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 ...
"The problem is clear: This isn't a nation of savers. In the past two years, America's personal savings rate reached its lowest level since the Great Depression. And in comparison to other industrialized countries, the United States ranked second to last in personal savings."
http://online.wsj.com/article/SB118964627975525938.html?mod=googlenews_wsj
Salt Lake Tribune, United States - Sep 2, 2007 Americans have coped with their declining pay by going deeper in debt: The personal savings rate has been at the lowest level since the Great Depression. ...
Inland Valley Daily Bulletin, CA - Sep 12, 2007 Add to that the fact that the US has had a negative savings rate recently for the first time since the Great Depression, and it's ominous. ...
Who would be pushing for a recession right before an election? Hmmmmmm....
Seattle Times, a bastion of liberal thinking if there ever was.
The economy is made up of Americans, we can make it grow or shriknas we want. Be positive in yourself and what you do. Work hard, do your best and the economy will grow.
These stories are only about how the dimwits need a depression/disaster to win in 08. Nothing more, nothing less.
Just like clockwork. I've been predicting this one for some time.
Ah! I see it’s just another conspiracy!
Quite true and to our national detriment. The reason is our government taxes savers and subsidizes debtors. As long as that is the case I think we'll have the problem for a long time.
I’m a bit confused.
Does this mean the sky is falling? or is this a general doomination type world ending event?
Should I buy a new umbrella?
And why do you suppose Americans are not savers? Could it be because they have been indoctrinated to believe that “the government” would take care of them? Social Security? Medicare? etc, etc.
Too many Americans have been sucked into the idea that they are somehow “entitled” to be taken care of by the government. When asked who is going to pay for it, they say “the government” as if that money didn’t have to come out of someone else’s pocket somewhere. I have heard this idea expressed by someone earning over $150,000/yr. He thought he could spend every penny and then some and thought that the government would take care of him in old age. When asked where the government would get the money, he said “from the rich people” as if he were destitute on $150,000/yr.
Liberal, yes. However, the thinking part is open to debate.
A lot of belt-tightening for many and catastrophe for some.
Okay. We don’t need to save and we can just spend ‘til hell freezes over. Forget self reliance.
I’m curious. How many months could your family survive with NO household income?
How long before you’d need someone giving you what they’d bothered to save instead of spending on a bunch of junk they didn’t need in the first place?
I agree.
I’m curious. How many months could your family survive with NO household income?
How long before you’d need someone giving you what they’d bothered to save instead of spending on a bunch of junk they didn’t need in the first place?
Sure enough it hasn't been a dot-com boom.
Have you factored in 401Ks and IRAs, etc? For most Americans those savings are quite substantial.
Or are you talking about an old fashioned “savings” account with a 1% rate?
Most Americans have some sort of mutual fund activity.
I’m curious. How many months could your family survive with NO household income?
How long before you’d need someone giving you what they’d bothered to save instead of having spent it all on a bunch of junk no one needs in the first place?
We’re DOOMED!!
self-fulfilling prophecy.... or just self-parody?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.