Tuesday, October 14, 2008
Calamity
Sitting in the classroom today this popped into my head: For all the financial troubles in the past month, has anything changed for the average Joe? Try as I might, I couldn't think of any concrete, day to day effects as a result of all this trouble. The argument is this: The masses don't feel the pain for another few months when the job market slows down, no one can find a job, prices continue to go up, and investments stagnate (or, worse, go down). But, for now, is anyone out there feeling this?
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5 comments:
Zachary,
I think that people definitely are. Ask your mom how much her retirement account has lost in the past six months. If she's been conservative, the answer may be not much, but ask around among your younger colleagues. Also, the job market is terrible and I think people are finding it difficult at all levels to land a job because there are so many applicants. Also, I read yesterday that this year may be the hardest year possible to get into graduate school because so many people are forgoing entering the workplace. I'm sure there are more things, but I will tell you that my piddly little retirement account has lost about 10% of its value after being up at least 5% last year. Some thoughts.
Josh
This not quite as profound as the entry above but my dad is driving for a car hauler business right now and because of the stock crashes no one is buying cars, which means no loads for my dad which means no money. It's just one example but I figure if it's effecting one person, it's probably effecting others too.
-Christine
Substance!
Josh and Christine, thank you for sharing the info and personal stories. From my vantage point I haven't seen the kind of changes you are describing and have heard about them only in the news. I suppose I'm in a bit of a bubble at school all day.
http://www.lagrandeobserver.com/News/
Business/Local-real-estate-market-
shows-decline
Here's an example close to home. I'd guess that these figures are the result of our generally shitty economy for the past year or so. Who knows what the very shitty economy of the last few weeks will mean for a place as far down the economic stream as LG.
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