Spending Less because of the Economy

[Rustic23]

I think the news, in general, is interested in bad news. I also think a section of the press has a political agenda. Well maybe all the press. Some one way and some the other. It certainly has occurred to me that it is to one sides advantage to make people think things are in the dumps. Would we be hearing more about the 4.7% unemployment rate? Is the economy really in the tank? Are we really spending less?

I don't know the answers to these questions, I do know I don't really trust the main line press. Fox, CNN, ABC, CBS or NBC. So therefore I think we should 'trust but verify'.

[dex]

Originally Posted by barbarus

Are the j*bs (or income streams for those retired) for readers of this board so secure then?

Prudence yet again raises her ugly head and says, while it's unhealthy to dwell on the idea, at least remain vaguely open to the fact that you too may fall into dire economic circumstance.

For some, the prospect is quite distant, for others, imminent.

Merry (Christmas, Chanukah, Kwanzaa, Saturnalia, Jule and whatever) to all and to all a good night.

Read this book and have a Happy New Year.
Amazon.com: The Culture of Fear: Why Americans Are Afraid of the Wrong Things: Books: Barry Glassner

After reading the book, the pattern became clear of how the media spins its stories to make them deliberately misleading in order to sell fear and keep viewers and readers plugged in. I believe this educational experience has made me a more savvy and skeptical consumer of the news.While Glassner's primary target in "The Culture of Fear" is the media, other groups are also shamed along the way (and they aren't all conservatives, either!)

[jazz4cash]

Originally Posted by TromboneAl

Every night on the news they'll have a story about how people are spending less this Christmas. They'll always interview some 20-something mall shopper, who says something like this:

"Yes, I'm cutting back this year, because I've heard that the economy isn't doing that well."

Now, unless that person expects to lose his/her job, that makes no sense, right?

Maybe they saw a TV interview of a mall shopper that's decided to cut back this year because of 'the economy'. Maybe they DO expect to be laid off. Maybe they think it unwise to run up the credit card like they did last year.

[jazz4cash]

Originally Posted by barbarus

Merry (Christmas, Chanukah, Kwanzaa, Saturnalia, Jule and whatever) to all and to all a good night.

Festivus! Oh never mind you did say whatever.

[barbarus]

Thanks Dex.
Looking at the reviews of the book, it doesn't seem to deal with any of the true problems we are facing. Just debunks the bovine feces the media dwells on to sell themselves. For instance, airline accidents.....I fly a powered parachute so a commercial jet airplane trip seems kinda bland.

Wonder if he deals with real issues like the economy?

[maddythebeagle]

My favorite is the 10 pm news preview during the prime time programming....."Guess what the government isnt telling you that could kill you....details at 10"

[Want2retire]

That looks like a terrific book, Dex! I really do think he is right. The media presentation of some issues is overly alarming.

[mb]

Originally Posted by Want2retire

I worry about the possibility (that we all face) of undeserved lawsuits costing me millions and years, .

Do you have umbrella insurance? Might want to look into it?

MB

[clifp]

Originally Posted by dex

Might be an urban myth.
The truth about credit card debt - MSN Money

God I hate when people spoil a wonderful story (American's are drowned in Credit Card debt) with facts. I say anybody posting a link with data should be permanently banned from the forums.

[Oldbabe]

I, on the other hand, am spending more this Christmas because I suspect that we are headed into a recession and I know I won't feel comfortable taking a trip when the stock market goes down or is flat. Strange logic, huh?

[Retire Soon]

I don't worry about what I spend for Christmas, but rather what I spend for the whole year as I learned from Joe Dominguez.

[UncleHoney]

Originally Posted by clifp

God I hate when people spoil a wonderful story (American's are drowned in Credit Card debt) with facts. I say anybody posting a link with data should be permanently banned from the forums.

Yeah, when you go to the races, ya wanna see real flame'in wrecks not just fender benders.

[ERD50]

I wonder if the average person isn't saying:

"Ewwwww, the economy is bad? That is sooooo depressing! I think I'll go to the mall and buy a bunch of stuff to make me feel better".

