It's time to panic

[Coach81]

Watching the local news this morning, there was an economic expert on who basically said the US is screwed financially. We are currently over 400 BILLION in debt, and we will continue to be in debt for the next several years. He said this will be a long, difficult road back to recovery.

Look for the resales to go through the roof. There will be a gradual but steady decline of DVC sales, and other than foreigners, look for Disney to start losing tourists. The recession has now become a depression. All of our excessive spending has finally caught up with us.

We will have to work our way out of this over the next 10 - 15 years.

Good luck everyone.

 

[theoarn]

Actually this may seem odd, but my wife and I are doing better than ever. We are looking at moving into a bigger house, my wife is trading in her Z4 Coupe for a new one and I will be trading in the 03 Element for an 09 as soon as they are out and I just bought a new gun smithing lathe for hobby work.
I would like to pick up some cheap AKV points so maybe I can get those on resale for about 75 bucks a point.
It is true that our 401k's are down about 25 percent but since we focused about half of them on bonds they aren't nearly as bad as some other people and we aren't going to retire until we hit 62.
My AAPL is hurting me, it is down from $200 less than a year ago to about $90 but since I am in at a range of $8 to $65 I am still good with it.
If you guys are going to sell your stuff cheap then I will come to the yard sale.
Theo

 

[backyardponder]

This will impact different folks in different ways. Let's all hope that things get better soon.

On the comment about foreigners traveling to the US...I think that might slowing a bit. The Euro was at $1.48 a week or 2 ago. Right now it is at $1.36. Still a good deal, but not as good as when we entertained visitors from Europe a couple weeks ago!

 

[Brian Noble]

It's not time to panic, at all. It's time to be prudent, but then, it's always time to be prudent. As George Bailey put it in A Wonderful Life:

Can't you understand what's happening here? Don't you see what's happening? Potter isn't selling. Potter's buying! And why? Because we're panicky and he's not. That's why. He's picking up some bargains. Now, we can get through this thing all right. We've got to stick together, though. We've got to have faith in each other.

 

[cigarboo]

We are currently over 400 BILLION in debt, and we will continue to be in debt for the next several years.

Not to bum you out even more, but the current national debt is 10 TRILLION dollars.

 

[n2mm]

It is not a good time right now and thank goodness that I am a DVC member and my room is paid for as I can escape there often. My daughter is waiting to see if she still has a job today. She works for Citigroup and things are not good. I am lucky enough to have a stable job, but am concerned about my adult children. But they will always have a roof over their heads no matter what as I would take them all back if things get worse for them.

 

[DisFlan]

Well, okay - go ahead and panic. But it won't help. This thing is going to be around awhile. Panicking will only occupy a small amount of the downturn time. You'll have to find something else to occupy the rest of it.

Oh...and Merrill Lynch downgraded Disney from neutral to "underperform" yesterday. But then, MOST stocks are underperforming right now.


DisFlan
"42"

 

[flyingcat2003]

Turn the news off! Take deep breaths, it will all work out.

 

[Coach81]

Trillion.. oh that's not good.

I hope the next person we elect will start to pull us out of this mess we are in...

 

[lugnut33]

The economy has always ebbed and flowed, but what we don't know is if it will be dammed. Wish I knew where this was heading, but let me tell you it's pretty scary out there and Disney WILL be affected by this. And the Europeans are not escaping this either.

 

[Coach81]

The economy has always ebbed and flowed, but what we don't know is if it will be dammed. Wish I knew where this was heading, but let me tell you it's pretty scary out there and Disney WILL be affected by this. And the Europeans are not escaping this either.

I agree... I'm hoping for the best.. but I think we all need to prepare for the worst.

 

[Chuck S]

Oh...and Merrill Lynch downgraded Disney from neutral to "underperform" yesterday. But then, MOST stocks are underperforming right now.

Interesting that Merrill Lynch consideres anyone else as "underperforming", considerig that they themselves had to be acquired or go under. While I have faith in the overall stockmarket, the brokerage houses and investment banks are another story, I do just as well picking my own stocks rather than listening to their advice. Any economic downturn in the US will affect domestic leisure & business travel. At least gas was under $3 here yesterday.

