Oil is down to under $97 USD a barrel, the Canadian dollar is plummeting fast (91 cents today, down from a high of $1.10), people who have stocks are seeing their value decline by more than half… yeah, I think I’ll keep my money in my bank account. We aren’t heading for a recession anymore, folks. We’re talking depression now. That $700 billion USD bailout didn’t even make a dent in this ugly financial mess. I have to renew my mortgage next month and I’m locking in at 5.15%. Rates might go down to help spark the economy, but I can’t take that chance. I’d rather lock in so I can sleep at night for the next 5 years, whereas people with a variable mortgage rate will be wondering if their world is about to collapse. People are losing their homes as I type this. Trust me, Blu-ray sales will stay in the toilet until this blows over.
Don’t get me wrong. It’s nice to see that players and movies are coming down in price, but it has nothing to do with Sony and the hardware manufacturers realizing they’re overcharging us. They’re doing it because the economy is sliding off the edge and they want to unload their stock while they can still get something for it. In another month, what’s left will sit in a warehouse collecting dust because most of us will be wondering how much longer we’ll get to keep our jobs.