This recession that is cutting so deeply into the wallets of people across the nation seems to have spawned a new “Back-to-Basics” movement that has us all tightening our belts. It appears that as the cost of basic necessities continues to increase, nearly everyone is considering opting for a simpler, less complicated life. Thanks to those strained wallets, ever-resourceful Americans are now spending less, searching out bargains and staying closer to home in order to make ends meet. Read more »
Obama and his team had initially hoped after his election last month that they could remain largely detached from current events and plan behind the scenes for the new administration. But the demise of the economy, instability in the financial markets, the collapse of several big banks and the Big Three Automakers asking for assistance - combined with President Bushs’ lack of clout with Congress and the public - have heightened pressure on the president-elect to assert himself. Despite the fact that he has stated over and over again that we only have one president at a time, in the Democratic Party’s weekly radio address today, Obama, baited by Democrats who want a more aggressive Obama, began rolling out his plan for economic recovery. He has asked his economic team to develop an economy recovery plan that will help Wall Street and Main Street. His goals are to create 2-1/2 million jobs, rebuild our infrastructure, improve our schools, reduce our dependency on foreign oil and save billions of dollars. He did not say how much each idea would cost nor did he attach an overall price tag to the proposals. He said that he would fill in the details in the coming weeks. The Swamp speculated that his comments reflect the growing belief among his top advisers and Democratic leaders on Capitol Hill that the fast declining economy and the continued loss of jobs requires a massive spending program even if it means swelling the national debt. Read more »
Well, it’s official. According to MSNBC the U.S. economy began the fall into recession back in December of 2007, just about a year ago. The National Bureau of Economic Research panel, made up of academic economists, finally declared what most private economists, lawmakers, business people and common everyday folks already knew. At least, I have know this for quite some time and that’s why it boggled my mind why all of a sudden it made the news. Anyone who has been the least bit attentive is aware that unemployment has been on the rise and the stock market has been on the decline, major financial institutions are crumbling under the weight of bad debt and, in my mind, the biggest indicators of all: cars aren’t selling and people are using their credit cards less. Despite the fact that President Bush is not ready to acknowledge that this isn’t a full-blown recession yet, Treasury Secretary, Henry Paulson finally agreed and actually used the “R” word Monday. This is really an omen that things are bad. Read more »
Financing the Retirement Dream
Just when I thought my nest egg was about ready to feather my retirement, the bottom fell out of the economy and within days, what was once egg is now just shell. I believe that, despite this recent set back, my investments will again grow and prosper. I know that I must wait patiently and continue to invest, and I also know that there are times that I need to rant, re-evaluate and look for wisdom. This Section is dedicated to just such rantings and moments of wisdom. I hope that you might find something here that you can identify with or offers a moment of solace in these difficult times.
We are just one week away from electing a new president. It could be John McCain or it could be Barack Obama. No matter who wins, there will be people who are going to be angry or worried. These are difficult times and our next leader is going to need the support of all Americans if we are to survive this largest ordeal and come out on top. according to the Seattle Times. our next president will be facing a plethora of problems, among which are the pressing issues of global warming, energy addiction and a tanked economy. According to Yahoo News! many people will be loosing jobs and the housing market hasn’t hit bottom yet and probably won’t for at least two more years. Who really knows what will happen in the financial market? I hope that once this election is over, we set aside our differences and work together to focus on what needs to be done. After all, we the people, came from immigrant stock and we know how to roll up our sleeves and get the dirty work done. And that’s what this country needs right now - people who are going to work to get us back on track. That means farmers and business people, mothers and educators, laborers and scientists, engineers and techies, and all others; we all need to set aside our differences and think of the common good. What are you going to do to help turn this country around?
I just read There is a Silver Lining on the Newsweek website and it has some interesting insight. To paraphrase, this article says that amid all the difficulties and hardships we are about to undergo, there is one silver lining. This crisis has - dramatically, vengefully - forced the United States to confront the bad habits it has developed over the past few decades. If we can kick those habits, today’s pain will translate into gains in the long run. We, not only as a nation, but also as individuals have depended upon easy money to support our spending frenzy. I realize that I too, am part of the problem. I have purchased things on a whim that I did not need, spending money unwisely instead of saving for a rainy day. Sitting idle in my closet are new shoes that have never been worn, sweaters that still have the sales tag attached and dresses that I will never wear. In my bathroom are a variety of hair products that have been used once or twice and then shoved under the sink and beauty products that promised miracles but didn’t deliver. I have enough blankets and towels to outfit a mansion but I only have one bedroom and one bathroom. There are so many things that I spend money on needlessly without thinking. Maybe this is my wake-up call. Read more »