Okay. Listen up! I don't care what the media has been screaming about. This is NOT another Great Depression. I'm going to explain to you why.
Kass's Top Three Reasons Why This is Not Another Great DepressionThe Great Depression began with the crash of the stock market in October 1929 (the crashes are always in October...). Many investors
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We are a one income comission based household and that comission has all but dried up. Christmas has to go on the Credit cards this year and use the tax return to pay it off. That is now what we wanted to do with the tax return this year but its better than nothing.
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Bob was a car salesman for two years, so I completely understand where you're coming from. Good luck!
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Now, can you explain to me (and I am not being sarcastic) why gas prices shoot up hand in hand with the price per barrel but do not fall when the price per barrel comes down? That is one I really do not get. If gas fell to under $88 a barrel, why did I have to pay 3.55 to fill up yesterday?
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The price of gasoline did not fall. The price of Brent Crude (UK) and Texas Light Sweet Crude dropped on the commodities market. That means that the price buyers are willing to pay for those raw materials are down. The price of gasoline takes into account a lot of things, the biggest one being the cost of turning Light Sweet Crude into gasoline. And in a shakey economy, oil processors may have raised their prices to ensure that they'll have the cashflow to stay in business through this shake-up ( ... )
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(By "talk radio" I really mean anyone but the BBC who seemingly is the only news outlet who's not waving their hands over their heads and panicking. I mean, on BBC World Service yesterday, they actually explained the Commercial Paper market -- the sector of "Wall Street" I used to work in!)
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I think our Planet Money podcast is doing a damned good job of explaining things. They even broke a big story about the bill passed last Friday.
And yes, they are interviewing experts who are telling people not to pull all of their money out of the market and keep it in their mattress.
That said, I have to note here that the American economy has been fueled by debt, not real wage increases, for the past, oh, two decades, but particularly since 2000. We have to learn to live within our means. (But no, we shouldn't panic and stop spending, either.)
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With that said, some State banks do have FDIC insurance. If they do, they will have copious signage to that effect because it's a big deal.
In my opinion, it is not a good idea to keep your money in an uninsured State bank.
- K. Moyer, Analyst, Old Point National Bank
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I know many, many people who are convinced the sky is falling--that's one of my favorite analogies.
(I gotta agree about the talk radio. And most national and local media. Brrrr. If it's not dramatic and "newsworthy"--read panic--they don't really seem to want to cover it.)
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I stopped watching the American news when I was in the Miami airport and CNN was covering Anna Nicole Smith's autopsy. A little ticker ran under the picture that announced that Ian Paisley and Marty McGuinness came to an agreement to end the troubles in Northern Ireland and were actually signing a power sharing agreement with Bertie Ahearn and Tony Blair that day. That was Earth-shattering International news. The END OF THE TROUBLES!
But no. What killed a drug-addicted bimbo was much more newsworthy... :/
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Most media news, political and otherwise--along with most talk radio--makes me tense or angry or depressed.
And OMG. That's pretty sad about the CNN report. Amazing...
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It's all bullshit. I've been approaching this economic nightmare like it's any other day, thanks to you! Plus, plain common sense tells me that panicking will only make it worse. I have, however, been more mindful than usual of patronizing small businesses.
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