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It was a good talk as it always is when I see this particular banker at TD Bank. She is both smart and the kindest person in the world. We talked about why no one is making money from money anymore. Too much debt. Too much fear of making so many bad decisions and what it has cost the banks.
For now, we are all stuck in the hole. We cannot get out. We must trust our own instincts, buy what we need and pay for it with what we have. If we do not have it, then we most certainly must not need it right now. What has happened has to help us learn to stop being so impulsive.
The banks are doing that now. They are withholding all credit until the mess clears up and they can see their way forward again. I think the best bets for us all are to take only the risks we can live with and continue to live as we do now. Otherwise, the mess will get worse, the time lengthen before we can relax somewhat and resume some sense of peace when we sleep at night.
At this moment, none of us should feel all that safe, whether a banker, a borrower and or a pensioner. With a job. Without a job. Life is at some enormous breaking away point where we are all either going to come out of this or not. No one knows. But it is clear that living within one's means makes a whole lot of sense.
