How is the economic crisis affecting you?
[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/09/25/art.bank.gi.jpg caption="Bush is encouraging the Nation to support his financial bailout plan."]
FROM CNN's Jack Cafferty:
If the bailout package works, it won't come a moment too soon.
President Bush told the nation last night without quick congressional action more banks could fail, the stock market could drop even further, slashing the value of retirement accounts.
Home values could go into free-fall in this environment which could lead to a dramatic rise in foreclosures.
The President also said more businesses could fail as a result of this crisis and millions of Americans could lose their jobs. As it is, first time unemployment claims hit a seven-year high this morning.
Ultimately the President said our country could experience a "long and painful recession."
It's comforting Washington finally decided to get in the game. This is a crisis that's been developing in plain sight ever since the housing bubble burst. People who should never have gotten mortgages are seeing their homes foreclosed on because they can't make the payments.
Let's just hope our government decided to act in time.
Here’s my question to you: How is the nation's deepening financial crisis affecting you?
Interested to know which ones made it on air?
Vincent writes:
Inflation of many of the everyday items my wife and I purchase is really beginning to impact our budget. It's not just gas anymore.
Cindy from Ohio writes:
We just retired. We thought we had a good income and that our life savings in our IRA would be there for us. Now, my husband took a part-time job to pay everyday expenses and we're afraid our nest egg will completely disappear.
Gary writes:
I was planning to retire early next year. Now, not so fast.
Laura writes:
As a recent college graduate, I feel it already. Finding a job has been difficult and thinking how I am going to pay off my school loans is very stressful.
Philippe writes:
This crisis is not affecting me, because I was not so irresponsible as to purchase a home I can't afford.
Elliott writes:
This seems like this is Shock Politics, and it is being used to help Wall Street. I was a small business owner. I already lost my business, home, car and I am struggling to keep a roof over my head. I am making 25% of what I used to earn. I am struggling week to week to pay my bills. I can't afford to have $700 Billion of our taxes to be wasted on propping up Wall Street.
Rob writes:
It won't affect me because I have land, a shotgun, a garden, warm clothes and a stockpile of canned goods and moonshine.
@jackcafferty on Twitter
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?
Hmmm... let's see.
I took an involuntary 5% pay cut.
My employer has laid off about 20% of the workforce... maybe more in the next few weeks.
Cost of living is through the roof.
My wife is struggling to find a job.
And I consider myself quite fortunate... for now.
Each day when the news seems even slightly positive about a Wall Street bailout, the stock market levels off or goes up. I hear the pundits say it shows “investor confidence” in the market. I disagree. I think it shows “investor greed” and more of the delusional thinking that got the economy into this mess to begin with. I think there are still a lot of investors out there who think this is another chance to “get rich quick”. I don’t have to tell you how, increasingly, the wealth in this country is concentrated among a very small number of its citizens.
Instead, lets bail out the average citizen. Insure that the invested base dollar value of 401Ks is safe, help small business owners keep their businesses, and help individual homeowners (not those who own investment property) to keep their homes if they are in danger of, or in, foreclosure. My husband and I are retired health care workers and we've transferred our 401K to an IRA so we feel relatively safe in the short term. But, we cannot see the working class of the United States suffering catastrophic losses brought on by Wall Street “fat cats” and then hope that somehow a bailout of those same “fat cats” will eventually help the rest of us. I think we’ve had quite enough of “trickle down economics”.
Iris from Rutland, Massachusetts
I am on a fixed income jack, and I have not done any fun shopping in a year. I am very careful with my meager check. I am sure The McCain's hve not gone without. By the way that was a beautiful $3.000. Dress that Cindy McCain wore . That is more than 3 months of my social security Check. Need I say more. Rose, Massachusettes
No job, higher tuition for school, no cash on hand. Yes, I would say this situation is affecting me.
This economy has forced me to cut back on many things. I've never had such a difficult time trying to make ends meet. I've got 3 low balance credit cards over their limit because I'd been using them just to pay for gas and food. Having used them to their limit, 2 months ago, I had to change my health insurance to a higher deductible higher copay plan to save myself money. I've also stopped buying snacks. I canceled my land line and use my cell phone only. I canceled my DSL and got a package from my cable company. I decided to just keep that luxury because since I don't have money to go anywhere due to movies and restaurants being so expensive, not to mention gas, I stay home a lot! I buy my pet's food in larger cans which is cheaper. Basically, I'm a hermit.
Appart from the crippling debt, the high food prices have helped me shed a few pounds! So it's not all bad.... just mostly bad.
I have been helping seniors work on there homes , they are hurting because of healthcare cost . They are scared, they remember the depression they lived . I feel for them after they tell me they spend 3200.00 a month on healthcare.
It hasn't affected me at all... I'd venture to guess that most of us who have enough spare time in the afternoon to participate in blogs such as this were pretty well screwed before this one hit the fan.
I have been affected by this crisis for more than a year, so my family has been extremely frugal for several months. The only people who are in shock are the rich people like McCain who were just brought up to speed last week.
I was laid off after 15 years in March, My husband has not had a full time job in two and a half years and has to return to school to learn a trade. Both of our job situations can be attributed to corporate greed/outsourcing. Everyone is focused on the greed of Wall Street but noone is lookiing at the corporate greed that has us out on the street.
We aren't meeting our bills. And although we were prudent and did not buy our home with an adjustable rate mortgage we are not earning the money we need to stay in our house. Our 401k is dwindling. Most likely we will need to sell our home at a loss. Although we have excellent credit we probably won;t be able to buy another house given our employment situation.
I can not retire now until the economy is stable again. My retirement funds are wiped out because of greed, deception, and fraud by Wall Street firms and Bush and the Republicans in Congress.
