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Its getting pretty scary around the states. Home marketing down & lots of foreclosures, gas prices up, business going under, groceries going up, etc. When will this ever get back to normal what ever that is. Any feelings on this? What started all this trend downhill? |
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I have been wondering the same thing. I mentioned to my daughter just the other day that the nest egg I had for retirement has been cut in half due to inflation. Gas and food is double even triple. Everything has gone sky high. The stock market is teetering . I have lost more than I would have had to withdraw in a year if I quit work. ( with a 401K or 403B funds needn' t be tapped until one quits work). What I am wondering is whether a new President is going to be good or bad for this recession. I am hoping things will stabilize and get back to manageable for the middle class. |
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| It's not just in the USA that this is happening, it's in a lot of countries who seem to follow America in economy (and lots of other things) |
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| | | From: jewel | Sent: 4/17/2008 2:33 AM |
I hope I don't offend anyone but the house market is down because is was so inflated.
Lots of forclosures because people bought a house they could not afford or because the banks gave lons to people who could not afford to make the payments or did not get a fixed rate
groceries are goin up because of the gas going up. we need more refineries.... no one wants a refinery in their back yard.. also we are in competition with China nd India for fuel,.. the Chineese can now buy the better cuts of meat and produce that we buy as Americans... also too the farmes are planting crops for the use in biofuels... less food..
this will never go back to the way it was... if we want what Europe has we will be paying the same price for gas ans products like they do. gas in Italy is $15.00 a gallon...
It is a world economy anymore... America is still ahead of other countires....
just found out today that China will be closing down most of their factories for 3 months in order to get their pollution levels down for the Olympic games... so these products, one of them being furniture, will be made in the USA... Also Vietnam is now making products because it is getting to expensive to make them in China...
the economy usually has a 7 year good run then it turns downward for a year or 2 then it swings up again....
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Joan- With a new President we always get changes but I just hope its enough and thats a ways off still. Jewel- I don't doubt anything you mentioned. Its definitely hard times. CC- I believe we are in a depression-sure feels like it. |
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Not sure whether a new President would necessarily be a remedy. Remember, the President does not really have that much power when you think about it. No matter who is in office, their plans can be shot down, no matter how great they are. I think Jewel has nailed it. Too many people (especially the younger ones) are so over-extended due to being able to get anything they want with $0 down. When I was younger, we had to scrimp and save for at least a 10% downpayment on a house. Today, they don't have to have any downpayment. Same with cars, furniture, etc. I believe this is another contributing factor to the mess our economy is in now. It's the generation of instant-gratification. They want it all, and they want it NOW. Add to this the woes of global warming. We're already running out of fresh water. One of my dd's college profs made the statement this week that our planet will perish in her children's lifetime (meaning about 100 years from now). Glad I won't be around! |
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So true, I have to agree with some of you. When we were starting our adult lives, the banks use to look at your income, stability, and than MAYBE you qualified for a home loan. These days, they are way to lax and don't really care if your "over" extended in debt.
Credit cards are WAY to easy and people just get them use them and most don't even know the interest rate they are paying for that debt.
This world has just turned way to material. If people got back to basic needs, I think we all would be saving ourselves alot of misery.
Do you really need the best looking house on the block? Do you really need that Hummer? Do you really need to buy that kid a brand new FIRST car?
OR , wouldn't it be better to just put a nice healthy meal on the table and have a few pennies in the bank. |
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