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  1. #1
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    Consumer confidence
    Consumer confidence suffered its steepest monthly drop on record in October, a survey showed on Friday, as the worst financial crisis since the Great Depression sent shocks waves through the economy.

    Biz.Yahoo!

  2. #2
    Member Working Mom's Avatar
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    “Mom…are we poor?”

    One of my kids asked me that recently. So I blurted out a flip: “Yup. We sure are!” Fortunately, my husband was within earshot, and sensed there was more to this question than a casual inquiry. After a brief chuckle, he explained that I was kidding. He continued to say that we have a home, more than enough food to eat, we have everything we need, and we have each other. Then he responded, “No, sweetheart, we’re not poor. We’re rich.” (Sure wish I had said that…) The fact that we even had this conversation proves that news about the economy has gotten to the point where six-year-old kids are starting to be concerned...

    Reading this over, this post might make a good start for a newsletter...
    [I]Let us not become weary in doing good, for at the proper time we will reap a harvest if we do not give up.[/I] -Galatians 6:9

  3. #3

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    I don't think this shocks anyone. HUGE financial crisis, record unemployment, gas prices (and shortages for some us), and the largest deficit in history sure doesn't make you want to go out and spend money right now.

  4. #4
    Life is Supposed to be Fun! Rexanne's Avatar
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    Quote Originally Posted by Working Mom
    “Mom…are we poor?”
    My kids learned as soon as they could speak that *poor* is a state of mind and *broke* is a financial condition. I won't let them use the word "poor" to describe lean times ... "we're broke, not poor!" Then I proceed to tell them how rich we really are, like your husband did, WorkingMom. He sounds like a good man. :-)
    Peace,

    Rexanne

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  5. #5
    More Cheesier Than Ever Cheesehead's Avatar
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    I think the older one is, the more alarmed they tend to be about all this. At least that is what I have picked up. People in their 20's I talk to don't seem too concerned. Stock, what stock?

    People in their 50's and 60's are very concerned. These people (myself included) lost 10's of thousands of dollars of portfolio value in a weeks time. And if you are 64, how long can you wait till things turn around? This last week showed some signs of normalcy and rebound in the market, even though it is still quite volatile.

    And yes, it's only money. And there is a lot more to life than money, particularly when we live a secure lifestyle that lacks little in the way of food, shelter, or transportation.
    This World is Not My Home
    We're gonna go inside, we're gonna go outside, inside and outside. . . And then we're gonna go go go and we're not gonna stop til we get across that goalline! Quotes from the movie Rudy, 1993

  6. #6
    What's the word? Rhia7's Avatar
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    People in their 20s will care when they lose their jobs or when good jobs are scarce during the recession

    Good luck to them when they are applying for an automobile loan or a mortgage
    ~Rhia7 -- Remember the 7
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  7. #7
    What's the word? Rhia7's Avatar
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    Bailout pushes mortgage rates up
    [I notice the mortgages are going up and some people are still asking "bubble prices" -- you know residential sales will be flat until something gives -- also take a look at the vacant commercial properties -- I see lots & lots of vacant commercial properties even in upscale zip codes]

    Economic Crisis Worsens as Consumer Confidence Hits Record Low

    Manhattan property joins race to the bottom [actually a drop in Manhattan property prices might be good news to some people ]
    Anyone with the cash is going to enjoy the lowballer's paradise
    Cash will be King

    US home sales much worse than expected

    Global banking reshaped

    Fearful consumers reining in spending

    Yep, nothing to worry about in terms of consumer confidence
    This is only the beginning
    Last edited by Rhia7; October 18th, 2008 at 10:26 PM.
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  8. #8
    What's the word? Rhia7's Avatar
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    $3 Gas Is Back, But Does It Matter At This Point?

    Financial Rescues Can Set Off New Problems

    Recession may be deepest since 1970s

    ... makers of everything from soft drinks to water filtration systems have unveiled hefty rounds of job cuts in recent weeks as they brace for what some predict could become a long and deep recession.