Jack this is affecting our confidence in the American way. Now we have discovered that almost all of the USA congress members involved in the bailout have received money from the companies they are bailing out. How can these people stay in office now that this horid news is out???
When will they pass a law that senators, etc cannot receive ANYTHING from companies and outside influences. There are many companies that do not let their employees accept so much as a free book from their suppliers. Deeply troubled ... in Canada
It has affected in that, it has given me every reason not to vote for the Bush-Mccain-Cheney-palin ticket.
Arizona
Let's see, my neck was broken, now I have no job, no health insurance, where is Robin Hood when you need him?
Yes it has greatly impacted my life Jack – I now have Friday night open.
Matt
Pittsburgh, PA
Nearing the age of retirement, it has made me fearful of the future that I face. I was so hopeful that healthcare would be made affordable. Now Barack Obama is saying that healthcare plans will probably take a back seat to the other issues we face as a nation. It is sad that the millions of people without healthcare will not get any relief because a few people on Wall Street felt compelled to line their pockets with millions. There seems to be no end to the greed that runs through the veins of these CEOs.
You know things are bad when you start window shopping at the supermarket.......
Into my beautiful little corner of the world it has brought fear, anger, contempt, injustice, mistrust and disbelief. Thank you Mr. President
Working 50+ hours a week just to keep up with COL and mortgage.
I'm not very impressed with either candidates objectives.
Can not afford to accrue any more debt.
NOW planning a dedicated savings plan–so I won't have to ever pay interest again–to anybody.
When I sell my homestead here in Florida–I hope to fully retire with the hellp of SS and my pension (I hope it's enough) with some 401K investments that will 'hopefully" provide enough to cover the annual increases in the cost of living.
In a nutshell – I've been laid off, lost my health insurance, tripled my commute in order to get a new job, and I'm in a nightmare process of trying to close on my first home purchase – a short sale – and if it doesn't go through the seller goes into foreclosure. Pretty much everything I do in a day is at now directly related to the state of our economy. That's why I spend every free minute campaigning for Obama.
Boise, ID
No extra cash on hand; high cost for living expenses; high cost for food. I can go on and on. This has affected our family. I have a question for you Jack, Do you think the Government will bail all American's who are in trouble?
The ways it is affecting me is the same way it is affecting most Americans who don't let others gamble with their money in the stock market. All my financial problems can be traced to one thing – our government allowing Big Oil to price gasoline beyond the reach of those Americans who are the backbone of our economy, This price gouging has caused many to fall behind on their house payments and credit card bills because they have to spend money that they used to spend for these bills to put gas in their cars to get to work and take care of necessities that require travel. Big Oil is driving runaway inflation in every other area of our lives including groceries.
Brownwood, Texas
We recognized the impending problem sometime ago by getting out of the 401 account. We thought that if we didn't spend now, either there would exist no 401k accounts as these would essentially go under like Bear Sterns or disappear like potential pension accounts. This was long overdo!
Most of the seniors who lived through the depressions of their times–were only children.
The principles which were invaluable during the depression of the 20' and 30's–having cash on hand, extra necessities purchased ahead and stashed away, primarily cash purchases (interest rates were too exhorbitant for credit) have not been adopted by the current generation (s) in the work force.
As a retiree, apart from the trauma of grocery store prices and of losing our savings, I worry for the children who will be expected to pay for the last 8 years. I never ever imagined that one man could destroy a country like this.
I have been directly affected, I was laid-off at the start of the housing decline because the good and services we provided were to housing contractors. I know 1st hand Jack, so guess who I am voting for??? There is now way I can stand to chance 4 more years of republican leadership.
It's not! I work hard have a job and don't cry because people won't give me a free ride!!!
I can't sell my home and that really burns me up to think that the fat cats on Wall Street are to blame for this mess along with the republicans. I am an independent who use to vote for some republicans but not again. It will be all democrates for me this time!
I'm a senior living on Social Security here in Guadalajara, Mexico where the dollar is worth less every day. When are we going to admit that capitalism doesn´t work – except for the capitalists?
Not at all, I am recently out of college and I have been making the same amount of money for a while. I majored in economics and realized that this was coming a couple years ago. I sold off anything that I did not need, I bought a cheap fuel efficient car in cash and my apartment is anly about 25% of my income, I realized that where i live should not cost any more than that. Too many people wanted more than they could afford and thats why they are now in trouble. What ever happend to saving money?
Yes. As a commercial contractor (high rises & condos), we're creating a contingency plan to transition into heavy highway work (roads & bridges) so that when (if?) the privately-funded market dries up and all the work available is publicly-funded infrastructure projects, we're ready.
You're kidding, right Jack? For years jobs have been shipped out of the country after workers were forced to teach a foreigner to do the job before getting laid off. On top of that, those companies were rewarded tax-wise for doing so, and their CEO's got million dollar bonuses. Then we had a corrupt administration rush us into a war under false pretenses, presumably to stuff the pockets of their pals with lucrative no-bid contracts and approx. 300,000 barrels of "missing" Iraqi crude oil each day for years. On top of that, one of their forklift drivers "lost" a pallet of U.S. currency. Not all of us have a job to go to any more these days Jack, and unemployment doesn't last forever. I live pretty modestly, but with a $1,400 mortgage we're on the edge.
I left the country...
I moved to a beautiful apt a block from the ocean. I walk, take public transportation and ride around with friends who are horrified that I do not have a car anymore. I have a large place and a medical student roommate.
At the moment, I have no major impact. But that could change. I can take the 20% loss in 401k as I still have 20 years for the retirement. Our jobs are ok and we have healthcare. But I feel for those who are not fortunate as I am. I know there are many people suffering due to the greed of few people and the incompetance of our government. The good thing is that, American have a chance to change the direction of this country in November. I hope they will use it wisely.
