"Worst Is Yet to Come:" Americans' Standard of Living Permanently Changed

[fillyacup]

There's no question the American consumer is hurting in the face of a burst housing bubble, financial market meltdown and rising unemployment.

But "the worst is yet to come," according to Howard Davidowitz, chairman of Davidowitz & Associates, who believes American's standard of living is undergoing a "permanent change" - and not for the better as a result of:

* An $8 trillion negative wealth effect from declining home values.
* A $10 trillion negative wealth effect from weakened capital markets.
* A $14 trillion consumer debt load amid "exploding unemployment", leading to "exploding bankruptcies."

"The average American used to be able to borrow to buy a home, send their kids to a good school [and] buy a car," Davidowitz says. "A lot of that is gone."

Going forward, the veteran retail industry consultant foresees higher savings rate and people trading down in both the goods and services they buy - as well as their aspirations.

The end of rampant consumerism is ultimately a good thing, he says, but the unraveling of an economy built on debt-fueled spending will be painful for years to come.

http://finance.yahoo.com/tech-ticker

 

[5-Dime NwK]

Never thought being in the military would actually work out for me. haha. Obama better make some "changes" within the next 20 months or i might actually have to stay in the fucking navy.
Don't fail Obama.

 

[fillyacup]

bush left the next president, which is now obama, a SHIT load of problems. i think we wont get better until his second term. IF he's re-elected.

chances are he may not be cuz idiot people will blame obama that shit isnt getting done. what the fuck they think he lord jesus christ zeus allah buddah?

 

[5-Dime NwK]

I didnt have much faith in Obama from the start.
He called for all this shit we need to do, then when we was inaugurated he started talking all that "going to take time" shit. Lets watch this stimulus plan fail. I hope for the best. I'm still spending money, so I'm doing my part,

 

[fillyacup]

we NEED to spend money. all this scare tactics to keep us from spending is one reason why i think we are in a "recession"


TAX THE RICH

 

[Gold Deez]

we're all fucked...

 

[:ab:]

bush left the next president, which is now obama, a SHIT load of problems. i think we wont get better until his second term. IF he's re-elected.

chances are he may not be cuz idiot people will blame obama that shit isnt getting done.

very true.

i think that this guy is right on. no longer can we live a life of excess. in some ways that is good. in other ways, the rest of the world is going to catch up and it is not going to be easy for the US to get back to where we were. if we are lucky enough to EVER get back to where the US was and still is (as far as quality of life is, right now)

 

[MEXCOM]

we NEED to spend money. all this scare tactics to keep us from spending is one reason why i think we are in a "recession"


TAX THE RICH

Spending money and taxing everyone not just the rich. tax increases will help.

 

[5-Dime NwK]

Here is what would help... Let go ahead and NOT print money to spend. If we don't have the money the government shouldnt be fucking spending. This stimulus creates a lot of TEMPORARY jobs. In a few months/years those jobs are gone. Then what happens? Hope for the best?
I cannot understand how our government continues to spend money when we are trillions of dollars in debt. Then all the scare tactics to get people to support the stimulus just cause people to stop spending. Further fucking up the economy.

The mother fuckers running this country are a bunch of greedy failures.

Fear not tax payers, I just got an award for saving the Navy over $150,000. I am sure it was spent on something stupid instead though, hah.

 

[5-Dime NwK]

Spending money and taxing everyone not just the rich. tax increases will help.

If they raised taxes $1 dollar a month on everyone, think of the revenue increase with minimal affect on the population. I should run for president hah.

 

[Collapse]

Here is what would help... Let go ahead and NOT print money to spend. If we don't have the money the government shouldnt be fucking spending. This stimulus creates a lot of TEMPORARY jobs. In a few months/years those jobs are gone. Then what happens? Hope for the best?
I cannot understand how our government continues to spend money when we are trillions of dollars in debt. Then all the scare tactics to get people to support the stimulus just cause people to stop spending. Further fucking up the economy.

The mother fuckers running this country are a bunch of greedy failures.

Fear not tax payers, I just got an award for saving the Navy over $150,000. I am sure it was spent on something stupid instead though, hah.

I agree.

What needs to be done is stop borrowing and consuming and start saving and producing. We need to produce wealth, credit is not wealth.

 

[lenbiasyayo]

"


TAX THE RICH

tax them rich cunts and send that dough my way im broke as shit got a 400 hooptie and a rash on my nutz

 

[:ab:]

see the thing is, wealth cannot be created if credit is not available. have you guys ever heard of edward maynard keynes? spending is what got america out of the great depression.

but it is such a huge mess that i truly see no end to any of it.

 

[COMPTONRIDA1]

OBAMA IS FULL OF SHIT...1 WORLD GOVERNMENT HERE WE COME....

 

[5-Dime NwK]

the greed at the top is what fucked us.

these dumb fucking car companies... million dollar salaries, private jets, but they got no money... weird.

greed.... money is the root of all evil.

 

[Likwid]

FLAT TAX BITCHES

 

[:ab:]

greed, vanity, overindulgence, taking things for granted, gluttony....bunch of stuff led us to this point.

 

[fillyacup]

the greed at the top is what fucked us.

these dumb fucking car companies... million dollar salaries, private jets, but they got no money... weird.

greed.... money is the root of all evil.

why does the government, US, need to bail them fucks out? why dont they go hit up the oil companies

 

[5-Dime NwK]

^^ i agree. Fuck bailing out people with bad business practices. If you fuck your company up, it should FAIL. Someone will be there to take your place.


Pop the top dog drug dealer, someone will take his spot. its the way of the world

 

[Mike Manson]

Don't spend money you don't have. Simple as that. If people would not always buy everything without even havin any money, then there wouldn't be this problem.