You know, the stock market actually mattered at one point, back when it was a method for paying off the revolutionary war. But now it seems an unwieldy, and unnecessary burden on our economic system.

All it serves to do is further abstract money from reality. We're all willingly living in a fantasy world...

Sent by Jody Sol | 12:47 PM ET | 08-10-2007

the only purpose of the stock market is to show us how much richer the big companies are getting. even when the market drops there are reports of X company's profits being "only" billions of dollars, much less than investors expected. too often at the cost of the worker. cutting payroll to make more corporate profit is the first thing a company does after merging with a former competitor.

Sent by tim | 7:55 PM ET | 08-10-2007

A few years ago, I paid off all my loans (INCLUDING my mortgage). Nothing has brought me more personal peace and, get this, I actually have more money than I can spend now!

The old adage, "never a borrower or lender be" still holds.

Sent by tvarad | 9:49 AM ET | 08-11-2007

Let's recap - borrowers who didn't meet criteria for regular home mortgages were offered other mortgages with higher interest, fees and points - add in rising costs of food, clothes, gas and home heating oil on top of mortgage payments they could barely make to begin with and nobody could see a financial disaster in the making? Oh my - we're in much more trouble than anybody can accept.

Sent by Katy | 5:26 PM ET | 08-11-2007

The dot-com boom & subsequent bust in the '90's - early 00's, and now the real estate boom and subsequent bust. Both due to people trying to get rich quick. Whatever happened to working hard and building wealth? Our grandparents must be rolling in their graves.

Sent by Mark Tisch, Salt Lake City | 1:13 AM ET | 08-12-2007

There is a vast misconception about the "profits" a company makes. When a company disperses it "profits" to the shareholds (which, increasingly, is plain old you and I), it cannot deduct those disbursements as expenses. Consequently, it must book the dividends which it pays out as "profit", even though that money has left the corporation.
Since most Americans at least have a mutual fund, virtually every American is an investor. So, those who bemoan corporate profits are, themselves, often profiting from those corporate profits since the dividends (i.e., the profits) are flowing back to even the holders of mutual funds.
What I am trying to point out is that "investors" are not necessarily super-rich people. Most Americans are investors, from those who own mutual funds to those who own individual stocks. How many of us have stock options with the company we work for? How many of us by shares of the local electrical company because of the divident income? For those of us who have pensions, much of that pension money is invested in stocks. Even those who have retirement money invested in annutities will, upon examination, find that a portion of that money is invested in corporations since many annuities use mutual funds as their investment vehicle (and, the monies in mutual funds are invested in stocks).
One former president said that America's business is business. This is as true today as it was when the revolutionary war was over. It is time that we all realize that the success or failure of corporate America means, in the end, the success or failure of all of us.

Sent by Vincent Anthony Ettari | 3:07 AM ET | 08-12-2007

once again, the important point in investing is choosing the company that you will own part of wisely.

My stocks actually increased in value in this past week.

Sent by mike hanes | 12:36 PM ET | 08-12-2007

I judge the economy by how well it is doing in my community. What i see is, Big Box corporates moving in and big land developers building subdivisions. No job creation. People have to commute long distances to pay their mortgage. The infrastructure suffers. Congestion is a nightmare.

Sent by Keith Forrest | 7:21 PM ET | 08-12-2007

our country is finally having to pay the piper for living on credit and beyond our means. Something very terrible is coming get out of debt and build up a food storage. This is only the beginning of the uglyness.

Sent by Rachel | 8:57 PM ET | 08-12-2007

Regarding last weeks news, and its impact on financial markets, the primary negative affect is on banks, mortgage companies and investment brokerage houses (and Hedge/Mutual funds) that absorbed financial instruments with significant exposure to subprime loans. The last few years have seen a boom in home ownership driven by easy credit. Some of these loans were high risk, but the risk was deemed acceptable when housing prices were expected to continue rising indefinitely. Now that the housing market has cooled, (mortgage) interest rates have risen and mortgage defaults are increasing, anyone holding a financial instrument backed by these high risk loans is feeling a little nervous. The so called subprime mortgage problem has been talked about for months. Last week however, we learned just how far reaching these loans had gotten, and the news fueled fears that the impact might be severe enough to spread to the broader economy and even the economies of Europe and Asia. The good news is that markets are self adjusting, those who were willing to take high risks will have the greatest losses, and most of the rest of us will only be impacted by the increased cost of money and the increased cost of living.