– Nuwan from Houston, TX
Jack until 2006 paying bills used to be just a part of life along with work and picking up after my dog in the park. NOW? I'm spend every moment of my life trying to keep my bills paid, forget saving, forget luxaries like a night at the movies or eating out with the family – I really don't want to know how much worse this can get.
A long time ago, when I first heard about the bad loans and massive foreclosures, I told my wife that we could be facing something far worse than the Great Depression. I am no genious, but this seemed so obvious to me. I was certain that the so-called economic experts would sound the alarm and begin taking action. These guys are responsible to know about such things. With each passing day my opinion of these leaders of private enterprise and government agencies changed for the worse. I know now that they must be incompetent, corrupt, or cowards. I wouldn't trust them to walk my dog even with several layers of safeguards and oversight.
In my 65 years, this is the worst I have ever seen it in this country. Although upbeat by nature, this whole mess has really dragged me down. The financial crisis is a severe problem, but even worse is the total lack of leadership and expertise that it has exposed. As I watched George Herbert Hoover Bush read his script last night, it became obvious that we are now all on our own.
Jack I have never struggled as I struggle now. I am now a single mother of four, three are in college and I am also in college getting my Masters'. I have one other child in high school and will graduate in 2010. I will be graduating in May of 2009 and there are no jobs, and know I have to file bankruptcy because I have lost my job. How fair is that, but the government can bail them out, but what about people like myself. Tell me Jack, where is the fairness in that.
I've lost $175,000 in equity from my home. My bank was just bought by B of A, my piddly retirement was just bought by B of A also. Did I mention I do NOT like B of A. I am barely making ends meet between rising cost of groceries, school clothes and supplies for my son, rising utilities, rising gas, $500 a month for health care just for me, braces for my son, etc. And my exact same story could be told by millions and millions of people across the country. This recession has been going on for YEARS. Not just the past week or so as the Republicans would have us believe.
I've been working for almost 30 years ... 10 of which were in the US. As of now, two-thirds of my contributions to my US pension plan have disappeared (along with the accumulated interest) and Social Security ... I stopped counting on that years ago. I'm forever thankful that I returned home to Canada when I did ... maybe I have a chance of having a retirement that doesn't have me completely homeless.
The economy is affecting everyone adversely. I am a retired, disabled vet on a fixed income. My son is serving in Iraq and I send him and his troops 1-2 boxes a week which adds up ($10.95 to ship each box). I try to save money by asking businesses if I could have their bubble wrap and small boxes that they are throwing away to wrap items (shampoo, salsa, etc) to send to the troops. The less money I spend on packing material, the more I can afford to buy things for the troops. On Tuesday the Hobby Lobby in San Antonio said that they would not give me any bubble wrap or small boxes – going in the trash – too bad. Guess our troops aren't even worth trash to Hobby Lobby. I won't be shopping Hobby Lobby anymore. If the economy was in better shape with food prices, gas prices, etc I could afford to easily buy packing material and other items.
I'm a 45 year old single mom that has worked in the mortgage industry for the last 20+ yrs. I've been through the cycles before, but nothing like this. I've lost my job, my health insurance, all of my savings including my 401K is gone. I'm upside down on my mortgage and I'm barely hanging on to my home, my sanity and my dignity... and they're telling me that it can get worse?? How much worse can it get?? and better yet, why did it take this long for anyone to realize that it's as bad as it already is???
Jack,
I think the stock market crash really hit people where it hurts. This hasn't affected my family or friends too much yet, but it seems more of a domino affect. Money is an essential now, more than ever; with towns to rebuild after hurricane devastation, and wall street going down the tubes. The chances of a second great depression, looks possible. A new president is all we really need right now.
Rainier, New York
Walked – can't afford gas – to the hardware store and bought a jar and a shovel. Then walked on to the bank, took out my very SMALL amount of life savings and closed my accounts.
I am sick to my stomach. I don't trust the economy is going to get better. I don't trust the politicians in Washington. I don't trust the banking lobbyists. I don't trust Wallstreet. I do trust that the American people are going to get screwed again. I think the politicians are the problem, all of them, Democrats and Republicans alike. I don't plan on spending any money on the holiday's this year. I am talking to all my relatives and friends about a "no gifts" Christmas. I will not use my credit card except in an emergency. I am not making any large purchases. I am already walking and taking my bike everywhere I can. I really want to cry. This country is going down the tubes. I think I actually agree with the President of Iran when he said that America is crumbling. It is.
Not at all...It is a wonderful life when you live within your means, am self employed, love what you do so you're really good at it and can ask any price for it, work for whom you choose, don't depend on a spouse or family to provide for you and have no faith in the government. Guess that is what freedom is all about and why i am also a USAF veteran. Thought everyone in this country studied civics and understood no American citizen needs someone to provide for them if they are willing to stay independent minded, silly me; the reason I was willing to fight was NOT for a bank! If we give up $700B of taxpayer money the taxpayers own the banks and can do with them what they wish...Think about that Bushey boy!
That depends on whether our jobs survive the annual year-end round of layoffs. I'd hate to face a longer commute to a job that paid half as much. Too bad our CEO has never forsaken his bonus to retain employees during lean years.
I am fed up along with the rest of the taxpayers. I have been thinking about this financial crisis. Millions are not going to be put out in the street because they can't pay their mortgage. This problem was caused by the financial institutions, not the taxpayers. People in this country will not stand for it any longer. If Congress does not fix this problem the right way, we will see an uprising in this country that has never been seen before. Congress needs to keep all our foreign aid money here and fix us. They are wasting 10 billion a month in Iraq. If they don't, I sure hope they all have good insurance policies.
