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View Poll Results: How worried about the economy are you? Scale one to four.
One-- You mean, there's a recession? 12 14.63%
Two -- Looks like a recovery is coming. Relax 35 42.68%
Three -- I have a really bad feeling about the economy 32 39.02%
Four -- I am REALLY stressed about the economy 3 3.66%
Voters: 82. You may not vote on this poll

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Old 05-24-2009, 02:38 PM   #21
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I'm not worried, but I'm still concerned about the broad affects of the downturn in the economy of our nation and the rest of the world. It will no-doubt return to it's former self, but not sure at all how long that process will take.
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Economy worries
Old 05-24-2009, 05:26 PM   #22
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Economy worries

It was a wake-up call for me. I will be keeping my eye on my bottom line from now on, re-thinking wants vs. needs on a personal level. What we have in store for us, who knows? I will hope for the best and plan for the worst.
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Old 05-24-2009, 06:56 PM   #23
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It was a wake-up call for me. I will be keeping my eye on my bottom line from now on, re-thinking wants vs. needs on a personal level. What we have in store for us, who knows? I will hope for the best and plan for the worst.
I'm hoping for the best and planning for the worst also and i'm concerned about the economy also.IMHO anyone who isn't is either in denial or uninformed.
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Old 05-24-2009, 06:59 PM   #24
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Glass is half full here - I voted #2.
I graduated from college into a mess very much like this, in 1980.
People will simply have to be more creative for finding empl*yment, making ends meet, planning for their financial future, etc.
No sissies. Sell the flat screen TV so you can pay your rent.
When the going gets tough...you all know the rest. If we were a faint-hearted group, we certainly wouldn't be FIREd.
It will be rough for a while, but the cycle of feast and famine always continues.
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Old 05-25-2009, 07:46 AM   #25
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fWIW, I don't worry too much about the economy, but I am concerned. I just stick with the plan that I've had for the past 20 years, hope for the best and plan for the worst.
I'm there too. But I look around at some others and their actions astonish me. One nephew, over fifty, spent while his income was good selling condos in Ocean City, MD - sold $3 million in six months - but didn't save a dime of it. Partied and has the Lincoln Navigator, etc. He has a wife and three kids and they're just above the poverty line now. No assets, no savings, doesn't even own a home.

He's one of those who will be working until he's either dead or physically incapable.

I do believe that inflation is going to come roaring back because of the deficit though. The Piper Will Be Paid and unless spending gets into line that's the only way I see to pay for it.
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Old 05-25-2009, 12:41 PM   #26
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What connie said - I fear for the inflation and leveling, i.e. larger tax-bite coming our way. It seems as though the grasshoppers are bearing down relentlessly......irks me when I have forgone many perks to set up an early retirement and it may be taken away anyhow. If anything, so many of the rules and expectations regarding the rules are being drastically changed right now - some for the good, but a lot for the worse.
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Old 05-25-2009, 02:20 PM   #27
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One nephew, over fifty, spent while his income was good selling condos in Ocean City, MD - sold $3 million in six months - but didn't save a dime of it. Partied and has the Lincoln Navigator, etc. He has a wife and three kids and they're just above the poverty line now. No assets, no savings, doesn't even own a home.
I am involved with real estate agents in my locale, and I dont know what it is about them, but I cant understand their logic when it comes to money.

When times were good a couple of years ago (and they were VERY good for them here) they didnt spend their extra income, or even consider saving any of it. They used the extra income to make down payments on very expensive liabilities (Hummers, foreign luxury cars, vacation homes, etc.). The real estate agents here were living VERY large with no consideration being given to the fact the good times might end at some point. How someone can work on commision, see their paydays become bigger than they have ever been, and expect the big bucks to continue forever is beyond me. You should hear them venting now about their financial situations.


PS - Please forgive my generalizing and stereotyping of real estate agents, but the above observations are so blatant across the "profession" I cant help but categorize a large majority percentage into this very foolish classification. My apologies to the few sensible agents that might be out there.
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Old 05-25-2009, 02:37 PM   #28
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I am involved with real estate agents in my locale, and I don't know what it is about them, but I cant understand their logic when it comes to money.

When times were good a couple of years ago (and they were VERY good for them here) they didn't spend their extra income, or even consider saving any of it.
I've seen simular reactions to successful insurance agents and mutual funds sales folks. They do not seem to see past this week. Maybe that's what drives them to sell, sell, sell...
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Old 05-25-2009, 02:42 PM   #29
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When times were good a couple of years ago (and they were VERY good for them here) they didnt spend their extra income, or even consider saving any of it. They used the extra income to make down payments on very expensive liabilities (Hummers, foreign luxury cars, vacation homes, etc.).
In reality, it's not that much different than state budgets being in surplus 2-3 years ago -- and instead of setting the money aside for a "rainy day" fund to offset future deficits, they had to go and spend and/or refund all the money -- thus guaranteeing that when the inevitable downturn in the economic cycle hits, they have no choice but to massively cut spending or raise taxes at what is probably the worst time in the economic cycle to do either.
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Old 05-25-2009, 03:25 PM   #30
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I thought real estate agents pretty much HAVE to have a big luxury car (such as a Lincoln) to carry all their clients around and to imply to them that if they buy, they are moving towards a more luxurious lifestyle.

It seems like part of the job requirements for becoming successful at real estate sales.
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Old 05-25-2009, 04:56 PM   #31
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One, why worry?

House paid up.

Modest pension state issued

Health insurance state issued

Modest savings, good for 20-30 years.

