U.S. savings rate is negative, AGAIN!greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
The U.S. personal savings rate, which was negative in September (-0.1%), was negative again in October at -0.2%. Here's a link to the story:
Some reasons given in the press for the negative savings rate:
People spending their stock market gains
Financing personal spending by borrowing
People withdrawing savings (hmm...)
Cashing out part of home equity when someone refinances a mortage
-- Kevin (firstname.lastname@example.org), November 27, 1998
Good story, again proves "be careful little ears what you hear".
Most brokers are tell the sheep that the sky is the limit, no problemo, money grows on trees, join us in this pyramid scheme called the stock market (make me richer and richer at your expence). Fools, go to ye rich men and howl for your miseries which are to come upon you.
Heard another analyst last night warning that the foundation for the wild growth in the market is only air. He was the first one that I have heard to say that the latest rise is due to individuals investing (gambling) thier retirement savings. Could it be possible that the individual investor knows little more than what CNN tell them about the economy. NOW THATS SCARY.
-- WAYNE WITCHER (WWITCHER@MVTEL.NET), November 27, 1998.
Wonder if we'll also see a flood of bankruptcy filings next year when to stock market drops.
-- Diane J. Squire (email@example.com), November 27, 1998.
Diane - of course there will be a flood of bankruptcy filings when the market goes. There will be around 60,000 bankruptcies handled by the Fed Bankruptcy Court in Sacramento this year - a supposedly good year.
http://www.bog.frb.fed.us/releases/ - is a good place to find out what is going on with commerce and currencies. "Consumer credit grew at about an 8 percent annual rate in September, up from 4-1/4 percent in August."
Wonder what it will be for Oct?
-- Mitchell Barnes (firstname.lastname@example.org), November 27, 1998.
How do they know if you are spending it or burying it? How about this for starters? Went to Circuit City today to buy a CD player (a birthday gift). I paid cash for it, $175.00. They wanted to know what my home phone number was (told them it was none of their business), they asked for my name (told them it was none of their business). I asked them why were they asking me these questions? The clerk said that they are required to ask this when purchases over $100.00 were made in cash! I left with my CD player and they were left with a phony name and phone number. Big brother is every where!
-- bardou (email@example.com), November 27, 1998.
Cory's "InfoMagic Part II" is on
It should come up at the website pretty soon now.
-- sweetolebob (firstname.lastname@example.org), November 27, 1998.
Go Bardou!!! Resistance IS possessing the secret of joy!
-- Donna Barthuley (email@example.com), November 28, 1998.