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I think you don't see panic in the real economy until unemployment goes much higher. People with jobs find ways to adjust their habits. People without jobs and without savings become desperate.
Location: Sitting on a bar stool. Guinness in hand.
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Quote:
Originally Posted by bls5555
the opposite of where Harry Chickpea is putting his.
Well I'll tell you what. I revisit this tread in 1 year and we will see where we are at.
While I don't think the whole world is going to crumble to dust. I believe that a lot of people in the Northeast and CA. Will not be doing so hot. My guessimation is by that time unemployment will probably be about 10% -12% perhaps higher in those areas. This is because of the loss of financial jobs and alot of other jobs that surround servicing those financial people.
While this is not a great depression level of 25%. It's not exactly something to party about.
I went to dinner tonight, had to wait for a table at a restaurant where that's not the norm. Then I went to see Quarantine... there were lines, no parking, everyone carring $5 popcorn and $4 bottles of water.
What are these people thinking? They should be planting their gardens so they can survive!
Apparently discretionary income is not yet a problem! This was not in an affluent part of town.
I'm sure spending is down, but probably because people are panicing and not because they are actualy out of money.
If everyone would stop panicing and spend as usual this would probably not be reflected so badly in the markets. If you tell me to horde my money, and I do, then someone is going to say, "OMG- She's hording her money! We better do it too!" and then people wonder, "Why is spending down?"
DUH
Well, first off I think those people are stupid. When I go to see a movie I bring my own water and all I pay for is the movie. Those people you saw are probably the same ones living on credit beyond their means.
I have ALWAYS been cognizant of my spending and never been stupid, which is probably why my house is paid for, car is paid for, credit card debt is paid off, etc. I'll always be this way, irrespective of external financial circumstances. Furthermore, I DO live in an affluent neighborhood and the reason I probably DO is because I'd never pay $4 for a bottle of water or $5 for popcorn! And, furthermore, it is doomsday, not doomesday.
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