www.byzcath.org Forums General Discussions Town Hall Anyone else getting worried about the economy?

[quote=JonnNightwatcher]economy? what on earth are you talking about? there is no economic crisis, no problem with people losing their homes due to the mortgage situation, no war in Iraq or Afghanistan, no health care crisis, environmental concerns, education problems. what we need to be concerned about is all those homosexuals wanting to get married to each other. THAT'S the real issue facing our country!at least that is what some people would like us to believe.

Very funny John I see we have a real comedian here.


Converted Viking

I didn't know this would be such a hot topic, but thanks for your advice from all sides. We have tightened our belts quite a bit, pretty much the only luxury I have is a nice cool beer at the end of the day, and I'm still fighting to keep that luxery!

All will be ok, I may actually sell a house this weekend (I'm an auctioneer/realtor), so I'm just thinking of different ways to spend it besides stockpiling kegs of beer.

Actually, I've thought of buying a grain mill, and then buying bulk foods to cut down costs and have a nice supply in case of disaster (economic, personal job loss, or otherwise).

I just have to decide if beer is a "need". Hmmmmm....

Or maybe I'll just start my own brewery. Ok, I'm getting off topic now.

Nathan

I've already given up luxuries like medical insurance.

It is good to assess what is "luxury" and what is "needed" like Bob said. Too many people surround themselves with a standard of living far above their salary. Those people are projecting a stability or growth in the economy. When the economy tightens, they will be among the first to feel the shock.

Terry

Medical insurance can cost a week's paycheck. =(

Think this isn't getting serious http://news.bbc.co.uk/2/hi/business/7296678.stm

I guess we'll all find out by Summer how bad things really are.

It's hard to know where the shock is going. It's obvious that traders in various stock exchange are dumping affected holdings. That kind of fall may lead to other traders to buy the stocks at a lower price--which will raise the value of the shares.

One economic period will not be enough to know for sure.

A depression would be sustained over multiple economic periods. I would not be surprised if it turns out that we are in a recession.

I tend to take the headlines with a grain of salt. If the total volume of trade drops at the NYSE, that would be a clearer indicator of sustaining economic woe than a bank bail-out. The bank bail-out points to the crisis in the credit industry.

Terry (Sorry I posted so much on this thread, economics is an interest of mine.)

Why doesn't the government just pass a law that everyones debt is null and void and put everyone on the same playing field and start over. I'm not serious, just being a wise guy.

Converted Viking

CV:

The govt could do that. But if they did, they'd also probalby do the naitonal debt, too. Then it would be a simple step to just re-issue the currency and declare everyone's savings to be null, too, to pay for it all.

We'd all be dumpster diving for whatever we could find, too.

BOB

I did the "need" assessment the other day. My accountant called--I have a home-based consulting practice.

The IRS is getting really picky about what they allow people to deduct. So we went down the list. I told the accountant that if I retired, I could do without a cell phone, I could do without the second car, I could do away with one of my two phone land lines, could simplify my need for internet service that is tied to cable service (for economy sake). And that was just for starters. I could do away with having to go to work every day in a new suit, white shirt, and ties. (When I spent three years in therapy some years ago, I had two pair of jeans and a half dozen flannel shirts for the whole winter and one ragg wool sweater by comparison--cheap stuff.) There would be no need for business travel: mileage, tolls, meals, and motels.

So he told me he thought the things I was deducting as business expenses were legit. I don't "want" any of them and certainly wouldn't "need" any of them and REALLY wouldn't miss any of them.

BOB

Buying necessities in bulk at low prices is always a good investment. One might be able to weather a crisis with food you bought at much lower prices. Id personally rather be eating food I like than having to pay a buck for a can of pork and beans if I were unemployed. storing gasoline is impractical, a full pantry is not beyond the means of most people.

DWIGHT:

My grandmother, who lived through the Depression, always made it a practice to buy an extra can or two of something and put it into her basement pantry. When she died, we had boxes full of food to divide. She rotated her stock just as one would in a grocery store so there was never anything that was too old. Dry things are also good things to store: rice, oatmeal, etc.

The idea was that if things got too expensive, at least in the short term things could be managed.

BOB

Keep in mind too that this is an election year and with the democrates in control of both the senate and house they are not in any hurry to rush to pass any bills that would help anyone out. This way they can point to the poor economy and say that if there was a democratic president things would be better. It's all a power game. Which party will be better for us economically is hard to say ... but it's not only the presidency, but the lesgislative branch that's important too.

The economy is always going up and down - what goes up must come down and what comes down will go up again. The stock market was gaining too fast and now it's in a correction. Things will grow again, but at a slower pace.

Now is the time to hold off on big purchases, look for bargains, live a little more simplier, and put your trust in God.

The Scripture tells us: neither a lender nor a borrower be. Pretty sage advice from a 3,000 year old piece of writing.

Much of our current economic mess stems from "market speculation" where brokers (who salt away millions at the end of the trading year!!) bid on what people will or will not want to buy.

The Depression advice is good. Store up dry goods and canned food when purchased in bulk. And make a CLEAR determination of what is a necessity and what is a 'luxury'. (I did this in classes with US born and immigrant groups - phone, cell-phone, cable, internet, car, clothes, TV, etc. Remarkable information!)

Take public transportation; buy in bulk (rotate stock!); eliminate luxuries; buy real-estate if you can as a hedge; work a second job if available; and salt away what you can/must. And if things really hit rock-bottom, investigate living with groups of friends. And if you have a back yard, plant things that you can preserve. (They're better for you anyway than a lot of the pre-processed foods.)

Sheesh! I sound like a survivalist!! (No, I'm not moving to Idaho. No Byzantine churches there.)

Dr. John