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This is simply amazing. Our economy is in the worst shape since the depression, and half the folks responded "gas prices declining" affects them more. Wow... and we still are asking how we got here.
Title of Survey should read.What affects your more:Losing your a$$ in the stock marker, orSaving a few bucks on gas?
All of us are affected by the stock market. We don't have to own stocks to be invested in the economy, and the markets are (in my opinion) the most accurate measure of our economy .. It doesn't look good.
I have lost $10,000 in my 403b since July. I am not concerned because I am only 30, but it's still a kick in the nuts.
So according to Larry everyone on public aid is too stupid to care about the stock market and/or drinks and smokes? I'd be really interested in knowing the argument behind that logic.
xbusguy (Anonymous) says… "This is simply amazing. Our economy is in the worst shape since the depression, and half the folks responded “gas prices declining” affects them more.""Wow… and we still are asking how we got here."True enough, but then again, just as you later said "All of us are affected by the stock market," just about everything is affected by the price of gas, too. Personally, the direct impact of gas prices has been pretty dramatic - my commuting costs have dropped about $160 every month, and the indirect effect (in groceries and almost everything else) has been significant also. Yes, whether people know it or not, the stock market is affecting them, and potentially could have a devistating impact. But the day-to-day impact on their wallet is much more noticeable due to gas prices.
karmaxs3 (Anonymous) says…"So according to Larry everyone on public aid is too stupid to care about the stock market and/or drinks and smokes? I'd be really interested in knowing the argument behind that logic."You must not be very familiar with Larry. No logic necessary. He has a worldview that he has to defend to himself, and logical validity tends to, well, get in the way. Just read a page or two of his profile.
jonas, you said it very well....larry doesn't speak with a logically mind.
I'm a recent grad. When I was trying to find a job there was not much out there. So I had to take a job in KC. I don't have money in the market yet. Considering student loans payments and the cost of rent in Lawrence, having my gas budget cut in half is a huge help.
Well I think the two are related. As gas prices rose at an alarming rate for several years, the extra cost was absorbed...for a while. Both consumers and companies (except energy corporations) suffered. Eventually both business and consumer reserves ran out and both started to report losses. Somehow, I think energy costs played a part in our current crisis. If nothing else, it helped get the ball rolling.
Funny you would accuse those of us without stocks of being stupid, when in actuality, some of us like myself saw this coming long ago and instead of putting money into a virtual economic system like stocks, invested money in rental properties- an investment which remains strong today. So yes, gas prices are affecting me more as we speak than wall street.
camper;You're right and wrong. The two are related, but in the other direction. The stock market isn't plummeting because of gas prices, gas prices are plummeting because the economy is souring. The big players in the oil market see the stock market as something that will keep getting worse and lead to hard times for businesses, which in turn will lead to large scale unemployment and nobody having money. The price is dropping to maintain demand.
In the second hand business we started to see the effects on a daily basis. People are scared, stretched and broke!folks have lost a lot of money these past few months.401k's are at an all time lowPeople are looking at loosing jobs, pensions, retirement funds, stock savings. All at the same time!Facing Layoffs without anykind of layoff package being offered.retired folks are going back to work because their life savings are gone with the fall of the stock market.I have customers that have told me that they have lost $100k up to One Million in the past few months!Its bad!
Then again, the question was phrased "What affects you more right now?"
Actually, our economy is in the worse shape since the Carter administration. It's a far far cry from the great depression. Not even close...no comparison.The Dow was roughly the same 10 years ago during the Clinton administration (around 9000) The Dow actually dropped 2000 points in the summer of 1998. Dow goes up...Dow goes down...Dow goes back up...It's like a bad Lion King Song.I'm not panicked because I have historical perspective instead of sound byes. I'm going to fully take advantage of all the sale bargains this Christmas, both at the mall and with my broker.
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