Sent by Robert | 10:02 AM ET | 08-14-2007

Don't big box retailers and land developers provide jobs? How can you say "no job creation?" I agree with Vincent Ettari that corporations are not necessarily the enemy. After all, well over 90% of the people I know sustain a pretty good life in the U.S. off corporate payroll. The other people I know are paid by tax dollars which come from, you guessed it, corporations and corporate payroll. Yes, we need to make sure they are good stewards of the country socially and environmentally as much as possible, but let's not forget that the "greatness" of our free-market economy IS our corporations. If you're going to see the bad, then at least be willing to see the good as well. My brother and sister-in law both work at big box retailers and live a comfortable life. Land development provides even better jobs. And don't forget all the suppliers of the big box retailers and the land developers, all the factories that produce the goods, the distribution warehouses and truck drivers, companies that sell and service those trucks, stone quarries, architects and engineers who design the plans, etc. etc. The smallest action in the economy has an unimaginable ripple effect. If we thought about this for awhile we could make a list of hundreds and hundreds of companies and individuals who profit from just one big box retailer and/or land development. So there is job creation. Start complaining when there are no new retailers, no new land development. That's when we have problems. The problem with making corporations the enemy all the time, is that you're biting the hand that feeds you, literally. Corporations ARE our economy, like it or not. Let's encourage them to be good stewards of our society with social action and responsible regulation, but let's not pretend they're the enemy. All things in life have some good and some bad, some ying and some yang, including companies. Maybe we can do a better job of legislation and enforcement of those laws. But let's appreciate what we have, including our companies!

Sent by Bryan | 10:26 AM ET | 08-14-2007

I have three words. Enron, Worldcom and HealthSouth. All ran into trouble after 2000.

Sent by Angel | 7:05 PM ET | 08-16-2007

A year or so ago when I started hearing about interest only mortgages, 40-year mortgages, and the continuing "no-down payment" mortgages, I was certain we were headed for disaster. So here we are today at the beginning of the crisis. I predict that there will be even greater problems as people carry their 40-year mortgage payments into retirement, trying to pay the monthly payment out of their minimal social security checks (if there is any social security left in a few years!!) and wondering why it won't work. They will then be crying to the government to come and bail them out of their troubles! Come on people--whatever happened to the philosphy that one should "live within their means!" Those who are ignorant enough to buy houses they cannot afford, and continue to put other luxuries on their credit cards, deserve what they get. And unfortunately, the rest of us taxpayers will be expected to continue to fork out extra $ for taxes and programs to help bail them out.

Sent by Julie Wilson | 10:53 AM ET | 08-17-2007

Fires , Flooding snd the War have a Cost . We need each other more know then ever. People are losing everything ,Home , Wife Jobs and Corp .and Gov. are GREED

Sent by Allan | 8:54 PM ET | 08-17-2007

I am amazed at how spoiled American's have become. The ARMs that were handed out like candy to people who had no business buying McMansions required the buyer to sign on the dotted line. They knew the risk if things went south. Many took that risk out of greed. Oh, there were the "Flip That House" type shows that convinced viewers that a $10 improvement would magically bring a $100 return. How many really believed they could get double digit equity in their homes every year?. We'll, there is no free lunch and there comes a point when the irrational exhuberance comes to a stop...after all, is it really realistic to think a southern California $70K wage earner can genuinely afford a $500K house? When the game went against them, they cry like they were blindsided. Now the market corrects and suddenly the sky is falling. The market is currently down 10 percent and you'd think there was a depression. I recommend those who are complaining that the gravy train stalled, take a few finance classes. The ignorance in the population amazes me.

Sent by Don | 10:39 AM ET | 08-19-2007

The Sign of Jonah "Repent" "Repent" "Repent"
Look Around Greed, Violence, Rape, Children as a Commodoty to Sex, A country that claims to be under God and loves sex, violence, power, war, self rightessness and we think there are no consequesnces for our actions.
Turn your faces back to God and change your ways. I don't care if you are a christian, muslim, jew, or any other religion if we don't turn back to a moral compass set by the creator we will perish by fire and it will not happen the way we think we know the mind of God to be. It will be much worse than what we can imagine or predict. May God have mercy on us for being so arrogant and selfish we no longer even know what love truly is. It is a complete selflessness and service unto others to care for, give to, resect, see as equals, listen to and learn from by putting away our desire for power, control, money and the desire of the flesh outside of marriage.

Sent by Carmela Katherine Amato | 4:17 PM ET | 08-19-2007

God doesn't have anything to do with the housing financial mess, it is stupid people being greedy and all thinking they were going to super rich.

