopes For You... John

To: Petrol who wrote (178676)	7/10/2002 9:32:57 PM
From: UnBelievable	Read Replies (1) \| Respond to of 436258

As Difficult As It Will Be It Won't Be Life Threatening This is a very rich country. We can have that wealth significantly reduced, and with the exception of those already living in poverty, it will be more emotionally stressful than life threatening. I do not expect the standard of living will drop to anything near that currently experienced by the overwhelming majority of people living on the planet at the current time. One way to think about it is to imagine what it would be like if everything costs twice as much as it does now. (Whether that's because of inflation, or reduced income in a non-inflationary environment the effect is the same.) Less of most things. And with the exception of those already living at or near the poverty level that is not intolerable. The real problems, and unhappiness, is not going to be a result of physical privation, but rather will be mental and emotional. There are two reasons for this. The first is related to the fact that there actually no level of wealth that provides satisfaction. You get used to what ever you have and most of us want more. We have grown accustom to perceiving satisfaction in increasing our level of wealth. We will not enjoy the feeling of decreasing levels of wealth. The second reason we will find it difficult is to due to the extent that we have come to equate success and wealth. Not necessarily that the wealthier we are the more successful we are, but rather we each have an idea of a certain level of wealth (lifestyle) that when we are able to experience it, and especially when we can experience a little more that that level, we consider ourselves successful. To the extent that we cannot experience that level we are generally going to be dissatisfied. In our society there are many different levels of wealth. And there are people who are living at each of those levels - many of who are happy. If you imagine that everyone is going to take one step down, with the exception of the very poor, all of us will be living at a standard of living that already exists, and is being experienced, and even enjoyed by someone else right now. The fact that we will be less wealthy than we remember being, however, will likely mean that far fewer people will as happy as those who are experiencing it today. Today most people are living at a higher standard of living than they can remember living in the past and are therefore somewhat content. Such will not be the case with the people who find themselves living at that same lifestyle but can remember living at a higher one. I think the most important thing that anyone can do to prepare is to become more aware. Aware of what we are spending money on, aware of the various material things in our lives, and aware of the extent to which our sense of self is tied up in those things. In that way if changes are necessary they can be made as efficiently as possible and with the least amount of pain. Of course most people are not as prudent as you, and are not thinking about these possibilities, and attempting to prepare themselves. There are going to be a whole lot of mean and angry people looking for someone to blame. A significant amount of the actual physical trauma people may experience will be not from lack of wealth but a result of the actions that anyone in that state of mind is likely to take. I think the best way to deal with that situation is to maintain a low profile (a loaded cart attracts thieves) and get a gun. <gg>