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Old 10-10-2008, 09:58 PM
 
Location: San Antonio
3,508 posts, read 10,902,718 times
Reputation: 5901

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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
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Old 10-10-2008, 10:20 PM
 
19,656 posts, read 59,403,811 times
Reputation: 36371
"What are these people thinking? "

They weren't thinking. There are idiots everywhere. How else would Wall Street have gotten away with the theft that it did?
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Old 10-10-2008, 10:45 PM
 
Location: San Antonio, TX
262 posts, read 977,990 times
Reputation: 79
How was the movie? It looked iffy to me.
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Old 10-10-2008, 11:36 PM
 
1,989 posts, read 4,101,774 times
Reputation: 1394
On the other hand, I talked to a woman today who is very well off and she told me that her husband went off on her yesterday because the shower squeegee was manky and she wanted to buy a new one.

Apparently, there will be NO BUYING NEW ANYTHING in this very well to do household for the foreseeable future. Don't know who the people at the movies were, but when rich folk are scared, I pay attention.
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Old 10-10-2008, 11:47 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,490,779 times
Reputation: 6378
The American economy depends on people being stupid.

I mean, you've got a gay dude, right? He likes young boys. He has a few that work for him, and he sends them text messages talking about sex organs and sex acts.

Which is hilarious because he introduced a bill, coined the "Child Modeling Exploitation prevention Act of 2002" to outlaw web sites featuring sexually suggestive images of preteen children, saying that “these websites are nothing more than a fix for pedophiles.”

His name was Mark Foley. He was deputy whip of Congress.

Money= power and power corrupts. Look, most people in Congress don't give two ****s except to

A. Get re-elected
B. Be a greedy bastard.
C. Incidently help the little guy while trying to do A. or B.

******************************************
http://www.cnn.com/2006/POLITICS/09/...ils/index.html

That link might be disturbing to some who are grossed out by old dudes texting young boys. It has some of the original messages.
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Old 10-10-2008, 11:55 PM
 
947 posts, read 2,924,376 times
Reputation: 729
Quote:
Originally Posted by harry chickpea View Post
"What are these people thinking? "

They weren't thinking. There are idiots everywhere. How else would Wall Street have gotten away with the theft that it did?

I agree
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Old 10-11-2008, 12:38 AM
 
Location: Sandpoint, ID
3,110 posts, read 9,935,388 times
Reputation: 2589
Look...NOBODY I KNOW has lost their job, and while I don't like that my investments are down, I have to look at life in the long term and figure than 15-20 years from now, it will be what it will be, and I can't cry over what I can't control.

We have no debt beyond our mortgage, which is large but we have a good business income so we're not hurting. Are we worried? I guess...I read WSJ.com and other sources and I know it's bad. But we don't just STOP living life. We just cut back. So date night is a cheap local restaurant (we're finding more to try and that's fun) and a movie, weekends with the kids we're doing lower cost stuff more often, and we are doing more gourmet cooking at home.

So from my perspective, people are prudent to take this wake up call for what it is...and live well BENEATH their means....but we're not all hunkered down with emergency MRE rations and ammo (even in North Idaho...hahaha)...we're living life understanding that a recession means life will be about cheaper fun for a while...and that's OK...dare I say "hakuna matata"? But life is like that. We've been up, and we've been down, and through no control/fault of our own (being down) and we've always been back up through hard/smart work...I think people need to reign in their panic a bit and look for the bottom of the market and start thinking about bargain investment buys...
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Old 10-11-2008, 12:42 AM
 
Location: Ohio
22,798 posts, read 15,930,808 times
Reputation: 19278
Quote:
Originally Posted by dmarie123 View Post
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
Yeah, and I know restaurant owners and shop owners who haven't paid themselves in months, because they're paying their employees, but just barely, so what's your point?
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Old 10-11-2008, 02:58 AM
 
Location: Los Angeles Area
3,306 posts, read 3,650,238 times
Reputation: 592
This crisis has been going on for over a year, but its now just starting to effect the average person. Its not like during financial meltdowns that people wake up one day and have no money. The economy will slowly spiral downwards over many months. Unemployment is now 6.1 and raising.

Anyhow, the reason spending is down is because things like Mortgage equity withdraw are down dramatically. In fact mortgage equity withdraw is almost zero now, lines of credit are being cut whether they are credit cards or home equity lines etc. Too many people have been increasing their lifestyle on credit and now that the lines are no longer available (this has been happening over the last year) they have to not only reduce their spending to what they make, they have to reduce it to what they make minus what it costs to service their previous debt.

We are going to at the very least have a major recession regardless of what is said on the media.
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Old 10-11-2008, 03:25 AM
 
Location: western East Roman Empire
8,027 posts, read 11,807,317 times
Reputation: 7964
Quote:
Originally Posted by Humanoid View Post

... The economy will slowly spiral downwards over many months. Unemployment is now 6.1 and rising ...

... the reason spending is down is because things like Mortgage equity withdraw are down dramatically. In fact mortgage equity withdraw is almost zero now, lines of credit are being cut whether they are credit cards or home equity lines etc. Too many people have been increasing their lifestyle on credit and now that the lines are no longer available ... they have to not only reduce their spending to what they make, they have to reduce it to what they make minus what it costs to service their previous debt.
I'm not really sure, but if people had productive jobs that added real value to the economy, in the internationally competitive sense, do we think that might actually improve incomes, instead of relying on credit to increase spending?

Or is it a better measure of value to calculate how many people and how often they go out to dinner and the movies? Is that productive and does it raise incomes?

Just wondering.
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