A Year After The Crisis, The Consumer Economy Is Dead

McClatchy:

WASHINGTON -- One year after the near collapse of the global financial system, this much is clear: The financial world as we knew it is over, and something new is rising from its ashes.

Historians will look to September 2008 as a watershed for the U.S. economy.

Read the whole story: McClatchy

Comments

[liberal user]

Bring back the Glass Stegal Act to promote fair competition and eradicate monopolies and too big to fail conglomerates.

Do not allow foreign owned multinationals to own too much American real estate or stock in any individual American manufacturer or corporation.

good articles 4 for slow news day: http://www.iamned.com

[Harrier]

I would like to see more information on the economy. I see no effort being made to regulation anything to prevent the problems from happening again. I feel as long as bank get money and there is nothing being done to prevent foreclosures, the middle class will continue being attacked by Energy, Insurance, Finance, drug and communication/cable industries.

[liberal user]

It seems our efforts to achieve actual results with regards to reform in the banking & finance sectors are futile. In addition, the disconnect between reality and wall street keeps widening. The situation is frustrating.
hat tip: to http://www.iamned.com

[ResearchtheFacts]

1.One that consumes, especially one that acquires goods or services for direct use or ownership...

Consume
1. to destroy or expend by use; use up.
2. to eat or drink up; devour.
3. to destroy, as by decomposition or burning: Fire consumed the forest.
4. to spend (money, time, etc.) wastefully.
5. to absorb;

American public is this who we are, or, who they want us to be? With so many Americans losing everything--job, home, the cheap chinese crap we were urged to purchase...does anyone reading this really want to return to these practices?

I thought we were moving towards "green more obtainable lifstyles" of purchase what you need and waste little. How does consumerism fit into this? Everybody go out and buy the big SUV fill it with gas, and the biggest McMansion you can buy. Feel each room up with useless furniture and knick knacks to walk by each day on your way to your slave-like job, paying you just above minimum wage until you lose it, and work to pay down your debt by the end of your lifetime, not retirement which is now a fleeting fairy-tale like dream. Or until they foreclose or repossess your vehicle and put your cheap chinese crap on the curb. Ah, the American dream...until it becomes a nightmare.

[joe conservative]

From what you have written , it sure must su(k to be you.

[spinns17]

repugs will pay for this for years,and so will we.save america ,and pay cash for what you do buy.dont give these crooks anymore money than you have to.

[TAIsabel]

"Reaganomics finally gets its "Day of Reckoning". This hell began in 1979, smoke and mirrors kept it going until it hit the wall. Many economists saw it coming but, no one would listen.

It is only a surprise to those who only "rode the wave" instead of stopping to listen to the "sound of the incoming tsunami".

Benjamin Friedman saw it coming many years ago..."Day Of Reckoning" ...pick it up.

[ResearchtheFacts]

Apropos...want to see it in action. Watch HGTV's Real Estate Intervention show where they mostly spot light on property owners in the Washington DC, Maryland, Virginia area, who bought in during the Bush years and now are stuck with high cost properties that they think have more value then they do, in this economy. From their attitudes they present themselves as members of the re-thug nation because of their arrogance. Every now and then they throw in a low budget mix.

It is entertainment at its finest. Some have lost their Washington jobs and can no longer afford the properties. I guess they now know how the rest of America felt being bent over for the last 8 years. Hey folks, it has trickled down.

Not gloating on someone else's misfortune, however, I find it fitting; at the right time; to the purpose; opportunely. Maybe it will help them become more empathetic towards others who have been historically less fortunate. Maybe these folks just need to consume more or become more fiscally conservative what they have been preaching to everyone else. Free trade, Fair market, fiscal conservatism, consumerism; I'm confused?!,.

[Jazzcomedian]

As long as we're able to serve the rich while they trickle down on us, the American economy will be fine. Remember, every house, yacht, and piece of jewelry they buy, benefits us. Trickle down baby.

[spinns17]

dont hold your breath.its being sent to off shore accounts.tinkle on you they say.

[rad21]

"Consumer Economy is Dead"

This is very good news. Americans are Saving More.
There is absolutely nothing wrong with that.

[PaleMail]

Dead for sure, we consumers can't stuff any more junk into our rooms, garages, and closets.

[BigPictureReg]

Sure, just as long as we manage slant our productive economy, that part which has a primary capability to gainfully employ others, in a direction to support savers. Consider the 9 million workers in part-time employment only, as a necessity, due to the lack of availability of full-time employment.

Right now, and for the intermediate future, it's consumption, not saving, that generates the bulk of incomes and revenues that keeps things humming. And, that's not true just here, but,elsewhere as well.

Would you care to explain your conclusion to those who are at work today waiting to sell something to someone who's not directed toward that savings path?

[ResearchtheFacts]

Yeah, put stuff on your shelves that is made in America. Start inventing new ideas, concepts and products to manufacter in America, therefore, creating new jobs, and pay your employees decent wages so they can afford to purchase your products.

Re-package and send that cheap Chinese crap back to China. Applaud Americans who have opted to save so it creates cash reserves so they do not end up on the curb. At least, you will have 6 months worth of mortgage payments if you do become unemployed. Saving is now known as financial self defense.

[bighat]

Plenty of blame to go around. Congress is my favorite target.

Costs of health insurance. We all know tremendous strides have been made in health care from knees replaces but people start their therapy of walking as the same day as the surgery.
The real cost of health care maybe the terminal illness. Months of treatment but few recover but they are our loved ones and we do everything we can to keep them alive

As far as credit cards and taking out home equity loans we have no one to blame but ourselves.

Our culture is I want it now. I know a few of in my dad's generation that would hold things together with bailing wire as long as possible. Today, something breaks or does not work right we buy a new one.

[progressivegreg]

Gold was over a thousand dollars an ounce yesterday (9/9) Oil went up as well! Another reflection on the TRUE VALUE of the dollar. Don't look behind the curtain folks, it is all smoke and mirrors, we are bankrupt but NO ONE wants to admit the dollars they're sitting on are probably more useful for a bonfire than as a currency.

[mjtaylor22]

lets see we produce mostly debt and most recent events over teh last 10 years have translated the home equity of regular working folks into virtual cedit cards, along with all the debt consolidation, and pay day loans, into wealth that basically got sucked up to the goldman's of the world, and the hedge fund managers of the world.
all the working mans money went to the wealthy, then they got bailed out tot he tune of trillions and no the working man did not get a check a credit or nothing. we got the shaft.
so in a society that lived off the consumeer used them up and threw them away, why woudl i spend the few dollars i have remaining believing that there is any help for the regular guy in crisis. there is no help for us except our selves. I AM KEEPING MY MONEY HA HA HA

[ResearchtheFacts]

ditto!!!

[BillyPilgram57]

And what would we "shop" with. Wall Street, Health Insurance Companies, and the
Oil Companies , have pretty much emptied our pockets.

[BPCentrisAmerican]

Not to mention a lot of really bad trade deals, economics 101 teaches us if consumers don't have jobs or job security the economy dose not work, not for anyone. If a company wants to offshore jobs and production, don't expect anyone to buy your goods. Henry Ford figured this out many years ago.

[schatsie]

start furloughing the teachers now, because in 5 years there will be no children....

[mariah793]

An economy that is based on securitization? We have to be based on the selling/sl­icing/dici­ng of loans to investors? My lordy, mordy. How did we survive when banks actually made loans to people they knew to be credit-worthy and held those loans until the people paid them off?

[power to the people]

This is a time to remake the economy from food and water supply, up!