What is Digg?Sponsored by Travelzoo
Take Advantage of Ridiculously Low Holiday Airfares view!
travelzoo.com - Flights $52 and up for Thanksgiving, Christmas & New Year. But move on it now.
122 Comments
- Kyrasis, on 06/03/2009, -1/+27Actually, saving money stimulates the economy more than spending it. Saved money funds other people's loans, which helps small businesses, as well as others, to make long-term investments which usually pay off more than having individuals buy a few more Twinkies and fancier cars.
- sharedknowledge, on 06/02/2009, -7/+28spend what we don't have? not sure i'm with you on this slicksoul999
- inactive, on 06/03/2009, -9/+27FTA - This switch to saving would make your mother proud. But is increased saving actually a good thing? More spending is what will help jump-start the economy, and all this saving -- while good for personal bank accounts -- could be getting in the way of a recovery.
Our leaders and the American press are living in a Keynesian fantasy world where wealth is created by spending and taking on debt. It is ludicrous and the average American knows it!
Our great economy did not come about by spending and personal debt. To the contrary, our economy is the result of SAVINGS that were used to finance PRODUCTION. Consumption will only benefit the economy when it follows savings and production.
Don't drink the Kool-Aid, save your money and buy commodities, gold, silver. - stoanhart, on 06/03/2009, -0/+16"Treasury Secretary Tim Geithner says the U.S. economy needs to start looking elsewhere for support. We're too reliant on consumer spending to get the economy going."
Hey look, he got something right. Stopped clock, etc, etc. - edstate, on 06/03/2009, -0/+14Just wait until everyone realizes their "high yield" interest rates aren't quite so "high".
- Moonkeeper, on 06/03/2009, -0/+11Hopefully this trend continues indefinitely. When economies undergo go drastic shifts, there is going to be pain in the process. In the long-term however, a savings economy is wealthier then a consumption economy. Even though our economy is 70% consumption, if this trend continues our economy will ultimately adapt.
- FXNGLAS, on 06/03/2009, -0/+9No kidding. Look at ING. 1.49% APY? It used to be over 4%!
- inactive, on 06/03/2009, -2/+10Savings accounts are running at 2% and gas is going up at 10% a month, the only one winning at this is the banks.
- catwoman2970, on 06/03/2009, -0/+8Now if we can just start losing some weight, things will be peachy.
- duncan202, on 06/03/2009, -0/+8Convincing Americans they don't need to/shouldn't save is a governments wet dream. Savings = individual freedom. Seriously. They're all too happy to have a generation of people completely reliant on Washington. No money to retire? Don't worry we've got you covered! Of course we'll have to tax the ***** out of everyone forver.. and it won't be enough to actually do any thing except "exist" till you die. But hey! We'll make sure your still getting the latest digital cable signals so you should be good to go.
- Mike17102, on 06/03/2009, -2/+10You clearly arnt with him, because you missed the ***** reply button.
Or did you think your comment was oh so important that it just HAD to be top level? That makes you a *****. - DoubtingThomas, on 06/03/2009, -0/+7As long as you forgo buying with credit, aren't living paycheck to paycheck and have a savings account of decent size (around 3-6 months worth of your yearly income) by all means, go a head and spend it up. Otherwise, I would suggest saving/paying off debt.
- inactive, on 06/03/2009, -2/+9make sure you actually get the gold and not a note. more gold is already "owned" than actually exists.
- dmm219, on 06/03/2009, -0/+6Kiyosaki should be in jail. He is a hack of the highest order. Guess where everyone who listened to him ended up last year...hint...they aren't "winners"
- richmomz, on 06/03/2009, -3/+9It's kind of hard to keep spending when the threat of unemployment is hanging over literally millions of workers (to say nothing about the 9 million+ workers that have already been laid off, are under-employed or can't find a job after graduating).
- publiclurker, on 06/03/2009, -1/+7You would be correct if the banks were actually giving out loans. unfortunately most of them are hording the cash because even they do not know what the worth is of all the junk derivatives they were dealing with.
- maxtangent, on 06/03/2009, -3/+9THANK YOU!
Finally, a voice of reason.
The only 'problem' with saving is that the credit card companies can't make fortunes off of obscene interest rates and the average person becomes more self-reliant - can't have that, now, can we? - richmomz, on 06/03/2009, -1/+7"...the only one winning at this is the banks." Hasn't that always been the case?
- smitas, on 06/03/2009, -0/+6But its always insufficient, even if we save or get more.
- bills534, on 06/03/2009, -0/+5Just checking the reply feature...
Yep its working fine. Do you not know how to internet? - KirbyMeister, on 06/03/2009, -0/+5Start hoarding gas?
- kaelyiesta, on 06/03/2009, -0/+5Capital investment in means of production is opposed to purchasing of consumptive goods. Saving is what defines most modern forms of economy that use money. The Keynesian economists and the politicians don't talk about this fact much, so I encourage you to read Mises or at the very least listen to Peter Schiff discuss the function of saving in an capitalist economy.
- Ferretman, on 06/03/2009, -0/+5Good job America!
- kaelyiesta, on 06/03/2009, -0/+5publiclurker, banks aren't the only form of investor. Private investment can be anything from saving up for large purchase or starting a new business or even just investing in one. In fact this used to be more common before things got so out of hand.
