Scare Machine

iVillage Member
Registered: 03-25-2007
Scare Machine
21
Tue, 09-30-2008 - 12:44am
I'm watching a rerun of an earlier broadcast of Larry King Live.  He's had Suze Orman on as well as Paul Krugman and Ben Stein.  They all agree that we are screwed.  Krugman and Stein (from opposite sides of the poltical spectrum) spent most of their time agreeing with each other and reinforcing the gravity of the situation.   Both say that things will get worse and for a good long time (years) before they get better.   Both seemed to think the situation is so bad that a nationalization of some banks like was done by Sweden may be necessary to rescue the economy.  Orman is predicting that credit card companies will soon be sending out notices  reducing credit limits, etc.  I think that the scare machine is taking this is seriously, probably more seriously than most of us. 

Sopal


Sopal

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iVillage Member
Registered: 03-26-2003
In reply to: sopall1953
Tue, 09-30-2008 - 10:09am

True. They don't use electrical appliances or motorized vehicles either. They have been living as they do for over a century and are accustomed. We (collectively) are not.

But unless you're Amish and know through first hand experience (kinda doubt it with the computer use), saying that a credit crunch would not affect them could well be incorrect. Most of them are farmers and they might buy machinery (horse-drawn) and seed with store credit.

Gettingahandle


Ignorance is Nature's most abundant fuel for decision making.


Facts stifle the will, hobble conviction.

Gettingahandle

Ignorance is Nature's most abundant fuel for decision making.

iVillage Member
Registered: 03-30-2007
In reply to: sopall1953
Tue, 09-30-2008 - 10:17am
Sorry, but the Amish are hurting.
iVillage Member
Registered: 01-06-2001
In reply to: sopall1953
Tue, 09-30-2008 - 10:22am

Never said I was Amish or didn't use electricity.

 

iVillage Member
Registered: 05-27-2008
In reply to: sopall1953
Wed, 10-01-2008 - 6:43pm

Yes and we do it all the time.

iVillage Member
Registered: 05-27-2008
In reply to: sopall1953
Wed, 10-01-2008 - 6:55pm

Bet the Amish aren't worried about the credit crunch! Need to live off the land like the Indians, they didn't care about credit or wall street.

You may want to refer to the June 8 2007 National Catholic Reporter's article about the Amish Loan fund the the mortgages that they have granted.

iVillage Member
Registered: 05-27-2008
In reply to: sopall1953
Wed, 10-01-2008 - 7:04pm

I agree with you. Neither my husband or I have a pension, we will be reliant on our 401K and our Social Security. I am just grateful that conservative Republican didn't get their way when they tried to privatize Social Security.

I also agree that we have a right to outraged and the people who headed these corporation should be tried and jail and their earning confiscated.

iVillage Member
Registered: 07-03-2008
In reply to: sopall1953
Wed, 10-01-2008 - 7:35pm
We are just doing OK,we aren't wealthy by a long shot, but we don't have a big mortagage to pay either, it's 20 months from paying off our home. About the same for our new Subaru Outback(had to get rid of the Jeep Liberty) too thirsty! We are going on a trip to Williamsburg next wednesday-sunday. We had planned a longer vacation, but for costwise and timewise since I help my son with our grandson(get him off to school and pick him up a few days a week) So our trip shouldn't cost total much more than 1,200. How these people afford these big expensive vacations!
iVillage Member
Registered: 01-06-2001
In reply to: sopall1953
Wed, 10-01-2008 - 7:48pm

I am not sure how they do.

 

iVillage Member
Registered: 07-03-2008
In reply to: sopall1953
Wed, 10-01-2008 - 8:39pm
LOL, my DH and I have always been conservative with our money. Never charging anymore on a credit card that we couldn't pay off the end of the month. I have to admit, I did buy a few expensive rings I paid off within a year because I could get them interest free for 1 year. I was still working then too! Our wedding and Honeymoon was CHEAP! My father gave us 1000 budget!
iVillage Member
Registered: 04-02-2008
In reply to: sopall1953
Wed, 10-01-2008 - 9:04pm

Sopall,


I agree with what you have posted however companies are suppose to plan and budget for these things.