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Old 01-27-2009, 12:39 PM
 
Location: Atlanta,GA
2,671 posts, read 5,552,693 times
Reputation: 1165

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Great points and very truthful. Let's hope people can learn from this economic downturn by: (everything is in bold)

Quote:
Originally Posted by cityrover View Post
Lure people into buying stuff on credit for years.

People need to stop being greedy and impatient with their wants. Save for what they want, not charge for everything. Live more for what they need and not want. Stop being wasteful. Corporate America is not the only guilty one. I have refused every single credit card offer over the last 12 years. Everyone else can do it. Aside from a few more school loan payments, I'm debt free. It's easier than most think. It just takes discipline. I do everything in cash, and use my Amex for either online purchases or to protect myself from other purchases.

Jack their rates and smack them with penalties out the left field.

Read above. You wont have penalties to deal with if you dont have credit card issues and debt. Minimize it.

When people can no longer charge stuff they dont need with money they dont have, FIRE them.

Well...That's a tough one about being fired. But the less debt, the less stress.

Because we knowthat firing overtaxed and broke people is a great way to get them to spend more money to increase your business.

True. That's if you fall for their tricks. People cannot be so gullible, or are they?

Ah capitalism. It's nice, isnt it?

Your points are great, I agree. My question to all, and I will start a new thread with this question or a variation of it. What's next?
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Old 01-27-2009, 01:29 PM
 
Location: Atlanta
3,521 posts, read 4,260,502 times
Reputation: 2281
Quote:
Originally Posted by MisterNY View Post
Great points and very truthful. Let's hope people can learn from this economic downturn by: (everything is in bold)




Your points are great, I agree. My question to all, and I will start a new thread with this question or a variation of it. What's next?
Very good points. At the end of the day personal responsibilty should play some type of a role in a person's day to day life. There is so much information out here that one can take advantage of in personal finances and yet people still choose not to.

I listen to Clark Howard and Dave Ramsey every moment I can to get the most up-to-date information on managing my money and my credit. It's galling that these guys' radio ratings haven't shot up super high by now given the credit crunch that so many Americans are finding themselves in.
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Old 01-27-2009, 01:31 PM
 
Location: Atlanta
3,521 posts, read 4,260,502 times
Reputation: 2281
Quote:
Originally Posted by rcsteiner View Post
Not true. There are many companies which are privately held that employ people, and many smaller companies which don't suffer from the same sort of blatant self-interest that is seen at some larger corporations.


You might be surprised at how successful the average person might be in such a position, assuming he was accepted by his peers while trying to do that sort of job. That's often the hardest part -- breaking into the circle. Making sweeping decisions isn't hard if one knows that one has guaranteed compensation at a certain level.


The problem is that some CEO's fit your description (and have a drive and a dream), while others seem to be interested only in lining their pockets and investment portfolios.

I have a tremendous amount of respect for the former group.


Sometimes people are paid based on reputation, not action, and while I do believe that many CEOs are worth a significant amount of money, I don't believe for a second that they are worth the level of compensation that we see in some circumstances today.

Besides, I think they should assume some risk. They make decisions which can make or break the company, its customers, and all of its employees, and if they mess it up, the negatives should be proportional to the positives they receive when they are successful. That is true of most other levels in the company. Why not at the top?
Wish I could've said that!
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Old 01-27-2009, 01:52 PM
 
14 posts, read 26,927 times
Reputation: 15
I think a lot of the blame is with the bankers, but some has to lie at our feet as we were the ones to take the credit for things we could not afford to buy immediately.

However, that's what corporate America is about, it's the largest economy in the world and everyone wants to sell here and make money from Americans. I often wonder if Americans didn't keep the world economy going what would happen? In other countries people save from 10%-30% of their income. In the USA this is 1-2%. We spend what we earn! However this has kept the world economy growing.

I personally try to have no credit apart from my mortgage and car. However people can do as they please, but not preparing for rainy days which always occur isn't a good approach.