By the way, the only heaven is money, and the only hell is bankruptcy.

Sent by Enlightenment | 4:14 PM ET | 08-20-2007

10% drop in global market value -easy to overcome, but you have to do it now.
The things we have bought is what has gotten us into trouble - downsize to a 10% smaller house 10% closer to where you work. Drive a 10% smaller vehicle with 10% better mileage. Eat 10% less junk and walk or play cards with friends rather than going to the movie at a mall on the weeknight. For vacation, go to the closest state park for a hike then plant a garden - or even do some volunteer work at the church or community center rather than jetting off or roaring around in an RV. Get in physical shape at the local public tennis court or the swimming pool. Attend the local art and music festival rather than going to the big city for an overpriced play - in short it is easy to downsize spending 10% or 20%. - sound like the 50's - well the 50's were sound - financially that is. If you are overweight out of shape and already committed to the 4000 sq ft house, 30 mile commute, 14 mpg SUV, and the Caribbean vacation, you sir are the problem

Sent by d pierce | 8:23 AM ET | 08-21-2007

People are idiots, they treat the stock market like a legal form of gambling. Young men and women need to learn about the inherent risk in securities and home buying when they're in high school, preparing to become "responsible adults". However, our schools are having a hard enough time getting them to graduate with a solid foundation in reading, writing, and arithmetic. It's too bad that our culture is so ready to promote the next American Idol, but studying hard and working to get good grades are not recognized as universal virtues. I'm only 27, but I'm already dreading what American society will be like by the time that I retire. Now I understand my father's view of pop culture when I was a teen.

Sent by Dave | 12:33 PM ET | 08-21-2007

I heard somewhere that ignorance is bliss. That being said, there is some very blissful people out there. I was always taught to budget according to your needs, not your wants. Believe it or not, the kids will be fine sharing rooms, video games are overrated and having a meal at home is so much better for you. Call me crazy, but I have no interest in competing with the Jones'! I'd rather enjoy life.

Sent by Roger | 5:57 PM ET | 08-21-2007

"A few years ago, I paid off all my loans (INCLUDING my mortgage). Nothing has brought me more personal peace and, get this, I actually have more money than I can spend now!

The old adage, "never a borrower or lender be" still holds."

So did I, never have had as much peace, and my savings are growing as well. My retirement account isn't growing, but it isn't tanking either.

Sent by John | 9:53 PM ET | 08-21-2007

Grow up....if you don't already have it, you probably don't need it.

Does anybody remember the commercial with the guy on the riding mower,3 cars,a 5 bedroom house, 4 credit cards and his one comment is "help me"?

The Jones' can't even keep up with themselves...of the (4) personal bankruptcies I've known, 3 drove a Mercedes & 1 a Lexus....food for thought.

xxoo, Mike

Sent by Mike | 2:07 PM ET | 08-22-2007

When the you-know-what hits the fan and things go south in a big way, do we get to say "capitalism failed" and scrap it? For that matter, with the Fed stepping in to prop up financial markets and the pointy-heads tinkering with the interest rates, can we say that the "free" market has already failed and move on to the more humane socialism?

Sent by Commie | 10:08 AM ET | 08-27-2007

The time will come in this country when if you have even a fifteen hundred dollar a month retirement you will be king of the hill in your neighborhood the housing market is only a symptom of how many americans choose to live their lives ---------right on the finacial edge-------no or very little savings, spending just short of or a little over what they make and changing jobs willy-nilly with no thought of staying in one place long enough to build a retirement fund and no outside means to do so. Think about it------how many women and men do you know who have moved from one secretary job or factory job to another at average or below average pay and yet buying a new car and dressed to the max, buying their kids designer clothing and putting it on the plastic.
The men are no better buying all the latest toys and gadgets, all of which is just a reflection of how many Americans can buy a large new house with no down and a variable mortgage with no thought of an economic downturn and what may happen -----------they don't or can't think two or three years ahead and plan for very little past the coming weekend. Yep for our generation a retirement income of any amount over the social security starvation and poverty level may look very good indeed

Sent by Steve Scofield | 1:44 PM ET | 08-27-2007

Though I agree that many live beyond their means, job-switching is by no means the fault of workers. The savage form of capitalism that has emerged since the late 70s (think Reaganomics) doesn't value workers or even WANT them to stick around. And as for retirement plans, unless you work for government there aren't any!

