Economy sparks constant worry
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Krystle Wagner
Georgeville may be the next Hooverville — Georgeville being the modern-day shanty towns named after President George W. Bush, much like the Hooverville shanty towns that were named after President Herbert Hoover during the Great Depression in 1929.
If this economy doesn’t get back on track, I fear we all may be in for harder times than we can even imagine. The shape of today’s economy has me freaking out. Instead of lying awake at night nervous about tomorrow’s exam, I’m awake panicking about the economy.
With each passing day a bailout plan isn’t put into action, the closer the U.S. moves toward a depression — at least that’s my opinion. I feel as though our economy is circling the drain waiting for it to finally give into a depression. Unemployment rates are at an all-time high, businesses are going bankrupt and the stock market is crashing.
I once looked forward to listening to the evening news to catch up on what I missed during the day, but no longer do I have the same interest — the news is beyond depressing. Over and over again, I hear the same thing: This is the worst shape of the U.S. economy since the Great Depression.
Every time President Bush addresses the nation, I watch it hoping he will lay out what the fancy legislative words for the bailout mean. Is it too much to ask for President Bush to spell it out as if we are in kindergarten? Speaking to the American people in “legislative mumbo-jumbo” is the worst way to calm their fears. It’s simple — use words the people have heard and used on a daily basis. Otherwise, everyone is confused and left to believe the government is once again screwing the American people out of their hard-earned money.
Pointing a finger at one particular person or group isn’t going to make this economic pickle we have ourselves in go away. The votes for or against the bailout plan can’t be party-versus-party. I have two theories as to why the bailout plan has failed to pass.
My first theory involves the upcoming presidential election, as well as other political elections. A third of the Senate is up for re-election, so they want to get their view known to the voters and how they intend on saving the economy. But let’s be serious — now isn’t the time for politics. Our politicians owe it to the citizens to create a bailout plan and put it into effect immediately.
My other theory behind the failure to pass the bailout is simply because people, including those voting on the issue, don’t understand how it will help the American people in the long run. This crisis is important for anyone who receives loans, has investments, or is breathing. Helping out Wall Street eventually helps out Main Street — it’s the only way to get us all back on track. By the failure of the bailout, banks will cease to give loans, investments are going to shrink to almost nothing and future generations aren’t going to know what it’s like to have a good economy. Since I rely on student loans, I’m afraid I won’t receive much, if any at all, by the time next year rolls around. The investments I was one day hoping to make, and those that my parents have already made, are basically being thrown out the window. I think our stock market has become a joke.
I can’t help but wonder what other countries think of the U.S. now. Countries are going to be more hesitant to invest in our stocks since we aren’t stable. Foreign investors aren’t going to jump back on the “investing in U.S. stocks wagon” anytime soon.
As our economy continues to plummet, I question packing my bags and becoming a citizen of Canada. Yes, hightailing it to Canada and turning my back on my country is just how scared I am. Economy-wise, I feel like just about any place would be better than the U.S. right now. Am I the only person who feels this way? Certainly, there must be other people who feel like throwing their arms in the air and waiving a white flag as if to say, “OK, we surrender. Let us have our economy back.”
People are becoming overly optimistic with the Dow Jones Industrial Average making a slight comeback from its drop of 777 points in one day. This crisis didn’t happen overnight and it won’t be fixed overnight either. It will take many months and probably years before the economy is anywhere near the way it used to be. All I know is the great country to the north is looking like a better option as the days pass and there’s no end to this economic crisis in sight.
Krystle Wagner is a State News staff writer. Reach her at wagne125@msu.edu.
Commentary
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Steven Harper
(10/02/08 8:16pm)Report
Please move to Kanada. There money is even worse than ours.
Where's mine?
(10/02/08 8:41pm)Report
That bail-out helps (1) the richest bankers and (2) those in “affordable” housing that is better than mine.
Why should I pay for something that I had nothing to do with?
Hey — where’s mine?
jp
(10/02/08 9:05pm)Report
Steven Harper – please learn to use the correct “there” “their” & “they’re” when posting.
The bottom line is that somewhere down the line, there became a sense of entitlement, that “every american deserves to own a house, regardless of their credit history, their job, or their ability to pay.” and now the responsibile people that didn’t bite off more than they can chew and lived within their means are getting SCREWED. Under the laws we have now, it is more economical to walk away from your house, let it go into foreclosure….people are walking away with little to no reprecussions. (yeah, their credit is wrecked, but they walked away from a bad investment). and now we all have to help bail these a$sholes out!!!
I can't come up with a snarky name
(10/02/08 11:27pm)Report
‘…spell it out as if we are in kindergarten’
If there was a solution simple enough to explain to kindergarteners, then we wouldn’t be in this situation. There is no way to dumb down our problems (or their solutions) so that they’re gravity can still be understood. Somehow, I don’t think saying, “all of our money is gone, but I’m going to wave my wand and make it come back” would really work.
