Comments on: Are you sitting uncomfortably?

By: June -- southern U.S.

June -- southern U.S. — Thu, 11 Dec 2008 18:09:41 +0000

The question is, Are you sitting uncomfortably, and this may be true of more women than men. Because–guess what–Obama's jobs program seems aimed at helping MEN. Yes, men–men only; construction jobs to improve infrastructure, and that's fine, but how many women work in construction, for heavens sakes. Are there no plans for creating jobs suitable for women? This is truly unjust. Mr. Obama, create an equal number of jobs that women are capable of doing because many-many women are head of household and the household's only wage-earner.

By: Charly

Charly — Thu, 11 Dec 2008 16:58:22 +0000

I retired after I unexpectedly inherited one million dollars a few years ago. I invested the money in (very) conservative stocks, income-producing real estate, a supposedly recession-proof business, very modest houses for myself and for my daughter and also upgraded my car, etc. I also travelled (one to two trips a year) but inexpensively as I enjoy bargain-hunting and have no desire to mix with rich people. I buy clothes from llbean (upgrade from Walmart), eat out (not expensive food) several times a week, and order more books from amazon.com than I used to (about $ 100 a month). So, all in all, I have been very sensible.

With the economic collapse, my stocks have lost about half their value and the business is not doing well. In fact, it is sucking up nearly $ 5,000 a month to stay afloat. It made money in the first year but the past six months have been dismal. I will continue to try to increase sales for a few more months, then I'll try to sell, but chances are good I will lose about $ 200,000. So my one million may soon be down to about $ 400,000, realistically.

If my tenants start moving out (likely, if the economy doesn't pick up soon) I'll soon have $ 30, 000 a year in taxes, maintenance and insurance to pay on buildings that are not producing income and probably can't be sold. Very quickly, I could be broke with no income beyond a government pension if that still exists which I don't suppose it will with all the baby boomers trying to retire.

I see desperate times ahead but am not much worried for myself because I am old. I am more concerned for young people because I know what it is like struggle with poverty, even in a rich country, when you have kids to feed. Real poverty, as in India for example, I don't think most Westerners could adjust to because we are so spoiled. I am afraid the result may be chaos and the loss of civilization.

I am being alarmist but think about it - civilizations do end. I would say this one is collapsing and there is little or nothing that can be done about it. If I have any advice for young people it is to become more spiritual - meditation, yoga, Buddhism and the mysticism of all religions are good ways to become content with the human condition. The Baha'is, for example, believe that, in the long run, a better world will emerge.

No matter what lies ahead, it is certainly better to have hope for the future and courage in the present. Extreme fear leading to extreme measures of self-protection will only lead to misery.

By: ben

ben — Tue, 09 Dec 2008 21:54:12 +0000

I love recessions cause this is the best time to buy . Ive gone through 3 recessions and have always gained in every way from it. Recessions always see arrogant companies and those who take good times for granted brought down to their knees. Prices slashed etc....Unfortunatedly some do suffer but the majority still survive.

By: DENNIS

DENNIS — Tue, 09 Dec 2008 06:26:30 +0000

I am sorry that you didn't get the new sofa...Richard!

By: Jennifer Medeiros

Jennifer Medeiros — Sat, 06 Dec 2008 18:16:19 +0000

There are many items I would love to buy right now and was planning to buy in the future such as energy efficient heating and appliances for my home before my retirement plans were wiped out. But now even if prices were cut 50% on everything I will never come close to making up what I have lost for my retirement fund. My main concern now is keeping my job, paying my mortgage and putting money aside for a 1 year emergency fund. I did not buy into a bad mortgage and I am a frugal shopper with a good paying job. But if I were to lose my job now at age 55 without the retirement savings, I would probably become homeless and bankrupt. That means Santa is not coming this year or next. And I will only be purchasing what I need to keep my job and home.

By: Joey

Joey — Sat, 06 Dec 2008 03:03:33 +0000

Extremly uncomfortably, thanks to the mess America has created. I think from this experience Americas status of world economic leader will be seriosly erroded. I think Nations will position themselves on the defensive from now on. America may think itself as a Economic power but that will be only in their minds.

By: JRM

JRM — Fri, 05 Dec 2008 14:55:29 +0000

My husband and I - we live in Switzerland - wanted to go to Disneyland Paris this Christmas. But the recent economic crisis made us think twice about our holiday plans.

By: Stephanie

Stephanie — Fri, 05 Dec 2008 08:56:43 +0000

I am an American living in Germany.

I had been in the market to lease a new car. I went to a few dealerships and test drove a couple of them. The problem is that the money I had to put the 20% down was in the American stock market.

Not only do I not want to sell anything in order to pay this, but I doubt now that I will be able to get any type of decent financing for the lease. So that is definitely being put off until the market calms down. It has helped that the dollar is getting stronger, but more needs to happen before I sign on the dotted line!

By: frans

frans — Fri, 05 Dec 2008 07:17:47 +0000

If you lived a couple of decades ago (when things were better) you would go buy some tools and make your own sofa. That way you would invest in your own future (and your childrens) as you (and your) kids, could re-use the tools to make other items you needed or wanted. This also enabled you to feel good about what you were doing. By using this method the first item would probably be more expensive (than if purchased), but cheaper for the next and so on. Anyways that did not matter then.The idea was more important than the cost.

Nowadays people spend their (less) money in investing in other people's tools and ability, just to realise one day they are incapable of making their own goods. No more good feelings no matter how much money. Go figure...

By: G. Green

G. Green — Thu, 04 Dec 2008 22:32:55 +0000

the major problem being missed to help boost the economy falls with one group and one area: the middle class mortgage rate.
Conforming loan limits are too low and rates are too high to impact mortgage holders in major cities. For Example: In Atlanta, the conforming loan max limit is $417,000. The average middle class home is $500k-$700k. The current interest rates for these loans are 7-7.5%. Not attarctive! Move the conforming Max to $650k or $700k with the interest rates around 5.5-6.2% and watch the Economy go crazy recovering. The Real Estate Industry impacts almost every industry. Wood, Steel, Concrete, Plastics, Brick, Stone, Landscape, Fabrics, etc. Mortgage rates are going down, but they are not in the $500-$750k area. Offer these Re-fi and Purchase rates and see what happens!!! Glenn Green