Things have been looking pretty grim on the US economic front of late: a string of bank failures and mergers, jitters on Wall St, and even the President predicting possible financial panic there if Congress doesn’t act immediately to ease the crisis. Stories of foreclosures and job losses have been filling the press. And of course, what affects the US is likely to affect the rest of the global economy. Is the bad news swamping you? Or have you got ways of staying positive in the face of the onslaught? If so, what are your tips to see the silver lining in every cloud?
24 Responses to “Keeping your head above the gloom?”
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The bad news about our economy is not swamping me but it has made me more careful with my finances and etc. I have been paying more attention to how much I spend on what and I’ve had to say bye bye to unnecessary but loved extras. 😦 At the same time, I don’t have anything to complain about because I still have all the necessities and more. I am blessed. 🙂
Where did my post go? 😦
yes it has me……….just about 20 min ago….
I’m in NYC, so the declining economy hit me over a year ago. Unnecessary spending like vacations, have been put on hold. I had planned a vacation to Japan this year, but canceled it since the US dollar fell and fuel prices increased doubling the cost of the flight. I am very worried about the overall cost of living in an expensive city like NYC in a declining economy, but sometime you just have to throw away the newspaper and eat chocolate to smile.
PS- Jens, sorry! I hope you can find other funding for your research.
Jess,
looks more like finding another job…….
I am quite blessed . . . Since I was already living below my means, in the present moment it has not hit me too hard . . . however, my already insufficient savings for retirement have dropped about 25%, so I have some irrational worries for attaining the myth of financial security.
Since I still have the means to do so, what makes me feel better these days is sharing my blessings with others who are in dire straits.
Life goes on despite all the financial doom and gloom. If things don’t improve then we all will draw our belts in a bit but the fundamentals go on as they did before.
There is a great danger that we talk ourselves into a worse mess than it has to be. Crowd psychology takes over and the whole thing becomes a vicious circle. Everyone hangs back buying houses because they think the prices will get lower so because there are fewer active buyers – and hey presto the prices continue to fall. And all is doom and gloom so everyone cuts back on their purchases and hey presto the economy goes into recession so we all cut back a little more.
Its the same psychology but in reverse as the boom years. Everyone acted like a bunch of sheep then and we are all acting like sheep now. The media fueled the boom years – program after program about buying houses and making money. They are doing the same now except it’s now program after program and blog post after blog post about how everything is doom and gloom.
Baaaas! baaaa!
@Jessica
I hope that you get to go on your trip to Japan someday soon. Chocolate is good medicine sometimes. 🙂
@Jens
Do you do research that pays your salary through grants? I hope that you find another job or some funding.
@ Michael
Things are rarely as bad as they seem. I think there will be some relief soon. There has to be. I am hoping for it to be soon. 🙂 You’ll be in my prayers. (If you aren’t religious don’t freak out by that please!)
@ Bunc
Thanks for the points in the last paragraph of your post. I think it’s very true. It’s what myself and my family is doing. I think sometimes the media really does make things worse by portraying the situation as more severe than it really is. Like when Hurricane Ike was getting closer to Texas our gas prices in Oklahoma raised approx. .45 cents in just hours because there would be “limited supply”……. As for blog posts; yeah, that’s why I have started scrolling right past some postings. As my mom says, there is stupid people-even on the Internets;) haha
My mom used to have a plaque that read:
“Cheer up, things could be worse! So I cheered up, and sure enough, things got worse.”
She had the experience of The Great Depression as a young child.
@ Jennifer
Thanks for the prayers
I have had health problems that have me housebound much of the time, no health insurance, no job, no state assistance. Family brainwashed into thinking that I should sell my kidneys before they help out.
I am expected to go bankrupt before any application for government assistance with medical care isn’t simply trashed. There isn’t any real safety net in the US unless you are wheelchair bound so I’m selling my assets to survive.
I take joy in watching Wall Street crumple into a hopeless pile of bad data and financial wreckage. Burn, baby, burn. Share my pain; I dare you.
Bit early yet …as the tsunami hasnt really arrived yet . some real clarity on the issue would help….but besides that probably a uv light and chocolate …and more chocolate.
