Unofficial Economic Poll

[me&thegals]

Oh . . . don't get me started on cars. I just spent a sizable chunk of change on some minor repairs that stacked up on my VW (ones that could be put off, so I did until something else came along that couldn't wait). My mechanic told me that I might be interested in getting a BMW some day . . . they are supposed to not break down so much.

We seem to all be in the same car situation. Ours is approaching its 14th anniversary. Last time I was in for an oil change, they suggested about $1500 in repairs. Wish husband would get out of the fields to change the oil and get some repairs done before this ol' gal breaks down and leaves me walking.

 

[enjoy the ride]

Well, I have been spending more although not, I hope, on frivolous things. This is much like what I went through in the late 70'-early 80's with the big except of the drop in housing value.
Anyway, the next thing that happened was that people start slowly going back to work with ups and downs- then prices started to rise on some things- not all things though.
So I decided this year to get a woodstove that I have been wanting and finally, after years of whining, a new mattress. I would like a TV and Computer as my TV is teeny and about 25 years old and my computer was old when I bought it used. However neither of those seem likely as long as they still work.
That kind of thinking may be why there is an increase in spending despite the situation. I'd have to look at what is bought rather that how much.

One of the things that does have me worried is the rapid increase in the stock market without a serious improvement in the economy. It may be that people have fretted aout the low interest rates on savings and are hungry for a larger return. So they go to the stock market. But the real question is whether the stock market is done with it's dramatic ups and downs. I don't know- will have to see.

 

[me&thegals]

...As long as people think that the best way to solve a problem is to pass more regulations, things will get worse.

Some would argue that deregulation got us into this horrible mess in the first place.

 

[DrakeMaiden]

One of the things that does have me worried is the rapid increase in the stock market without a serious improvement in the economy. It may be that people have fretted aout the low interest rates on savings and are hungry for a larger return. So they go to the stock market. But the real question is whether the stock market is done with it's dramatic ups and downs. I don't know- will have to see.

Yes, I agree with that assesment.

We need a new bed too . . . well, it will be a futon, actually, but we are trying not to spend too much at once. :/

Me&thegals -- sorry to hear you are in the same "boat" with your car. Mine is the same age as yours is!

 

[me&thegals]

... but because we have always maintained a frugal (not destitute) lifestyle & we do not have much we can cut back!

Ain't that the truth! I could cut out ALL food luxuries like chocolate, sugar, coffee, tea, any storebought meat, cheese and nuts. We eat out about once a month, sometimes more, sometimes less.

Our car is 14 years old.

Our entertainment is free. Books from library, hobbies that earn money, time in nature.

I could stop buying decent shoes, but otherwise 90% of our clothing is secondhand.

We already heat with wood, can/hunt/grow much of our own food and have a lot of the rest provided as farm benefits or bartering.

Etc., etc.

We are doing just fine as we are both still fully employed. If crisis struck, though, it does concern me that we have relatively few places to cut significant spending.

OTOH, because we have lived frugally, we do have a fair amount of emergency money for crises.



In my area, though, it is looking rough for a lot of folks. The factories have severely cut back. There are reports of food theft. Some relatives gave 4 deer they had shot to a man who had lost everything and was desperately hunting (literally) for food. The food lines are pretty long at the food pantry. Every time I'm in St. Vinny's, regardless of time of day, it is packed. Reports of multiple farmer suicides in the past year.

 

[FarmerChick]

I am thinking way longer than 5 years for this mess to be handled.
And it wouldn't take much like WZ said to keep increasing the recovery time. Recovery--pffsst....

Like 2 dream said people are out and about in the malls and traffic is out, but I don't think they are spending as much out of their wallets. I see less bags in people's hands at checkout. No full carts...not alot of mall bags.

BUT when I can't spend money I like to go to the mall (every now and then) and just walk and relax. Again not long cause I relax for about 1/2 hr then I have to GET OUT of there..HA HA


but I can't wait to hear in Jan/Feb how all the holiday retail spending has affected the retail stores....I love those reports. See what stores might close, those hanging on for Xmas sales but go bust....hmmm....

 

[DrakeMaiden]

I agree, FarmerChick . . . I don't know if we can get out of this in 5 years and even if we did, I think it would be a whole different kind of economy.

I have heard that so far the Black Friday and the "Cyber Monday" sales have been sloooooow.

 

[Wifezilla]

Some would argue that deregulation got us into this horrible mess in the first place.

Some would say there is a difference between deregulation and accounting tricks. Allowing more fraud is not "deregulation". Fraud is fraud.

 

[FarmerChick]

Lik ETR said she is spending some money, opening the wallet BUT it is on (usually) long term ticket items. We don't buy a mattress each week, or a TV each week. So this happens to be the time you drop some cash on items you truly need at this point.

It is the weekly items, cutting back on the grocery bill, opting for a cell phone or land line only and cancelling the other, less money into more expensive items like eating out constantly, drawing money from those convenience type situations. There is the OUCH in the every day trade of money economy. I put the brakes on as did many others and eventually it hurts everyone...but hey if ya ain't got it to spend, how can you?

yes Drake I heard the sales were slow also. I want to see how it really effects the stores. I wonder who is kinda good in finances and who can't make it.....even Toys R US did a big 50-70% sale off ALREADY....they usually don't hit a good sale til the week before..and they seem desperate for sales also.

 

[DrakeMaiden]

I like to follow these things too, FarmerChick, so like you say, it will be interesting to see the fall-out this year. I agree that there have already been a lot of deep sales early in the season. I just wonder if those will continue (out of desperation) or if they will not have as many sales the closer we get to the end of the season? That may be the key predictor.