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86 Comments
- skipdog172, on 10/31/2008, -3/+28Nooo!!! People are saving money living within their means!!! WE CANNOT HAVE THIS!!!!!!!!! HURRY! WE MUST GIVE THE TAXPAYER MONEY THAT WE DON'T HAVE, SO THAT HE CAN SPEND IT ON THINGS HE DOESN'T NEED!!!
- Striker101, on 10/31/2008, -7/+30Well what is to be expected when the Fed screws around with the money supply and Congress does nothing? Manipulation and regulation makes this problem, but can't fix it.
- webkami, on 10/31/2008, -2/+24So people are not spending money they do not have, sweet!
- inactive, on 10/31/2008, -0/+19No one is going to buy anything they don't need when things are so unstable. And you know what I find I don't need very much to get by. All these businesses that expect sales and earning going straight up each year are just dumb there is only so much you can buy.
- Glassmentality, on 10/31/2008, -0/+17I can't even afford to pay attention...
- Hetman, on 10/31/2008, -0/+16I have my debt pretty much under wrap. I have a student loan but I am paying that off. Anyways I have not recieved a raise this year. My cost of living has gone up. The dollar has lost value. I am doing the same job I did last year and I in reality I am getting paid less. Or atleast the money I am making now is not going as far. Of course I am going to cut back on spending I have no choice.
- manstein01, on 10/31/2008, -0/+14Americans have been consuming more than they produce since the early eighties. Savings rates have been in the negatives several times in the past few years.
And yet some morons are STILL surprised when people are forced to cut back.
We need to go back to an economic model that relies on wages and savings rates, instead of on Home values and Black Friday numbers. - lies03, on 10/31/2008, -2/+15I work in a large retail chain store, and we can't even break even. This past week we have been missing sales. Around $-10,000 under the goal. If you happy any job, even a crappy one...KEEP it. Also work harder than others, so if they cut back on employees you will be the one to stay.
- deceth, on 10/31/2008, -0/+13People finally realized that its more important to save and spend absurd amounts on an iphone with a huge data plan than to buy corn flakes.
- cubicledrone, on 10/31/2008, -2/+14lol Nobody can keep a job. Disney fired 4000 animators because they were too expensive. Then they wrote a $7 billion check to buy Pixar. Those fired animators were directly responsible for hundreds of millions of dollars in revenue.
How hard you work means jack *****. - cubicledrone, on 10/31/2008, -4/+15Maybe if Americans had decent jobs we'd have money to spend and wouldn't need to live on credit cards? Maybe if wages hadn't been stagnant since 1972 we'd have money to spend? Maybe if middle managers weren't rat ***** lying cheat phone-flipping assbags, we wouldn't get fired every six weeks? Maybe if employers would stop using layoffs as a routine cost-cutting measure, we'd have money to spend?
Just a thought. Oh, by the way, the current economy proves I am right and have always been right about how much middle management sucks. Thank you. - angryfirelord, on 10/31/2008, -0/+10For now anyway. If we left the market to self-correct, the simple rule of supply-and-demand would force companies to lower prices. The problem is that the Fed is engaging in injecting more worthless paper into the system, so as a result we'll be hit with inflation again. That means more people are going to be hurt as companies will be forced to keep prices high due to the devaluation of our currency.
Stagflation is a bitch and I hope Bernanke gets booted out soon. - suggsjc, on 10/31/2008, -0/+9Its already been said, but this is no doubt a good thing so long as this "trend" actually translates into consumers being more responsible. I personally think whoever is elected president is going to have a really tough time getting a second term since this isn't going to just "get better" in 4 years time, so either side is going to be able to say "look, they didn't fix it...let me try"
- maus56, on 10/31/2008, -0/+8Cut back on your corn flake costs and pick up Fallout 3. Less food but more fun.
- cubicledrone, on 10/31/2008, -0/+8It's always the employee's fault. I'm sure the two million people who lost their jobs this year were all "super crappy" too.
Or maybe middle managers are rat *****. I'll go with rat *****. - WordsnCollision, on 10/31/2008, -1/+9Well, there's always the Army...hey, wait a minute...
- Yookji, on 10/31/2008, -0/+6How does one make 400k a year at the age of 20?
- inactive, on 10/31/2008, -1/+7c'mon, what's wrong with you people?
buy buy buy or they win! - diggThis77, on 10/31/2008, -0/+6Only for about 9 months.....
