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 ...
57 million is 50.3% of the population? The adult population, maybe? I don't think so.
Nationally, there were 217.8 million people age 18 and over; 35.9 million people age 65 and over
http://www.census.gov/Press-Release/www/releases/archives/population/001703.html
AuntB ...
How are you saving for the future? Are you buying gold are have that 1% bank account?
That's their problem not mine. I made choices to save. I went without until I could afford to have. I erased debt. I do not feel that I suffered. So I don't need to hear about those that charge up tens of thousands of dollars in credit card bills or those that buy the house they cannot afford and are teetering on a cliff if the adjustable interest rate they bought into gos up a notch. Blows my mind.
This is not the days of Jimmy Carter's double digit interest rates, yes again $80 dollars a barrel for oil, but people are still driving and filling up and not just for their drive back and forth to work. It is up to the individual to have some "plan", not require the government to plan for you (social security example).
Could move manufacturing of toys, for example, made in China which has been highlighted in the news relating to lead paint. Put that type of manufacturing back into the states which depend on the automotive industry. Tell your toy manufacturers you will no longer buy, the kid could care less, they could be happy with the empty box it came out of anyway; until you see these plants return to the US, then China would not be as "rich" as we have seen it become.
The Libs just love these stories.
See the link?
And are you expecting minors to have investment accounts?
What are you channeling a Liberal?
Neither. Now answer my question. How long could you support your family with no income?
You’re sounding like a broken record on this discussion.
Does my income stop because I’ve become unable to earn? I have a good insurance plan. Natural disaster or terrorism? Let’s talk about survival first, and whether or not anyone is even respecting currency any more.
If the world decided it simply didn’t want the Slowboat family to have any income, I would be cashing in the IRA’s, 401k, Stocks, and land, and if necessary, move us aboard the boat to save even more money.
Of course people should save, and of course they should avoid debt, but you’re not going to get 100% compliance on it, no matter what, even if our government did get smart and actually reward fiscal competence in individuals, corporations, and government bodies.
The question here, though, is: what’s the purpose behind reporting this issue? Is it to encourage people to change their ways, or is to frighten people, make them nervous, and try to get them to vote for a government that ‘s going to take care of them because they are too stupid and venal to provide for themselves? This article reads like the latter.
I think the American economy remains fairly strong and will continue to be so at least through the 4th quarter. They aren’t a day late and a dollar short, they are a day early and a dollar too much.
It would have been better (for the left) to start their, (everything that should be up, is down) rhetoric in January or February. Interest rates are relatively low, which is a good thing for the economy overall but falls short of being the ideal savings environment.
The metrics have changed in such a way that it is really hard to “know” anything about the economy. Higher housing costs are now a positive, go figure. The main source for concern for me would be that a lot of the consumer spending that powers the overall economy; is fueled by consumers spending on cheap ChiCom goods, via unwise trade deals.
It seems like a positive to consumers and in the short-term it may be. In the long-term it isn’t and the American consumer can only spend what they don’t have for so long. This isn’t real in that it is “empty tank” economics. We need growth in the manufacturing sectors or eventually we just become an economy of “middle-men”. It never takes long for the seller to start thinking about ways to eliminate the middle-man.
Another factor in the low savings numbers is that we have to rely heavily on foreign investment for our own investment capital. China has a big card to play in that they can pull their heavy investments in the US at any time. I am not sure it would be in their best interests to do so, but it’s a card they have and it gives them an advantage.
Read it again. I’ll assume you just didn’t notice.
A liberal? Can you have a discussion without behaving like a child?
Now, answer the question.
Don't matter...Nobody, or very few are borrowing anything anymore. Most are tapped out, with stagnate incomes.
Refinance/mortgage and loan people are the new Maytag repair men. They are sitting at clean desks with silent phones, if they still have jobs.
I’m employed and well paid. And I save and invest extensively. I own my own home and buying another when the market shakes out.
I have enough to live well for the rest of my life should I leave my job ... which I like for now.
I take that you are not one of the massive number of Amdricans who own stock.
Wall Street has begun to very quietly shed people. That is never a good sign.
One more time.
YOU said “The census says 57 million Americans own mutual funds ... or 50.3% of the population.
I said: That can’t be right....(57 million is about 20% of 217 million...Got it?)..because the census says:
Nationally, there were 217.8 million people age 18 and over;
http://www.census.gov/Press-Release/www/releases/archives/population/001703.html
One could say there are fewer Intelligent savers. One could say if one has to base their life and self worth on stats of another person's saving and spending habits etc; then perhaps the "slave to stats" looking for a sympathetic forum should stop complaining and change their own lives to be part of the supposedly few that have 401's, IRA's, mutual funds, education savings accounts, etc.
We are the master of our own destiny. Stats are not.
I anwered your question.
The author is a Liberal and IS on a downer. There are other ways to build wealth besides putting money in a very poorly performing bank account.
There are other ways to build wealth besides putting money in a very poorly performing bank account.
Of course, real estate! They ain’t making any more land. Nobody ever lost money in real estate.
Read the link I posted to the census.
What is your definition of income? Minimum wage? $15 per hour, $20 per hour,, $50,000 per year? $75,000 per year?
Once you define "Income" I'll tell you how I've been surviving since losing my job last 11/30/06........
It's clear to most working class Americans this economy and our standard of living is being driven down.
40,000 people in the lending business have been laid off.
Few are borrowing anything anymore.
We're hunkering down, only purchasing what is absolutely needed.
Many are using credit cards to pay bills. Be interesting to see where this all leads.
Very intereting! Thanks!
BunnySlippers, you 'take' a lot of notions as fact that don't exist. I hope you use better insight and judgement in picking candidates.
And that's great, I'm glad you can take care of yourself. So can I. Most don't or can't or won't. But I'm really tired of taking care of everyone else. I didn't ask about your income or wealth. NOt my business as it's none of yours what I have.
You started out on this thread to label me as something... a liberal, didn't work did it? Perhaps you were looking in a mirror at the time.
And again, how do you define "massive"...? That would imply a majority. Do the MAJORITY of Adults in the USA own stock?
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