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Nofsdad
Joined: 06 Jul 2003
Posts: 6727
Location: Central CA
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Posted: Tue Jul 01, 2008 3:45 pm Post subject: A looming recession - and you're preparing how?
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We have a lot of signs that we are in, or on the edge of, a seriously long and painful recession. According to Merrill Lynch today the S&P 500 was down 8.7% in June, down 18.3% from the October, 2007 peak. GM is at a 53 year low, and swap spreads price in (for both it and Ford) a 70% probability of bankruptcy in 5 years - 30% in one year. Home prices nationally are down 20%, and there is no visibility when the decline will stop. All the major banks are at multi-year lows due to the crisis in mortgage-backed securities. For the first time ever, the Conference Board survey showed more people expect their incomes to decline than there are people who expect an income increase in the next 6 months[b]. Oil and gasoline prices are at [b]record highs. The dollar is at multi-year lows compared to other currencies and fears of inflation are keeping bonds from increasing in price.
Otherwise, everything's great! |
So, what are YOUR plans?
It's amazing... there are flatliners out there who are still refusing to just come right out and admit that we're in some really deep doodoo economically in this country and it's going to take something besides the same old rah rah bullshit that got us into it to get us out of it.
These guys may have some answers for the big dogs who caused all this crap, but as usual, it's going to be the little dogs who actually pay the price for it.
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dictators_rule
Joined: 08 Jul 2003
Posts: 4780
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Posted: Tue Jul 01, 2008 5:51 pm Post subject: already living on controlled spending
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I never lived above my means and always tried to keep money in the bank.I've had to bailout of endevours that I wish I had the time to make succeed but debt is not worth it to me.Eggs,Milk and gas are my biggest killers.
To me that's the whole thing living with-in your means,if you have to borrow to do it somethings wrong.But rather than correct that wrong such as low pay or unfair wages the consumers/sheeple just compensate by using debt as do many businesses.And the corporations tempt you and encourage you to do so for their sake.But instant gratification does no one any good.
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Nofsdad
Joined: 06 Jul 2003
Posts: 6727
Location: Central CA
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Posted: Tue Jul 01, 2008 7:47 pm Post subject:
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| But instant gratification does no one any good. |
We're sure as hell seeing that... I almost said learning that but hell, we, as a group... never Learn anything.
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denimandlace_69
Joined: 04 Jul 2003
Posts: 420
Location: Somewhere between here and there...
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Posted: Tue Jul 01, 2008 10:00 pm Post subject:
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Hmmm...what are my plans? Well, we just refinanced on our mortgage to get a lower rate that will save us $50/month. We were hoping to sell our house, but the housing market is terrible. For the most part I've been walking everywhere I need to go and we try to just use one vehicle. Unfortunately we have a pick-up and SUV. Gas is about $120/week, but we can't afford to buy a car and I can't see taking out a loan for a vehicle. I had a few rummage sales in the hopes of earning extra money. However, people aren't buying like they did last year. As for groceries, I've just applied for welfare because after all the basic bills are payed I have no money for food. How do you prepare for a recession when you're just a family trying to get by as it is?
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Nofsdad
Joined: 06 Jul 2003
Posts: 6727
Location: Central CA
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Posted: Tue Jul 01, 2008 10:58 pm Post subject:
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Yeah, I run into that same thing on my fixed income, even though it's basically just me.
My little car gets 39 mpg and I still walk everywhere I possibly can. Our town and county have put on some more bus routes so that helps me get around some but if it's within 10-12 blocks or so, I walk.
Groceries are getting really tight here also. I buy at warehouse stores instead of neighborhood markets now. Have made some (for me) drastic changes in my eating and buying habits... have almost given up milk entirely... meat other than a little ground beef has become a treat to be looked forward to, am baking biscuits a lot more for just about anything besides sandwiches and of course a I eat a lot of packaged pasta "meals".
Keep it at just about 76-78 degrees inside the apartment use a large low RPM shop fan to stir the air around a little. Don't go out to eat or to movies anymore, don't even visit friends and relatives within a 10-15 mile radius, let alone make the road trips I used to really enjoy.
Don't really have much in the way of bills. Rent is of course my biggest expense. The only luxury I pay for is my cable TV/Internet connection otherwise my electric bill, car insurance and a $6.00 a month phone bill are all I have.
I had actually passed on my little $300 "stimulus" check and thought the deadline had gone by but one of the senior citizen advocacy groups sent me the url to download a package that included a 1040 form and a full set of instructions for SS recipients so I went ahead and filed after all just this afternoon.
Weird feeling... someone has flat out stolen the country I grew up in and even though I saw it happening, I still have trouble believing it's gone.
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