Category : economy
I feel like a real schmuck. The sad fact is that the reason I feel like an idiot is because I’m honest.
On the day I’m writing this, February 2nd, I’m gathering up all my tax stuff to send to the lady who has done our taxes for years. While I’m looking through all our receipts, records, W-2s and such, I’m listening to talk radio and how Tom Daschle, Obama’s pick to lead the Health and Human Services Department, failed to pay more than $120,000 according to CNN.com.
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No, your eyes do not deceive you! And yes, I agree – Bob Lutz, Vice Chairman of General Motors, is probably the last person you’d expect to be calling for higher gas prices. Especially given the state of the economy, and the knock-on effect it’s had on the automotive industry.
It’s even more surprising when car manufacturing giants such as GM and Chrysler have dragged their heels when it’s come to making improvements on fuel consumption. But as BBC World News reported, when gas prices rocketed last year, there was a refreshed enthusiasm for fuel efficient, more environmentally friendly cars.
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Everyone is feeling the impact of this struggling (in some cases downward spiraling ) economy. It is hitting us in the pocket book, and we are having to change our way of life and cutting back to make things work. That alone sucks. However, I was dreading the day where the businesses I frequent would have to make drastic changes or worse – close their doors to the public.
Small business are taking a big hit right now. Things haven’t exactly been “good” for them over the past year, but now things are even more dire. Money is tight, consumers are watching their spending and they do not have the access to the credit they may need to stay afloat.
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Over the summer, back when everyone was more concerned with the price of gas than the government deficit or the economic health of our country, I stood behind a woman at a cashier cage at a Wal-Mart gas station. The thing I found remarkable was that, while the lady was dressed very plainly in her nylon knit pants and black, soft-soled, service shoes, she had a Louis Vuitton purse hooked on her arm. The bag looked large and expensive and I studied it closely to see if it was counterfeit. After all, the woman didn’t look wealthy and a bag like that can run, I’m told, around $1000.
As far as I could tell, the purse looked like a real Louis Vuitton. You see, I had plenty of time to study the handbag. The woman in front of me kept trying to pay for the gas with credit cards. She handed the cashier three different kinds only to be told by the man behind the counter, “The card company tells me I should confiscate it.” And he chuckled lightly as he handed the last card back to her.
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I’ll never claim to be an economy expert. However, my not so bright cockatiel could tell you we are amid a financial crisis, and that we have been slowly circling the drain for some time now. As we are inundated with rhetoric about the bail out and golden parachutes, it becomes obvious that many people just are not informed.
I’m not a fan of the government having to bail out our Financial Institutions. I believe that this could have been avoided if better choices were made, and our government admitted we were in trouble long before it became the current mess. Normally I would be against the government using tax payer money to come to the rescue of financial institutions. However, I’m completely aware that without the bail out, our Market may fall further into disrepair.
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Every day, I’m reading of stock market losses. 200-500 point losses each day. This cannot be good. And yet, I must admit I don’t understand the how and why of it all. And I don’t really have time to do the research necessary to grasp it well.
Before you judge, I am very busy with work, baby, and family. I get maybe an hour to myself each day when I’m not in traffic, and I typically let myself watch a show i’ve missed on Hulu.com. So I have a few questions that hopefully some of you economy pundits out there can explain to me. They’re very basic questions, but questions I bet many people don’t know the answers to.
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Okay, it needs to be discussed, but I am far from the economic expert. The House of Representatives will vote today on the revised version of the proposed $700 billion bailout. At best, I can discuss this from a theoretical / logical perspective, and then I’ll leave it up to you to toss out your opinions and concerns.
Capitalism Presumes Risk
The very nature of free enterprise presumes risk. You are free to do your darnedest to create and build a successful company. You willingly assume the risks and rewards that come from such an endeavor. That’s how it works. That’s the only way it works.
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