I have been without a job for over a year. I sent out 867 resumes nationwide but no luck. Whatever little savings I had such saving account and IRA are gone due to high gas prices, insurance, groceries. By the way I am not driving an SUV nor do we have a house we can not afford, prior to losing my job due to outsourcing we had no debt. We are hanging on a thin thread, if my wife loses her job, we are homeless. Her firm has been talking for a year and half now to move to China. Great job Mr. Bush.

It’s hard to know where to put any spare money we have, because we are getting fairly close to retirement and every day it seems that things get more expensive. If you can get a higher return, there is too much risk, and if you get a really low safe return, it doesn’t keep up with inflation. The economy really is set up for people to be in debt . . . if you live within your means, you are punished by the tax system and the financial system.

Well, I’ve been “downsized” so I’m looking for a job along with the thousands of others. the only way it’ll get worse is if Congress does nothing or they give Paulson a blank check.

I am having more trouble getting to sleep at night. I am 59 years old and worry that my 401K will not be used for my retirement but to help a Wall Street Wizzard keep his motorhome, private jet, mansion and summer cottage while I try to figure out how to pay for more expensive food, gasoline, utilities and medical expenses.

The only way it is affecting me is, my 401 isn’t making any money. I have asome credit card debt but, I have a ssecur job and some money in the bank. I own my own home and my cars. This is called living within your means.
I live in San Diego,CA.

It effect all of us. In my case, I am in international trade and we are a laghing stock. I sell to more than 60 countries and my in-box is full of questions and jabs from our customers all over the world.

Jack,
Well I am not getting any golden parachute for my working for 40 plus years toward retirement. I can probably look forward to getting the royal shaft instead.
I just hope I end up with food and shelter in the end.
Judie
St. Augustine, Fl

Jack–
I have had to move money around to be sure that it is covered by FDIC security. I now ask myself what I really need, and I don’t buy it unless I really do. I am also very suspicious of financial institutions and take nothing at face value.

Troy, Ohio

Jack, so far it’s only changed our long-term prospective. My husband just turned 50 and we had hoped to retire at 57 or 58. With the losses in our portfolio, we’ve lost at least 2 years of retirement income, so the new retirement age won’t be until 60 at least. As far as day to day goes, nothing has changed too much.

Well Jack, we can’t get a house, a credit card, student loans, harder to get to work and put food on the table. Otherwise, me and my family are doing great. Any other questions?

I’ve reallocated all of my investments to mattresses, coffee cans and shovels.

People are not eating out as much as they use to.So restaurants are empty.
Howard
Joshua Tree

Aloha Jack,

In the tourist based economy of Hawaii the outlook for tourism is bleak. With the rising price of oil tied to every aspect of our life and money drying up it is getting nearly impossible for anyone but the super rich to live here.

I recently moved to a job outside of the tourism industry but there is no avoiding the ripple effect. What am I talking about? It’s not the ripple effect. It’s the WAVE effect. If the wave happens to be a tsunami, well, at least we got lots of mangos and chickens to eat.

We’re still thinking about you and your family Jack. Try to have a good weekend and thanks for being a continued voice of reason and decency in the muddied media.

After several years of devastating storms, many of us here along the gulf coast have become resigned to ‘hard times’…my heart is broken for the people in Galveston and surrounding areas. There are plenty of natural disasters to go around, all over the country and the world.
We’re no strangers to crisis, so more than anything my reaction to this news is to say to Wall Street and Washington the following:

Welcome to America. Glad you could finally come down and visit.

We have two daughters employed in Hospital health Care, they are concerned about the cost of care, and finding good care givers in that industry.
Also we have a daughter who is a Flight Attendent with a struggling Airline, who worries about her job being there next week.
We have a Son in Law who owns his own small business…His worries are too numerous to list.
My husband and I are retired and our worries begin with our retirement income from pensions and Soc. Security lasting to take care of ourselves.
Our 2 other children have very similar concerns…..
WE ARE ALL WORRIED.

It makes me feel just uneasy every time I open my wallet to pay for something or go to the bank to get cash. We need this mess fixed and with careful consideration on how it will help or hurt us all.
Paul
Round Rock, Texas

It is affecting everything for me. Never in a thousand years did I think I would ever be in such a financial situation.
It’s a disgrace that all the Wall Street companiesand their CEO’s can get help and everyone else is left out to dry.
As bad as my situation is, my heart goes out to the hardworking families who are being so devestated by this fallout

They have shut off our electicity and water, we had to eat our pets, and it looks like things are going to get a lot worse. The only thing that comforts me, is knowing that the investment companies on wall street will remain solvent with our tax money. God bless President Bush.

My business is completely dead in the water, where is my bailout, now all i have is debt, from all that hard work!

I dont get a bailout from being in a HURRICANE so you KNOW how i feel !!! Nuff SAID !

My only income is a modest Social Security payment each month. I live frugally in Mexico otherwise I would be a homeless person. I’ve seen what has happened here when the kleptocratic government bailed out the banks and fat cats in 1995. The peso detonated like a bomb. I fear that the dollar will be worth as much as toilet paper when the Treasury starts printing all that money needed to bail out the fat cats in the US.

Average people have been hurting so badly for so long, the current “crisis” is nothing more than a blip on the screen. It’s very sad. No one paid much attention to us until the wealthy people were hit by hard times. Now they’ve noticed us, but only because they’re playing Reverse Robin Hood. Taking money from poor taxpayers to bail out the rich. It seems profit is private, but loss is shared.

Jack,
I have been at turns nausiated, angry and just plain scared. My husbands job is on the chopping block. No official word yet but we know it is coming. I missed a day of work last week due to a migraine that developed after my husband told me that we may have to take out a line of credit on our home which we own free and clear. The Presidents speech did little to reassure me. However i doubt that Jesus himself could have delivered the same speech and made me feel any better.

