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We all see it, read it, and hear about it on the news. Economies are in constant turmoil and it certainly affects most people around the world - such as austerity measures, cuts in benefits, and so forth. Locally or nationally - does it affect you? My question aims at anyone who wants to vent their frustrations.

Limiting the scope of my response to U.S. economics, how it affects me and what I'm doing about it other than posting here. I see prices go up incrementally over time as the dollar becomes worth less, with prices increasing at a pace that exceeds increases in my income. The result for me has been a progressively lower standard of living with less disposable income. Of course this is a common theme for many.

Frustration comes from unrealistic expectations or the delusion that one has more power / control over something than actually exists.

One thing I am doing to combat frustration is educating myself through freely available sources online (mostly YouTube) about the U.S. economy, why economic events happen as they do and the chances of the U.S. economy getting better or terribly worse in the relative near future. Another thing I am doing is working to start a website / forum to help wake up others and bring them up to speed. And I am buying storable food at today's prices as a hedge against future likely price increases.

I've noticed the cost of living rising an the number of extra overtime shifts I get at work has dramatically decreased.

It's affecting, i see it when i earn some money how fast they are not any more in my pocket. And i didn't bought anything big, it was just a little thing like one party at the town or something similar like that.

(2013-01-06, 11:33 AM)BR549 Wrote: [ -> ]Limiting the scope of my response to U.S. economics, how it affects me and what I'm doing about it other than posting here. I see prices go up incrementally over time as the dollar deflates (becomes worth less), with prices increasing at a pace that exceeds increases in my income. The result for me has been a progressively lower standard of living with less disposable income. Of course this is a common theme for many.

Frustration comes from unrealistic expectations or the delusion that one has more power / control over something than actually exists.

One thing I am doing to combat frustration is educating myself through freely available sources online (mostly YouTube) about the U.S. economy, why economic events happen as they do and the chances of the U.S. economy getting better or terribly worse in the relative near future. Another thing I am doing is working to start a website / forum to help wake up others and bring them up to speed. And I am buying storable food at today's prices as a hedge against future likely price increases.

The Global economic crisis was in the main caused by the US banks and financiers, by lending more and more to the sub prime market, because all the natural sources of lending were failing, the writing had been on the wall for years, the signs were there, people were paying off credit cards, not buying houses, paying off mortgages, lending was down, the best way for banks to earn money is to lend it. The onely market left was the very risky sub prime, when the US banks started doing it, UK banks asked our government for the OK to invest, they gave it, when your sub prime market failed it affected the global banking industry.
Countries like the US and the UK decided to prop up the banks, instead of letting them fail, like any other business would, if they had used the money they gave to the banks, to the people, it would have stimulated the economy not put it into recession, the problem is that banks support the major political parties with massive loans, so letting the banks fall, was never going to happen.

Iceland did exactly the opposite of the US and UK, and are coming out of recession faster, the let the banks fail, jailed the bankers, and gave money to the people, of course the rest of the west is complaining because they have lost a lot of money because Icelandic banks failed, but Iceland says that's business, and all business is a risk.

How does all this affect me, it means my pension is now worth only 75% of what it was, so now I will have to work for another 5 yrs, prices of the basics increase daily, I'm talking bread and milk, I can do without going out to the pub, petrol is now £1.33 a litre in the UK, so it costs me more to get to work, fuel for the home costs more, so the heating comes on less, and we tend to sit in the dark to watch TV, and with all these economies the household books barely balance.

(2013-01-06, 12:16 PM)Spangle Wrote: [ -> ]The Global economic crisis was in the main caused by the US banks and financiers, by lending more and more to the sub prime market, because all the natural sources of lending were failing, the writing had been on the wall for years, the signs were there, people were paying off credit cards, not buying houses, paying off mortgages, lending was down, the best way for banks to earn money is to lend it. The onely market left was the very risky sub prime, when the US banks started doing it, UK banks asked our government for the OK to invest, they gave it, when your sub prime market failed it affected the global banking industry.
Countries like the US and the UK decided to prop up the banks, instead of letting them fail, like any other business would, if they had used the money they gave to the banks, to the people, it would have stimulated the economy not put it into recession, the problem is that banks support the major political parties with massive loans, so letting the banks fall, was never going to happen.