To tell you the truth, I am not sleeping nearly as well.
That’s because I pulled all my money out of the bank and stuffed it in my mattress. It may be a tad bit lumpy, but it’s safe.
Putting $700 BILLION into the hands of Wall Street bankers is like loaning a butcher knife to OJ. We know what he’s going to do with it.
VOTE “NO”
Of course it has. It affects everyone. But scaring hell ouit of every American does not show leadership. It shows the kind of ignorance in problem solving we have seen publicly demonstrated for the past 8 years. I find it impossible for anyone to be undecided about a change in direction for our nation. Why anyone would want to continue feeding for another 4 years the same vultures that we see in action this very day is incomprensible.
I am becoming more cynical by the moment. America, where is your outrage, where are your protests, when will you fight back? That $700 Billion will have to be borrowed, and where do you think it will come from? My guess is China, India and Saudi Arabia. Bye, Bye, American Pie!
I retired 3 years ago and my wife retired June, 2007. When she retired, we had $160,000 more in our retirement than we have now. Five years of gains have been wiped out in a year. And now Bush and McClone want to reward the people that caused this mess in the first place while bending the taxpayer over and telling us to trust them. Yeah! Right!
Jack,
600,000 jobs have been sent overseas since January. Another 600,000 will be sent next year. Unemployment is over 6% and it's going to get worse when inflation kicks in by spending 700 billion.
You Bet. CEO’s need to show us good faith in bailout process. Any Fortune 500 CEO who made more that $5M/yr should pay us back. This money can be given to state social programs. CEO’s making $5M/yr should repay $1M; CEO making $10-14M should return $5M. That would help stimulate the economy. I do not want this bailout to help rich people get richer while I just got layed off.
it doesn't affect me. A few years ago we sold out and now do not owe anything on home, auto. I do worry for my grown kids' families and I hate what I see this economy is doing to them.
For years I have not liked the Republican economic style, and Bush pulled the wool over everyone's eyes. It's such a shame that Bush and the rest of the Republican leaders have ignored the need for regulation.
I would hate to think what schools would be like without regulations. Just because the banking industry/Wall Street has adults in it...they still need rules...otherwise we get the result we now have.
McCain is no maverick...after his lessons on the S&L crisis, he still insisted on deregulation, didn't apparently learn anything about economics since then. He won't change the mess now.
My parents married during the end of the great depression. They didn't have a college education. They did have common sense and raised us to think twice. We will be alright. I know for sure if you owe the goverment money they will get their money. If they owe you that is a different story. If the goverment bails out these companies and you have a mortgage you will pay or lose. The stock holders will lose and the CEO's will come out spelling like a rose.
The only savings I have is in my little kitty piggy bank. With the high
price of everything and no raises in income, all I have is 2 nickels
to rub together. And that won't help me send my 13 year old to
college 6 years from now. I imagine McDonalds will be hiring
when she gets out of HS.
You Bet. CEO’s need to show us good faith in bailout process. Any Fortune 500 CEO who made more that $5M/yr should pay us back. This money can be given to state social programs. CEO’s making $5M/yr should repay $1M; CEO making $10-14M should return $5M. That would help stimulate the economy. I do not want this bailout to help rich people get richer while I just got layed off.
Jack, I recently retired from the Military and took a job on the West Coast, In order to do this I had to sell my home in Maryland at a $37,000 dollar loss that I swallowed by depleating my savings. I did the responsible thing and sucked it up. It was my decision to buy that house and my decision to sell. Who's going to bail me out, Jack?Who is going to restore my daughter's college fund?
Jack – I am fortunate to have a job, but my company is either doing away with, or restructuring many of my benefits starting in 2009. No matter how it's dressed up, none of the changes are to the benefit of the employee. Funny how Bush has gone AWOL. Even McCain won't touch him. I understand that company's want to run their corporations in their own best interests, but they don't want to be regulated because it would mean uncovering fraud, theft, and price gouging. Since when did making a reasonable salary and profit stop being enough? And, who do these CEO's think they are. Unless they own the company, they are just an employee like everyone else. Why do they feel so deserving?
I stopped eating.
Marjorie
NY
I am 50 years old and am worse off now than when I was 20. My husband and I have 1 house with a mortgage and a farm that is paid off. We don't have car pymnts or credit card debt. I haven't been on a vacation in 6 yrs, the only thing we charge are dentist or dr appointments, I can barely afford gas for my car and we never go out to eat or the movies or anything fun. My last raise at my job for being one of the top producers was a 10 cent raise over a 6 month period. That is embarressing. I am enraged that Bush wants us to bail out these high paying CEO;s for bad performance. Aren't bonuses based on good performance. We the so called," Main Street" are suffering. Oh, and by the way, the one prescription drug I take doubled in one month from $100 a month to $200 a month. That is the generic drug, only $50 more than the regular. But, I make too much money at $10.75 an hr to qualify for help. We the little guy, the real America is sick of this. The rich keep getting richer and no one cares about us. They screw up and we bail them out . What happens to the little guy. Way to go Bush. He is the WORST, most arrogent president ever!!!!!!!!!
Well, I established a College mutual fund for my children two years ago- generally considered a safe investment. It made some initial gains for the first year and a half . But since June I have lost all of the gains I made and am now down on my original investment about $5000.00. At this point it would probably been a better investment to lock it into a CD. At the time I made the investment I felt that I was giving my children a special gift by investing in their future and now I'm wondering what they will be left with and how I'll be able to afford sending them to any university.
