Nearly everyone I know is cutting spending to the bone! (bankrupt, credit card)

[political genius]

The main talk at the social and family events I go to now a days is the terrible economy. The other topic is ways to cut spending, save money, pay down credit cards and ways to be frugal. I expect others are like this also.

For those that manage to hold on to their jobs, a few years from now there may be a huge pent up desire to spend money. All those purchases that people are putting off in 2009 will eventually need to be made. Or will they? Maybe people will learn to live with less which will not bode well for an economy that depends on consumers spending all kinds of money on things they really do not need.

Maybe our recession will last for years and get worse year by year as companies lose hope that consumers will go back to previous spending patterns and then layoff staff that serviced that spending. The downward spiral will go further and further south.

[floridasandy]

spending will not fix our economy, but there is still hope for america. we have huge resource supplies. we have huge natural gas reserves and large coal deposits. we have oil. we have other resources and some of the smartest people in the world. we could go back to a full 100% banking system. we are almost there with the banks being 95% funded. (approximately) if they did not spend that money it could be used to fund the banks. when trust is reestablished people would put their money into investments for production. there is money sitting on the sideline in america now because of fear, which is not going to go away with more bailouts and more debt. we could eliminate the fed and that would generate some money instantly.

[HappyTexan]

Come on down to Texas..the party is still going on here.
Most folks think Texas will "miss" this recession.

[floridasandy]

i think texas will be in a lot better shape for this "recession" than a lot of the country. if the south were to ever break off from the north, at least i am in florida.

[colleeng47]

Back in August, Forbes magazine listed Oklahoma city as the #1 metro area to be in to ride out the recession. I must say, things don't look too bad here. Unemployment is low, houses are selling at moderate prices, and there are long lines at restaurants. We relocated from New Jersey just about a year ago, and since they're practically bankrupt, I think we made a good move.

[evilnewbie]

Originally Posted by political genius

The main talk at the social and family events I go to now a days is the terrible economy. The other topic is ways to cut spending, save money, pay down credit cards and ways to be frugal. I expect others are like this also.

For those that manage to hold on to their jobs, a few years from now there may be a huge pent up desire to spend money. All those purchases that people are putting off in 2009 will eventually need to be made. Or will they? Maybe people will learn to live with less which will not bode well for an economy that depends on consumers spending all kinds of money on things they really do not need.

Maybe our recession will last for years and get worse year by year as companies lose hope that consumers will go back to previous spending patterns and then layoff staff that serviced that spending. The downward spiral will go further and further south.

You should tell that to the millions of idiots that bought FULL-PRICED goods on black friday... I was appalled at their spending... and thinking why on earth are these people paying full retail price?? Did they get "fooled" by the media that there would be deep discounts... I bet there will be lots of returns... for some reason people stop "thinking" when they hear certain words...

[MoNative34]

Originally Posted by political genius

The other topic is ways to cut spending, save money, pay down credit cards and ways to be frugal. I expect others are like this also.

You're blessed to have smart people in your family.

[knoxgarden]

I had to make runs to Wal-Mart, Target and the local mall over the last couple of days in the 5-6 p.m. slot. Usually jammed then but it couldn't be helped. I was dreading it but was stunned at how uncrowded the parking lots and the stores were. I haven't seen so few people out shopping at that hour in ages. Only one person ahead of me at the checkout at Wal-mart, nobody at Target. Unreal.
Knoxville hasn't been hit that hard overall. Gas is down to $1.59 or less a gallon. Restaurants are still busy. Just nobody buying. Even Petsmart wasn't that bad.

[colleeng47]

I went to a mall in NJ while I was visiting for Thanksgiving weekend. It was the Saturday after thanksgiving. The mall was packed, but I made purchases in four different stores and each time there was NO ONE in line ahead of me. Sooooo, people were at the mall, but nobody was buying!

[floridasandy]

Originally Posted by colleeng47

Back in August, Forbes magazine listed Oklahoma city as the #1 metro area to be in to ride out the recession. I must say, things don't look too bad here. Unemployment is low, houses are selling at moderate prices, and there are long lines at restaurants. We relocated from New Jersey just about a year ago, and since they're practically bankrupt, I think we made a good move.

you are smart. new jersey debt grew 2.2 billion in that 1 year!