Jack, we’ve cut back on everything except cable. How am I supposed to get my news? Rabbit ears?

Hi Jack, The “deepening financial crisis” hasn’t and probably won’t affect my life not one bit. Unfortunately, despite my honorable service in the military, multiple advanced degrees, and vast dedication as an employee, I’ve been trying to make a dollar out of 15 cents since the Reagan era. I can only suspect that my affliction is that of being a Black female. Every time it seems that I’m able to make progress, something else comes down the line, like corporate downsizing, and I’m back to square one. I’m sorry to see that taxpayers have to tighten our belts again, but I’m somewhat happy to see others going through what I’ve been going through all of my adult life. “Misery loves company.”

Jack: We never drive anywhere unless we can do 3-4 things per drive and we wait to get up to those 3-4 necessary things. The freezer is almost empty and a dreaded grocery trip is imminent. Gas here is ‘only’ $3.49 and the gas stations have agreed to keep in low. Yesterday there were 3 cars in one station and none in the other at lunchtime. Traffic is way down.
The world is flat and i am standing on the brink and over the edge I see are the bear and dragon waiting for a fat american meal. Buy American now has an ugly meaning. Please keep the questions coming. God Bless You!
Jon in California

Brother, can you spare a job?

Well, I lost over 10,000 dollars in an IRA account. I’m torn between saying “let it all go down, we can rebuild it correctly”, and thinking we need to bail it out, with the good judgment of many in Congress that will put the safeguards in place to make it better. The administration has known for months that this was coming, and didn’t let the public know, meanwhile CEOs were getting millions when their bank closed. I remember reading in school as a child that the “crash of 29″ would never happen again, due to safeguards built in to the stock market, such as no short sales, etc. We had to actually PAY for the stocks. The DEregulators got rid of that, because the speculation was making them money. And look what happened? We need those regulations back where they were.

Both my husband and myself recently retired and bought a winter home in AZ. This scares me to death to think that we have it made (excellent State pensions) and it can all be taken away. If the State has no money we won’t get our monthly checks. Our homes have been paid for and we didn’t get sucked up in the refinancing game to buy fancy cars or more homes or whatever. Somebody got rich in all this and they have got to find out where the money went!

A couple of weeks ago, it meant my 401K was a Bridge to Nowhere, now my paycheck is. Next week, my unemployment check will be.

My grandfather’s experience with the Great Depression led him to advise me of several lessons he learned:
1. Don’t trust goverenment to understand the ecomomy;
2. Buyer beware — use common sense in business deals;
3. Pay cash — if you can’t afford it, don’t buy it
4. Save for a rainy day

Maybe we need to experience a depression, so we can relearn these lessons.

I’m worried about obtaining college student loans for my child. We have lived within our means and have a great credit score but now we hear that we won’t be able to find the money for college. I blame the fools who committed to mortgages that they couldn’t afford from the start. Now they’ve dragged all of us into their sorry financial situations.

In short… I can’t afford to change my mind. These Republicans jerks in Washington are talking about $700 BILLION like I talk about a few dollars. Give me a break - they are concerned about Main Street America - no way! If this bailout helps Main Street America, folks like myself, then I will believe that our country was very close to financial meltdown. Otherwise, I think it is a bunch of lies like the Iraq war…

Living in the NY metropolitan area, the economy is not just something that one looks to the news or the president for an update on but rather to the hundreds and thousands (friends, neighbors) who have been hit hard by the problems in the credit markets. My husband works for one of the “big” firms and no he does not haul in millions a year. Just a regular guy with 10 years on the Street. By nature we are Republicans and have always voted that way. The Obama tax plan would affect us adversely as we fall just outside that 95% group that would receive relief. Having said that, both my husband and I and MANY MANY like us in this area will not be blindly handing over our votes to McCain. Not this time. Even if that means thati at the end of the day we have to dish out more than the average American under Obama’s plan. Believe me we have pondered this for a long time but as an educated and objective couple, we can not trust McCain with the saftey of our money and children considering his choice for VP. His judgement preplexes me. She is clearly deficiant on so many levels as far as domestic, economic and international policy. I REALLY tried to listen to her message but she DOES NOT have one. Last night with Katie she was downright uninformed and that along with McCain’s suspending his campaign drama is just the reason I would rather PAY more than to have them in office.

So in answer to your question Jack, this particular economy and this particular election affects me greatley. Cost of living here is ridiculous and Wall Street jobs are very unstable. Do I panic at night? Of course. Will I pay more if I vote Obama because of how his tax plan is structured? Yes. Is it worth it to guarantee that there will never be a Palin Presidency? Without a doubt.

An informed voter.

With all the buisiness closings it limits our options. Worse yet the buisiness and employees now out of work.
Anyone who says they are not affected is living in anouther world, we are all suffering.
I am afraid this is just the begining.

You mean aside from not having a job the past two years, my bank nearing default, and of course winter hasn’t even arrived yet. I’ll get back to you on that…assuming I still have a computer.

I am worried about money all the time now. Food and gas are more expensive, and money just doesn’t seem to go as far as it used to. We are by no means hurting, and all of our bills are paid and food is always on the table, and my daughter always has clean clothes and diapers on. However, I do worry that if it keeps declining the way it is, how much longer we will be ok. It scares me to think about how history could repeat itself, and we could go into another depression. I dont want my innocent daughter to have to go through that.

Jack
it’s got me worried but if we follow the example of FDR I reckon we’ll come out alright in the end.
Pablo

In a way that makes me so mad with those who brought us to this low point.

May be we will vote wise this time around. Not vote for a candidate because” he is just like one of us” or ” he looks like a guy you can have a beer with”

I was clipping coupons before the crisis, and I’ll be clipping coupons after the crisis.

It changes everything we do. We are retired, living on SS, my husbands former employer is cutting our health care benefits, and our life savings is in an IRA. We shop less, buy much less, go less, do less….the list is endless. This is what we worked for the last 40 years for? God help our grandchildren…they will work their entire lives!!!

