Recession 2.0: Direct Impact on Consumers

A blogger shares the effect on his own family.

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In response to our ongoing discussion on how people are feeling the effects of the financial crisis, Ryan Taylor at Millionaire Money Habits sent me a couple of his recent posts. His own brother, a mortgage loan officer, recently lost his home. Taylor writes:

Was he one of the foolish who bought more than he could afford? At the time he bought a home that was completely in reason with his income and he had saved several months in emergency savings. My brother did everything we are taught to do financially, and he thought he had achieved “the American Dream.” Months later he realized just how quickly the economy and the snowball effect of the market can take the American Dream away from you.

Read more of Taylor's thoughts here and here.