Not much. When it's twenty below, who cares if it drops another 20 degrees.
hi jack
not bothering me at all,i put money away when Bush took office,I ride a bike and I dont eat out,and if McCain gets in I will take my savings and move to Mexico where life is cheaper and wait fo4r one of the jobs the US will send across the boarder.
clearwater,fl
As a college student with mounting debt, this economic crisis is making me even more worried about finding a job and paying off several tens of thousands of dollars in two years--who am I kidding? I'm terrified.
Yeah, I've become MUCH more politically aware and educated now that I don't have a job.
Not much. I've lived like a pauper for years...eight years, to be exact. Maybe if we can get rid of the stinking republicans, I'll be able to afford groceries again.
It's radicalized me. I'm MAD! My American Dream is gone , right now I'm hoping there is something left of an American economy so that I might be able to keep paying my bills, while watching millionaire politicians bail out billionaire bankers.
Would someone please explain why the US Taxpayer (for that's who is paying for this 700billion $ bailout) is accepting defaulted loans as collateral ? I want REAL assets i.e. the Chattle of every CEO& Board member right down to the $60,00 p/y + bonuses middle management. I want their houses,condos,summer cottages, cars, motorcycles, play toys, licenses,stocks, bonds, bank accounts, trust funds, properties, personal assets and all of their personal possesions (foreign & domestic), including that of their spouses and children ;right down to the wives Tiffany bracelets and Manlo Blanaks and kids laccross sticks.
My bank would never accept a defaulted car loan or student loan as collateral for a new loan- the American People shouldn't be stuck with 700 billion in bad paper. Honestly Jack-I've always believed in America but right now I'm ready for a 2nd American Revolution
Jack,
I track every dollar now. I am in the sales industry so I also notice that my day to day sales are tougher because everyone is also watching their wallet. Most employers are afraid to hire people or promote them because they will ask for some more money that they don't have.
At least I have my one house...but I read its value decreased another 8% just yesterday. So yeah, I will vote for the Republicans...to stay away from my wallet and the controls to our country!
Hey Jack,
My wife and I are fortunate to have only one adult son in the military so we will be fine. However the country is sliding downhill because most or all of the politicians have sold out America long ago!
Welcome to the indebted America of the future, another "Post" Superior Country of History!
Shameful!
Yes, I use to be a little broke, now I am completely broke!
Jack, I'm an old guy and my assets are insured by FDIC so a down market doesn't bother me. If FDIC fails to cover bank losses, our good old USA is bankrupt again. What does bother me is the fact that many financial executives that made millions in 2004, 2005 and 2006 are being held harmless when they were guilty of mismanaging depositor's funds. I guess it's the Bush Doctrine.
Not really, non of them say a word about their plan, i mean serious plan, not blaming some one but taking responisbility and leadership were their plan answer deep problem, where they're going to get the money? How they'll control wall street? How they going to reduce out budget? When both say Change, What CHANGE are they refering too? To be honest i use to care about relegion, their background, their view on abortion and such but now all in need is some leadership skills that moves and solve this economy crisis.
The middle class is being destroyed and the very poor are now worse off. Why does it take the richest of us to get hit before something gets changed. We get the government we elect is all I can say and I did not vote for this GOP Administration.
Fixed income, going to food bank, no Christmas, depressed and scared. It's a great life if you don't weaken.
Jack, my only vehicle will be repo'd tomorrow. My credit is in the dirt because i have missed payments on a few other items. I am no longer able to work Over Time at work because the funding is not there. On top of all that, i have to keep a roof over my family's head and send a 5 year old to school every day and feed her breakfast, lunch, and dinner.
Like a disease with no cure and you are being asked to donate money for research.
This "economic crisis" is the result of an eight year feeding frenzy by the friends of the Bush administration and this trillion dollar proposed "bail out" is just desert on the way out. All of his political cronies are well aware it, that's why they are all trying to register their apprehensions so they can distance themselves later when the truth is reveled.
It has meant less money to put away for retirement, the high gas prices are leaving less for food and medicines, we've had to spend a lot of our savings to help one of our daughters out who was laid off. But over all, we are still getting by. Let's be clear, it was the combination of corporate greed, non-restrained lending, middle eastern hate of the U.S., and the Democratic president of the day along with liberal members of the congress that got us in this mess by voting down regulation that would have helped prevent this from happening. The blame Bush and this administration is to be completely ignorant of the facts.
Jack,
Unemployment at my address has hit an all time high. Both my husband and I have both lost our jobs, we have 2 children to educate, feed, clothe and provide a home for. Not real sure how we're going swing all that and buy gas on unemployment benefits, but until a couple days ago McCain didn't think there was a crisis. He and wife Cindy should come over to my house and live like we do for a couple of months. A month to see what it feels like to lose everything you worked for and a month to stress and worry while you figure out a way to live on nothing. Maybe he'll understand the meaning of the word "crisis:"
Well Jack here is my story. I am a single man, I have been laid-off from the housing industry were I was a construction Manager. I have looked for any position that will pay me $13.77 an hour so I can keep my home with no luck. I have had to take some of the monies from my 401k account to stay afloat.
Now they tell me my taxes are needed to bailout the same fatcats that caused me to be laid-off due to thier greed and corruption. I bought my home in 2001 and have a fixed rate mortgage at 6.00%. I have a very low credit card debt (about $400.00). I live from unemployment check to unemployment check. It is now getting down to the point were I do not know what else I can do except to start selling my stock I own in the rest of my 401K account to keep going. I watch my retirement account being slowly reduced to nothing to keep my last true chance at the American dream alive and hope things will change.
I am not going to qualify for anything with this bailout about to be passed by congress. Even though I have done nothing wrong except to believe that my government would protect me from a crisis like this.