Jack
First it was the price of crude oil that drove gas through the roof, we had to tighten our belts, now it is the financial crisis. Everyone in Washington told us the economy would bounce back, we had to tighten our belts. Well there are no more notches in my belt and no more room to make any more, I am headed for the soup kitchen now.

Not much at all Jack. I pay my bills. My mortgage is always paid on time, my credit is good. I didn’t fall into the American trap of trying to keep up with the Jones’. I feel for those who have had their jobs sent overseas. I expect many more jobs will go overseas if corporate taxes are raised again. Corporate taxes are very high in the US compared to our rival nations. If we don’t get a handle on our oil/energy problem we will all suffer greatly.

I have no job, no health insurance, 3 children, and $2000.00 Monthly mortgage. Believe me there is a lot more going.

And we spent a lot more through our paket in our public schools with less help from Federal Gov.

J.

Come on Jack! When wages go down, uneployment goes up ,Gas goes up Bush keeps lying whats not affecting me?Well don`t answer that.

It has made me spend alot more time blogging and a lot less time working. I hope it ends soon!

It has made my general stress level increase, made me worried about my job in a luxury industry, and convinced me that neither of these parties has the interests of the people at heart; only corporations.

I’m single, work full-time and am 58 years old. I have never been able to buy a home here in New York, so I’ve lived in the same apartment for over 30 years.

This year, I was not able to take a “real” vacation because of the outrageous air fares and weak dollar. Never turned the air conditioner on once this summer, because my utility bill was so high without the AC.

Over the past few days, I’ve watched my retirement savings, which wasn’t alot to begin with, shrink by 22%. I will never be able to retire.

I’ve cut out all expenditures except for basic necessities; food, medicine, rent, etc.

And you call this America?

I’m skipping the dentist until I know my insurance will allow me to pay the bill in installments — which requires credit.

Jack, it is not affecting me quite yet, but my unborn children are mad at us for saddling them with a mountain of debt.

Not at all Jack but then I’m a Canadian and we have regulations on our financial institutions to protect both the consumer and the investor.

This has effected everyone and will until this issue has concluded.

Although our credit is good, we were turned down last week for financing on new windows for our home, a note of less than $5000. The salesman was very apologetic, and said that he hadn’t been able to get financing through for anyone for several days.

Our windows will wait until we’ve saved up enough to pay cash. But I’m worried about the salesman and the window company’s installers and everyone else who sells on credit to people. If they can’t get people bought, how will they do business? How long will it be until those people are laid off?

Well, all of this mess will increase the national debt, which will increase inflation. The increased inflation is a back door tax that affects us all. The direct cost is about $3600 on each man, woman and child in America. Thus, we are all affected, regardless of what is in our investment portfolios.

I am seeing so many good people lose their homes as a result of this crisis. People are trying to organize gas strikes and shopping strikes.. My question is this.. What would the implications be if everyone facing foreclosure simply stayed in their homes and refused to leave until Congress fixes this mess and tells us where to go and how to pay for it? That is a strike worth having and I guarantee something would come of it. They can’t put us all in jail..

This crisis has been good to me, I drive a lot less, so I take more walks and smell the roses, I cut off my satellite TV feed, and spend more time now with my family, started riding a bicycle and lost 10 pounds, I cut off my cell phone service and now I go and visit friends and family. This crisis help me rediscover the truth of that old saying, “the best things in life are free.”

Is the economic crisis affecting me? Jack I am about to lose my only home. I got laid off and have not being able to find a job. I feel hopeless at this point.

You think McCain could give me just one of his many houses? Seriously? Every able bodied American deserves a roof over their head. What is being done to help the average suffering American like me? I am suffering badly. It is only the economy that matters at this point. And I don’t trust that McCain seriously understands or cares about our middle-class economic suffering.

Right now? Not very much. After 8 years of no health coverage, uncertain contract jobs, a bankruptcy due to the economic meltdown in 2001, and panic medications I finally have a full-time job. But all my savings went a long time ago, my mortgage is a fixed-term VA 30-year that I’ve been paying on for 19 years, and I have no credit cards. I’m digging myself out slowly. But some of my more affluent Republican friends are watching their savings sink, and their balloon payments are pending. I wonder if they’ll still vote for McCain in the privacy of the voting booth? But even they are pretty disgusted with Bush.

Wrath has no fury like a woman scorned. Millions of Americans go to work every day,take care of their kids,pay their bills and taxes. They are the America that has no say while the United States government bails out the wealthy-Wall Street -and who ever else got caught with their PANTS down in this ongoing mess that has been going on for years. We seem to have unlimited money for wars and bailouts what about getting this country’s priorites back where they belong-our kids -our educational systems-our jobs-our transportation infrastructure. our
priorites need to change to bring America out of the gutter and back where she belongs- OUR HOME.

Well, Jack, it certainly is adding more grey hairs.
Am much more conscientious about planning on trips
to save on gas, taking advantage of sales, etc.
But most of all there is the sadness for those who
have lost their jobs, homes and some, everything.
Their futures are so grim, and do not know how
we will ever get back to the great country we once
were.

So far,so good. But I’m not very optimistic that the scheme being put together will work. If the crooks who concocted this mess are not thrown out,they will just take the money and go back to business as usual.

I used go and buy what I wanted and now can’t even afford to go to the store. I am lucky these days to get to drive by. Everything is only a planned trip with a well made out list for groceries and nothing else. I am having to wear the same old clothes I had 8 years ago.

It is hard to take in the pocketbook. I think it will be a long time before we can get our annuity funds back to where they were, worry about retirement pension plan, and worry if there will be Social Security there for me in two years. If my hair was not already gray, this week would have done it!!!!

