There are always winners and losers.
Its time to face reality and pay our debts. Recession is probably the solution to those who have been greedy and created this economic mess. Unlucky for those who fell into the same trap of gambling on investments based on debt. I'm one of them too.
The good news is that many have realised this and have cut back on spending, saving for the future, paying off debts etc. The bad news is plenty of job losses, bankruptcies to come.- The big losers.
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Cheers