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CA renter
ParticipantIt’s possible they ration bank withdrawls where you can only withdraw money on certain days (and it rotates based on last name or SSN or something)– if your last name begins with “A” you can withdraw a limit of $200 on Mondays, etc.
Yesterday, I believe the ATM at WAMU in Encinitas was out of money — all day. No doubt main street is getting worried.
Even though many of us have been expecting and preparing for this for years, it’s still a bit unnerving.
CA renter
ParticipantIt’s possible they ration bank withdrawls where you can only withdraw money on certain days (and it rotates based on last name or SSN or something)– if your last name begins with “A” you can withdraw a limit of $200 on Mondays, etc.
Yesterday, I believe the ATM at WAMU in Encinitas was out of money — all day. No doubt main street is getting worried.
Even though many of us have been expecting and preparing for this for years, it’s still a bit unnerving.
CA renter
ParticipantIt’s possible they ration bank withdrawls where you can only withdraw money on certain days (and it rotates based on last name or SSN or something)– if your last name begins with “A” you can withdraw a limit of $200 on Mondays, etc.
Yesterday, I believe the ATM at WAMU in Encinitas was out of money — all day. No doubt main street is getting worried.
Even though many of us have been expecting and preparing for this for years, it’s still a bit unnerving.
CA renter
ParticipantIt’s possible they ration bank withdrawls where you can only withdraw money on certain days (and it rotates based on last name or SSN or something)– if your last name begins with “A” you can withdraw a limit of $200 on Mondays, etc.
Yesterday, I believe the ATM at WAMU in Encinitas was out of money — all day. No doubt main street is getting worried.
Even though many of us have been expecting and preparing for this for years, it’s still a bit unnerving.
CA renter
ParticipantIt’s possible they ration bank withdrawls where you can only withdraw money on certain days (and it rotates based on last name or SSN or something)– if your last name begins with “A” you can withdraw a limit of $200 on Mondays, etc.
Yesterday, I believe the ATM at WAMU in Encinitas was out of money — all day. No doubt main street is getting worried.
Even though many of us have been expecting and preparing for this for years, it’s still a bit unnerving.
September 17, 2008 at 3:07 AM in reply to: The end of the world (or at least the US middle class) as we know it…. #271290CA renter
ParticipantExcellent thread and commentary!
Loved bjensen’s observations and concur. By forcing more people to get formal educations and then pursue white-collar work, we have effectively reduced our standard of living (more educated people = lower wages for what labor is offering).
Also, I think the difference between the items that have increased in price vs. decreased is that the inflationary items (housing, healthcare, education, etc.) are less likely to be outsourced to cheap labor.
Additionally, the expansion of credit, especially since the early 80s, has pushed prices higher for things that are usually bought with credit (housing).
The 70s marked a time when more and more companies started looking at outsourcing to cheap countries (or insourcing with cheap, illegal-immigrant labor). It also saw the beginning of the demise of labor unions (worst thing that ever happened to us, IMHO).
While Americans were competing with poor peoples’ wages, they were still able to consume the same amounts (or more) due to credit expansion.
The spread between cheap labor and the prices Americans were willing to pay (with credit masking the deflationary effects of lower wages) is what made companies so profitable and enabled them to “grow” they way they did.
I think we are about to see the unwinding of these events.
September 17, 2008 at 3:07 AM in reply to: The end of the world (or at least the US middle class) as we know it…. #271526CA renter
ParticipantExcellent thread and commentary!
Loved bjensen’s observations and concur. By forcing more people to get formal educations and then pursue white-collar work, we have effectively reduced our standard of living (more educated people = lower wages for what labor is offering).
Also, I think the difference between the items that have increased in price vs. decreased is that the inflationary items (housing, healthcare, education, etc.) are less likely to be outsourced to cheap labor.
Additionally, the expansion of credit, especially since the early 80s, has pushed prices higher for things that are usually bought with credit (housing).
The 70s marked a time when more and more companies started looking at outsourcing to cheap countries (or insourcing with cheap, illegal-immigrant labor). It also saw the beginning of the demise of labor unions (worst thing that ever happened to us, IMHO).
While Americans were competing with poor peoples’ wages, they were still able to consume the same amounts (or more) due to credit expansion.
The spread between cheap labor and the prices Americans were willing to pay (with credit masking the deflationary effects of lower wages) is what made companies so profitable and enabled them to “grow” they way they did.
I think we are about to see the unwinding of these events.
September 17, 2008 at 3:07 AM in reply to: The end of the world (or at least the US middle class) as we know it…. #271538CA renter
ParticipantExcellent thread and commentary!
Loved bjensen’s observations and concur. By forcing more people to get formal educations and then pursue white-collar work, we have effectively reduced our standard of living (more educated people = lower wages for what labor is offering).
Also, I think the difference between the items that have increased in price vs. decreased is that the inflationary items (housing, healthcare, education, etc.) are less likely to be outsourced to cheap labor.
Additionally, the expansion of credit, especially since the early 80s, has pushed prices higher for things that are usually bought with credit (housing).
The 70s marked a time when more and more companies started looking at outsourcing to cheap countries (or insourcing with cheap, illegal-immigrant labor). It also saw the beginning of the demise of labor unions (worst thing that ever happened to us, IMHO).
While Americans were competing with poor peoples’ wages, they were still able to consume the same amounts (or more) due to credit expansion.
The spread between cheap labor and the prices Americans were willing to pay (with credit masking the deflationary effects of lower wages) is what made companies so profitable and enabled them to “grow” they way they did.
I think we are about to see the unwinding of these events.
September 17, 2008 at 3:07 AM in reply to: The end of the world (or at least the US middle class) as we know it…. #271578CA renter
ParticipantExcellent thread and commentary!