I live in a small town that lacked economic opportunity to begin with. A global depression was the last thing we were hoping for as a parting gift from Bush. If we jailed him and Cheney, we might reduce the number of future fiascoes of the “legacy.” If congress doesn’t, why don’t we simply skip their oath of office as a time waster.

My 401K keeps dipping every quarter for the last 9 months or so. I’m losing more than I have put into it lately.

Not at all - don’t have a job to lose, don’t have a house to lose, don’t have an income (no taxes to raise or lower).

Not affecting me at all.

Fortunately, it hasn’t affected my family yet. Time will tell what happens with credit card percentage rates going through the roof, and whatever else the public will get screwed with. It’s a real shame that the people in this country have to bailout the greedy business leaders to keep the rest of us from disaster. Everyone should have their mortgages cut in half and all CEO jerks should have to pay everyone of us part of their salaries! That will never happen Jack, but we’d better get some compensation for this bill we will be paying off for the rest of our lives!

I can afford to get a house at a cheap price after my fiance and I get married now.

jack
for a person who has been trying to look for a job being rejected at every turn depresses me. i wish government could do something about it wherein i could get a job and be happy.i also have one more thing to say. make the government bring backall the jobs it shipped overseas which is one more cause for the economic downfall

thank you

We are on edge. It is reminiscent to being the last in line to be rescued from a sinking ship. The money we have saved all these years for retirement may be gone in a heartbeat, and our current leadership is responsible. What is Paulson thinking? Why would he even consider leaving CEO compensation in the package? How could he possibly think the taxpayers would be willing to pick up that tab?? I’d like to go to Washington to let this bunch of clowns have a piece of my mind.

Jack: I had to close my business of 15 years in May of this year. Believe me, my economics have already been affected. Thought about selling our second car, but with this economy, who’s going to buy it? We’re just tightening our belts all the more…just like everyone else…growing vegetables in the backyard this summer, eating more hamburger, eating out less, going back to the old recipes to stretch my dollar, driving less, clipping coupons, cutting every corner that can be cut! My retired husband’s looking for a part time job (FAT CHANCE OF THAT)! It reminds me way too much of the 1970s. I thought things were supposed to get easier when you got older, you know those “golden years”. What a joke!

This current administration’s rush to pass this debt on to the American people is another ploy to dupe the public. This president and his cronies have no credibility,we have been down this road before,they cannot sell ice water in hell as far as I’m concerned. Why did they not show the same urgency in the Katrina fiasco,when there were thousands of lives affected? I don’t believe any thing this administration is trying to pass off to the public and the seriousness is something the legislators should not rush to judgement on in a few days, but examine this bill thoroughly. ,When I see Bush telling the public about it’s urgency, I see( hands in the air, it’s a Stick-up,Stick-up !!)

I’m uncertain of our ability to continue, for the first time ever. The reports of bank failures and tent cities. Is the bailout just another scheme to fill the pockets of the greediest among us. When the President of Iran talked about America’s demise the other day, instead of feeling hatred for him I felt sad for what we’ve allowed mostly out of blind ignorance and extreme partisanship. There’s no sense of unity. Thank you George W. Bush. This is your legacy.

My 401k is drying up.

It’s not. I’m doing much better now than ever. The Bush years have helped the economy to recover from terrorism and have kept us safe enough to allow for continued stability. The Democrats defeated measures governing Fannie Mae and Freddie Mac that were sponsored by John McCain and would have helped prevent this crisis. Now, it’s up to President Bush and Secretary Paulson to clean up their mess and save the Economy again.

Not at all, because there is none.

The GOP and big business is just making a mountain out of a mole hill.

The government should do nothing and just let Wall Street it run it’s course.

What economic crisis? If you are talking about the one that has been continually growing since Bush took office 8 years ago then the answer is it has affected myself, my family, and probably 85% of Americans negatively in varying degrees. Hello, 2 class system!

Scott
Wood River, IL

It isn’t effecting me one bit. I owe no one. I don’t own a credit card and my home is paid for. I invested wisely in my retirement fund and diversify where I keep my assets.
What I do worry about however is the poor choices others have made because I most likely will end up paying for their mistakes if the United States Congress has it’s way. That includes all the foreign investors tied to those failing banks in America.
As long as congress stays out of the free market I will be just fine. Just say NO to a bail out!!!

Jack, my husband and I live on a fixed income. Food prices went up 4.2% and our cost of living increase was 2.3%. Tell me how it is affecting us. That doesn’t take in the fact that our utilities have doubled in the last two years. Two years ago we could pay all our basics and still go to a restaurant on our anniversary or birthday and cook a family dinner on holidays…….that is no longer remotely possible.

It’s been horrible, I had to turn down the temperature on my hot tub and i have to fill my solid gold hummer with unleaded instead of super unleaded. Fortunately I have been able to save money by reusing Bush/Cheney bumber stickers, all I had to do was change the 04 to an 08.

It has solidified my faith in the lord Jesus Christ !

McCain = no change

Obama/Biden 2008

Jack: It is effecting all of us in our day to day lives; higher fuel cost; higher food cost; higher health insurance cost; mortgage foreclosures; higher everything—and to be honest, the worse is yet to come. The experience of being an American citizen has degraded over the last eight year. We’re confronting an economical phenomenon: screw-the-customer mentality that views both government and business as quick payoff schemes for those in power. The Bush administration and the Republicans in Congress have changed all the rules — not just for government, but for businesses too. They’ve lifted regulatory oversight on so many different types of industry that it’s now “open season on the consumer,”–bend over Americans and get ready to receive the powerful and rich.

Hey Jack
Surprise! and it ain’t even October!
If Americans don’t have the proof that Bush/Cheney & Co. are crooks I don’t know what it will take. This guy wants a Trillion dollars on the way out the door. What a bunch of crooks!
Cinti, Ohio

We have had this question before. So far I am lucky, it’s not affecting me. What is, however, is our regional gasoline shortage - we have two-hour gas lines here, when there is any gas to be had. Schools and everything else are closing down, and that is obviously bad for our economy!

