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I am following this crisis pretty close. It's looking more and more like we are completely fucked. All I can offer as advice is pay off your debt if you can. If you have a house you can now barely afford dump it. If it's hard to make the payments now it will be impossible in the not-so-distant future. If you decide this is the route to go save, as cash, the money you would have paid to for your mortgage. You may be able to save up 10 months of rent before getting foreclosed on. Do not touch this money. Use it only for emergencies.
Also, trim your monthly expenses, cut out vacations and stop spending your "free" time watching TV when you need to be finding other ways to make money.
Are things really so bad? Yes, they are worse than people think. I had a bit of hope that Obama may be able to fix things, but I do not now. Seems he is prepared to make a massive grap in federal powers. So far 6 states have started legislation reaffirming their sovereignty and reminding the federal government that they have LIMITED powers over the state as per the constitution.
Last of all keep a stash of cash at home. As much as you can.
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