Modest expenses, no big ticket items excite me.

Can live on a can of beans if have to.

So what is there to worry about?

No debt.

The only thing that worries me is if the local chinese restaurants go out of business, then I'm screwed.

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Old 05-26-2009, 06:54 AM   #32
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I voted #2 but wished I could check 2 and 3. I think we are back on an up (slightly) cycle. And DW and I will be fine unless the country descends into barbarism. But I worry about the fallout when half the baby boom realize they are close to broke and can't stand working anymore. And I worry even more about the impact of the deficits down the road. That said, I still don't know whether no bailout spending would have been better or have allowed a total collapse as the vast majority of pundits predicted. Bottom line is we (Dems, Republicans, a substantial majority of America) supported some sort of massive spending driven effort at recovery -- whether we voted for Obama or McCain. WHen the chickens come home to roost on the deficit we should take some ownership and shouldn't start up a blame game. Right -- like that is going to happen
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Old 05-26-2009, 09:18 AM   #33
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WHen the chickens come home to roost on the deficit we should take some ownership and shouldn't start up a blame game. Right -- like that is going to happen
If this turns out poorly, then I'd just like to go on record saying "I voted for the other guy". If it turns out well, then I'll just say I had faith in this guy all along.
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Old 05-26-2009, 09:38 AM   #34
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If this turns out poorly, then I'd just like to go on record saying "I voted for the other guy". If it turns out well, then I'll just say I had faith in this guy all along.
I see you've been paying attention to the "I told you so" crowd and learned the secrets of hindcasting.
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Old 05-26-2009, 10:26 AM   #35
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What recession. This Friday it took my son 6 hours to go from outside Philly to
Cape May NJ, the traffic was the worst that I can remember, this is normally a 2.5
hour or less trip. This of course could mean that people are staying close to home,
or since we had nice weather, they wanted to enjoy themselves at the beach.
Also on Friday night went to an upscale steak restaurant in a mall and it was full,and the mall had many people, not sure if they were buying but there was traffic.
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Old 06-10-2009, 08:33 PM   #36
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I'll be desperately trying to figure out what to buy that will be a hedge against inflation, and hoping to figure that out before everyone else does. However, I believe that it is possible that Bernanke is right and that significant inflation is not inevitable.
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Old 06-12-2009, 06:22 AM   #37
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Not being a finance guru, I can describe how the economy looks to me. It is like a process control that was poor at best in the first place was just turned off years ago. So as the process went out of control someone stepped in and, rather than bring it into control, they simply averted several explosions along the way. Each time the process was left a little closer to disaster. Then the process was left to take care of itself, still without control measures. Suddenly, the process heated up and began to run away. The janitor, noticing how hot it was becoming, started throwing the leftover ice from his soda in it each night to cool it down a little. But the effect was temporary and water was the last thing the process needed so after a minute cooling, the run away process simply accelerated during the day. I hope the plant doesn't explode but if it does I hope it explodes while that janitor is not in the building.

Unfortunately that janitor, the American people, live in the loft above the plant.

Here is why I feel this way. People like to say the "Fed" prints money. But, this time, if the Fed prints money it will be because they are filling up the air that was created by the debt in the economy. If I don't look at dollars but look at purchasing value, I see no way that the air can be made whole without taking the loss within the bubble that has no future equivalent value in one way or the other. Since we decided not to allow the losses at the point of origin of the losses and to spread it out over the entire economy, I cannot see how the purchasing power of a dollar bill can maintain the same value as it had before the economy got out of control.

I know that people will think increased productivity and other factors that can heal with time and that would be true if you believe it is possible. But any increases in the economy, IMO, will either be insufficient or too slow. The debt will be shifted without enough wage growth, US trade growth, US economic growth, etc. to accommodate the shifted debt. It will explode in the only way it can - reduced purchasing power of the US dollar.

So I think we are still bursting the 90's bubble after pouring ice on it for too long and in opposition to controlling the economy (created another sector to keep the bubble). The explosion may be slowed but the heat still cannot be removed fast enough this time. It may not explode but it will certainly will have consequences.
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Old 06-12-2009, 01:17 PM   #38
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...started throwing the leftover ice from his soda in it each night to cool it down a little....
Yes, yes, Mrs. Lincoln, but how did you vote in the poll? Four?

Love the part about the ice, it's so hot today in many parts of the country, there will be no leftover ice even with the AC going full blast. Can't help wondering if you work in nuclear power, Tadpole.
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Old 06-12-2009, 09:09 PM   #39
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Tadpole, that is a brilliant assessment and exactly my thoughts as well with the addition of the plant CEO who decides that since the plant is still producing widgets decides to ask the VP of finance to put a positive spin on things so that the company can continue to finance as much debt as possible (to the Chinese) so they can continue selling widgets and making money until the plant blows up, hopefully after working hours so nobody gets hurt.
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Old 06-13-2009, 01:42 AM   #40
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Yes, yes, Mrs. Lincoln, but how did you vote in the poll? Four?

Love the part about the ice, it's so hot today in many parts of the country, there will be no leftover ice even with the AC going full blast. Can't help wondering if you work in nuclear power, Tadpole.
I voted three because "as goes your country, go you". Psychologically, I cannot bring myself to doom myself and the US entirely; call it "hope" if you must but, sometimes, I am wrong and this time all that I have is the hope that I am dead wrong and stupid to even imply such an outcome.

And, no, I don't work in the nuclear power industry.
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