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post #1 of 42 Old 07-27-2007, 10:48 PM Thread Starter
 
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U.S Economy slowing or crashing?

So in your day to day lives has the slowing economy had any direct effect on you, your job or your business? I am no economist but there are declining property values, record foreclosures in many areas, record fuel prices. Fuel is very "inflationary" (is that a word?) and forces up the price of just about everything. You need to raise interest rates to curb inflation which further impacts on housing. On top of this there are record levels of consumer debt and the U.S dollar losing value.

Are you noticing any other signals that things are getting tougher and is the standard of living secure & sustainable?
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post #2 of 42 Old 07-27-2007, 10:52 PM
 
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Re: U.S Economy slowing or crashing?

Crashing

For the first time since the Great Depression the American people have a negative savings ratio. Meaning there are more dollars of debt out there than dollars in savings, 401K's, etc.

It couldn't have anything to do with my $110K in student loans, and that is only half of what it will be when I graduate.
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post #3 of 42 Old 07-27-2007, 10:55 PM Thread Starter
 
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Re: U.S Economy slowing or crashing?

Yep so the numbers say it's crashing but what do you see when you look around? Do you see people going without?
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post #4 of 42 Old 07-27-2007, 11:07 PM
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Re: U.S Economy slowing or crashing?

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Originally Posted by slickwill View Post
Crashing

For the first time since the Great Depression the American people have a negative savings ratio. Meaning there are more dollars of debt out there than dollars in savings, 401K's, etc.

It couldn't have anything to do with my $110K in student loans, and that is only half of what it will be when I graduate.
More people are also taking out loans for luxury items and spending money that they could be saving.



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post #5 of 42 Old 07-27-2007, 11:14 PM
 
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Re: U.S Economy slowing or crashing?

I live on the right side of town so not really. However, I think everyone here is up to their eyes in debt and the slightest little thing will be enough to put them in foreclosure or have their car repo'ed.

I remember when I was pretty young my dad was laid off right as he graduated from college. We were able to go for months while he looked for a new job because my parents drove old cars that were paid for and had a house that was paid for. I know I couldn't do the same thing. If my wife lost her job tomorrow we would be in serious trouble in less than a month and four of our five vehicles are paid for. I think most of America is in the same boat. That is why foreclosures are at an all time high. The debt load is high and savings are low. The slightest bit of bad luck or bad choices and it is all over.

Also my generation grew up with a lot of things handed to us. I look at a lot of my friends and they are used to always having everything that they wanted. They don't realize that their parents worked hard and lived poor for a lot of years to get to the point that they were at. I feel lucky that I remember being really freaking dirt poor when I was young. I watched my dad work his butt off to get to a point that he is very well off and can afford to have a lot of luxuries. My youngest brother grew up with a very different lifestyle than I did because my parents had "made it" by then.

So now my generation is so used to having everything that they graduate from HS and think that the world owes them a new truck, a new CBR, and nice home. Not enough of them go through the stage where they live in a crappy college apartment, driving an '85 Fiero that they paid $1500 for when they were 16, and eat macaroni or ramen 5 nights a week.
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post #6 of 42 Old 07-27-2007, 11:38 PM Thread Starter
 
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Re: U.S Economy slowing or crashing?

Yeah I think the current generation considers "going without" as perhaps making do with a 42" plasma in place of the 60" ......
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post #7 of 42 Old 07-27-2007, 11:43 PM
 
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Re: U.S Economy slowing or crashing?

That said it better in one sentence than my whole dissertation.
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post #8 of 42 Old 07-28-2007, 1:51 AM
 
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Re: U.S Economy slowing or crashing?

However, most of the world's money is still here in the good old US of A. IMO (I'm far from humble) the problem is the inequitable distribution of wealth.
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post #9 of 42 Old 07-28-2007, 2:09 AM
 
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Re: U.S Economy slowing or crashing?

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Originally Posted by 06CBR1KMFNRR View Post
However, most of the world's money is still here in the good old US of A. IMO (I'm far from humble) the problem is the inequitable distribution of wealth.
How would you distribute wealth?

RE: Real Estate, only in some areas is the market depressed...It is gangbusters in the northeast, and absolutely awesome in NYC.

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post #10 of 42 Old 07-28-2007, 2:15 AM
 
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Re: U.S Economy slowing or crashing?

I'm not sure if we want to go down this road because I've read the religious discussions on this site and they hold true to the idea of religion and politics being conversations which aren't worth having because neither party listens to the other point of view.

That being said, you can begin to distribute wealth by acknowledging the work that the lower class performs with appropriate wages. Corporate America has done an outstanding job of creating a false middle class and making sure that the members of that false class see no reason to stick up for the "lower" class with whom the "middle" are much more closely related.
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post #11 of 42 Old 07-28-2007, 2:16 AM
 
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Re: U.S Economy slowing or crashing?

Get your popcorn, folks.
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post #12 of 42 Old 07-28-2007, 2:45 AM Thread Starter
 
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Re: U.S Economy slowing or crashing?

It has been said that if distribute the worlds wealth evenly then within 3 - 5 years it will be back where it came from... it goes something like that anyway.
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post #13 of 42 Old 07-28-2007, 2:49 AM
 
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Re: U.S Economy slowing or crashing?

Quote:
It has been said that if distribute the worlds wealth evenly then within 3 - 5 years it will be back where it came from... it goes something like that anyway.
An interesting ideology that I'm not currently trying to argue. I'm by no means a communist. I'm just saying that the gap between the owners of the means of production and the actual producers has gotten a little out of hand.
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post #14 of 42 Old 07-28-2007, 9:37 AM
 
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Re: U.S Economy slowing or crashing?

My customers range from some of the richest in princeton to some of the poorest in trenton NJ. I can say the ones with the money shrug off the economic problems, while the poor ones are really really suffering.

Also seems the middle class aren't the middle anymore. They are upper poor with them just trying to make it but many are starting to fall behind and go down the drain into being poor and can't handle the debt they put themselves into.

Many of our poorest customers go without. When fuel prices were low they used to not make their bills and be able to do much. But now wth prices so high they really have to go without. And without I mean, if they want heat in the winter, they maybe have to skip eating. Or many of them skip heating their house and just use little space heaters or just nothing at all. Never seen so many people this past winter go without and come to the doors with jackets on inside their house.

The people with money will ride things out but the middle class are trying to stay afloat using credit cards and are pretty reluctant to cut back on their life style. The poor are suffering the worst.
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post #15 of 42 Old 07-28-2007, 9:44 AM
 
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Re: U.S Economy slowing or crashing?

Quote:
but the middle class are trying to stay afloat using credit cards and are pretty reluctant to cut back on their life style.
Yeah, they think they have to have a new Tahoe with ridiculous rims and a ski boat that gets used twice a year. If they would get over themselves and drive a nine year old Nissan that they could actually afford they might find that it would relieve some stress and that they wouldn't have to try to "stay afloat." It is the "middle class" that is farthest in debt. Not the poor.
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