Hell even if I wanted to sell my home I could not. Have you checked out the Las Vegas housing market lately, it sucks. I have always made all of my payments on or before when due. But my government is just going to let me go down the tubes! I wonder how many others are in the same situation.
So in summary my ass is getting kicked, my government does not care and the rest of Americans are hoping it will not happen to them. If anyone in the Las Vegas area has an extra life preserver please throw it to me. I am going down for the last time and feel no one cares.
Thanks for asking Jack,
Dana B.
Jack. Welcome to the jungle baby. It is definatly dog eat dog out here.
Emotionally, psychologically, and with a deep sadness. It is very difficult to admit that our president, vice-president, congress and corporate heads are not in the least trustworthy, loyal, patriotic or concerned for their fellow man. To realize, admit and face the fact that our country is governed by greed, corruption and self-interests is heartbreaking. To know for sure that for the past eight years, we have been lied to, stolen from, and held in the lowest disdain imaginable by the ones we elected is criminal. To have them defending themselves and still governing and making life decisions for us is frightening. What is wrong with us, Jack? Are we really as stupid as they believe us to be
Thom
Negaunee, MI
Jack, I was laid-off three weeks ago, and I haven't had any luck finding work. I have no prospects either. I apply for jobs that look like a good match for my skills, but I never hear back. I think higher-level Directors are taking my jobs for less pay. How will I pay my bills? I'm scared. I don't know what to do, but I'm going to have to make some very upsetting and difficult decisions soon!
It is driving me nuts. To think the same people, government and industry took years to bring us to this can discuss it for few hours and arrive at fix is insane. Let's see some of these brain trust types jumping out of windows. That's the time to talk about a safety net.
As a student, i didn't buy my text book because its very expensive, i limit my food, just regular, bagel and tea breakfas, rice and beans lunch and rice and beans for dinner. Beside rent is higher every six-one year. I can't wait to finish school and O ... i don't know, if i could get job here, may be i will move to China or India or back home Ethiopia.
Personally, I'm not effected relative to a steady monthly income. However, there are many indirect versions of "affect", ie: I'm more worried about my extended family ability to keep their head above water, I'm watching my 'nice neighborhood' turn into a freeway of FOR SALE signs and stores closing, I'm watching Mother's in grocery stores study the price of an item as attentive as America is watching Wall Street; I could list many, many more things that are affecting me because of this Rich Stay Richer crisis.
My husband and I are watching our pensions (investments) stagnate. We have seen signifigant losses and are very concerned about what the future may hold for us. We did not anticipate something like this happening, though it shouldn't be a surprise to anyone. We are watching the American dream turn into an American nightmare!
Jack,
Hasn't affected me at all butI am not heavily invested in the market. I work hard and pay my bills and when I struggle no one is there to give me a hand out. They made their bed now they can sleep it.
Since I recently retired, I am very nervous that I could end up with NO income to live on. Wouldn't that be dandy after working for 36 years in education? Education doesn't pay much, but it is better than nothing!
Did anybody spend their economic stimulus rebate check yet? Bush may want your money back, ASAP.
I've been in a financial crisis for the past year and half[unemployed]. , So for me...... it's good to have some company. To all you NEWLY POOR...newly scared........it don't feel soo good does it! Welcome to my world!
I am living in a very economically depressed area. Need I say more? This depressed economy will have me looking and hoping for a job for a long time to come.
The finacial crisis is a sham. The American people are being taken for a ride. If we don't bail out the crooks like right now the world will come to an end. This stinks bad real bad.
Unless my mortgage company folds, I will be okay. I opted for a fixed rate rather than a variable rate. More people should had done the same. They should have known that even though rates were lower in the variables, rates were bound to be raised.
Jack –
I moved where the money is, it's flowing like water.
I own my own Business, and everything is paid for !
So, whatever happens, so be it.
The Republicans done this not only to the American People, but they done this to theirselves. They've got us in this hole,, and wants the taxpayer to bail them uot.
I believe there won't be a deal, regarding the Bailout. It will be prolonged, and what will happen is : they will tack it onto the deficit
Jack,
It certainly is. Wages won't keep up, and if the Fed raises the Prime, that will hurt everybody too. This mess didn't happen in 1 day, and it can't be fixed in one day. The U.S. needs to get control of its institutions.
John
Pampa,TX
Jack,
In all the discussions over the last week, I have not heard a single word about the credit unions in this country! Almost any business or citizen can become a member of a credit union near them and if they are a good risk can get a loan for a house, auto, etc. Credit unions are prospering, they do not con and scam people like the banks and the credit card companies have been doing, and could provide the liquidity that everyone is talking about.
I'll just say this, I'm not receiving that $700B, I'm paying for it. That's how this economy if affecting me. Paying for others problems.
Very little for us personally, if we can't afford it we don't buy it. Yes, we own a home (never had a mortgage), cars and 2 daughters in private universities and we pay our bills and taxes on time with no debt. It's called being frugal. No, we didn't inherit any of it.
Hey Jack hope your having a good day,
You will not believe me but my son might have to quit High School and look for some kind of work. He is in Special Ed and his medical has been cut. And he needs that Ritalin to learn. And that cost money also. As does meat and toilet paper. The grocery store prefer to throw the food out rather then lower the prices.
Seems California is going after anyone to save money. But that is life.
I don' think people see how far this whole issue of no property tax coming in is hurting everyone. Just wait until Christmas when it will be a choice of eating or a present. And some homeless family asks you for a buck. Geez, I feel like the Grim Reaper today.
Sorry Jack, but I am scared for my children.
Please, Jack, don't tell me they've got this thing locked up with banks, mortgage lenders, auto loan makers and credit card companies getting the bailout. I have family members who owe me a lot of money and my liquidity is in serious trouble. Can somebody write me into this plan?
