Black Wednesday

"Black Wednesday" was the phrase that someone used at work two days ago. It's one of those days that you can predict the impending doom of the A.M. scheduled mandatory corporate meeting. I can't go into detail specifically where I work because I'm one of those beleaguered employees of "that" financial sector that gets all of the bad news and finger pointing now-a-days. Let me tell you, there is nothing wrong with subprime home loans when you can afford the home you bought and are actually able pay your payments and on time. Whats wrong with subprime is that people on many different levels took advantage of the situation and now it's just ugly. It's ugly for the homeowner who needs a loan, but has glitches in their credit. It's ugly for the companies who originated and bought pools of these loans because now the properties are all being devalued due to massive waves of default. It's ugly for the workers of the companies that were abruptly let go, laid off, or had the office doors closed and locked behind them at the end of the day. I read somewhere today while reviewing a news article about HSBC's Decision One closings it's doors that about 100 companies have had a similar fate this year and more are to come due to the subprime woes. I'm sitting tight because right now a good job in the mortgage industry is hard to find but as each day goes by, I still have this heavy feeling of doom in the pit of my stomach.