Loved bjensen’s observations and concur. By forcing more people to get formal educations and then pursue white-collar work, we have effectively reduced our standard of living (more educated people = lower wages for what labor is offering).
Also, I think the difference between the items that have increased in price vs. decreased is that the inflationary items (housing, healthcare, education, etc.) are less likely to be outsourced to cheap labor.
Additionally, the expansion of credit, especially since the early 80s, has pushed prices higher for things that are usually bought with credit (housing).
The 70s marked a time when more and more companies started looking at outsourcing to cheap countries (or insourcing with cheap, illegal-immigrant labor). It also saw the beginning of the demise of labor unions (worst thing that ever happened to us, IMHO).
While Americans were competing with poor peoples’ wages, they were still able to consume the same amounts (or more) due to credit expansion.
The spread between cheap labor and the prices Americans were willing to pay (with credit masking the deflationary effects of lower wages) is what made companies so profitable and enabled them to “grow” they way they did.
I think we are about to see the unwinding of these events.
September 17, 2008 at 3:07 AM in reply to: The end of the world (or at least the US middle class) as we know it…. #271602CA renter
ParticipantExcellent thread and commentary!
Loved bjensen’s observations and concur. By forcing more people to get formal educations and then pursue white-collar work, we have effectively reduced our standard of living (more educated people = lower wages for what labor is offering).
Also, I think the difference between the items that have increased in price vs. decreased is that the inflationary items (housing, healthcare, education, etc.) are less likely to be outsourced to cheap labor.
Additionally, the expansion of credit, especially since the early 80s, has pushed prices higher for things that are usually bought with credit (housing).
The 70s marked a time when more and more companies started looking at outsourcing to cheap countries (or insourcing with cheap, illegal-immigrant labor). It also saw the beginning of the demise of labor unions (worst thing that ever happened to us, IMHO).
While Americans were competing with poor peoples’ wages, they were still able to consume the same amounts (or more) due to credit expansion.
The spread between cheap labor and the prices Americans were willing to pay (with credit masking the deflationary effects of lower wages) is what made companies so profitable and enabled them to “grow” they way they did.
I think we are about to see the unwinding of these events.
September 17, 2008 at 1:55 AM in reply to: How’s everyone feeling these days about the economy? #271285CA renter
ParticipantBarnaby,
Does this chart look like we are closer to the top or the bottom in the S&P:
1960 – Present Weekly
http://stockcharts.com/charts/historical/spx1960.html
Or the Dow:
http://stockcharts.com/charts/historical/djia1960.html
Now, I’ll admit to being a bear, so my bias is showing… But we look much closer to a top than a bottom to me.
The Dow is very near it’s peak during the “stock market bubble” in 2000.
The last time we saw these levels was in 2006 — the go-go days of “trees growing to the sky”. Does the future look better or worse for the bulls in 2008? Remember how the CNBC cheerleaders were rejoicing when the market broke through 10,000 on the way up? Better or worse now?
I think there is significant downward pressure in all markets, but that’s just deflationary ol’ me. ๐
September 17, 2008 at 1:55 AM in reply to: How’s everyone feeling these days about the economy? #271521CA renter
ParticipantBarnaby,
Does this chart look like we are closer to the top or the bottom in the S&P:
1960 – Present Weekly
http://stockcharts.com/charts/historical/spx1960.html
Or the Dow:
http://stockcharts.com/charts/historical/djia1960.html
Now, I’ll admit to being a bear, so my bias is showing… But we look much closer to a top than a bottom to me.
The Dow is very near it’s peak during the “stock market bubble” in 2000.
The last time we saw these levels was in 2006 — the go-go days of “trees growing to the sky”. Does the future look better or worse for the bulls in 2008? Remember how the CNBC cheerleaders were rejoicing when the market broke through 10,000 on the way up? Better or worse now?
I think there is significant downward pressure in all markets, but that’s just deflationary ol’ me. ๐
September 17, 2008 at 1:55 AM in reply to: How’s everyone feeling these days about the economy? #271532CA renter
ParticipantBarnaby,
Does this chart look like we are closer to the top or the bottom in the S&P:
1960 – Present Weekly
http://stockcharts.com/charts/historical/spx1960.html
Or the Dow:
http://stockcharts.com/charts/historical/djia1960.html
Now, I’ll admit to being a bear, so my bias is showing… But we look much closer to a top than a bottom to me.
The Dow is very near it’s peak during the “stock market bubble” in 2000.
The last time we saw these levels was in 2006 — the go-go days of “trees growing to the sky”. Does the future look better or worse for the bulls in 2008? Remember how the CNBC cheerleaders were rejoicing when the market broke through 10,000 on the way up? Better or worse now?
I think there is significant downward pressure in all markets, but that’s just deflationary ol’ me. ๐
September 17, 2008 at 1:55 AM in reply to: How’s everyone feeling these days about the economy? #271573CA renter
ParticipantBarnaby,
Does this chart look like we are closer to the top or the bottom in the S&P:
1960 – Present Weekly
http://stockcharts.com/charts/historical/spx1960.html
Or the Dow:
http://stockcharts.com/charts/historical/djia1960.html
Now, I’ll admit to being a bear, so my bias is showing… But we look much closer to a top than a bottom to me.
The Dow is very near it’s peak during the “stock market bubble” in 2000.
The last time we saw these levels was in 2006 — the go-go days of “trees growing to the sky”. Does the future look better or worse for the bulls in 2008? Remember how the CNBC cheerleaders were rejoicing when the market broke through 10,000 on the way up? Better or worse now?
I think there is significant downward pressure in all markets, but that’s just deflationary ol’ me. ๐
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