Perhaps the people living beyond their means find some pleasure in "things" and those that buy want the good life even if they can't afford it. Are the unpaid masses supposed to simply live vicariously through the top 5-10% who can afford a good life? We all only get 70-80 years on earth. Many don't want to spend it waiting for the day when they can give up living like a pauper.

Socialism is the only answer. The kind of socialism we had after WW2 that created a level playing field, a thriving middle class and widespread prosperity. It's a wonder why so many resist it.

Sent by Commie | 4:30 PM ET | 08-27-2007

Commie,

Maybe people resist socialism because it has caused poverty, scarcity and suffering?

The so called "market failures" such as the dot com bust, the housing bust and short sighted companies treating their workers like dirt are nothing of the sort. You have no idea how far from free the market in the USA is. With the Fed manipulating interest rates and inflating the money (both to the detriment of the poor and middle class), and the regulations that are supposed to "keep an eye on corporations" serving only to drive small and mid size businesses out of the market, this is clearly nothing like freedom. It is corporate socialism, government by, of and for the powerful and rich.

Sent by John | 6:39 PM ET | 08-27-2007

Is anyone aware that the Savings and Loan debacle, is not that long ago. The banks were accused of Appraising mortgage values way above what properties were worth. So called " Independent "Appraisers took the hit. Now lenders are saying to independent appraisers " hit the numbers , or I'll find someone who can" exactly the same, 20 years later, same problem, no solution. Banks and Government, hand in hand will make someone rich, not me.

Sent by john kellock | 8:44 PM ET | 08-27-2007

I could just as easily point to capitalist countries where there is widespread poverty, scarcity and suffering. Look no further than Latin and South America. On the other hand, I can also point to socialist countries like most of Western Europe and see peace, prosperity and a much better group of societies.

Teaching people to share and leave a little for the other guy is difficult but not impossible. America just relies too heavily on the darkest, most primal impulses in humans- greed, selfishness and fear. That's what provokes people to only see failed socialist cultures.

That said, I'll bet things were better in Russia before they went capitalist. Sure, a few people have wealth beyond anyone's dreams but many many more live in that misery you seem to think is relegated to socialist cultures.

Sent by Commie | 10:31 AM ET | 08-28-2007

To Vincent. The success of corporate America decades ago was shared by mostly Americans who made up our vast middle-class. Today the lion's share of corporate profits is shared by cheap foreign labor (who are getting richer at your expesne) and the few on top. That's the big difference today.

Sent by caloy | 11:34 AM ET | 08-28-2007

What Vincent says sounds more like fascism than capitalism.

And most Americans do not own stock. The majority of the ones who do, own a couple hundred dollars worth.

Sent by Commie | 11:56 AM ET | 08-28-2007

It seem like everyone is either on Social Security, Disablility, welfare or unemployment. I was setting at a dinner table with 26 other people. Only 2 of us worked. This does not compute. The Day is coming when it will all come to a head. I'm perpared, are you?

Sent by Jerry Brown | 2:50 PM ET | 08-28-2007

i live a modest lifestyle at best a decent income or so so. Invest in 401k as much as possible. My question is why is the market fluctuating 220 pts in 1 day when they claim there is no news to go on. Robbing my 401k. If there is no news hold the market at -30 or 30+.Day traders get your sh** together.

Sent by dave | 3:38 PM ET | 08-28-2007

With someone putting a billion dollars worth of puts on the SPY (Standard and Poor 500) that expire Sept 21, 2007, I am so glad I paid off all my debts a couple of weeks ago and sit here debt free. Thousands of bin Laden trade puts at this shakey time in the market is shaking my cage good, too.

Google -- bin Laden trade put 4.5 billion --- and look at what I've been reading for a week now. And www.tickerforum.org has some good comments under Breaking News about this, too.

My advice is to get out of debt NOW! My next investments will be canned goods, a couple of good can openers (American made btw), a shovel to bury the family valuables, and lots of ammo and water filters.

Sent by Bowcatz the Debt Free Kitty | 2:54 AM ET | 08-29-2007

To 'debt free kitty' you should buy a can opener made in mexico because the one that's american made was really made in China and will break, but only after you get lead poisening from it.
Banks have always taken advantage of desperate people,not nesscesarily stupid.
I have always practiced 'defensive personal financing', I do not like to borrow money, I do not owe anybody anything, my parents have never helped my financially.
I am very fortunate that I have a 15 year fixed, and no debt. You see my parents were 'desperate' and I learned from their mistakes.
Also to debt free kitty, did you hear that the price of ammo has gone up due to the Iraq war? Looks like your going to need a co-signer to get your supplies and good luck with that!