And comically, some drivers here are blaming Bush, McCain and Palin for this mess! One said that it will be fixed when Obama is President!! That person needs a thorough psychological examination.

I’m watching my retirement nest egg quickly errode. Luckly we are living within our means, but I am unable to help my family deal with layoffs and / or deal with unforseen medical expenses. I’m lucky since many of my friends in New England are facing a long cold winter without decent jobs or the means to feed the family or pay for heating oil to stay warm. I’m a registered Independent, but I won’t be voteing Republican this election ….

Yes, I am affected by the tone of our elected officials placing the blame for this financial crisis on the American people instead of themselves or the president. They’ve done a good job of covering their own you know what and the heck with what we think.

Well, people around here have not started eating dog food like in other parts of the country.But I did get a 5.00 off coupon for my choice of a 25 lb bag in the mail today…

This economy has almost put us into a financial mess!! My husband & I have both worked all of our lives very hard and now that we are coming up close to our retirement age, we can’t afford to do it! We have nothing but our social security and our 401k’s that have gone in the tube with the Bush Administration. And another concern of ours is we won’t have health care which will probably make my husband have to work even when he is sitting in his rocking chair at 90 year old! This Bush Admininstration and McCain as well, don’t care about the middle class of people. Why should they, when they have had a silver spoon in their mouths all their lives. The Republican Party is not for the middle class people at all. If you work very hard like we have all of our lives you should be able to retire with dignity!! Thanks to Bush/McCain they have put our country into one heck of a mess!!

Ann Marie
Ohio for Obama

So far, so good. The trickle down panic hasn’t hit us yet. But, if it does, we know that we’ve got a roof over our head that’s paid for and a pantry full of food. We’re not a part of the herd that’s addicted to consumerism and borrowing money. Those that are are in for some rough times. It’s scary that they expect our nanny government to fix things, especially when it looks like our obviously broken government caused the whole problem to begin with.

Jack, this economy and latest crisis has seen the cost of living go up, while income has remained stagnant. This effect will be profound for the next 10-20 years because we’re all living paycheck to paycheck and can’t save for tomorrow.

Crown Point, Indiana

Jack, this meltdown is not a surprise. I believe this is the October surprise. Bush will declare martial law and postpone the 2008 elections. US troops are scheduled to return to the homeland to be available to control the riots that are sure to take place. Our lifestyle as we know it is over.

I work for a college. Less availble tax revenue means less in student loans. Less student loans means less students. Less students means no job. No job means a very very unhappy citizen.

Oh and I need a new car and was going to go this weekend but a good friend of mine on Tuesday went to a dealership to get a car and has a 786 credit rating and was going to put 20% down. They denied him financing. I hope the “values voters” who put Bush in power twice without really looking at what he was all about expereince the same thing soon.

I learn to enjoy being home. Board games and bbq’s are making a comeback.

Jack,

I need a federal bailout or I will enter a crisis unlike any in my life to this point. Oh forget it, the government doesn’t care cause I’m not rich enough, and Wall Street doesn’t care cause they’re at least going to get their bailout.

Robert

North Port, FL

I do not have much - perhaps a net worth of $80K - with about $30K of that sitting in banks, the rest in home equity. I realize that this type of wealth is miniscule compared with some, but enormous compared with many, many others’ assets. This crisis has paralyzed and is already starting to diminish my home equity, and has given me the ‘itches’ with respect to my cash. I really have to swallow hard and steel myself to not just go and get the money out of WaMu and Countrywide and put it under my mattress in fear. This is the first time in my 72 years that I have had this feeling even though I have known for decades that this day would come unless financial institutions were somehow controlled by government. They were not and here we are.

To those of us who are in this situation: do not trust the trickle down engines to do well for you. You may not have much, but the banking industry wants all of it and is working very hard on ways to get it from you. We must, in our vast numbers, see to it with our votes that these deregulators are thrown out of office and that the greed of Wall Street is contained once and for all. Think. The Great Deregulator McCain will NOT be on our side.

I live in NC and we are running out of gas. Give me a break… just another political move. (Yeah Republicans!) This morning the price is over $4 but the stations ran out of gas. I thank God every day I have a good job and a mortgage we can handle. I got a pretty good raise in January – but most of that was taken for the increase in medical insurance. So I am at the end of 2008 living on a 2007 salary. Groceries are higher; we don’t ‘do dinner out’ anymore, can’t afford vacations, a daughter in College with student loans, husbands medical bills because my insurance deductable is so high. I have a 401k that lost $13,000 this year. I was planning to work until I’m 66 but my husband doesn’t have insurance where he works, so it looks like I’ll be working until I am 70, How is the economic crisis affecting me? I realize my dream of retiring is not going to happen while I am healthy enough to enjoy it. I realize my up-beat attitude with my daughter’s future is now a big joke! With this uncertain future, she, my grandchildren and great grandchildren will be paying for this long after I am gone.

It has made me extremely worried; seriously worried that at age 54, retired from state government and working parttime I may not only not have Social Security and medicare waiting for me, but my retirement check may not be there either. It fills me with contempt for our own government, from Congress to the Wall Street bought and paid for figurehead occupying the Oval Office. I can only hope that Obama wins this election and then I will be asking every one of my elected officials every week what are they doing to protect my future? I will never again assume that any one of them are not on the take of some high priced lobbyist. They will have to prove their right to represent me every day they are in Washington.

A military family, we just left Mechanicsville, VA. Our House wouldn’t sell. We are very good at the military game but this time, no matter how good a purchase it was, we could not sell a three year old home that we could have gone down to rock bottom on!

Orders to good Ole Lackland AFB, Another real estate dead market, and we’re homeless at the time being. We have the unenviable task of trying to find a home to buy that will sell in three years when we get orders! Rent, you may say, those neighborhoods are dangerous.