Instead, why not do some research and figure out what it means yourself. Don’t expect the government to baby you through every little move, because sometimes, issues are just to complex to put into the vernacular of a 5-year old.
Plus, I’d be pretty offended if the government truly thought I could only handle 4 letter words.
Jason Van Dyke
(10/03/08 2:04am)Report
I agree with J.P. If they are going to punish Wall Street, they need to set out some punishments – including serious fines, jail time, and restitution – for people who walk away from their other debts at taxpayer expense. Bankrupts used to be branded with the letter “T” (for “thief”) on their thumb. Perhaps if we retained an approach like that, people would be more fiscally responsible.
Krystle is a stupid name
(10/03/08 8:02am)Report
Is it too much to ask for President Bush to spell it out as if we are in kindergarten?
That is basically what he did in his primetime address last week. Not quite ‘kindergarten-level’ but if you didn’t understand his argument I question how you got into this university.
Yo, K
(10/03/08 8:23am)Report
Is it too much to ask for President Bush to spell it out as if we are in kindergarten?
Actually, most folks thought it was one of Bush’s clearest-speeches.
And, as usual — POLITICALLY-CORRECT.
For SEVEN years, “The Wall Street Journal” editorial page has been WARNING about this Fannie/Freddie mess.
But noooo — neither the Democrats (F/F’s employees) or Republicans wanted to resume strict lending practices. “Affordable housing” was needed — and now look at the mess.
K — if the Democrats don’t think seven years’ of warnings are not enough — they are stupid. Yes, stupid.
Bill Lumberg
(10/03/08 9:56am)Report
“With each passing day a bailout plan isn’t put into action, the closer the U.S. moves toward a depression — at least that’s my opinion.” is that based on the vast amount of economic learn you have had in your freshman journalism class tells you?
“Unemployment rates are at an all-time high” currently the unemployment rate is 6.1% and historically it has been as high as 23.6 so apperantly research is not taught at the freshman journalism level either.
“now isn’t the time for politics”, “Is it too much to ask for President Bush to spell it out as if we are in kindergarten” is it too much to ask Nacy or Harry or even Obama to spell it out, or is it because they are ( D ) that they don’t have to.
Krystle is a white trash name
(10/03/08 11:29am)Report
My other theory behind the failure to pass the bailout is simply because people, including those voting on the issue, don’t understand how it will help the American people in the long run.
The subject of that sentence, as written, is theory. Take out some modifiers and what you are left with is, “My theory is because people don’t understand.” Nice work, whisky tango Krysty.
"Krystleville"
(10/03/08 2:54pm)Report
“Krystelville” = shantytowns filled with dumb people.
i’m still waiting for an “expert” to say this is the end fix to the problem.
if you think people are pissed now, wait a couple of years until we have to donate even more money.
beau
(10/03/08 3:04pm)Report
Krystleville: Pissed is going to be an understatement and it won’t take a couple of years. Everyone whether on the right, center, or left can argue about why this happened but one thing is for certain. EVERYONE is angry and Washington, no matter what party, had better understand this because to ignore the level of anger all sides feel is to do so at their peril. No ones laughin’ out here boys. I’ve already heard a lot of folks say they are voting against every incumbant no matter what party they are in and that is on the local, state, and national level. Yikes!!
steven Harper
(10/03/08 7:12pm)Report
Sorry, JP, I noticed my error after posting, but I basically agree with you and everyoneone else here. If the author of this article reads these comments I hope she gets the message. Everyone thinks your wrong despite the fact that we have quite a political assortment represented here.
MY GRANNY IS ANGRY!!!
(10/04/08 8:54am)Report
My granny, 79, who never gets angry, RN, lifelong Republican, is so angry — she SPAMMED the family about this!
PEOPLE’S IS ANGRY!! DANG YOU, D.C.!!!
PSM
(10/04/08 9:28am)Report
First of all, trashing a writer’s shows what kind of a person you really are. Krystle happens to be a very elegant name and not a plain ordinary name like Joe, Bob, etc. Second, people didn’t think we were heading for a recession and hello here we are and what happens if a recession isn’t fixed – DEPRESSION. Third, you don’t have to be a rocket scientist to know that for the past 8 years the economy has been going down under Bush’s leadership – everyone in Congress is partially to blame as well as the board of directors/CEOs of the failed companies, but since it is effecting everyone there needs to be a fix whether everyone agrees with it or not. Furthermore, Bush is known for his double talk and many Americans wish he would speak in plain English and not double talk. So, once again remember this was an opinion column with thoughts shared by so many – ask anyone who can’t find a job which provides enough money to help them survive which wouldn’t be too hard to do in our state. For all of you who think the author is wrong may you be the ones that are affected most by what is going on.