Sent by Alise Bamforth | 10:18 AM ET | 08-31-2007

Dear mr Ettari, it would be dandy if the thieves running american companies would follow your advice concerning corporate responsibility to maintain sound business practices.

Sent by arnim winkler | 11:44 AM ET | 09-05-2007

I'm surprised that anyone is surprised about this stuff. I was predicting this since before 9/11. Anybody ever stop and wonder where all of the new "home buyers" are going to come from. I hear about new houses being built in massive sub-urban swaths EVERYWHERE!!!! They are popping up like cancerous patches all over Eugene, Springfield, Salem (which is looking more like San Jose every day), Portland, Beaverton, Bend, Creswell (when I moved here in 95 the locals would bag on the "inbreds" from Creswell, now it is a budding sub-urban town). I hear about this type of growth all the time on C-Span, on the internet blogs, from friends in other states. My question again, is WHERE ARE ALL OF THE NEW TENETS OF THESE HOUSES GOING TO COME FROM???

Its for these (and other little economic indicators) reasons that I believe that the housing market is preparing for the migration of thousands of well-to-do retirees and first time home-owners from Mexico and Canada. I know it sounds conspiritorial (even in this day and age) to talk about the North American Union, but, whenever you hear anyone talking about "deep-integration"(a handy euphemism for establishing the multi-national economic infrastructure of the NAU) that is what they are talking about. Take into account the massive debt our current "international policies" are mounting, the objection of the Mexican government over our acting like we care about illegal immigration, and the unjustifiable growth of the housing sector, and there you have it Can-Ameri-Mexico.

I'm sure someone thinks such a move would be a good thing-seeing as it is happening. But, I doubt they are considering how Americans will react to not having the Constitution, and The Bill of Rights applying to them any longer. I for one, won't be happy about it at all, at all.

Sent by Markoff | 5:32 PM ET | 09-05-2007

Dear Commie... Like most people who advocate socialism or communism, you have no idea what you are talking about. There is plenty of historical data that shows that socialism and communism does not work. Humans are not bees. Provide one example of a true communist economy that has been prosperous. Even the ones that were able to survive a short time did so by force with the consequence of non-adherence being imprisonment or death.

Sent by Freedomlover in the USA - Boston, MA | 5:42 PM ET | 09-05-2007

Vincent, have you checked the savings rate of America, the distribution of stocks among the various classes, etc? You've got a point, but it's odd that many Wal-Mart workers get their health insurance, if any, from the government.

Sent by Tsee | 8:13 PM ET | 09-05-2007

Commie, You are incorrect in stating that most of South America (latin america) is not socialist. As a matter of fact most of Central, South America is as least leftist if not heading completely toward socialism. And guess what, they aren't fairing any better under socialism. I know, because my wife is from Venezuela and I know exactly what is going on in Venezuela and they are just as poor now as they ever were if not poorer.

Sent by Anti-Chavez | 11:39 AM ET | 09-06-2007

Americans need to learn there are no get rich quick schemes. That's what got us into trouble with the dot coms and has got us in trouble with real estate. Nobody wants to work hard for money. Instant gratification/wealth is the new 'American Dream'. Now Wall St. wants the gov't to bail them out!? First they scream for deregulation then when they get themselves in trouble because of said deregulation (see Hedge Fund) they want us, the middle-class... you know, the ones that actually PAY our taxes, to bail them out!? I say NO NO NO! Let them all sink. Let them all go bankrupt. Let the economy go down the toilet. We NEED another Great Depression to set things right in this country again. Americans need a good slap in the head so that maybe, just maybe they'll pay attention to what's happening in Washington and on Wall St. I wish it weren't so but, I see no other way.

Sent by Doug | 11:56 AM ET | 09-07-2007

You said it Doug! Here is Detroit, they sky is gray. Outside of hour housing problems would somebody please buy American cars. Your country needs you. I don't work for any of them, either. I didn't buy forign because, I like to think, "It's like shitting in your own bed and complaining it stinks". I know we haven't done even a good job in about 30 years. However, my dad always told me we are American and we support the American economy. Meaning, it's bigger than ME. Which is how I sleep good every night. I tried.