- duncan202, on 06/03/2009, -0/+4While anything is only worth what people think it's worth -- people have valued gold for a long long long time. And continue to.
- xsecretfiles, on 06/03/2009, -0/+4Just got ING's e-mail and I love the "but we are still the #1 savings company with the highest %"
- lroche, on 06/03/2009, -0/+4My mother has been after me to save more for year! Last year I finally started a RRSP and got a high interest savings account. Socking money away is a very smart move. I'll admit that I wish I had listened to her years ago.
- inactive, on 06/03/2009, -0/+4He's right. With the government printing money around the clock hyper-inflation can't be far away. Buying gold and silver are all that will hold up to it. Otherwise, spend your monopoly money as fast as possible before it's worth even less than it did this morning..
- woofers07, on 06/03/2009, -1/+5My prediction:
Everyone saving money right now waits till the market rebounds, as soon as things stabilize, SHOPPING SPREE, market improves even more, 10 years later we're right back here again. - KirbyMeister, on 06/03/2009, -3/+7How long until the hack known as Paul Krugman starts complaining about this? How people need to stop being fiscally responsible and start spending and getting mortgaged to the hilt again so we can have another boom and bust?
- hivoltage815, on 06/03/2009, -0/+4You must be a member of congress.
- CoD4, on 06/03/2009, -1/+5The terrorists have won!
- richmomz, on 06/03/2009, -1/+4Unfortuantely there's not much else TO rely on - we exported nearly all of our manufacturing jobs and the few that remain are struggling for survival.
- fireashes, on 06/03/2009, -2/+5The motto should be "save and invest" and not "burrow and spend", but what about "loan and invest"?
Diggers dugg me down. - Geheg3D, on 06/03/2009, -0/+3He's right that inflation eats up savings, and that's exactly why inflation (counterfeiting) is bad. Also, the only party to blame for the inflation we have is the government.
- dinki, on 06/03/2009, -0/+3FTA:
"President Obama's stimulus package helped, as it started adding a few more dollars in most Americans' weekly paychecks."
Are they trying to lead me to believe that people are saving the extra $13 per check? - frequentFlyer, on 06/03/2009, -0/+3Don't you mean "like a dick in a whore-store"? I mean, why would whores need to buy dicks?
- americanoboy, on 06/03/2009, -1/+4thanks for the copy paste of your econ 101 textbook.
- Shwaavay, on 06/03/2009, -0/+3And you can afford all of the discount hookers.
- ghatid, on 06/03/2009, -0/+3Lol it won't. Once things get better, we'll go right back.
- MadEnvoy, on 06/03/2009, -0/+3Not me. I'm spending money like a whore in a dick-store.
- richmomz, on 06/03/2009, -2/+5What you are advocating is levering your investments with debt - this works great in good times but when the market turns south you'll lose your ass, and ironically this is exactly what got many of our financial companies and banks into the mess they are currently in.
- scitz0frenic, on 06/03/2009, -0/+2Yes, everyone should be saving and putting their money into banks. That way the banks can start paying back TARP money.
- insanebrain, on 06/03/2009, -0/+2Stupidity just won your thread.
- andreo, on 06/03/2009, -1/+3I've heard since the age of 13 (I'm in my 40's now) that you should put away at least 10% of what you make. It sounds like Ramsey has the same idea but he wants you to give it to the church.
If that's what your into then fine. Other then that find some credit union (that's not near you) that doesn't offer on-line transfers, a debit card, or checks to write. Setup your direct deposit to have 10% of your paycheck go into this account and your done.
You won't be tempted to take the money out unless it's an emergency because since it will take days for the money to arrive to you via check. So impulse buys will be out of the question.
Another choice would be to buy Savings Bonds. If you workplace offers bond purchases that are deducted from your paycheck then I would recommend it. You can't even cash the bonds for 6 months so your forced to sit on the money for at least that long. And having to go to a bank and sign each and every bond is a pain in the butt. I know since I had to come up with and extra 2k for an emergency. I had a ton of bonds and figured instead of raiding the bank account I would just cash in some of them. Signing 2k worth of $100 bonds is *not* fun! - inactive, on 06/03/2009, -0/+2I would suggest you spent it as fast as possible before hyperinflation kicks in and makes your "savings" chump change. You can always then sell the stuff you buy now for more Monopoly money than you paid for it today. Remember, they're printing money around the clock devaluing our dollar with each passing day. Tick, tock. Tick, tock.
- DoubtingThomas, on 06/03/2009, -2/+4I admit that Dave Ramsey does have some good ideas. Unfortuantely, he taints that sane advice with heavy religious overtones to the point I have to change the station. I remember one time he spent most of the program discussing tithing. Sorry, but I prefer my money like I prefer my politics, free of religion.
- inactive, on 06/03/2009, -0/+2Better get gold and silver now JIm because they're printing money around the clock devaluing your dollars by the day.
- duncan202, on 06/03/2009, -0/+2I laughed at this.
- bdbr, on 06/03/2009, -0/+2Was there some shortage of loans when people were spending like crazy? If anything, credit was too easy.
-
Show 51 - 100 of 124 discussions
© Digg Inc. 2009
— Content created and posted by Digg users is