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Old 10-08-2008, 10:31 PM
 
48,519 posts, read 81,048,183 times
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Many peole retired have money saved and their money less at risk than those further off from retirement actaully. Those over forty have a huge portion of the money in this country and are less likely to carry large debt than younger workers.Thsioe living paycheck to paycheck and no savings to speak of are just as always a heartbeat away from poverty if things get bad.
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Old 10-08-2008, 10:33 PM
 
702 posts, read 2,016,891 times
Reputation: 649
The news media is telling us that we are currently in the biggest economic collapse since the 1930s. But:

Key word there: news media (aka sponsored propaganda)

Most of us who want to work are going to our jobs every day (unemployment is up but near an historical low)

Yes. Been steadily employed at various jobs for the past 16 years. Have a marketable skill that doesn't become obsolete based on economic trends.

Our bank accounts are secure (unlike the 1930s)

Don't know. Don't trust banks. Piggy bank in the backyard.

The American Dollar is rising against foreign currencies

No comment. Does it matter?

The world economic leaders and federal reserve are working to solve the problems (unlike the 1930s)

Um, ok. ($400,000 executive retreats to recover from the "crisis")

Property values have not changed much in the last six months

No comment. Renter.

Business are still making relatively good profits

Depends. What are "business"? That's a vague umbrella statement.

Our ATM and credit cards are still working

No comment. Don't use them. Cash and bartering still works.

There is still lots of things to buy and people will still be buying things for Christmas

There ARE still lots of things to buy. Most of those things are cheap crap products from China made by slaves. Not everyone here celebrates Christmas or engages in the seasonal consumer frenzy.

The Airports are jammed and my local travel agent is still getting lots of calls.

No comment. Don't travel often. Are they doing cavity searches yet? Probably not, but once they do, business will drop dramatically.

People are still going to the stores and buying computers, DVDs and Plasma Televisions.

I'm not. Never have. Free DVDs at the library.
-------
Sure, times are tough for some of us but this is hardly like the Great Depression or the Reagan Recession in the early 1980s.

It is what you make of it and what you consider "hard times".
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Old 10-08-2008, 10:45 PM
 
Location: Some place very cold
5,500 posts, read 19,516,824 times
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Gosh, fnord, everything sounds honky dory!

Actually, I think the drama right now is on the higher up levels. You'll be sure to feel it come next year no matter how marketable your skills are.
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Old 10-09-2008, 10:58 AM
 
1,567 posts, read 2,692,391 times
Reputation: 1262
Quote:
Originally Posted by Refugee56 View Post
Most Americans have few if any investments and just go to work, live paycheck to paycheck doing a ugly boring job at a place like Walmart, this does not really affect them. Life goes on and on for the average American.

Yes, some people are hurt during every recession. But this is not the 1930s or even the terrible recession of the early 1980s where there was 14% unemployment.
what an ignorant comment
this is what the theives in govt want you to think
inflation kills these people
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Old 10-09-2008, 01:44 PM
 
28,906 posts, read 45,220,684 times
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Anybody who says that this won't affect the average person really doesn't even deserve an audience. It's the average person who will get killed by this in the end.
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Old 10-09-2008, 01:48 PM
 
Location: Rockland County New York
2,984 posts, read 5,123,591 times
Reputation: 1285
Quote:
Originally Posted by bxlefty23 View Post
what an ignorant comment
this is what the theives in govt want you to think
inflation kills these people
It is sad but true that many American do live pay check to paycheck. I don't think its ignorant but very true. Its not your 1950's economy when people were at least working and saving money and credit was never an option.

Last edited by Stac2007; 10-09-2008 at 02:09 PM..
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Old 10-09-2008, 01:50 PM
 
1,788 posts, read 3,470,507 times
Reputation: 1039
It is now, turn on the news! This is huge! We are doomed now folks! All of us! Might take a few days to see the empty stores but they are coming. Invest in plywood, for cover all the closed stores and businesses.

Thanks congress, thanks a lot, now, get the FUC out of OUR country, all of you filthy lying bastardds, move to Cuba, maybe they will buy your BS there!
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Old 10-09-2008, 02:09 PM
Status: "I cannot wait for the heat to break..." (set 5 days ago)
 
Location: Where the sun likes to shine!!
20,368 posts, read 25,499,640 times
Reputation: 87958
Americans have a negative savings rate. It doesn't matter what age they are. A lot of Boomers and retirees "upgraded" to newer and bigger homes instead of downgrading and living comfortably within their means.

There is going to be a lot of pain out there. Even if you were smart, frugal, and you are prepared it will still affect you. What if your adult kids show up on your doorstep because they lost their job or house? If people panic, crime will rise. More people will lose it therefore, making not safe being out. There are many examples of how this can and will affect everyone.
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Old 10-09-2008, 02:32 PM
 
Location: Chino, CA
1,458 posts, read 2,898,870 times
Reputation: 546
Quote:
Originally Posted by younglisa7 View Post
Americans have a negative savings rate. It doesn't matter what age they are. A lot of Boomers and retirees "upgraded" to newer and bigger homes instead of downgrading and living comfortably within their means.

There is going to be a lot of pain out there. Even if you were smart, frugal, and you are prepared it will still affect you. What if your adult kids show up on your doorstep because they lost their job or house? If people panic, crime will rise. More people will lose it therefore, making not safe being out. There are many examples of how this can and will affect everyone.
Actually the personal savings rate hasn't been negative since the end of 2005. Furthermore, FDIC shows both commercial and savings bank deposits increasing yearly since 1999.


BEA : Personal Saving Rate

FDIC Deposits:
http://www2.fdic.gov/sod/pdf/ddep_2008.pdf

A lot of Americans who have already been saving are now overreacting and compounding the problem. If you already have an emergency savings, already funding retirement, already have a budget... there really is no point forgoing regular expenses and lifestyles.

It's good for those who overextended to contract and pay off debt (which is already occurring as shown by the consumer debt report). But, those who already had savings, etc. shouldn't over react.

According to bloomberg 72 billion was withdrawn from mutual fund accounts in Sept and put into short term savings (money market funds). This does not help America one bit... short term, liquid savings in the most part can't be loaned out and doesn't generate economic growth. CDs and other savings instruments that have longer terms gives banks more liquidity. We may very well cause our own demise by over saving.... savings are good, but too much savings can also stifle economic growth. Japan saved a ton during their slow down in the 90s... and extended the length of their stagnant recession.

-chuck22b

Last edited by chuck22b; 10-09-2008 at 02:42 PM..
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Old 10-09-2008, 02:36 PM
 
Location: Great State of Texas
86,093 posts, read 69,904,378 times
Reputation: 27519
ROFL..is that the FDIC site bascially telling people that they are overreacting and saving too much ?
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