Bank of America won’t refi our house to a fixed low interest rate commensurate with our outstanding credit, so we’re right in the middle of this (Cluster &^%$) we didn’t create! I don’t think our credit will remain great when we let BOA have the House back! I refuse to pay for this mess! Lot’s of military retiring and/or letting their homes go. And this after Iraq, we’re loosing faith in the good ole USA!

Oh yeah, Can someone tell me just how bad Bush has to screw up to get impeached? Everyone is hinting about accountability in Banking, what about Bush, he’s destroying the country! It starts at the top!

Jack,
I’ll let you know as soon as I get back from my daily trip confirming my bank is still open.

constitution reads: “we the corporate”!

President Bush’ speech last night reminded me of his urgent plea to invade Iraq immediatley. Although this time the weapons of Mass Destruction do exist -Freddie Mac & Fannie Mae! and their evil henchman AIG! The American people were misled, there was never any accountability. Why am I to believe that this disaster will be anything different. We’re shouldering trillions in war debts and now we’re asked to shoulder another $700 million! Congress can’t afford to act on blind faith again! No golden umbrellas for ineptitude. If we are buying the pie, we deserve a piece of it!

Besides rereading The Grapes of Wrath, I’m harvesting and aquiring seed so I can start growing some fruit and vegetables. Looking for work within walking distance of my home, or at least biking distance. Looking for office seekers more interested in taking the country in the right direction, the Republicans and Democrats seem hell bent on destroying the place. Hopefully I can win the lottery and retire to the same places all those execs with big gold parachutes have gone off to with their ill gotten gains.

Jack:

Is has made me lose any and all sympathy for the downtroden .05% of the population who has all the money and may have to sell their yachts if they can’t figure out how to place this burden on the middleclass. First AIG, then Lehman,..who know’s,..Gucci could be next!

After 35 years of working steady and paying taxes I’m out of work and after 10 months I still can’t find a job. We are in serious jeopardy of losing our home and I am having to consider moving to another state to find work because Michigan’s economy is has been decimated by not only the housing collapse but also the overseas outsourcing of our jobs by the “free traders”. If I get sick I will have to get myself convicted of a felony because unemployed working people don’t qualify for health insurance in this country but criminals do if their in a prison. Bottom line I have never been so disgusted with the attitude and actions of our government and so disheartened and scared about the future of this country.

Jack it is affecting me like most americans….in the wallet! If this bail out is as planned it still leaves us (middle class) in the same bad way! How does a system grow from the top down?

It’s really just flu-like symptoms, you know, headache, fever, vomitting–that sort of thing. To bad we couldn’t have a vaccine for this one since it sounds like it is going be the next plague.

I’m glad to say that if it weren’t for the news, I wouldn’t even know the financial crisis is happening. I run a very small business and am pulling almost the same numbers I did last year - maybe only a 1% - 2% drop at this point, and we recently moved to a small town that allows us to use less gas by not having a commute - as we did living in a large city. We’re a young family, so the drop in the market doesn’t concern us too much either.

Overall, life is okay for us, but I know that’s not the case for many. I can only hope things stable out soon.

Not too bad because I pulled my 401k and stocks over the summer as they started plummeting. I took a penalty, but I’ve got my money safe and sound in Bank of America now.

I am a hairstylist and the day after the red flag on 9/11, business slowed down tremendously. People are streching their dollar and not getting their hair done as often. I wrote to the president about it and was sent a fake letter about how I could apply for financial help. The problem with that is I am Caucasian, married, and my husband makes slightly above the poverty level to qualify for any assistance. I am attending a junior college and now I cannot afford to transfer to a university. No hand outs for me unless I get a divorce and make less than $900 a month which would not even pay the rent here in California. My girlfriend applied for dual citizenship to Sweden and moved there. The government is helping her make payments on her townhouse, and she has free childcare, medical and education. If the United States of America got rid of it’s slave master mentality, it might start caring about We The People. Until then? Not!

Lost my employment in the last 2 weeks so yes it is affecting me.

Not a whole lot yet Jack, i have always believed in living within my means. When the republicans say that the people have been irresponsible too, i say bologna. I have always lived on cash, but hardly a day goes by, that i don`t get something in the mail saying, i have been approved for a lone,or a credit card, or something like that. Jack my credit score is 0.

I am wondering how we will be able to pay for my kid’s future college tuition or if we can even get a loan!!

Aside from waking up screaming in the middle of the night, not all that much. Yet.

Can you say PB and J?

It has provided a lot of humor in some regards and a little bit of anger in another. Humor was to watch Bush try to convince America to believe him. Anger to know and I mean know that the CEO’s and Wall Street people are still calling the shots and will end up even richer at Bush’s lower tax rates, which is the same thing McCain wants to do.

We’re all affected and have been for longer than most people realize– higher prices and unemployment affects us all in some way (call it the trickle-down effect if you like).

How long has the world been a house of cards, built on credit/paper/plastic just waiting for a domino-effect to take place.

I have been blessed that it has not affected me financially. When my previous employer refused to allow alternative work schedules, I made some changes, such has finding a new job so I only drive 2 - 3 miles one way instead of 51 miles.

However, it has affected me in the sense that I am paying more attention to the individuals who are asking to lead our country. Not necessarily who has more experience because if you have spent the past 8 years in Washington, then you need to go, we need new thoughts and ideas for the direction of our great country. I also believe that the American people should have the opportunity to decide if and how much past presidents will get in salary. If you leave the country in a state of ruin as the Bush/Cheney and their GOP counterparts have done, we should be able to take back previous monies and refuse to pay them anymore, then sentence them to community service. That goes for those greedy CEO’s also. Let them work on building the broken bridges and roads, clean up our neighbors, etc. Now that would be a postive affect on everyone.