Secondly, I don't understand some of these companies. As an example, their profits go from $1.2B to $800 million and they cut 2,000 staff! What's wrong with keeping their staff, on possibly lower wages and accept profits will be lower for a few years? What's this desire to keep as close to their $1.2B profits? maybe the CEO won't earn his $2m income if he doesn't meet the $1.2B target.
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Old 01-27-2009, 02:44 PM
 
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
11,319 posts, read 22,486,402 times
Reputation: 3886
Quote:
Originally Posted by BritInAtl View Post
I think a lot of the blame is with the bankers, but some has to lie at our feet as we were the ones to take the credit for things we could not afford to buy immediately.
Please speak for yourself. Before my last lengthy layoff, we had used credit for only three main things: the mortgage, car loans, and some furniture when we purchased the house. There was some piddly stuff, but nothing we didn't pay off right away.

Sometimes life throws you a curve ball. Or several. Tens of thousands are finding that out this week, in fact. There was a time when I could max my 401k contributions and still have enough cash around to handle a year without work. Not anymore. I did that, it's almost all gone, and I still haven't recovered from that last time.

I'm sure there are lots of people who use credit unwisely. My dad was a finance guy, though, and taught me to try and be somewhat responsible fiscally. It doesn't seem to matter.
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Old 01-27-2009, 03:01 PM
 
1,304 posts, read 3,343,502 times
Reputation: 214
No surprise about Home Depot... this has been in the works for years. I tend to prefer Lowes... better service, and easier to find what you want. Home Depot always seems disorganized to me.. and the staff seems very uninterested in helping you. The Home Expo concept seemed rather stupid to me.. they could have just integrated that into the existing stores.
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Old 01-27-2009, 03:11 PM
 
2,683 posts, read 5,208,641 times
Reputation: 940
It may seem tough at times but I think the way you handle money will pay off for you. You've maxed out your 401k some years which most people have never done and were able to survive a lengthly layoff.

Quote:
Originally Posted by rcsteiner View Post
Sometimes life throws you a curve ball. Or several. Tens of thousands are finding that out this week, in fact. There was a time when I could max my 401k contributions and still have enough cash around to handle a year without work. Not anymore. I did that, it's almost all gone, and I still haven't recovered from that last time.

I'm sure there are lots of people who use credit unwisely. My dad was a finance guy, though, and taught me to try and be somewhat responsible fiscally. It doesn't seem to matter.
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Old 01-27-2009, 03:58 PM
 
360 posts, read 871,613 times
Reputation: 93
What is happening lately in the nation with the economy is just plain scary. And what's been happening for years and years in companies where good employees just can't navigate the minefields that managerial boobs laid out is just plain frustrating.

And I don't think what's happening now in the economy is all that disconnected with the second problem.

Anyone remember Madame DeFarge in A Tale of Two Cities?. I used to think she was a monster. I'm starting to understand where she's coming from
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Old 01-27-2009, 07:32 PM
 
Location: Inception
960 posts, read 2,256,981 times
Reputation: 1080
Just on the heels of DHL shutting down operations, it is said to hear so many will be jobless with cuts from Home Depot. To anyone that has been affected by this...best regards to getting back into the workforce as soon as possible.

I am certainly not a genius, but if these cities/counties don't begin to work together...Atlanta could have a really huge problem in the next few years.
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Old 01-27-2009, 07:44 PM
 
Location: Atlanta
625 posts, read 940,721 times
Reputation: 227
I agree with your points rcsteiner.
But, let's say that the top level done run the company into the ground... who cares?
Those employees can pack up their *hit and go work for Lowes, which would triple it's stores.
We sure as hell don't need the government regulating CEO's, is that what you're proposing?

Look at Japan, they are rated one of the most free market economy with no intervention hardly. Their corporations last a long time and their employees are the highest payed in the world.

I'm not lecturing because I'm not a business expert or anything

Anyways, I think we're going in circles, because Home depot, the topic, really hasn't done anything wrong.. Those Expos centers should have been shut down years ago and I'm glad they are finally shutting them down.
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