I'm worried .... very, very worried !
The President said last night that the bail out money would be paid back. My question is What if they don't?? What wording will be in the agreement to guarantee all these fat cats pay the money back.
A Dem in UT.
Jack, recent developement-programms show a need for about $70B/year to prevent people in entire afrika from starvation. In other words: the bailout alone would save life in Africa for a whole decade.
The economic crisis affects all of us.
Its not really yet other compared to how it will be but the real pain comes after they finally get done printing all of this money we are needing to combat this "crisis." Just wait til the inflation comes... the snowball is still at the top of the hill.
Well I heard it's affecting McCain, he just saw a 25% drop in the value of his retirement account, that's why he run back to DC.
What's up Cafferty, i just got through writing down some of my comments to you, then i went back into my living room watched CNN again and now they are saying no agreement, I mean come on i bet there passing this bill right now behind our backs, i mean hello it's the Bush administration that we are talking about, they have been doing things behind our back for the past 8 years, this is nothing new i mean they might say its agreed they might say its not but lets get real they don't care what we think they have the power we don't, so don't be shocked if they are passing this bill behind our backs, man what can we do Cafferty, What can we do?
The current crisis increases my resolve to STOP SHOPPING! We cut up the credit cards a long time ago, and we're paying off our debt. If we need something we try to borrow it. If we can't borrow it, we buy it used. If we can't buy it used, we buy it locally from a locally owned and operated business. We grow a garden. The produce we can't grow we try to buy at local farmer's markets.
Contrary to what President Bush and his corporate overlords would like us to think, it is NOT our patriotic duty to shop. I really do believe that If we all cut back on the amount of money we spend, If we all spend only within our means and NOT on credit, they WILL feel the impact. We'll each be better off financially and maybe we can find a way to break the stranglehold the corporate overlords have on our democracy.
Well I just purchased a home a year ago and I am wondering why I did not wait. The property has already dropped 25% in value but my taxes have more than doubled as a first time home buyer. There seems to be no end in sight to how far property values will fall in the future. Am scared stiff viewing the various news reports on the state of our economy which in turn is making me nauseous and dizzy.
Mr. Cafferty you always tell it how it is – I greatly admire your CNN commentary which is based on honesty and transparency.
Thank you.
What ensures the tax payers that these firms won't file for bankruptcy and swallow the $700B with them? Even if there were interest on the money, it's unacceptable risk.
I guess I'm one of the lucky one's as long as we can keep a job. I still have time to ride the market out for retirement and I'm one of the few who never bought a piece of gum without cash. While I have very little confidence in our government/financial economy, when is someone going to address the personal responsibility in all this mess. The government kept telling us our economy is strong based on our spending. Spending with nothing to back it up, significant job losses and no sources of output can only last so long. It is a materialistic society. No one is owed a new car every few years, a completely furnished home and the latest in technology every 6 months. You get what you work for and even then it's not what you need.
My family values are very old fashioned but my social ones very liberal. I am still voting for Obama not because he has all the answers but because he has a fresh viewpoint and I trust his ability to make collective decisions based upon the best and brightest individuals he will place around him. The smartest people are those who know their limitations and aren't afraid to seek out other opinions and solutions but also can make a decision. Obama seems like that guy to me.
Well, I've managed to land a better paying job in this economy, have plenty of money in sound investments that are struggling a little that will rebound, rent a home at a great price that I share with roommates and live in a major city, which limits any trips in my car to 10 miles or less.
Everything's working great for me. But I suppose if I took on an interest only mortgage I couldn't afford in the suburbs a good 40 mile commute from my office I probably wouldn't be in the best shape. Oh wait though, that would be the government's fault somehow, not my own...
Our 401 is getting eaten up, the Qwest CEO stole most of it..
Student loans are at 10% for our kids. (You have to be really poor to get it lower)
(Not sure what it has to do with us) (And why do you have to put your race on the appt?)
Our Northwest Airline stock disappeared with the bankruptcy that they miraculous came out of. But mine are not good because they came out with a different ticker.... How does that work!
I think that is why American’s don’t want the bailout. We aren’t going to get anything out of it. Nothing has happened to these crooks that already took our money.
You say we can’t get credit. Big deal who wants it, we won’t have jobs, we don’t right now.. It’s finally hitting the rich and they are demanding action. Well the rest of the American’s are at the bottom and no one is bailing us out…. I say we take a change, we are a smart world and we will come out of this. Yes, some rich people are going to loose some money, Well great, they can join the rest of us. (I think many in Congress won't have jobs soon either)
Fed up, in Minnesota
Under Bush, my husband has been laid off twice, I have been laid off once. We had to relocate and take a lose on our house, our cost of living has increased while our salaries have decreased. Our daughter's student loans are going through the roof. And my mother now lives with us to help cut cost.
The last eight years have been great.
Its a shameful and a despicable sight to see what's going on Washington. Republicans have made a total mess of everything, from A to Z. McCain's decision to suspend the campaign and not show up for the debate tomorrow is even more shameful If he does not show up, he should be turfed out, and Presidency handed over to Obama.
Jack this is slowly becoming a disaster. As stable as I am, there are entire neighborhoods filled with for sale signs and I can't help but feel guilty when I see friends and neighbors have to pick up stakes form a once stable life. God help us all in the coming months.
Lexington, Kentucky
Well I owned a construction company for 25 years and now I am out of business. I now I am having a hard time just to make ends meet.
Simply "NO" !!! I am fine and made the right choices.... If the govt wants to bail out people for making the wrong choice then they should help me for making the right choices....ie... my house !!!
At this point, I have been blessed. So far, this economy has not been that devistating to my finances.