Rachel, Atlanta

The current crisis is hardly affecting anyone for the moment, except for the doom-and-gloom liberals and mainstream media who want to scare America into accepting Socialism under an Obama administration.

This should be a lesson in what happens when you let Democrat-generated social engineering affect the nation’s economic system.

Thank God so far its not. We are the ones who benefitted from Bush’s tax cuts. I am worried for our 20-something-children, who are just starting our in their careers. And our future grandchildren who will be paying for the Bush/Cheney/McCain legacy of the $700 Billion bail out and the $10 trillion in national debt!

It has hit my family hard Jack. Our home and suburban neighborhood has declined some 20%. Our income has shrank 30%. Yet our need based expenses have increased substantially, gas, groceries, higher credit balances and higher credit rates. It is aweful but it certainly could be worse, We are tightening our belts, less eating out, less driving, less vacations, looking for part time jobs to pay off our debts.

Lost your job (I did) or worried about losing your job? We should all simply follow the GOP hiring guidelines and go out and land those dream jobs:
Ever seen a baseball game - you are qualified to be a MLB player
Ever had an operation - you are qualified to be a doctor
Ever watched Law and Order - you are qualified to be a DA
Ever taken a plane flight - You are qualified to be a pilot
Ever taken money from Mom, spent it on extravagant items, then borrowed more money from Mom to pay off debts but again wasted the money foolishly, then threatened to kill Mom unless she gave you all the money you want - you could be a Wall Street Investment Banker.

It can’t be too bad. I’m putting myself in Credit Card debt helping out the Obama campaign. I think I paid for 20 seconds of that last commercial they just ran but that’s just great. Happy to help pay your salary Jack!

I find myself raging at the television, something I never did before. It’s time NASA ramp up its space program. How much would a rocket cost to send McCain, Palin, Paulson, Bush, and all the fat cats on Wall Street out there somewhere with a one way ticket only? $700 Billion, perhaps? Sounds like a better plan to me than anything else these bozos in D.C. have thought of in the last 48 hours.

Jack,

So far I have not been effected by the crisis personally. However, I think our whole government should be bailed out… bailed right out of office. I am so furious with the aspects of this financial bailout( yes it is a bailout and I will not be calling it a rescue),that I can’t see straight. Our government needs to be overhauled from all the self serving, pompus elected officials that we have put in office. They don’t listen to us, they listen to themselves. I am calling for the removal of all our government ELECTED officials in Congress. If I could impeach Bush, I would call for that also. Isn’t giving false information to start a war grounds for impeachment? It should be!

Jack - Fear, anxiety, disgust, angry, confused ,but most of all fed up! . As a middle class American I am struggling to pay Utilities and cutting back on other things just to pay for gas. I still owe a Mortgage and have to work longer hours just to make ends meet. I didnt consider myself living beyond my means but those means are climbing higher than wages. This President, his Administration and this Congress have failed the American People. None of them minded the store, and why should they, most of them are rich . Maybe I can get a job as a CEO, drive the Company into the ground and then have them pay me a ridiculous salary to leave.

I am not sleeping very well these days. My retirement fund is going down instead of up. I keep hearing the stories my father and mother used to tell me about the great depression playing in my memory. I always took for granted that the way of life for Americans always got better from one generation to another. Now I am scared what my children and grandchildren lives are going to be like, because of all this greed, and our government’s failure to try and do anything about it until now.

Of course we drive less, try to combine our shopping trips and errands and cut back on dinning out, movies and just shop for the necessities and look for bargains.

On every level. At every turn. Such is the world we live in today. What a sad commentary on the USA.

Peg from NY

My daughter and I have both been laid off, lost our health insurance and can’t get more, and the costs of living have increased dramatically while our incomes dramatically reduced. We both got hit hard when our stocks crashed and now the cushion we worked so hard for is gone. Tomorrow looks very ominous.

It makes me wonder about three things: 1) Should I start storing food and water? 2) Does my radio need batteries? 3) How long it would take me to get to the ATM if it really hits the fan?

[By the way, Jack, I think I have a great question for you: "Do you think George Bush has done anything right in his eight years as President?" I think people might want to sound off on that question.]

It just depends which street people live on jack, wall$treet or main street my guess the people on main street will be affected as this has always been the case take from the poor and give to the rich.

I am living this american nightmare. The Bank that funded our furniture factory found themselves in need of quick cash, called in their loan, and put a 106 year old company out of business. And over a thousand people out of a job.The ax has already dropped . This is real and you may be next on the chopping block !

Right now? Not very much. After 8 years of no health coverage, uncertain contract jobs, a bankruptcy due to the economic meltdown in 2001, and panic medications I finally have a full-time job. But all my savings went a long time ago, my mortgage is a fixed-term VA 30-year that I’ve been paying on for 19 years, and I have no credit cards. I’m digging myself out slowly. However, some of my more affluent Republican friends are watching their savings sink, and their balloon payments are pending. I wonder if they’ll still vote for McCain in the privacy of the voting booth? Bet even they are pretty disgusted with Bush right now. NO accountability? Not on your life President Bubba!

I’ve worked full-time jobs since I was 16. Now I’m a single working mom in my 50s who just withdrew my entire retirement fund to buy home heating fuel and diabetes medication. Does that answer your question?

Christine from Upstate New York

To be honest, I’m not sure yet. I ‘ll have to wait until next month’s statement from my broker so see if I have any money left. Hopefully he hasn’t jumped off a bridge yet. I guess I’m lucky. I work at home and my home is paid for. Business has been pretty bad this year though so I’m still not exactly on “easy street”.

It is making me want to get into politics…

Being poor… It’s not affecting me at all except at the gas pump. With no investments for now or the future, I say “whatever”. Although, I have a solution to this whole bailout problem. Instead of giving the money to the fat cats on Wall Street, give in directly to the American public as part of a stimulus plan. I’m not talking about $600 to $1500 per household, I’m talking $6000 to $15000 or more. That kind of money would BAIL me out of my financial crisis. Hmmmmm…. Now there’s a thought.

