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[bob ford <bobford79 AT yahoo.com>]

Unless you are completely self dependent, it can and probably will affect 
you.  If for no other reason than for the fact that so much of our economy 
depends upon international trade.  International orders can be canceled if 
the credit ratings of the "paper" which we you to order goods from other 
countries is no longer trustworthy and desirable.  If you live in a town with 
say, a Walmart, for example.  Almost everything in walmart comes from 
international trade.  If those orders are slowed, prices on those items will 
rise, workers in those stores will be laid off; Then,  the cafe, and the 
corner mart that serves those workers will slow or shut down, and on and on 
and on. 

Remember also that our currency is strictly fiat (by government decree); it 
has no hard commodity to back its claim as a unit of exchange.  Therefore, 
though all currency is a commodity itself, whether fiat or based on gold/oil 
or other commodity; at what value does that fiat currrency become if there is 
no faith in the issuer?  If the currency was backed by a hard commodity, then 
you can at least value that.  

 If you, or no one you care about buys anything from any store, or gets 
services from any service industry;  and if you don't need fuel for a tractor 
or truck; ; then you have nothing about which to worry;  except for the 
weather,  &  whether your hospital stays solvent, and paying your property 
taxes.  ....bobford  

 


----- Original Message ----
From: Lynn Wigglesworth <lynnw1366 AT hotmail.com>
To: homestead AT lists.ibiblio.org
Sent: Monday, September 15, 2008 2:35:13 PM
Subject: Re: [Homestead] Wall Street


I am completely ignorant of high finances: how will this affect people 
not buying or selling a house, who have no money in the stock market and 
very little in the bank?

Lynn Wigglesworth
Tioga Co. PA

Lisa K.V. Perry wrote:
> On Mon, Sep 15, 2008 at 7:33 AM,  wrote:
> 
>>>> Is this going to be today or some Monday in the future?
>> Today.  Lehman Bros filed for bankruptcy and Merill Lynch was sold.
>> 
> 
> 
> Bank of America (BoA) bought Merrill Lynch for $50B. There's more to come
> with other banks. This is not over by a long shot.
> 
> lkvp


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