Actually forget the uv light n… a deserted caribbean island will do …as long as its got a well stocked supermarket and bar
Actually forget the uv light n… a deserted caribbean island will do …as long as its got a well stocked supermarket and bar …..( hang on ! that was a contradiction in terms …….. everyone else is doing it so what the heck )
@ John~ You’re in Scotland bub. What you get is beer you have to chew, soggy chips, a curry you don’t look at in good light and drizzle. I recommend you figure out how to get a stock tank and a peat fire to serve as a hot tub pronto and find some lass with flotation assist.
@ Tom — brilliant. Make T-shirts of that and I’m sure any financial problems you might have will soon be a thing of the past!
Tips? Local Wine Tasting… Takes the edge off and supports the local economy 😉
@ Michael
😉
jess,
yes it is soley grant driven, and now only 3% of grants are funded, compared to 30-40% 6 years ago….
Listen for the dark humor : The Wall Street Christmas party has been cancelled; No money for the tree ,they could not find three wise men ,let alone a virgin.Or a woman went to a store to buy a toaster for her kitchen and they threw in a bank.When i was a young investment banker , a vetrean gave me good advice during a serious market collapse :”When you leave tonight be sure to walk close to the buildings .” Lastly’ secretary to head of collapsed bank : Sir ,don’t forget your attache case when you go home : CEO ,”Whats in it “secretary ,” A rope and a gun” Darkest before the dawn .Quelle night !
@ John
Oh my…haha Humor is good! Thanks for that.
Cut your household investment programmes stretch your euros dollars etc to ripping point and dont forget to clean your teeth in the dark.
Gloom? About what? The beaches in Thailand all being wrecked by tourism? I have to drive to Portland in the morning and it will be wall to wall traffic. I won’t see anybody jumping out the windows or the businesses boarded up. Are the gas stations running dry or the mega markets running out of groceries? Monday I’ll roll into WAshington Mutual and bank as usual. Everyone will be cheerful, When I’m done banking I can step into Fred Meyers and get a 4 dollar mocha zebra vegan fair trade caramel gumball coffee thingy. Maybe I’ll get some fresh organic mangoes or some king crablegs or one of those whole pork loins on sale for 1.99 a pound. Yeah, the gloom. Poor Eeyore has lost his tale. I’m guessing you bought the line about weapons of mass destruction as well. The crisis isn’t about finance. It’s about a whole generation of men who lined up to get nutted by society just so they could fit in and be politically correct. No wonder the Pakistanis think they can take you. No worries, McBush and Nobama will save you!
There are so many dimentation’s to scrutinise the financial panic:-
(1) Detailed Investigation’s of last five years accounts.
(2) Special Audit of Director’s & Executive’s personal wealth.
(3) Classification of Advances & percentage of secured & unsecured.
(4) Pattern of working with Govt Monitors & Public Officers.
The way Govt is trying to deal with crises dosent sound healthy, infact this is a initial stage cancer, need to be treated boldly & bravely for future of USA.
No doubt down fall of former USSR & Custody of Hong Kong establish a Global Trust in USA, this is how US Economy expended beyond the immegation’s.
We have to admit our failour to operate huge economy without solid foundation even we have good twenty years. The reason’s of our failour’s are following:-
(a) Short term Vision like creation of bubble.
(b) US political failour in International lobby.
(c) Unconditional support to Isriel without knowing irretative aspect & reaction’s.
(d) ALQUIDA never been taken care at the initial stage during Mr.Clinton time.
(e) Never be gratefull & Supportive to Pakistan untill 9/11.
Even in prevailing election both sides have fundamentally wrong Election agenda
specially:-
(1.a) Unconditional support to Isriel.
(2,b) War against ALQUIDA without out having ability to reach them.
(3,c) Failour to address Core issue;s in war against terror.
(4,d) Failour to maintain relation’s with Democratically Elected Govt of Pakistan.
I hope we are not wating for re-establishment of former USSR in any other shape to challange US Super Power Status, if this happen Pakistan & USA will pay the most price, as China, India & tiny Isriel have good relation’s with Russia.
Any sucess need stratigic political & financial planning. May God bless America.