No vacation this year and can’t wait to take my SS early–next year as we need the money. And have to get it before our government spends it all. The smartest thing I ever did was marry someone 12 years YOUNGER than me! He has to keep on working! And with Obama in the White House, he’ll have a job. And we bought a Prius with my small inheritance. Now that was smart!

Jack,
We have a small business. People are scarred. Our income is close to $10,000 down for this month. We have three people working for us, two of them have familys. We arnt taking home any money. We are retired millitary, I get some social security. We are hurting.
Come on Senator Obama.
J.K. in Boise, Idaho

more than ever

No, it hasn’t affected me at all. I’m at the bottom after 1 1/2 years of selling everything I own. No one is interested in hiring a 58 year old man. I’m either over-qualified or don’t have a degree. Even Walmart isn’t hiring “greeters” in my area. I have no more savings, no stocks, no job and no money. What more can they take?

Hi Jack,
Since I leave in Chile, I do not feel the effects directly, but, I know Americans are suffering from the lack of leadership and ineptitude of the past eight years.
I have one suggestion, I think John Mc Cain and his running mate(ress) would “put the country first” by not only suspending their campaign, but by withdrawing completely and allowing Barack Obama and the Democrats to get on with repairing the damage done by the Republican Party. The and only then will I believe he truly is and honest man… what is so obvious to so many is that he is playing games with the American people and putting John McCain first! Eileen

glad you asked since my husband came back from Iraq in November of 2007 we have been at the mercy of AIG and they have denied my husbands workers comp case even though their own doctor states he is suffering from his injuries from Iraq. I am so glad that our government is more merciful to them, than they are with the civilians who went over to help our troops speak the language of the Iraqis. next time they need a bail out i hope Obama has the nuts Jackson was talking about to let them fail like they have let us fail since his return from Iraq.

I don’t see a financial crises, I see a moral crises. As finances go down, crime goes up. People will survive by any means necessary. Read and fully understand the contract before you sign it. If you can’t pay cash, you can’t afford it. Credit got people depending on the future, but the future is uncertain risky. I might need a student loan for certification, but an education is free at libraries.

Jack I am nearly seventy with social security and a small retirement income. Why in hell would I not be scared. Anybody in their right mind should be scared unless they are really, really wealthy and even then I would be worried. These are unsettling times.

It’s sad that a bunch of corrupt politicians and bankers that we entrusted with our financial future sold us and the nation out for the bottom line of there own portfolios! Now we alla re gonna suffer and maybe go down with the ship!

Jim

Wichita, Ks.

My job offer from last week was recalled, my mutual funds are heading toward the South pole, my part time business line of credit limit was lowered to it’s current balance and the house needs several repairs for which I can’t arrange a second mortgage. But I’ll sleep better knowing that the members of congress who are voting on this trillion dollar fiasco have their incomes and retirements guaranteed so their money can’t be touched no matter how many blank checks they hand out.

I am a 54 year old woman living on social security disability, suffering with MS. The only positive thing going for me is that I can no longer drive so gasoline purchases aren’t a problem. Of course any other means of transportation is more costly. Food costs more, I have planted some great vegetables this year so that I have some good food to eat. At our home we have cut back on so many things and it just seems that it hasn’t helped because when we cut one place two more areas increase in cost…how is this ever going to get better for those of us who have so little say in our goverenments policies?

Honestly, I haven’t had the nerve to look. I’m sure our portfolio is down a bit. I’ve been unemployed for 1 1/2 years and have had no luck finding a job. My skills are reasonably good, but I’m 50 years old. Opportunities are leaving the country faster than they are being created by any economic plan. I figure I’ll have to start a business, but to whom do I sell?

Our country is trying to get by through selling hamburgers to each other while other country, arguably in the third world, are industrializing the way we did in the late 1800’s and early 1900’s.

Oh….and I occasionally play the lottery, which is the United States’ version of a jobs program.

I need to buy some pills for my nerves, and I don’t have money to buy them. That’s how bad I’m doing!

I have been unemployed for four years. I have a degree in Business and I am under or over qualified for the positions I apply for.

Savings all gone, reduce retirement income due to increased living expenses and outrageous insurance deductibles with all the bad weather in this state.

I am ready to move overseas and get one of the jobs that they keep outsourcing.

It’s not affecting me yet, but if they scrap the bailout and put the $700 billion toward an economic stimulus package for small business and low and middle income citizens; it could help tremendously!

Hi Jack,

I copied one comment that is one that i retain as important with a minor difference!

My grandfather’s experience with the Great Depression led him to advise me of several lessons he learned:
1. Don’t trust government to understand the ecomomy;
2. Buyer beware — use common sense in business deals;
3. Pay cash — if you can’t afford it, don’t buy it
4. Save for a rainy day

Maybe we need to experience a depression, so we can relearn these lessons.

The minor difference is with today’s markets we cannot afford a depression to learn to do better. We need a strong voice in government to cut this attitude of government not having a role in regulation and this plan is not there to help the ones who had too much greed.

it has not affected me at all. I was poor before it and I’m still poor after it. Fred, Livingston, AL.

Well Jack, being that my wife works in the financial industry, I’m scared to death. We have only been married a little over a month. If she looses her job we are sunk. I’m sure everyone in this industry are cowering in fear just as we are.

I have seen it affect my family. Daughters job is down-sizing and closing her place of business and moving over two hours away, which means she is now job hunting, building has dropped and has affected my son-in-law who is trying to pay for daughters college, and has even affected my daughter in England, who worked for an American company and they also shut down. It not only affects parents, it also affects their children.

Well I am getting poorer while the rich getting richier at my expense. How do you think I feel Jack?