    In the past week alone, companies including PepsiCo Inc and Danaher Corp said they would lay off thousands of workers, while the state of Massachusetts disclosed plans to cut its payroll by 1,000 as it faces a tax shortfall. The situation is poised to worsen as the holidays approach and many businesses scrutinize budgets for the coming year.

    Layoffs spreading across corporate America
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  9. #9
    ABW Ambassador writerguy's Avatar
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    Speaking of high gas prices -- I'm puzzled about something. No sarcasm intended or political hoopla or anything else, this is something I wonder about.

    If we open new areas to drill for oil, in the continental U.S., or Alaska, or offshore, or whatever -- how would that help reduce our gas prices, heating oil prices, etc.?

    I ask because I assume any oil/gas/whatever the oil companies get that way will be sold on the open world market, right? I mean, there aren't any laws that require them to feed that product into the U.S. market to lower our gas prices, increase supplies, whatever, are there?

    Do we really assume the oil companies will somehow patriotically devote their products to the U.S.?

    What am I not "getting" about this? Members of both major political parties seem to assume that increased drilling will somehow help our problems even if only a little. But I just don't get it.
    Generate more fake news.

  10. #10
    What's the word? Rhia7's Avatar
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    According to the Wall Street Journal, law school grads are facing difficulty finding good jobs (meanwhile they are saddled with debt):

    But the majority of law-school graduates are suffering from a supply-and-demand imbalance that's suppressing pay and job growth. The result: Graduates who don't score at the top of their class are struggling to find well-paying jobs to make payments on law-school debts that can exceed $100,000. Some are taking temporary contract work, reviewing documents for as little as $20 an hour, without benefits. And many are blaming their law schools for failing to warn them about the dark side of the job market.

    [source]
    So you can guess as consumers they'll tighten their belts a little.
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  11. #11
    What's the word? Rhia7's Avatar
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    Quote Originally Posted by Cheesehead
    People in their 20's I talk to don't seem too concerned. Stock, what stock?
    It isn't just about stocks; it's about finding decent employment during difficult times especially among so many layoffs:

    Yahoo Layoffs again – Tallying up the Corporate Job Cuts

    Layoffs at St. Mary's Hospital

    Sour economy leads to BMW layoffs

    The week in tech layoffs

    Layoffs Starting to Spread As US Recession Looms

    National Business News: Honeywell earnings; BMW plant layoffs; ethanol credits

    Some Of These Layoffs Aren’t Really Layoffs [Remember the movie Office Space?]

    The thing to remember is that people are still consumers even during difficult times. Affiliate marketers should stress value on their pages.
    Hey, it's going to be a rough ride for everyone.
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  12. #12
    What's the word? Rhia7's Avatar
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    Quote Originally Posted by writerguy
    If we open new areas to drill for oil, in the continental U.S., or Alaska, or offshore, or whatever -- how would that help reduce our gas prices, heating oil prices, etc.?
    .
    There's lots written about the topic.
    I suggest the following "non-political" article from USA Today as a start. The article is a good start for understanding the cost/benefit risk analysis. This article does not take a political stand:

    Worth the risk? Debate on offshore drilling heats up
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  13. #13
    Full Member Greywolf's Avatar
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    record unemployment
    Not sure what history books you are reading, but unemployment is still relatively low. 5% is what most economists consider "full employment."

    Also, economists also have said that raising the minimum wage, and extending unemployment compensation, will increase unemployment. Could be that is part of the reason unemployment is rising.

    how would that help reduce our gas prices, heating oil prices, etc.?
    Just the expectation of increased supply will reduce prices. Oil began declining at the same time Bush revoked the presidential ban on offshore drilling. Coincidence? I think not.

    It's true that domestic production will be part of the global market. Consider how ironic it is that we beg OPEC to increase production so that prices will decline or stabilize, but the same congressman will say increasing domestic production ("you can't drill your way out of this") will not have an effect. It will.

