Airports, Hotels, Restaurants and Stores are jammed pack in this terrible Economic Depression! (wholesale, millionaires)

[Bette]

Originally Posted by HappyTexan

Which ONE negative thing did they blow out of proportion ?

The couple of subprime defaults ?
The couple of derivative contracts coming due ?
The couple of broker/investment bank bankruptcies ?
The few bank failures we had this year ?
The slight dip in the stock market last Friday ?
The couple of extra bucks the government is printing up to "rescue" banks ?

And then..how did the MEDIA blow it out of proportion ?

Not everyone has a subprime loan - less than 15% - and of that 15%, not all are in default.

33% of homes in the United States are owned free and clear.

The media goes into "panic" mode - it's one thing to report it but it's on over and over and over. Not everyone is invested in the stock market, however, it is important.

This did not happen overnight and it will not improve overnight but tons of people are just carrying on fine with their lives and if they do, it may improve the life of someone else.

I just am over-media'd at this point.

[runningncircles1]

I think that to really keep things in perspective, one needs to get FACTS out of news, not fear mongering that they use to sell their products.

PREACH IT! For anyone who hasn't seen the movie, "Network," see it! It's a bit old (1976) and talks about how news departments have gone from journalism to profiteering due to new corporate expectations. This still goes on today. There is also a "doomer" in there talking about how things suck (it was the 1970s afterall); shows the communist, "People's" party, going towards profiteering and ratings as well.

Basically, everything the TV world touches goes rotten and many times against its core values.

Also, if you're into the whole "take over the world," illuminati type conspiracy theories, it has a bit of that in there, too! Fun for the whole family!

[k374]

i agree with you, all the local spots here are full up. I went to a club last weekend and there was a mob waiting to get in. Inside it was PACKED, I mean no space to even move, people just partying like crazy, and this is an expensive club, beers are $8 each (ouch) and cocktails god knows how much! Outside most pulling up in Mercedes, Lexus and BMWs.

[jaguar5822]

Originally Posted by Woof

Let's say that you live in a big house with a large family in Kansas. The tornado warning sirens go off, and sure enough you see a large tornado heading right toward your house. On the radio you hear about that tornado being spotted and already causing some minor damage.

So of course you look around ..... the house is fine .... some heavy winds, but nothing serious ..... wife and kids are still alive .... the tornado is headed directly toward you, but you realize that everything and everyone is fine, so you lay back on the hammock with bottle of beer, and grumble about how the media always blows everything out of proportion.

Yep, the economy is now a Tornado coming right at us, but we see it, but don't care somehow Oh god where's Toto?

[Woof]

Well, yes, Jaguar. You see it, but you don't comprehend. I guess Bernanke and Paulson are just too excited because the media is making much ago about nothing.

By the way, hear anything lately about the folks in Iceland? I've been wondering if their media-caused problems are over yet. If only someone would shut off their TV and stop their newspaper presses, everything would go back to normal there.

[Icy Tea]

Many restaurants are going under but some in great locations are still doing well. Good businesses will do well, bad ones won't.
I was at two restaurants on Sunday and Monday and both were jammed. But both were in big tourist areas and have great reputations.

[Nepenthe]

Originally Posted by HappyTexan

I use my CC for all my cash expenses during the month and then pay in full.
I then have a single paper (CC itemized bill) with all my monthly expenses.
Very easy for bookkeeping purposes.

I do this too. As a matter of fact, I don't even own a debit or ATM card and the last cash I used was Yen over a year ago. Everything goes through my credit card and online bill pay, and comes in through direct deposit. When the CC bill comes, I don't even open it, I just compare what I have in my spreadsheet with what their website shows (99/100 times it's the same number) and pay the full accrued amount (which is usually more than on the paper bill).

[Nepenthe]

I would guess that many people are hardly even aware there are problems.

I think many of us here will be tightening the belt just a bit. But could you imagine if everyone, 100%, just freaked out about the "upcoming depression?"

If discretionary consumer spending dropped to basically zero, this economy would tumble deeply into depression in a jiffy. Basically, it's a very good thing that people are still out there populating the roads, waiting in lines at restaurants, making holiday shopping lists, strolling through malls, replacing furniture, etc.

[GregW]

My wife and I had supper in one of our local restaurants last Thursday (this is a rare event due to my salary not keeping up with prices) and we were the ONLY customers there! We had to look in a major mall for a specific item last Sunday and most stores had more sales people than customers. SEARS was nearly empty.

I disagree with the contention that shopping is continuing as usual. Shopping is no longer the favorite pastime but is being cut back to what is needed not what is wanted.

[NewJersey?]

Originally Posted by Nepenthe

I would guess that many people are hardly even aware there are problems.

I think many of us here will be tightening the belt just a bit. But could you imagine if everyone, 100%, just freaked out about the "upcoming depression?"

If discretionary consumer spending dropped to basically zero, this economy would tumble deeply into depression in a jiffy. Basically, it's a very good thing that people are still out there populating the roads, waiting in lines at restaurants, making holiday shopping lists, strolling through malls, replacing furniture, etc.

I agree with this^^^. If everyone did what is suggested... "Cut back, conserve, stay inside, don't drive, don't spend"... etc... Then we would really be in for a depression.

Be careful what you wish for.