Good Time To Have Money

Specialist Justin Bohan holds his head as he works at his post on the floor of the New York Stock Exchange, Thursday Oct. 9, 2008. Stocks plunged in the final minutes of trading Thursday, sending the Dow Jones industrials down more than 675 points, or more than 7 percent, to their lowest level in five years after a major credit ratings agency said it was considering cutting its rating on General Motors Corp. (AP Photo/Richard Drew) AP Photo/Richard Drew

This column was written by CBS News Early Show Co-Anchor Harry Smith.
These are really good times to have money.

I know that sounds crazy, but if you are one of those people who has been ultra cautious with your savings and investments through the years, you are sitting in the cat bird's seat.

Yes, you suffered through the boom years-all those claims from family and friends of double digit gains. But a voice deep down inside told you it just wasn't worth the gamble.

So you stuck to bonds instead of stocks. You paid off your mortgage instead of getting a second one. And now while everyone else is scared to spend, this is your chance.

It turns out the world is on sale: sea cruises, luxury hotels, clothing, automobiles. There isn't anything for sale, it seems, that hasn't been discounted deeply.

Car dealers giving away automobiles for every one sold, cruise ships offering berths for as little as 70 bucks a night.

Your caution has won its reward, and if you spend some money now, you might actually save somebody's job.


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