Thursday, April 02, 2009

5 ways for us chumps to fight back

Those who were financially responsible don't have a lot to show for it, but folks who took big risks are getting bailouts. Here's how we can stop being played for suckers. You played by the rules. Invested conservatively. Looked for company names you could trust, like Lehman Bros. (LEHMQ, news, msgs). Didn't sell out at the first or even second downturn in the markets. Saved up for a down payment. Paid your bills on time and kept your credit card balances down so you could build up your credit rating. Shopped around for a fixed-rate mortgage. Didn't buy more house than you could afford. Managed your company for the long run. Built up trust with your bank. Earned the trust of your suppliers and customers. Kept debt to a minimum even if it meant growing more slowly. Now, don't you feel like a chump? Virtue goes unrewarded Your retirement portfolio is worth 40% less than at the end of 2007. Your house is worth 20% less. Your company is scrambling to stay afloat because your oh-so-friendly banker has cut your credit line. [Continue reading]
digg story ~ Submitted by whitneykk

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