REALLY Worried About the Economy

MoniDew · 10-06-2008, 07:44 AM

The news is bleak! I just read that both European and Asian stock markets are crashing in response to the US's recent economic failures. It looks as if the rest of the world doesn't believe our "bailout" is much of a bailout at all!

I am really terrified - and I mean anxiety attack, scared out of my mind, sick to death kind of terrified - that this could mean a world-wide economic depression on a level we have never seen before.

If the animal excrement really does hit the occillating turbine, we will have to dig deeper than our ancestors did during the "great" depression. (This depression will be far "greater" than that.)

What do you plan to do to get through it? Will you grow your own food? Barter/trade instead of pay cash? Sell off everything you don't need to pay off your debt? What can you/we do to survive? (We will all need to do a combination of EVERYTHING we can think of in order to survive, I know. But let's start generating those ideas NOW! We'll need them!)
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Fourth Generation Legacy

Puddinpop · 10-06-2008, 02:36 PM

Monidew, I don't think it is going to be as bad as all of that. Have you ever listened to Dave Ramsey? If not, you should check him out. He has compared statistics and said it is no where near the great depression. Chill, lady.

zkimom · 10-06-2008, 02:58 PM

It is terrifying, isn't it? Unless, of course, you are a Wall Streeter and the gov't just handed you $700 billion plus another $150 in tax breaks.

I've just started to hear the word "depression" bandied around.

My dh listens to short-wave radio most of the time so he seems to hear things a bit ahead of what comes out in the media here. Seriously, we are having a hand pump installed so we can access our well at all times.

I have a garden but since it was my first crack at it this summer, I don't have much left to show for it besides some cukes and peppers that need harvesting before tommorrow night's possible frost. Having a garden did help greatly with my grocery bill during the spring and summer but that didn't offset the costs of building the beds and buying plants.

We are cutting back on most expenses that aren't truly necessary. Hopefully, we will be able to continue to buy the essentials like food and clothing and put gas in our cars but I have heard that gas is scarce in the Southern states since Hurricane Ike. I'm wondering if that scarcity will be travelling north anytime soon.

It's hard to comprehend the full potential impact of these troubled times. I'm trying to keep optimistic although that's hard to do. Some days I just can't bear to listen to the radio or watch the news. Which is tough because my dh likes to come home from work and turn on BBC America while I am making dinner. If you think things sound bad from our end of it, you should hear it from theirs.

Sunshine's Mom · 10-06-2008, 02:59 PM

Try not to worry so much. It's really not going to be that bad. I think the worriers are the rich folk that have a lot of their money tied up in stocks that revolved around the mortgage industry. I don't have that worry. There will not be a worldwide collapse. The media is hyping things because its a good news story. Stop watching the news.

However, on the positive side of you're wanting cost cutting measures - you knit. You can make your own clothes!

iza · 10-06-2008, 03:00 PM

Sure the stock markets are bad right now, no doubt about that. Are we heading for a depression? I think the economy will slow down for a while, some people might lose their jobs. But I think it's going to be temporary, and I really doubt there will be a depression. No need to panic.

cftwo · 10-06-2008, 04:05 PM

My grandmother (who got married in the middle of the Depression) once told me that when big stuff like this happens, you can't let it take over your life. You deal with what ends up on your plate, and really, try to ignore the rest. Worrying about it does you no good - it doesn't make the situation easier to deal with, and it doesn't make the situation better. What happens to the market will happen to the market. She told me this when, as a college student, my entire campus was flipping out a bit over the first Gulf War. (Was this going to be a big war? were they going to reinstate the draft? worry, worry, worry)

So, take a deep breath. Let go of the problem. If it works for you ask God (or a Higher Power) to take care of the situation.

If you want to do something - anything at all -, just spend mindfully and think about what you buy. What's the best buy (quality and price) for your money? Do you really need a new X when, once you think about it, you have a lot of Xs in your closet/cabinets at home? Are you throwing away perfectly good stuff which you could use? But don't panic. I don't think we're anywhere close to the point where you need to sew broken shoelaces back together.

Crycket · 10-06-2008, 04:09 PM

It is a scary prospect, but it is one of those "we have to wait and see" things.

It is like waiting for the next 9/11. If we all sit and wait for it to happen, it will paralize you.

I am a girl guide, and it is always good to "Be Prepared" but that applies to everyday life. What is the old saying, Prepare for the worst, hope for the best *smiles*

Hildegard_von_Knittin · 10-06-2008, 05:04 PM

Moni, I won't tell you not to feel the way you do... you're allowed to feel however you want to feel about anything! I'm sorry you've been sick with worry over this, though, and hopefully you'll find some resources here you can use.

The only advice I can offer is to prepare in the best way you can, in the best way that makes *you* feel safe, secure, ready. If that means starting to grow you're own food, then start researching NOW what you'll need to do so you'll be ready come planting time this spring. Make a list of the stuff that you absolutely *must* have, and then decide for yourself how much you really want to keep the "extra" stuff... then sell/trade what you don't need. Investigate ways to change your lifestyle so that you're prepared to live more frugally. If/When this turns out to be less serious than you're expecting, you won't have lost anything you didn't need, and you'll have gained some new skills along the way. Most importantly, you'll have some peace of mind, and that's what you need most of all.

Hang in there!

auburnchick · 10-06-2008, 05:18 PM

If nothing else, I think this is a good wake-up call for everyone.

I know that my family has been making an assessment of the things we can do without.

I've made some budget cut-backs, but only because my subbing work is not paying as much as my other part-time job...not necessarily because of the economy in general. I'm trying to lower some bills and have cut out things like my cable's DVR and HD channels, which is going to save me about $40/mo. Do we really need to watch so much television? We're also hanging clothes to dry in my garage, and I'm getting blinds installed in some rooms to cut down on our electric bill. Little things that will hopefully make a difference.

This is a good time to teach our children about being fiscally responsible.

Remember that the economy operates in cycles. If we go into a depression, eventually, we'll get out of it. What goes up must come down and likewise.

Hang in there!

Wanda Witch · 10-06-2008, 05:32 PM

I survived as a child of the Great Depression. No, there were no multiple TV sets in the house, all hooked up to cable, etc., a vehicle for everyone old enough to drive in one family, expensive vacations, cell phones for everyone, desktops plus laptops, in general things that really are not necessities. I really don't think this will happen again in this country, but it might be a wake-up call for the younger generation to really take stock of what they need and what is a luxury we can all live without. I realize you are worried, MoniDew, which is healthy but I would not panic. Gee, I hope I don't have to eat these words. Born in '29, three weeks before Wall Street Crumbled.