|
Edited on Fri Dec-05-08 03:41 PM by sftwrngnr
While I have nothing other than anecdotal evidence to support my claim, I strongly suspect that the economy is in much worse shape than is being reported. I've watched the company my wife works for go bankrupt, her hours cut to 20 or so per week, and the manufacturing operation outsourced to Mexico. The company I work for is solid (allegedly), but I quietly notice that more and more software projects are outsourced to India, while management claims "all is well." Do I think I'm immune to becoming jobless? Nope... honestly, I expect it.
I wasn't even a twinkling in my parent's eyes when the great depression happened, but based on what I'm seeing with the stock market, job market, etc., I suspect things will continue to deteriorate, all the while the folks who have access to public microphones spew out sound bites claiming that "oh, its nothing like the great depression." In my never to be humble opinion, how is it NOT like the great depression? Oh, I know, 26% unemployment, this, that and the other.
Look at the job numbers... nope, we're not at 26% yet... but we're steadily marching toward that figure. Sure, the price per barrel of oil has imploded, but the damage that the artificially induced high price earlier this year has already had a massive effect on the economy -- I know for me, I canceled vacations, reduced driving to a bare minimum, etc.
Whats the solution? I haven't a clue. For me, I'm focused on getting my credit cards paid off as quickly as I can, socking money away for a rapidly approaching rainy day, and hoping that when President-elect Obama loses the "-elect" aspect of his title, that he comes into office and enacts the change that was voted for. I'm sorely disappointed that a veto-proof majority wasn't actually won, as now the needed changes will be stuck in committee, watered down, or simply not enacted to save face.
I don't understand how it is, that we, the taxpayer are required to bail out financial institutions, and pretty much everyone else who comes around with a hat to pass around, all the while those who are responsible for the reasons for the bailouts are rewarded with their hefty Christmas bonuses, stock options, etc. Am I jealous of them? Hardly. I feel people SHOULD be rewarded for their hard work and success. Which metric is actually being used to determine success for these investment bankers?? How many trillions of dollars they lost for the year? How efficiently have they enabled the collapse of the 401 that is contributed to by the "working stiffs?"
Just my two cents :)
|