<p>Qdogpa, Ok…so why should people who see their standards of living decline while the financial industry is slowly bailed out, support the economic policies of today?</p>
<p>What if the bailout didn’t occurr? How many people employed in the financial industry who make significanly less the 100,000 be unemployed? Thousands and thousands.Way too many people complain about the salaries of the top management etc, but neglect to consider the employment of people who support the industry in lower paying jobs…</p>
<p>Was not a fan of the bailouts,but to focus solely on CEO pay,bonuses,etc is shortsighted</p>
<p>Fortunately,i know few people who seen their standard of living decline…A few relatives who started living beyond their means,aspiring to a lifestyle they couldn’t afford,have seen standards change, but the ‘standards’ were their choices,ie,cleaning help,landscapers to cut lawn,Iphones etc,etc</p>
<p>Ok…I disagree with you a little on the bailouts…there should have been strings attached…
Bailing out financial companies…and then these companies take a share of that money and just pay that money in bonuses is a transfer of wealth from taxpayers and savers to employees and bondholders of these financial institutions. Shareholders too…but they have taken a hit.</p>
<p>And Wall Street gets plenty of special treatment…capital is taxed at much lower rates than labor that has nothing to do with bailouts.</p>
<p>But why should those that are seeing their standard of living drop…and watching their
future prospects dim…suppport the economic policies of today?</p>
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<p>Boy, I was just thinking this. There is not a day that goes by that I don’t see a man or a woman clearly in their 70s working as a cashier at the checkout line. The lady who rang up my groceries a few hours ago had to be at least 75.</p>
<p>Now, there are definitely people, like my FIL who is 75 and works part-time at Home Depot because he loves to be out and about and he was a mechanical engineer and likes to put his expertise to good use… however, I can’t help but feel that not many of these seniors are working the cash register by choice.</p>
<p>And for the record, Bethievt, I think it’s great your son is participating. Change only happens when people are willing to speak out. One only has to look back at the protests, sit-ins, etc that happened in the 60s to see what profound effect it had on our society - racial barriers were torn down, the way people view war was changed, women got into the workforce…</p>
<p>I have two brothers - one 27 and one 42 who both lost their jobs recently. Both with CS degrees. My youngest brother worked for BOA. This is the first time someone very close to me has been affected by the recession. I think it’s getting much worse.</p>
<p>Qdogba…you don’t know anybody who has seen his/her standard of living fall? </p>
<p>What about the people you are helping?
What about the people that have relied on savings or investments?
You don’t know anybody who has seen their incomes stagnate?
You don’t know anybody who has lost his/her job or has seen their hours cut?</p>
<p>dstark, I remember at the time of the first bailouts in late '08, there were a few lonely voices saying, “Hey, before we give these guys all that money, shouldn’t we put some conditions on it?” But the panic was so intense that those concerns were brushed away. “Oh no, we don’t have time to worry about that. But they’ll do the right thing, just you wait and see!” was the sentiment from those who granted the bailout. </p>
<p>Come to think of it, that’s eerily similar to what we’re hearing now about giving tax breaks to the wealthy. “They’ll create jobs, just you wait and see!” :rolleyes:</p>
<p>Momlive, the real problem is people such as those you describe rely exclusively on SS to support themselves( same as my mother), and that is NOT what SS was intended to do…Secondly, i believe WE all are being sold a bill of goods by financial companies telling us we will ALL retire to beach homes or annual vacations abroad by investing in the stock market…Not saying one should not invest,but the so- called dream retirement is way out of reach for the masses</p>
<p>Dstark,</p>
<p>Yes those at the pantry are in bad shape,but many have been so for years.
Don’t know one person who i am close to who has dipped in retirement funds to live
Our wages have increased every year,we are very fortunate and lucky
Know of two fairly close people who were let go from their jobs, but got 12 months and 18 months severance, and bith have found jobs within 10 months, so they wound up making money from losing jobs</p>
<p>Cureently i know nobody i am relatively close to who are unemployed,luckily</p>
<p>Las Ma…I really hated the bailouts. I still do because they are continuing.</p>
<p>These financial institutions have borrowed 1.2 trillion dollars at close to zero interest rates…and these institutions are complaining about regulation. Or too much government. These institutions were saved by the government. This means these institutions were saved by us.</p>
<p>I’m a saver and my income has decreased size every year since the Fed cut rates to zero.
I am transferring my money to the banks.
You would think the banks would at least be grateful.</p>
<p>(And I know I am not the only one who is seeing his money transferred to the financial institutions. Millions of people are affected. I
guess wealth transfers of wealth are ok…if
taxes aren’t used to do the transfer.) ;)</p>
<p>Qdogba…your relatives and friends are fortunate. One of my best friends has filed for bankrupcy.</p>
<p>Where I work, 20 out of 47 people are going to lose their jobs at the end of the year. (it’s a secret. None of the people who are getting laid off know this). Almost all these jobs pay 100,000 or more. These educated people are not going to find similar jobs at anything close to what they are making.</p>
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<p>Amen to that!</p>
<p>qdogpa, are you saying that because none of your personal acquaintances has been adversely affected by the current situation, then NO ONE is? Because surely you know that’s incorrect…</p>
<p>Dstark, the low rates are not directly from banks,but from the Fed who’ve created this problem…i am of the opinion that higher rates might be the answer…Housing is in e the toilet with the lowest rates ever,so it can’t get significantly worse…higher interest rates would allow seniors and those reliant on income from cds, etc to have more money, and maybe spend more</p>
<p>LasMa, yep,nobody i am close to aside from a few family members who live beyond their means…nobody is unemployed,seen wage cuts…as a matter of fact both my teenagers work PT anytime they want at 15+ per hour,one is in HS, other in college…both also have second PT jobs they work,when they want</p>
<p>LasMa, just reread your reply, i never said NO ONE has been adversely affected,just few i personally know</p>
<p>:)…the Fed is lowering rates to save the banks.</p>
<p>Lowered the costs of money for the banks to practically zero.</p>
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<p>Oh it certainly can. Foreclosures continue unabated. Defaults will eventually become either short sales or bank-owned sales, both of which place downward pressure on prices.</p>
<p>^^^ and that is a crime^^^… though i wouldn’t want to go back to the loosey goosey lending practices either</p>
<p>Foreclosures will hapoen whether rates are 4% or 6%… shadow inventory will exist also…when people finally come around to the fact their homes are not retirment savings plans, and simply a home,then maybe,prices can stabilize…</p>
<p>Housing prices used to have an inverse relationship with interst rates,but i fear those days are long gone</p>
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<p>Then you and your circle are lucky indeed, and I hope you know that. Most people cannot say the same. </p>
<p>But you seem to imply that public policy should be made on the basis of the people you know – that people really aren’t suffering all that much, or no more than they were in the past.</p>