You wanna know what is going on? David Rosenberg explains…
“US consumers are cutting back, and where they are not cutting back, they are scaling down. This new cycle is all about ‘getting small’ and it is deflationary. For yet another in the litany of signs pointing in the direction of social change towards thrift, have a look at what is transpiring at the upper echelons of the income strata – Now Even Millionaires See the Benefits of Budgeting on page B5 of the Saturday NYT is a must read.
“Not only are the rich trading down, but the article quotes a high net worth financial advisor who said ‘many of our clients are very happy to be sitting on bond portfolios and cash reserves.’ And see the article on page 2 of the Sunday NYT – Beauty Products Lose Some Appeal During Recession. According to the NPD Research Group, total sales of department store beauty products are down 7% from year-ago levels. Women are apparently opting for the ‘natural look’ – “some people are selectively replacing higher-priced items with cheaper products from drug stores and discount stores.”
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Except the Chinese, They are buying everything with US DOLLARS
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SAVE $15 MILLION you're going to NEED IT!
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good to hear, great for the wallet and environment, how muuch stuff do people need, use what you have, I am hoping they will bring more stores where you can trade what you have for other goods.back 2 basics. I think big spending looks tacky and fake. modesty , classic, is best .
ReplyDeleteI have been "economizing" for several years now. As my business revenues decline, so do my expenditures.
ReplyDeleteAs far as buying luxuries such as new clothes or shoes (new appliances or furniture are out of the question), I haven't even thought about buying such things for at least a year. I grocery shop at "Pack and Save" now, and even buy some items at those "dollar" stores.
If I need some type of furnishing or clothes, I am off to the yard and garage sales on Saturdays, which I am pleased to announce the amount of garage sales has at least doubled since last year in my area.
And the area I live in is supposedly one of the better economies. Tell that to anyone who works at the local Mall or the new Walgreen's store that opened and has almost no business. I see more and more homes up for sale and more and more foreclosures happening in my area. I note the bankruptcy of commercial properties went up like 1000% from last years rate in my area. The economy is slowly deteriorating day by day.
In the rare event I have extra $$, I buy silver rounds or bars and storable food (or ammo).
Better be prepared...
9:51 when you go to your garage sales ask the homeowners if they have any silver coins, bullion, cutlery, tea sets or gold for sale. You will be surprised when they pull their stash out from inside. I have done it a hundred times and bought for way under spot.
ReplyDelete9:51 - no kidding. I have an idiot friend that sold some antique gold coins for melt, and another neighbor that had a small bucket of <1964 silver coins for less than 90% weight melt. Not to me of course, never thought of asking me :(.
ReplyDeleteI can get a customer to buy something these days only if I threaten them with a beating.
ReplyDeleteDownsizing is great, I hope they start down sizing those big box stores and supermarkets, I always see expired food, so wasteful. and obese people buying bags and bags of chips, the less food on the shelves, the healthier people wil become, this is good news.
ReplyDeleteWhen people stop spending, the government takes over - and nothing is achieved....
ReplyDeleteAround here (Chicago) people have stopped spending and sales tax (10% tax) receipts are way down. The government is blaming it on the economy - although a lot of people are going to surrounding counties to buy at 7% tax. Lots of retail stores have closed. Lots. Governments aren't making their budgets and are finally realizing they might not have that income again - so they are looking for other sources. Very few are cutting - and if they do it's never the fat (pensions).
ReplyDeleteIf it becomes like the 1990s its fine with me, I will even take the 1980s quality of life , right now the market is oversaturated with STUFF! I am waiting for a big box trading post. you bring your unwanted items, you trade for other peoples items. great for everyone, and the environment.
ReplyDeleteThe economy has tightened here somewhat, but not nearly as much as the NE and West US. We are only now beginning to see the unemployment in factories and auto suppliers. The State Gov is in good shape here, and cities are doing ok so far. People are still building and buying homes, but not McMansions. The popular sales in homes now average 120-150K. Our banks have not stopped lending, but you better have a good credit score on an auto or home loan.
ReplyDeleteBeing debt-free is the best answer to all of this, and having a steady passive income if your retired like me.
Where I am it is still overbuilt, overpoulated, so many stores, so much merchandise, so many back 2 back big boxes, traffic , evryone in their cars no one on public transportation, trucks shipping back and forth, redevelopment projects, uggghhh
ReplyDelete3:16 certain areas take time to collapse. Its a domino effect, the last domino takes the full brunt of it all, it will hurt the most. You basically said it all, like the Monty Python movie when the fat guy took one more thing in his mouth too much, he exploded. It took awhile to get fat and he didn't know when to stop.
ReplyDelete3:25, I dont want a collapse, I just want a hault on new loan projects. I dont want a business to get a loan because they need to build the worlds largest cookie, I dont want a business to build a sports arena for their kids little league team. an expect the taxpayers to foot the bill.I am over it.
ReplyDeleteI live in a shack of a house, But its paid for ! I drive a 10 year old truck, but its paid for ! I have, other than utilities and internet, NO PAYMENTS GOING OUT !
ReplyDeleteI have no gold, no silver, but I do have an ample supply of what I believe will be the most precious metal of the future, LEAD.
I also take stock in a few other commodities,
Respect,(not just for you and yours, but for other people as well) Trust,Honor,Dignity,Pride,Courtesy,Civility,
FREAKING MANNERS !
These words generally don't apply to the rat race of the society that we all live in and have little or no meaning today, at least not in Texas anymore, it used to be that a person was held accountable for their actions and had to answer for them, ie, an ass whipping for rude behavior, not anymore, now a days its common practice to be rude.
come to my house and you'll damned sure learn the lost language of respect and manners, one way or the other..
Signed;PrickLeePair.
what a bunch of paranoid schyzos! for heaven's sake, what are you afraid of?
ReplyDeleteare the Jews taking over? how absurd, but if they did take over, at least they are not terrorists and believe in Democracy.
The enemy is inside you, your paranoia is the enemy.