 

[n2mm]

Turn the news off! Take deep breaths, it will all work out.

Sorry, that doesn't work for me. I work in Wash DC and we HAVE to have CNN on ALL DAY. There is no escaping it for me, except when we fly down to WDW as we try to do every couple of months. Of course the fact that both of my daughters work for financial groups don't make it any easier either. Nothing we can do about it other than sit back and hold on tight....and not make any big purchases right now.

 

[Budshark]

The gloom and doom is not helpful. It adds to the anxiety.

Please continue to follow the advice of "good" economists - manage your debt, look for good investments, and keep your appropriate level of spending. The WORST thing that can happen to the economy right now is if everyone picks up their money and goes home - it will be worse.

If you stop spending money at the local furniture store, the owner has to lay off their workers. If they lay off the worker, they stop going to the clothing store. The clothing store owner lays off their worker, who had planned to go to Disney. Disney sees a decline and lays off their worker. That worker stops going to out to eat, which causes the local restaurant to close. The owner of the local restaurant was about to buy their wife a new living room furniture set. The local furniture store now sees a further decline and closes shop... repeat cycle until you have a serious recession.

And by the way. We are NOT in a depression. We are not even technically in a recession yet by definition. Those who even mention depression are fanning flames and attempting to create a self-fulfilling prophecy. Its pathetic, and in my opinion the so-called experts and pundits out there saying this should be investigated and face legal consequences equivalent to yelling "fire" in a crowded theater. Give me facts please. And the facts prove this level of talk is unfounded.

 

[bobbiwoz]

DM who is now 88 sometimes tends toward jealousy, in so far as she lived through the depression and I, and I suppose my DSis, had it so lucky. We're baby boomers and life has been rosy for us as she sees it. Mostly, I agree with her, but you have attitude choices. I've read many memoirs that say "I didn't know we were poor."

We are very close to retirement age. I don't know what will happen, but taking one day at a time seems prudent as far as worrying goes. Planning vacations and thinking of ways to use our points is still a very pleasant pastime for me.

Bobbi

PS. I paid $3.04 a gallon for gas yesterday along I-75! Not as good as Chuck S's price, but much much better than it was. Since now I'm driving to/from work, it's good to be spending less on that.

 

[DisDaydreamer]

Panic... Panic.... just saying the words to myself. I am thinking there is NEVER a TIME to PANIC. I think of panic as a loss of conscious control of one's thinking processes and succoming to emotional direction. Often causing one to run dangerously and senselessly in any direction. Often being a danger to others around. I am sure panic HAS at times by sheer luck saved the life of someone or some creature, but that it is not a decision, it is instinctual triggering.

I do not think it is time to panic. JMHO.

 

[crisi]

I don't think its time to panic, but it is a good time to be cautious. If you haven't been living below your means, now is a good time to start. If you have been living within your means, now is not a great time to blow all your savings on luxuries (though I think some real bargains will be coming down the pipe on them! If you have cash, soon you may be able to pick up even cheaper DVC resales.).

 

[Monorail Purple&Gold]

If it comes to it, I'm selling vital organs before my DVC!

 

[jade1]

Oh...and Merrill Lynch downgraded Disney from neutral to "underperform" yesterday. But then, MOST stocks are underperforming right now.

DisFlan
"42"

Yep, 50's the new 40 (or is it 75 is the new 65), underperform is the new outperform...........

 

[GuySmiley]

Watching the local news this morning, there was an economic expert on who basically said the US is screwed financially. We are currently over 400 BILLION in debt, and we will continue to be in debt for the next several years. He said this will be a long, difficult road back to recovery.

Look for the resales to go through the roof. There will be a gradual but steady decline of DVC sales, and other than foreigners, look for Disney to start losing tourists. The recession has now become a depression. All of our excessive spending has finally caught up with us.

We will have to work our way out of this over the next 10 - 15 years.

Good luck everyone.

AHHHHHHH!!!!

*(runs around screaming and waving hands in the air)*