Ian, Tony - I agree with your sentiments. Fortunately I'm not really exposed too much in this crisis, although, job safety is never a sure bet, not even in IT.
As for financial advisers, your damn right there. Their only interest at the end of day is how much commission they will get. I used one once and didn't take his advise, thank goodness for that! I insisted I was a conservative investor and all he was interested was me taking out a margin loan......go figure!
When you reflect back over the last 12-18months and recall Howard/Costello and their cronies bragging about how great the economy was and Australians never had it so good...... and look at us now!
As someone stated before, best advise, reduce your loans and where possible put some money away for a rainy day.
Riddle me thee:
I keep hearing economists say that we need to reduce interest rates. Logic/reason being, this will stimulate the economy. eg, a family may save $150 per month on their mortage. Instead of them putting that money back into the mortage, they'll use it to save for a plasma TV. Multiple this a 1000 times with spending and aren't we just fueling a false economy, ie money we don't really have?
Alternatively increase interest rates and this slows the economy to a halt, but at least this may kerb some spending - thats the theory anyway!
I know this isn't a new observation, but really does anyone have an answer ?
If anything I like to see the government reduce, if not remove tax from saving accounts. Greedy B**ST**Ds.