- BlueAyez, on 10/31/2008, -0/+5I'm sure they'll find a way to thank Uncle Sam for not buying their crap.
- inactive, on 10/31/2008, -3/+8Record Levels of Homelessness in New York
A report released Wednesday by the Coalition for the Homeless showed that nearly 1,500 families entered the shelter system in September, a number expected to rise in the following months due to job losses and other effects of the economic crisis.
It was the largest one-month increase in homeless families since the city began tracking that statistic 25 years ago, the coalition said. The report shows a 22 percent increase over last September, a situation that followed two months of similar highs. Overall, roughly 9,300 families are now in shelter, or more than 28,000 people. But, on the other hand, the increase comes at a time when the bad economy has caused the city government to slash funding for programs that helped.
“While both city and state budget shortfalls require difficult choices, vulnerable New Yorkers now need more support, not less,” said Mary Brosnahan, head of the Coalition for the Homeless.
To respond to the high number of families seeking help, the Bloomberg administration recently asked all agencies to cut 2.5 percent from this year’s budget.
Robert Hess, the commissioner of the Department of Homeless Services, said the city will do anything to help these people, despite the worsening financial situation in the United States at the moment.
“No matter what the numbers are at the front door,” Mr. Hess said, the city “will continue to effectively and humanely provide services to the city’s most vulnerable individuals. The fact that our system is withstanding the test of recent high demand is evidence that we have successfully transformed the families system and put a solid infrastructure in place.”
http://www.efluxmedia.com/news_Record_Levels_of_Ho ... - wadd, on 10/31/2008, -0/+5But if you give the taxpayer more and they spend it, they're still living within their means.
Better give 'em more!! - taiwanniggadu, on 10/31/2008, -0/+5how can saving money suddenly be a bad thing?
- inajeep, on 10/31/2008, -2/+7You forget there are countries who whole economy is based on sending us cheap crap to buy. What will China do? Will India's middle-class start disappearing?
- Hetman, on 10/31/2008, -0/+5It is not a bad thing for people who are saving. It is a bad thing for people who are selling.
- slanted, on 10/31/2008, -0/+4Screw 'em... The economy is in a slump, they're getting lower and lower interest rates from the Feds, yet jacking interest rates on their customer's cards to outrageous levels. There's no reason that banks should be skyrocketing the CC rates above 30% against people who have never missed a payment. So screw em, their troubles are going to eventually be many indebted customers' savior.
- BlakeEM, on 10/31/2008, -3/+7Not to mention a lot of what they do is blatantly illegal. Some people tend to get regulation mixed up with enforcing the laws, they are two different things. Regulation got us into this mess. Regulation is manipulating the market so groups get the money rather than those who earn/work for it. Like giving homes to people that can't afford it or giving huge bailouts to business that have shown themselves to be completely incompetent. What we need is to prosecute those manipulating the system and let the market work its self out. Hard work should earn you money, not making back room deals with government officials.
- PakoBedejo, on 10/31/2008, -0/+4For those reasons, I long for the day when I can work for a Japanese or German company...gettin' really tired of always being mismanaged.
- inactive, on 10/31/2008, -0/+4Daddy's trust fund + home building business = Profit?
- enotswhat, on 10/31/2008, -0/+4I am just laughing at how they changed the laws and the filings are still going up and now they want to "work something out"?
- inactive, on 10/31/2008, -0/+4this whole bad economy thing confuses me, is everyone spending less because theyre now afraid to spend money or do they actually have less?
Am I dumb because my income is the same and I spend the same? - kaelyiesta, on 10/31/2008, -0/+4I like that neither McCain nor Obama do anything but blame each other. Bunch of opportunists:
""The decline in GDP didn't happen by accident — it is a direct result of the Bush administration's trickle down, Wall Street first, Main Street last policies that John McCain has embraced for the last eight years," Obama said. He pledged to provide tax relief to middle class families and help people facing foreclosure.
Pointing to the economy's sad state, Doug Holtz-Eakin, senior policy adviser for the McCain campaign, shot back that "Barack Obama would accelerate this dangerous course." McCain said his tax cuts, free-trade policies and help to struggling homeowners would help turn things around."