    GW

  14. #14
    Full Member Greywolf's Avatar
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    Credit Markets Almost Back to Normal
    Good news that the MSM won't report

    http://moneynews.newsmax.com/streett...17/141556.html

  15. #15
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    Anyone else read in Harpers' about that 5% unemployment being B.S?

    They estimate closer to 12% if I recall.

    Wow...

  16. #16
    Full Member Greywolf's Avatar
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    Anyone else read in Harpers' about that 5% unemployment being B.S?
    Harpers? Isn't that a woman's magazine?

    Oh, that Harper's.

    Harper's isn't the first to report this. Here's the quote from the article explaining why they say unemployment is actually higher:

    "The result, implemented a few years later, was that out-of-work Americans who had stopped looking for jobs—even if this was because none could be found—were labeled “discouraged workers” and excluded from the ranks of the unemployed, where many, if not most, of them had been previously classified"

    I believe that all of you doing AM full time would also be considered unemployed using Harper's logic. As would everyone else who is self employed and doesn't report data to the DOL.

    I was technically unemployed for a month this past summer, but since I didn't file for unemployment benefits, I wasn't counted either.

    "There are three kinds of lies: lies, damned lies and statistics."
    - Autobiography of Mark Twain

    GW

  17. #17
    Life is Supposed to be Fun! Rexanne's Avatar
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    OMG we're all unemployed! Which is technically correct. Kinda weird to think about it that way. Consider that we're leaving the rest of the j*bs to the people who need them. We're doing our share to keep unemployment at bay. :-)

    Now, those who are making money, hire someone and spread the wealth around. If only someone to clean your house, do the laundry, mow the lawn, tend to the garden and clean the pool (stuff you can't outsource to another country LOL) - we are in the position of helping the economy by hiring folks who need and want work. Pretty cool :-)
    Peace,

    Rexanne

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  18. #18
    ABW Ambassador Boom or Bust's Avatar
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    I would call it independently employed. I find myself employed in multiple activities of my choice daily...



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  19. #19
    ABW Ambassador jodyq's Avatar
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    My aunt who lives in a little town called K-Falls, said to me years ago 401k HA, For 20 years I have been setting aside around 7% of her and her husbands income in a safe, she said the interest will grow in time, I always thought how can that be how can she grow interest on cash saved, what I think she ment was it was in her and her husbands best interest to do that and boy was she right. This past few weeks have been so hard on so many people. I am now heeding my aunts advice.
    Wear Short Sleeves!!! Support the right to bare arms!

  20. #20
    Full Member Greywolf's Avatar
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    My aunt who lives in a little town called K-Falls, said to me years ago 401k HA, For 20 years I have been setting aside around 7% of her and her husbands income in a safe, she said the interest will grow in time, I always thought how can that be how can she grow interest on cash saved, what I think she ment was it was in her and her husbands best interest to do that and boy was she right. This past few weeks have been so hard on so many people. I am now heeding my aunts advice.
    If you are talking about a safe, as in a safe in your house, I don't get it. You are losing whatever the inflation rate is every year. Banks are insured up to $100k, now $250k. The FDIC has never failed to reimbursed deposits lost in a bank failure.

    Am I missing something here?

  21. #21
    Full Member TerriFalcone's Avatar
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    With all this doom and gloom circling the globe I think it might be useful to consider that even in almost the worst of times money is to made by those who can fill a need and or a special want. If we reach 10 percent unemployment that means that 9 out of 10 people are employed. Are people cutting back? Of course. But rather than wring our hands, beat our breasts, and lay down and cry it is time journey on, to redouble efforts and find those things that people will continue to buy.
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  22. #22
    Affiliate Manager FDC's Avatar
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    I completely agree with Working Mom! I too feel fortunate that 1. I still have my job, 2. I have a roof over my head and 3. I have enough money to put gas in my car and food in my family's belly.

    I was speaking to a co-worker the other day about the economy and I mentioned something along the lines of "at least we aren't living in a third world country." And he had the nerve to say "well, that is right around the corner."

    I couldn't believe it! Has he ever been to a third world country?
    Geeesh.

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