In the last quarter of last year. the average American found out that 40% of their nest egg savings had vanished. They were comfortable with their assets and investments growing their nest egg until retirement age.
What has happen in the last few months is that people are now taking normal discretionary money and saving it to help plug the huge hole in their security. An economist recently stated that this amounts to around One Trillion dollars or 1/10 of normal spending by consumers on consumer products. (food, clothing shelter, etc.)
This is on top of approx 500 Billions in toxic assets relief still needed to bail out the banks and investment firms.
The recent stimulus package plus the Tarp funds already approved by congress amounts to around a Trillion dollars, leaving a 500 Billion dollar gap in the GNP. Another 500 billion stimulus will need to be approved before the spending gap is filled.
If this doesn't happen soon, the economy will continue it's spiral down. Look for another stimulus package within a few months.
Things are going to get much worse before they start getting better about this time next year!
Are you prepared? Look for the economy to come close to a screeching halt, and unemployment to hit double digits before things get turned around.
I believe this is the closest will will get to an total economic collapse in our lifetime.
Are you ready? Will people continue to faithfully support the church when every penny they make is needed to just survive?
__________________ Words: For when an emoticon just isn't enough.
I think people will continue to give if they have learned that God always supplies. Our church income is more now than it's ever been. But we gave away about $200,000 last year as a church - for missions, benevolence, etc. I just am simple enough to believe that God will take care of us.
I think people will continue to give if they have learned that God always supplies. Our church income is more now than it's ever been. But we gave away about $200,000 last year as a church - for missions, benevolence, etc. I just am simple enough to believe that God will take care of us.
On Sunday, they mentioned that Christ Church giving was still going great! It will be interesting to see what happens when the next wave hits.
__________________ Words: For when an emoticon just isn't enough.
I think people will continue to give if they have learned that God always supplies. Our church income is more now than it's ever been. But we gave away about $200,000 last year as a church - for missions, benevolence, etc. I just am simple enough to believe that God will take care of us.
Where you meaning? Venezuela, Chile, Mexico? Good Gracious! Between the dictators and the drug lords, what a mess.
Did you see in Mexico? The drug lords are running that country! Caldaron doesn't stand a chance.
Maybe you mean Hugo Chavez?
AAAAAAAAAAAAAAAAHHHHHHHHHHHHHH!
Heb 11:13 These all died in faith, not having received the promises, but having seen them afar off, and were persuaded of them, and embraced them, and confessed that they were strangers and pilgrims on the earth. Heb 11:14 For they that say such things declare plainly that they seek a country. Heb 11:15 And truly, if they had been mindful of that country from whence they came out, they might have had opportunity to have returned. Heb 11:16 But now they desire a better country, that is, a heavenly: wherefore God is not ashamed to be called their God: for he hath prepared for them a city.
In the last quarter of last year. the average American found out that 40% of their nest egg savings had vanished. They were comfortable with their assets and investments growing their nest egg until retirement age.
What has happen in the last few months is that people are now taking normal discretionary money and saving it to help plug the huge hole in their security. An economist recently stated that this amounts to around One Trillion dollars or 1/10 of normal spending by consumers on consumer products. (food, clothing shelter, etc.)
This is on top of approx 500 Billions in toxic assets relief still needed to bail out the banks and investment firms.
The recent stimulus package plus the Tarp funds already approved by congress amounts to around a Trillion dollars, leaving a 500 Billion dollar gap in the GNP. Another 500 billion stimulus will need to be approved before the spending gap is filled.
If this doesn't happen soon, the economy will continue it's spiral down. Look for another stimulus package within a few months.
Things are going to get much worse before they start getting better about this time next year!
Are you prepared? Look for the economy to come close to a screeching halt, and unemployment to hit double digits before things get turned around.
I believe this is the closest will will get to an total economic collapse in our lifetime.
Are you ready? Will people continue to faithfully support the church when every penny they make is needed to just survive?
A year ago I would have said you were just trying to make people afraid! Today, I have to say I'm afraid you're right!
The last week has shown that the financial world does not have any confidence in the stimulus package. None! Everytime the white house even spoke about it the markets went down. Gonna be a long year!
A year ago I would have said you were just trying to make people afraid! Today, I have to say I'm afraid you're right!
The last week has shown that the financial world does not have any confidence in the stimulus package. None! Everytime the white house even spoke about it the markets went down. Gonna be a long year!
You're right! This is a crisis of confidence. Folks don't trust the stock market, real estate, or most other investments right now because they have all lost so much money! They are hording up cash! CDs are not even safe anymore!
Three things will have to happen before folks feel comfortable to invest again and banks will feel comfortable to lend again.
1. Unemployment rate starts to go down.
2. Real estate values start to hold or go up on their own without a special stimulus.
3. Stock Market starts to trend upward.
Don't look for any of this until 2010, IMO!
__________________ Words: For when an emoticon just isn't enough.
You're right! This is a crisis of confidence. Folks don't trust the stock market, real estate, or most other investments right now because they have all lost so much money! They are hording up cash! CDs are not even safe anymore!
Three things will have to happen before folks feel comfortable to invest again and banks will feel comfortable to lend again.
1. Unemployment rate starts to go down.
2. Real estate values start to hold or go up on their own without a special stimulus.
3. Stock Market starts to trend upward.
Don't look for any of this until 2010, IMO!
I think things will stablize in the 3rd or 4th quarter of this year.
year over year comparisons will start to look better because of last years losses in the last half of the year. That will go a long way to stablizing the economy.
employment numbers are a lagging indicator and often an economy is out of recession before the high job loss figures hit.
generally companies that lay off, hire back pretty quickly once things turn the corner.
the drag here is what BHO and the idiot congress is doing. thier spending can drag this thing down far more than if they just did nothing.
__________________ If I do something stupid blame the Lortab!
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