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Get Ready, It's Going to Get Worse!
Thanks NoiseyGirl, your discussion got me thinking…
As we get hit harder and harder in this economy, the ONLY thing separating middle from POVERTY (not lower) class is our homes, - and they are under siege and our jobs. Soon the moratorium on foreclosures will cease and as the unemployment rate continues to rise, you will see more and more violent incidences and a resurrgence of the 80’s (remember DC used to stand for Dodge City?). As a community, we will have to really buckle down and get ready for a helluva ride. The middle class is becoming an endangered species.
We need to save, and I mean really save. Save that Louis bag you want for later, and stash that cash. Save that new whip you want and stash that cash. Stop popping bottles in the club, get your buzz in the car before going in the club and stash that cash. If you’re living the motto, “it ain’t tricking if you got it…” soon, you won’t have it, stash your cash. Stop eating out and dropping $150 on dinner and buy some damn groceries and eat for a week – and I won’t even TOUCH how the cost of groceries have skyrocketed. Just save your money, stash you cash.
We are experiencing the worst financial crisis since the 1930’s, 533,000 people have been laid of in November alone, 2 million jobs lost since the beginning of this b*******, and they predict another 3 million of us will loose our jobs in the next two years. Housing, credit and financial problems persist; consumer spending fell by 1.7% last month and energy prices are getting lower and lower (notice the price of gas?), these things signal a deflation, which also adversely affect our incomes (IF we have jobs) and corporate profits (which decide IF we keep jobs).
While the Feds are about to slash rates AGAIN, it may help ward off a deflationary period for a while, but it doesn’t help us directly because at this point, many of us have jacked up our credit with a couple of late payments on credit cards, and in my instance, my credit card limit was REDUCED for NON-ACTIVITY!!!! Sure, you can now refinance that McMansion you bought a few years ago, but if you’ve been late on that mortgage, or that BMW payment, you won’t be able to reap the benefits of that. Unless the Feds do something to help those already hit by the recession and put measures in place which will allow EVERYONE to take advantage of the benefits, the s*** is REALLY going to hit the fan.
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Comment by Sugar on December 16, 2008 at 1:11pm -
So true BD so true.
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Comment by WorkingBlue on December 16, 2008 at 1:11pm -
One of my girlfriends just called to tell me they repo'd her car because she missed this last month's payment. Her husband couldn't pay it because his car note alone is like $600 (he has really bad credit). They both live with her mother. It could be the economy or it could just be her bad karma (she's been cheating on her husband since they got married, most recently with her boss and her hub's bff) but either way this crisis is hitting everyone hard. I can't tell you the last time I did some serious shopping.
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Comment by Sissy on December 16, 2008 at 1:17pm -
Well written. The crime is definitely going up. It's sad because the family of the man who killed the bus driver in NY a few weeks ago said that he had a short fuse after being laid off...he probably killed him because he didn't have the money for a fare.
smh
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Comment by Sexychick123123 on December 16, 2008 at 4:18pm -
Dam times are hard... Soon more and more people are going to start actin crazy.... and thats when s*** is going to get real crazy. Riots etc more home envasions.... The only thing we can do is pray....
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Comment by Chocolate Drop on December 16, 2008 at 4:36pm -
If she's sleeping with her boss & hub's bff it's no way her car should have gotten repo....that don't make common sense!!!!
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Comment by Holly-Would on December 16, 2008 at 5:23pm -
Merry Christmas
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Comment by Ishtar on December 16, 2008 at 8:24pm -
Hopefully, things won't get much worst than this.... What we are seeing are the loose ends being shaved off (sort of speak)... prices and inflaction / cost of living are coming back down to reality from it's inflated hiatus. Unfortunately many will suffer during this transition. Unexplored natural resources in the energy industry, science and technology will probably be the new venture for both private and the government industries in the coming years...
@ Choco Drop, it makes perfect sense, she trickin' for the trill of it.
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Comment by OLD $PICE PINE NEEDLE on December 16, 2008 at 11:59pm -
lol @ Lady Diamond....... it's the new economy, less is more now.
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Comment by Justis on December 17, 2008 at 3:36am -
Without an inch of doubt that's a shrewd post. This is a transition phase and theres hope at the other side although it will get worse than this but it shall correct itself. In this era, rich shall become the new broke and the only way to survive times like this is to adjust lifestyle (cutting down on those luxuries, observing polities carefully and of course being close to God almighty).
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Comment by she-who-rocks on December 17, 2008 at 12:05pm -
Get rid of all credit cards and learn to live by cash. Pay you rcar asap, and your house asap. Then you will have more flexibility when it really hits. cash is king, keep cash and budget. All I can say is budget and hold to it for now. They will not tell you we have been in arecession for well over a year now. They will not tell you that we are really in the beginnings of a depression. But we are.
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