Asian stocks opened significantly lower this morning on renewed recession concerns. It looks like the credit crunch virus has spread from the United States to Europe and now to Asia.
My friend wanted to purchase a house but I said that it would be better to hold her horses first. The economy has yet to bottom out and it's best to hold on to cash for the moment.
The effects of this credit crunch, which no longer just affect companies in the credit market has touched the auto, manufacturing and technology industries as well. Of course, retail is also badly affected since consumers do not have so much free money to spend anymore.
In any case, buying property, or even a car, would be best done later in the year or early next year. I understand that this gloomy economy will last for three years, at least. So there's still a long way to sit this out.
My friend wanted to purchase a house but I said that it would be better to hold her horses first. The economy has yet to bottom out and it's best to hold on to cash for the moment.
The effects of this credit crunch, which no longer just affect companies in the credit market has touched the auto, manufacturing and technology industries as well. Of course, retail is also badly affected since consumers do not have so much free money to spend anymore.
In any case, buying property, or even a car, would be best done later in the year or early next year. I understand that this gloomy economy will last for three years, at least. So there's still a long way to sit this out.
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