Iceland did exactly the opposite of the US and UK, and are coming out of recession faster, the let the banks fail, jailed the bankers, and gave money to the people, of course the rest of the west is complaining because they have lost a lot of money because Icelandic banks failed, but Iceland says that's business, and all business is a risk.

The scope of my comments are limited as I originally posted. So no comment regarding this from me (out of respect for the OP).

(2013-01-06, 12:16 PM)Spangle Wrote: [ -> ]The Global economic crisis was in the main caused by the US banks and financiers, by lending more and more to the sub prime market, because all the natural sources of lending were failing, the writing had been on the wall for years, the signs were there, people were paying off credit cards, not buying houses, paying off mortgages, lending was down, the best way for banks to earn money is to lend it. The onely market left was the very risky sub prime, when the US banks started doing it, UK banks asked our government for the OK to invest, they gave it, when your sub prime market failed it affected the global banking industry.
Countries like the US and the UK decided to prop up the banks, instead of letting them fail, like any other business would, if they had used the money they gave to the banks, to the people, it would have stimulated the economy not put it into recession, the problem is that banks support the major political parties with massive loans, so letting the banks fall, was never going to happen.

Iceland did exactly the opposite of the US and UK, and are coming out of recession faster, the let the banks fail, jailed the bankers, and gave money to the people, of course the rest of the west is complaining because they have lost a lot of money because Icelandic banks failed, but Iceland says that's business, and all business is a risk.

How does all this affect me, it means my pension is now worth only 75% of what it was, so now I will have to work for another 5 yrs, prices of the basics increase daily, I'm talking bread and milk, I can do without going out to the pub, petrol is now £1.33 a litre in the UK, so it costs me more to get to work, fuel for the home costs more, so the heating comes on less, and we tend to sit in the dark to watch TV, and with all these economies the household books barely balance.

Its not all our fault. We may have screwed ourselves, but any other country that is not self-sustaining and dependent on US for aid, loans, investments can only blame themselves for not getting out sooner and/or making their own way. We did not make you invest here or limit your GDP, so suck it up.

Look at Greece, even with trillions in funding, they are still screwed. Look at France and their labor issues in terms of class warfare, unions and pensions. The US did not do that. The US was doing fine when Venezuela had its economic collapse.

As for how it is impacting me? Well, my website was 1/3 of my monthly income and the niche is going dead except for the die hards and they are on larger sites than mine. My niche is all about disposable income and its not cheap to fix what you break.

Fuel and food prices have gone up, at least fuel has dropped to a 2 year low, but it is still 2x what is was 6 years ago. Costs for everything have gone up so I don't really have disposable income anymore. My retirement accounts have taken a hit, my home is worth 1/3 of what I owe on it and generally stress is massive everytime a bill comes.

We should have never bailed out anyone and thus let them fail.

I don't get why the US is sending money everywhere when we're in so much trouble ourselves. That's all I have to say. Every congressmen should have to take an economic course of some sort that shows that in order to stop being in debt you stop spending. While taxing the rich seems like a good idea, it won't do anything... the additional money the government will get is nothing compared to the $16 trillion we're in debt. We need to cut spending where possible, like Obama's $20 million dollar vacations to Hawaii... one of which he's on right now.

/rant

As an answer to the original question, I've been doing ok, kids still need swimming lessons whether there's a recession or not that's my primary job. My parents have been hit a bit not too badly.

(2013-01-06, 02:46 PM)pavemen Wrote: [ -> ]We should have never bailed out anyone and thus let them fail.

At least we agree on one thing

I disagree the bailout was needed(for the banks at least not auto industry) because every business in the world relies on the banking system working(even GE(the largest company in the world) would have been in trouble if the banks failed). However with the bailout anti-trust should have been enforced and broke up the major banks like no tomorrow.

Honestly during the recession I'm personally doing better than before. I got a job while not dream job it pays better than my last and has basically unlimited overtime if I want (and a lot if I don't want it ). So I can tell you the auto industry is doing fine now. Also my Mom got a promotion just a few months ago.