Posted on 09/15/2007 2:24:18 PM PDT by AuntB
The new numbers on consumer confidence are out. They show American consumers very confident that the economy is going down the tubes.
Over in Asia and Europe, stocks plunged on fears that Americans may no longer be able to find the second jobs and recklessly borrow the money needed to buy imported stuff. Economists now freely use the "recession" word following the report that American payrolls fell in August, the first monthly decline in four years.
American consumers, in other words, are all dried up. And the discussion has begun on what kind of baloney economy kept them lubricated for so long.......
Of course, some professions thrive in tough economic times. Business should be brisk for bankruptcy lawyers. And we will need auctioneers to help unload foreclosed properties........
Today's "partying," he said, would lead to tomorrow's "hangover."
So here we are: The partygoers have downed a bottle and still they can avoid a hangover.
A recent article on the Motley Fool's British Web site offered "Five Ways to Prepare for a Recession." The prescriptions: Don't make big luxury purchases you can't pay for with cash. Build an emergency fund. Live more frugally. Reduce your debt. Find more work.
All sound advice, but consumers had better act fast — like five years ago.
(Excerpt) Read more at seattletimes.nwsource.com ...
Now we are in total agreement and the point I was making in the first place.
I’m in Los Angeles and an LA native. If you are not a short term real estate investor, real estate only goes up in LA.
Really.
My family has lived in Southern California since the mid to late 1800s and all have made money in real estate. That and farming.
Really.
I hope you decide to look on the bright side some day. More Americans invest now than ever.
I’m off to a wedding.
Later.
Investing doesn't mean saving, necessarily. It's not about a point of view. We have the LOWEST personal savings rate EVER and the highest personal debt....that's not from me, that's a fact.
“I would at least double what your government is going to pay to me 5 years from now....../.”
There would be a lot of variables involved in your statement, you are right, but perhaps wrong. Depending on your age, when you started, your yearly investment and what you invested in, you are absolutely correct in that it would be better than the government. I am thinking you may be wrong in how much better. I am thinking if you are set to retire in 5 years, you would have far more than double what the government is going to pay you.
As I stated, there are lots of variables in play and I am basing this on the stock market performance of the last 40 years and the Galveston model. I didn’t post a link because if you are not familiar with it (Galveston model) and are set to retire in 5 years; I don’t want to be the one responsible for depressing you. :)
Take care, WC
Good grief! How many people do you think have a 401K plan?
Your concerns seem to be supported by the data I have seen. The percentage of people over 50 with minimal retirement saving was appalling.
Him taking away votes -big time- from Bush it contributed to Bush's defeat. If that's what you meant, you are right. But the article in this tread reminded me of something else, and that was my post about.
So much for "diversification" of opinion in a forum opened for individual opinion.
That's why there are "them" and then there are "us" in regard to The Partaaaaaaaa's Over For Americans". I Partaaaa'd with some restraint during the Clinton Adminstration, and have learned from my mistakes.
Life is not a Party and economically speaking should not be given that title as the mast head shows.
The Party comes after, not before, that's what Aunt B, Andy, Opie or whomever doesn't get.
We need not waste our time.
Stats and Polls mean very little to me.
Respectfully
F_T_D
Would it be bad, in your estimation, if the illegals left some jobs for American poor who only work 16 hours a week? Sounds like a winner to me, even if it generates some worisome stats.
Ridiculous scenario, if I broke my back I would be approved for S.S. Disability within 5 months. I would then convert my 401-K to an Ira and start dipping into it to supplement my disability.......
Next question.......
Interesting, isn't it?!
The very first job you ever had be it in your teens or after........
You seem to be one of the few who understand that investing means you can lose ALL of the money invested (even in 401k’s). That isn’t saving; thats called gambling.
Do I have money in the various markets? Of course. Savings account/checking account rates are pitiful, so I have to seek a higher rate of return. But I have money in those accounts, too, because they don’t require that someone buy the shares or mutual fund units I offer for sale. People seem to think that once they tell their broker to sell shares/mutuals there will always be a buyer for it. Not always so, especially in a panic or market crash.
Its all about balance. Too many people think diversification means spreading all their unallocated money throughout the various stock/mutual types. It doesn’t.
Wow, they had to be hit over the head with a 2x4 before they learned.
However, some are still bringing in big bucks in the mortgage industry. Not the high risk sub prime loans that this is all about. Learned, intelligent, creative, positive individuals who will always be at their desks way after the weak at heart or those with a more often "get-rich-quick-waiting-for-the-phone-to-ring" mentality will long be gone.
Patience builds wealth.
Bad times, in any industry, can provide good opportunities.
Correctly stated.
Now most people (exluding BS) realize the housing speculative phase is over so they have stopped borrowing to buy overpriced houses. The Fed can't do anything about that even lowering rates to zero. So we will have deflation whether we like it or not. The only other possibility is an inflation mindset to get the real estate bubble going again. BS is one of those inflation mindset people without even realizing it. Inflation destroys savings and turns investment into speculation.
The Seattle economy is humming along swimmingly....
Why aren't you buying private disability insurance?
I don't need it
I don't need it either, but I buy it anyway. It returns 50% of my income if I'm disabled and it doesn't cost much.
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