No, we are not prepared for it! The only way we can deal with it is to identify and treat its causes. Unfortunately, the solution is not in the hands of the ordinary people, those who are affected most by it, but rather in the hands of the government. However, those in the government are not recognized for making the best economic decisions, but rather those which gain them the most votes. This is one of the root causes of the problem - political correctness. People who were not worthy of credit had it extended to them. Now they have defaulted on their loans, and the global economy is in turmoil. This is an issue which needs attention as part of the solution, but it will be a very unpopular one, and one which few politicians will be willing to undertake.

I think nobody's prepared for it.You see even the superpowers seemed to be caught unaware their economy will melt like this.And you ask how do we deal with the situation..well i think we should think positively and trust in our government of what they can do about it.

Definitely we are not.The worst scenario is when people start to panick and withraw their money in the banks.i just hope it will not happen.For some governments,they are trying to assure the people everything will be soon in control as they are trying their best to find solution to the crisis.I think what we should do is to keep calm and be cautious in our spending.

I got my statement from my retirement account the other day. I lost ~20% in one month! That sucks!

I agree with Mr Sudsey.Most of the Asian countries are sufferer.Even INdia is not excluded.Here areShares are trumbling.Yes it is government to findout the solutions.And people part of the view that we should not much on developed Countries.Malou you asked very good and burningQuestion