Neither has a ***** clue. They just point fingers blindly, completely unaware that this was coming and completely oblivious to where its going. I would love for Ron Paul, his economic adviser Peter Schiff and others who actually have studied economics to debate these clowns. It wouldn't even be a debate so much as a history and economics lesson. - wilhoitm, on 10/31/2008, -2/+6Until you either get laid off or your company goes out of business. Or the company that your company supports goes out of business! The more you make the more vulnerable you are!
- lensman00, on 10/31/2008, -0/+3Always wise to live within one's means. A lot of the current problems were due to people and organizations adjusting their present-day spending to fit an unreasonable projection of the future.
One small point, though. Dollar is actually up quite a bit for the year. The past three months have been very kind to the dollar, presumably due to the proverbial "flight to quality":
http://quotes.ino.com/chart/?s=NYBOT_DX&v=d12 - manstein01, on 10/31/2008, -3/+6Maybe if Americans didn't run to spend their paycheck/mortgage their homes to buy cheap crap they do not need we wouldn't be in this situation in the first place.
- Hamletlere, on 10/31/2008, -0/+3You have the gall to use the words "cheap" and "cable" in the same paragraph?!
- inajeep, on 10/31/2008, -4/+7So your saying that less regulation is better? Isn't that causing the issue too?
- trollick, on 10/31/2008, -0/+3We need to blow a new bubble.
- akchrs, on 10/31/2008, -0/+3That's more for me then.
- diggThis77, on 10/31/2008, -0/+3@ lensman
The dollar going up has little to do with the cost of stuff. It only deals in comparision to other currency's. When a double cheeseburger costs a $1.07 or whatever with tax and the dollar goes up 2 cents against the Euro that same double cheeseburger is still $1.07.
If you aren't getting raises at work your ability to buy things only goes down each year. Especially when gas goes to "holy *****" a gallon. - bigtoes, on 10/31/2008, -1/+3If I buy something nice it would be a 30ish inch LCD TV . They have dropped so much in price I feel it may be worth it to put one in my bedroom . Just spending my free time lounging in bed watching cable until this whole economic mess sorts itself out . Good cheap times .
- snached, on 10/31/2008, -0/+2Yes. Your income is really dropping in value around 10% each year due to inflation.
- inactive, on 10/31/2008, -2/+4Not only "no," but how can there be "less regulation" and at the same time RECORD SPENDING OF TAX MONEY ON REGULATION??? More here:
http://digg.com/politics/Last_effort_to_undermine_ ...
in my comment, which Digg's lefties apparently can not see. PLEASE, enlighten me. How can there be "deregulation" and at the same time RECORD SPENDING ON REGULATION?? Please answer simply and directly, even if you have to admit Democrats are lying about a lie Republicans first told when the Republicans stole Libertarian rhetoric, never intending to implement it. Thanks. - lambda, on 10/31/2008, -0/+2The Case Against The Fed
http://mises.org/misesreview_detail.aspx?control=7 ... - kd1s, on 10/31/2008, -0/+2I do wish they'd stop calling this a recession, it's a depression. I can see it clearly right now. Businesses are closing, things are rotten.
- jessehadden, on 11/01/2008, -0/+2But that would be placing emphasis on government for the people, rather than for big business! What are you, a socialist?
/kidding - TheSkinsFactory, on 10/31/2008, -0/+2How do you figure that?
The only way that would be accurate is if he spends that 400K as fast as he makes it and has no savings whatsoever. The fact is some of us who make about that, having savings account that could carry our bills and mortgage for at least 3 years. For example I own my car (so no car payments) and I have zero credit card debt. The only major debt i have is my house. But i have enough savings to pay my mortgage for at least 3 years. So don't make a blanket statement like that. The more you make is not the more vulnerable you. The more stupid you are, the more vulnerable you are is more like it.
Also, I remember living from paycheck to paycheck. Those are the most vulnerable people out there. And for those losing their jobs and homes... my heart goes out to them 1000%. - TheKingInYellow, on 10/31/2008, -0/+2i don't/didn't work for disney but i am an animator and we are very expensive.
- fabkebab, on 11/01/2008, -0/+2good luck on the whole home building business thing...
- enotswhat, on 10/31/2008, -0/+2and banks are getting scared of getting stuck with the FULL bill as bankruptcy filings (esp. CH. 7) go UP UP UP
http://news.yahoo.com/s/ap/20081030/ap_on_bi_ge/me ...
http://digg.com/business_finance/Personal_bankrupt ... -
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