PSM
(10/04/08 9:29am)Report
It should read trashing a writer’s name shows…..
K is trying
(10/04/08 2:44pm)Report
“ .. Furthermore, Bush is known for his double talk ..”
As opposed to, say, Slick Barry, Hitlerly, and Slick Willie ..
SB: I will meet any dictator .. wait, no .. well, maybe ..
H: I’m for gay marriage .. wait, no .. well, yes ..
SW: I did not have sex with that woman ..
Barney Frank: I had nothing to do with anything that went wrong.
PSM
(10/04/08 3:20pm)Report
TO K is try…..how about Bush’s statement that has cost thousands of lives and the American taxpayers billions of dollars and will continue for months to come….“They have weapons of mass destruction”, where was the weapons of mass destruction????? NO WHERE – IRAQ DIDN’T HAVE ANY so talk about double talk, that was the reason we were going into Iraq for, for the weapons they didn’t have…don’t even say it was related to 9/11/ because it wasn’t they are 2 separate issues – at least what Slick Willie did didn’t cost so many precious lives not only for the US, but also for the very few that sided with US nor did we pay billions for what he did.
Get a freakin' life
(10/04/08 4:18pm)Report
“ .. how about Bush’s statement ..”
In 90 days, GWB goes into retirement. Who you going to WHINE about then? Try yourself — there’s the problem.
“ .. IRAQ DIDN’T HAVE ANY ..”
Yeah, and you were 14, and couldn’t get a freakin’ date. So what?
Saddam’s dead, and we’ve jacked-up RADICAL ISLAM.
With people like you, the USA would have surrender to Hitler and Tojo. Thank God, there are Americans with spines — versus yappers like Slick Barry Hussein Obama. Heck, Sarah Palin’s been in more fist-fights than Slick Barry.
“ .. at least what Slick Willie did didn’t cost ..”
Hey, Jar-Head — ever heard of Fannie and Freddie? Get a clue .. then a brain .. then a pair.
PSM
(10/04/08 4:57pm)Report
To Get a freakin’ life – you need the brain…the problem with people like you is the truth hurts (you don’t like it when people point out the truth). As for not having a spine….you are so clueless about people like me (there are a whole lot of us) – we should have went after Bin Laden. As for the statement I was referring to was the writers statement about him (Slick Willie) not having sex with that woman; if you could understand what the whole double talk comment was about. Ignorant people like you are why this country is in so much trouble.
JV
(10/04/08 5:45pm)Report
People who leave critical posts responding to someone’s opinion are the real threat to this country. What would this country be if everyone just kept their ideas and opinions to themselves out of fear of comments like the ones above? To my knowledge there still have been no weapons of mass destruction found so the “war” in Iraq was entered under false pretenses. Anyway, back to the article, are you better off financially than you were a decade ago? Are your parents better off than they were a decade ago? Whenever you have multibillion dollar international corporations failing, rising unemployment rates, and soaring energy prices something has to be done, no matter how unpopular it is and even after something is done the recovery will take years. Yes, it sucks that taxpayers have to bail out greedy banks, but do you have a better solution? If so we would all like to hear it.
Grip lost
(10/04/08 7:29pm)Report
Ignorant people like you are why this country is in so much trouble.
—-
You’re the ignorant one. For the next 40 years, witless Democrats like you are going take orders from mean-faced short-haired Harvard Law grads.
Well, do what they say, or you’re going have to go to re-education camp, Moron.
Have a mediocre life. Garbage in, garbage out.
JV .. WTF? Do you see MSU workers, working any harder? No crowds in downtown EL? Football stadium half-empty?
No. People who know how to work, they have plenty of work. Whiners, complainers, and losers like PSM will never be happy because they don’t want to work productively — that’s their problem.
jp
(10/04/08 8:56pm)Report
JV – I think the solution is that people live within their means, stop spending $$ they don’t have, and that companies shouldn’t give subprime loans to people that they know are overextended, have a crap job, are bad with their $$ etc. and when someone who is a CEO of a company sends that company into the ground, they shouldn’t get a $20M payout.
there are way too many people that feel they are entitled to things without working for them first….i deserve a $30K car….yeah, I have to finance it for 6 years, but so what. oh, and I deserve a nice house, but I can’t afford a normal loan in a price range I can afford, so I’ll get an ARM that’s rate will jack up so high I won’t know what hit me, I will furnish it with furniture I don’t have to pay for until 2013 on an art van credit card…nothing but the best!! well, eventually you have to pay for it. oh, and if I can’t pay, I will just act shocked, blame the government for my problems, etc. I know I sound bitter, but I am so sick of people not taking any accountability for stuff. I know there are people out there that are truly hurting for valid reasons…but I think there are more losers with money management problems than anything.