Due to paycuts and benefit cuts over the last few years, I have been forced into taking a voluntary retirement in July. No jobs, little prospects, and a shrinking 401k value. Great job boys – welcome to the emerging 3rd world country!
My husband is a construction contractor. No houses are being built, therefore no job. We are hanging on, but we eat peanut butter more now than ever. We are in our late 50s and want to reitre soon. Won't happen in even 10 years at this rate. We have huge credit card debt due to companies not paying my husband for the work he has done.
It will eventually affect me personally- because it's like the butterfly effect & what one thinks doesn't directly affect them immediately will eventually affect them in the future or our future generation(s). By the way,with our country in a deficit- who are we borrowing this money from anyways?
We own a small fish market, in a small town, and from the looks of things, if things don't change, we will have to close the fish market. If this happens all americans will be on a permanent diet. Our business has fell off so very much in the last 6 months, it is so hard to pay bills and buy food.
I haven't seen any effects yet and maybe that's why I'm having difficulty getting my mind around this bailout. It's not enough having Bush (who has been out of touch during the past eight years) getting on television to tell us that the sky is falling. The Bush administration and it's cronies are like the boys who cried wolf one time too many.
Jack, It's bad out there. I see it everyday in everyway. From shopkeepers to trying to fill up my tank without a grimace. It certainly affects you when you see others suffer even more than yourself.
I am hoping that my bank does bankrupt, that way I can get out of paying all of mortgage. Isnt that how corporate america works.
As a real estate agent, it is affecting my family's income deeply. Most people can not afford to buy a home and many are losing the one they had. I am lucky, I saw this coming and saved for the rainy day we are experiencing. If it gets much worse I will have to change professions.
One silver lining is that I have a lot of time to volunteer to get rid of the Bush policies that put us here.
Jack, when you're at the bottom you don't have far to fall.
My wife and I have three small checks that should come in no matter what the economy does, but I do have a $9.00 an hour job that I want to keep, and I do have a small (growing) 401K that I'd like to have around when I retire in 4 – 7 more years.
What could affect us more is the massive federal debt – if the government decides to renege on social security and military retiree checks then we will be in real dire straits.
Hello Jack,
I was listening to the radio and people were going to the bank taking all their money out.
I didn't take mine out because to be honest all they'd get is my rent money.
I still have my job but I know countless friends who don't have a job any more but lots of people over seas have good american jobs sent their way with out pause by good ole George W and the rubber stamp congress who let this happen on their watch and did not lift a finger to help anyone but their own greedy bottom line.
I wonder how much money the oil companies are going to pay george for flushing the american people down the drain, I only hope we find cleaner sources of energy so we can tell the people calling the shots in this country to go pack sand.
Tim in Vero Beach
Riverside, CA
Jack,
Let's see... I tried to figure how much per capita $700B represented, but I can't even enter $700,000,000,000.00 in my calculator. I get an error message "Value entered is too large." I think the financial crisis is hurting everyone, except maybe John and Cindy.
Why don't they give each family in America 1 million dollars. (700 billion bailout – population 300 million still leaves 400 mil in the coffers) That would help those with housing woes, those without jobs, those who may lose pensions with from AIG and reward those of us who are struggling to live paycheck to paycheck and boost the economy. I work 2 jobs, am buying a modest ($70,000) home, buying a modest 32 mpg car ($13,000), don't eat out, take my lunch everyday, I don't travel and have cut back every luxury except cable tv and internet access. It's still tough getting from paycheck to paycheck.
Carlton, GA
well, it's delaying retirement.....'nough said?
I do not live on Main or Wall Street. The cost of those homes is too high. It is apparent the republicans want to blame Obama and the democrates for the failure of an agreement or a cure in time.
I am upset that big business will receive a $700B stimulus package to put back into the economy and all I received was $300. I am a single parent whose son started his 1st semester in college in which he received $855 in financial aid for the year. Well, I made only $25,000 last year and he made about $10,000 on his 8 part-time jobs and our combined income is too much for him to attend college. Now, I am no mathematician, but I believe if G.W. Bush and Hank Paulson would take those $700B and divide among families who grossed less than $200,000 combined, we will not need a financial bail out!
Am I crazy...or did John McCain just ride into town after suspending his campaign & trying to cancel his debate just before it was announced that a deal was near?
Suddenly the deal is off...and he is smiling broadly at the WH meeting. Perhaps he has convinced them to slow down progress so he can avoid the debate and then appear as the savior by bringing the repubs back to the agreement they already had. Seems like politics as usual in the McCain camp!!!
Since the housing market is in a shamble and people are losing there home why don't the banks and mortgage company set all loans to fix mortgages, lower monthly payment and extent from 30 years to 35 or 40 years so people can stay in there home and banks won't lose the amount of money they are losing
Well let me see here.
I am no better or worse.
I will work in some capacity until I can no longer work.
I will continue to try and make my way through this. I will continue to try and stay within my means as that means is shrinking every day/.
I will try to reduce my budget and do without.
Somehow I think these big businesses have it pretty easy.
They are the first to pay themselves use up others' resources and then demand that the average hard working just making ends meet Americans foot their bills.
AND as the song plays on the Rich get Richer
I pray for our children and their children
What Legacy are we leaving them?
What has bad big business and government coruption done to erode their pride in our country and their hope for the future?
I am retired with everything paid for, but i would like to strangle whoever is even remotely responsible for this fiasco. The Greed just keeps getting worse by the day.
Being a college student who has a "free ride" due to numerous scholarships and grants I'm quite happy. In fact considering I have virtually no credit (aside from a single credit card used only for groceries, and is payed off every month), I think I might start investing since everything is so cheap these days.
Thanks baby boomers!