Anyone that has spent more than a few days in a 3rd world county can easily see that we live in a land of excess... We buy more than we need, with money we don't have, and then THROW away what is left over damaged or out of style.....
This mindset has traveled up to the highest of companies who have capitalized on the "Average American" who spends than he makes, who then leveraged their assets beyond what is fiscally responsible running their companies like we run our households... I am definately guilty of this....
SO, what I think this means is that is finally time for america to become more financially, socially, and economically responsible...
We (those who make less than 100k a year) can no longer go out and max out every credit card we have, buy new luxury vehicles and every new Electronic device the foreign market puts in front of us.. It is time to pay cash, it is time to buy used, and it is time to conserve, and I mean everything from paper (print on both sides) to electricity to furniture that is somewhat out of style.. and only buy what you can pay for with cash.. Yes it isn't as much fun...
As for those at the other end of the spectrum it is time to start making financial investment decisions that further the american economy while making money..... Go out and buy a couple of foreclosed homes, they are a great deal... Pull (or threaten) to pull your money out of companies that deal in wasteful habits that atrophy the american economy, like outsourcing or giving HUGE bonuses to Ceos that do nothing but lose money while continuing to cut customer service, jobs benefits, and outsource labor just to try to raise their stock price a few pennies and justify their existance...
and for those in between, I know you don't have too but turn off a light bulb, buy a hybrid (you can afford it) or have something fixed... as you (upper middle class to wealthy) help us decrease demand prices will fall for all...
and if you don't need/ like/ want something donate it, so those less fortunate can enjoy it too! Please don't throw it away..
I don't know what this means for the country, but I know that is how it will affect my daily living...... and i believe this is how it should affect others.. WE don't need an administrative change to change our own lives, but God help us if the government doesn't do their part also...
What does recent financial crisis mean to us/ How does it affect our daily living?
I agree about the land of excess... who decided it was OK to spend more than you make? We have been back to cash for a year now -- it makes you really "decide" what is an important purchase and what is frivolity.
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Eric_MCC hit the nail on the head. We are the most wasteful society on the planet. We consume much more than we attribute and that is coming around to bite us on the ***. It is time for a change in the mentality of America. We can still be a strong proud nation, and not be so wasteful, my grandparents (both sides) lived off the land, they grew crops and actually contributed goods to society. We have to become a production oriented where as now we are consumption oriented. It's not going to be easy, but we are still a great nation and can rise to the challenge. What does recent financial crisis mean to us/ How does it affect our daily living?
george bush has committed the american taxpayer to an enormous financial burden and there are three ways the government can handle this corporate socialist bailout: (1) it can raise taxes, though not a popular option, (2) it can cut services dramatically--social security benefits, medicare, national parks, infrastructure maintenance (like roads, bridges and rail) or (3) print more money (inflationary, meaning your dollar will buy even less). None of the options are pretty, and although many lives today will not be affected, down the road at some point it will hurt all but the wealthiest of us. But there will be plenty of money for tanks and bombs, because war is a booming business, designed to enrich the already wealthy. If mccain wins, it will be business as usual for the little guy. If obama wins, we should see some hope for pulling ourselves out of the mess we are in. A great book by naomi klein tells the history of "frontier capitalism" quite well--it's called The Shock Doctrine and it's rather scary--especially part 6 when she talks about what the real motivation was for the iraq war.
This is impossible to answer without knowing more about your personal circumstances. If you would like to contact me via our website www.evolvefp.com and give me a few more details about your circumstances, I can try to give you an insight into this. To generalize though, it could mean higher inflation, higher mortgage costs, more forced redundancies and further falls in house prices as a result of these. That would be the pessimistic view!
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What does recent financial crisis mean to us/ How does it affect our daily living?
$ goes up means daily life become costly
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