How bad is the economy? Well, the media constantly bombards us with story after story about individuals and families who are having a rough go of it.
This is only half of the picture though. Take me, for example. I'm not in financial trouble. I've gotten steady salary increases for the last several years. My home isn't in danger of being foreclosed. I'm not panicking over my retirement investments because I won't touch them for many years, and there's plenty of time to recover (and the market *always* recovers). Food and gas costs are up, but we had some cushion built in between income and outgo. Enough to be doing ok, and to be able to afford adding insulation to my attic to reduce energy bills.
Taking an informal poll where I work, there are at least fifty people just like me, all riding along more or less unfazed by this rough spot in the economic cycle.
In my neighborhood, there are two homes being auctioned off. There are three hundred that aren't. You might hear about them, but you won't hear about me, or my coworkers, or my neighbors who are doing ok. But we're part of the story too.
Tuesday, October 07, 2008
Data Point
Posted by Ted at 5:15 AM
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5 comments:
Well said. We have a couple homes in the area that were obviously take back by banks because the former owners over-extended. I hate to say this but I could TELL they were over-extended right after they moved in. I can't put all the blame on evil pols. I have to think at least a little of the blame goes to people who read the closing docs and thought "this seems to good to be true" but signed anyway.
Part of it is that people don't seem to think ahead. Variable interest rates are just that VARIABLE. A lot of people don't understand what that means and instead of looking further into it, just sign and say whatever...it comes down to researching and making sure you understand what you are signing before you sign it.
Not one person I work with is effected by this, other than their 401Ks. My husband and I are like you as well.
My only concern is, my husband owns his own business, and I'm afraid that it will be the trickle down effect. I'm afraid his business will take a hit in the next few months because of everyone else. That's what makes me nervous...
I'm making a point of patronizing small businesses, too. Moreso than usual. A lot of this is sorta like that famous fable -- the one about the ant and the grasshopper (or whatever the hell critters they were). Remember? One stocked up and planned for winter and the other just dicked around. And then the big fairy government came in and saved the one that dicked around and the one who planned all along was pissed off about having played by the rules and felt like a chump. The End.
Good words.
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