-ERD50

[Rustic23]

I saw a story on TV awhile back that said something like 80% of the people surveyed said they were doing OK, but thought a majority of others were in trouble.

What this told me, was that the news media has done a good job of hyping the negative. So it will not surprise me if holiday spending goes either way. People know they are OK, and may spend more, however, they may be worried they will be like the rest of the economy and decide to save a little. If they do decide to spend less it could be a self fulfilling prophecy.

[template]

Originally Posted by dex

Might be an urban myth.
The truth about credit card debt - MSN Money

Thanks for the citation, though it is based on 6-year old data. It contains the sentence:

These figures are from the Federal Reserves 2001 Survey of Consumer Finances, one of the most comprehensive assessments of what Americans own and owe. (The survey is updated every three years; a summary of 2004's results will be published in early 2006.)

The Federal Reserve Board published newer data (from 2004), though I've not been able to find it on the web yet.

[Want2retire]

Originally Posted by ERD50

I wonder if the average person isn't saying:

"Ewwwww, the economy is bad? That is sooooo depressing! I think I'll go to the mall and buy a bunch of stuff to make me feel better".

-ERD50

LOL!! Could be.

I was wondering if the economy might have had a damping effect on those legendary HUGE Christmas bonuses that are doled out to high dollar earners in NYC and on the East Coast. Presumably these bonuses go for high end Cadillacs and Ferraris, Lear jets, spectacular large diamonds, weekend trips to Paris and such. This is beyond my milieu or station in life, so I am just guessing.

In difficult economic times, these poor fellows might have to tighten the belt and just make do with new flatscreen TVs, cubic zirconia, or a weekend trip to New Jersey.

[UncleHoney]

Originally Posted by template

Thanks for the citation, though it is based on 6-year old data. It contains the sentence:

These figures are from the Federal Reserves 2001 Survey of Consumer Finances, one of the most comprehensive assessments of what Americans own and owe. (The survey is updated every three years; a summary of 2004's results will be published in early 2006.)

The Federal Reserve Board published newer data (from 2004), though I've not been able to find it on the web yet.

2004 Survey results


FRB: 2004 SCF

[audreyh1]

Originally Posted by dex

Read this book and have a Happy New Year.
Amazon.com: The Culture of Fear: Why Americans Are Afraid of the Wrong Things: Books: Barry Glassner

After reading the book, the pattern became clear of how the media spins its stories to make them deliberately misleading in order to sell fear and keep viewers and readers plugged in.

You had to read a book to figure that out? LOL!

Sorry - just couldn't resist the tease! That's just been so darn obvious to me for > past 10 years and a minor peeve. The local nightly news is the absolute worst at this type of fear-mongering manipulation. If it's not the lead in your toy or your tuna it's the pedophile living next door.....

I don't know how many times I see them plug an outrageous or sensational headline many, many times. Finally get to the story - and the story either in no way backs up the headline - sometimes even directly contradicting it, or the headline was way blown out of proportion to the actual story.

So sloppy and just plain bad journalism, but unless people actually pay attention and weight the content, they'll miss the truth. I can only assume most people don't? I suppose there is a level of critical thinking required to wade through the BS and most people are just too lazy?

Maybe, maybe not. Not my problem (that's why it's a minor peeve). I decided not to worry about that a long time ago, just like I decided to never waste time worrying about whether society is "going to hell in a hand basket" or lose too much sleep over it when someone I don't like is voted in for president.

Audrey

[TromboneAl]

Maybe, maybe not. Not my problem (that's why it's a minor peeve).

When we come back: Think that scare tactics in the media can't affect you? You might be surprised at what leading experts say about how sensationalized news stories and responses of your own neighbors can destroy your peace of mind, elect a president who is not qualified to serve, and make you a victim of identity theft. So stay tuned to Action Eyewitness News 7.

[audreyh1]

Originally Posted by TromboneAl

When we come back: Think that scare tactics in the media can't affect you? You might be surprised at what leading experts say about how sensationalized news stories and responses of your own neighbors can destroy your peace of mind, elect a president who is not qualified to serve, and make you a victim of identity theft. So stay tuned to Action Eyewitness News 7.

ROFLOL!

Audrey