Job losses have been staggering as employees have been treated more like numbers than at any other time in history. Apparently, some companies think work can get done without people. Well, at least they think they can squeeze every last drop of efficiency out of those who are still employed. When the market turns around and the pendulum swings the other way, employees will take advantage of the situation. Turnabout is fair play.
As far as consumption goes, this economic crisis has taught me that although it’s good to invest, remember to also buy the things you can cherish or hold onto, whether they are experiences or objects that mean a lot to you. And diversify like crazy, not just in the U.S., not just in stocks and bonds, but in commodities, foreign companies and other areas you might not have thought of before. And don’t get greedy. Nothing goes up forever so cash in as you need to as you get older. Nothing goes up forever! What’s great about saving money when times are good is that it allows you to buy and spend during economic downturns when the deals are great and nobody else is buying.
It appears that we’ve avoided a depression, (and I don’t think we’re out of the woods yet), but we should never forget the lessons we can take away from this last year of economic mayhem.