Sent by B | 12:06 AM ET | 09-10-2007

Don - and anyone else busting on buyers now running afoul of their ARMs - in 2005 I moved to a new home. My real estate agent recommended a broker whom I contacted after being turned down by several banks (despite having more than 20% downpayment AND excellent credit). The broker said I had a couple of "irregularities" (30 day late payments that occured 4 years previously) and I should take a 7.75% ARM and switch to a set-rate mortgage in a couple of years, sure it would cost me a "few thousand" but everyone was doing it. I almost bit. I had been made to feel like I had no other choice, and had already sold my other house. Fortunately I contacted a program through work, and got a %5.25 set rate mortgage....and reported the broker to the State Banking Department. And I have an MBA!!! What about those poor ignorant shnooks who think they are getting good advice? I know some people that this happened to, and they thought they were doing the right thing. Not everyone is innocent, but we need to take a good, hard look at the mortgage and broker industry.
BTW - if you look at your American made products, parts were probably made overseas. The economy IS global. I try to buy locally made - 100 miles or less - and I don't do Walmart, ever...but even Ford uses parts made overseas.

Sent by Jen | 2:02 PM ET | 09-10-2007

If you're seeking an alternative view on finance, I reccomend reading this book. Affluenza: The All-Consuming Epidemic by John De Graff. The definition of affluenza, according to de Graaf is something akin to "a painful, contagious, socially-transmitted condition of overload, debt, anxiety and waste resulting from the dogged pursuit of more."

The book changed my life for the better. I'm now a master instead of a slave.

Sent by Matt | 11:02 AM ET | 09-13-2007

Freedomlover: There has never been a truly communist country but there are plenty of socialistic ones and they are far more successful than the US in terms of many social indicators. Besides, how successful can you call yourself when 90+% of capitalistic endeavors end in ruin?

And to Anti-Chavez: South and Latin American countries only recently adopted more socialist leaders, like within the last few years! So typical for savage capitalism-lovers to expect things to turn around overnight. Do you think the 5% that benefited from savage capitalism in those countries will just roll over and play nice? Chavez has been in power for what, 8 years? Do you honestly think that's enough time to rescue the country?

The endgame of capitalism is one guy with all the money and everyone else building him a pyramid. Redistribution of wealth, even forcefully, is the only way to prosper. That's one of the reasons you never hear of innovation coming out of South or Latin America. The money is not used to further the whole culture but merely for the amusement of the top 5%. America is rapidly approaching that scenario. Meanwhile the socialistic countries of Western Europe are taking off. Cooperation goes a lot further than competition.

Sent by Commie | 2:52 PM ET | 09-13-2007

My wife and I started looking for a new home when we got pregnant a few years ago. We made reasonable bids on modest homes and always lost out to someone willing to take on reckless debt and bid higher. My wife suggested we do the same, but I said no.

Now, there is talk of a bailout, and I hear a constant stream of "I told you so." If the bailout comes happens, how can I say she is wrong? The reckless borrowers have the home we wanted, and my tax dollars will be paying for it.

Sent by Dave | 3:42 PM ET | 09-13-2007

53 yrs old, disability retired, after starting to work and pay into SS at age 14 w/last 12 years of my work life working two jobs 14-18 hours a day, Now paying on a fixed 15 yr debt on a motor home I can not afford fuel for so it stays stored. Wife at best is only able to find part time work no benefits mostly because of her age (50), beyond the MH we have no debt, yet between medical costs, insurance, taxes, and regular type utility bills 65% of our combined income is non discretionary, the other 35% is for gas, food and an occasional toy for the dog. We don't go out to eat. Type 2 diabetic I eat 1 meal a day, same for the wife but not diabetic. Don't know shit about financial markets but I do know there are 5 empty homes on my block in Detroit all repo'ed and evicted.
Our car is 14 years old and as an ex mechanic I can still do some of the work on it myself but have to hire out quite a bit which galls me and so far we have clocked 280000 miles on it. I have read all of the comments and I am not a socialist but I do believe there should be medical coverage for every American, and food for every American, and shelter for every American...now the poor I see break into an empty house set up house keeping until they get thrown out and then move on to another empty house.
This isn't my old man's America and if you believe that Exxon Mobile, British Petroleum, The house of Saud all deserve fifty billion a quarter in profit from oil that has risen 200% in four years, then I guess I should have gone to college instead of earning a living I miss very much, when I could save for my wifes retirement and put a little aside for the kids, because it seems to me that at least in the Upper Midwest we have gotten the short end of Bush's economic expansion, which means we pay and pay and pay and get 1/4 in return. I use that figure because that is what I get now as opposed to when I could work for it 17 surgeries ago.

Sent by TWM | 9:05 PM ET | 09-13-2007

TWM- I feel your pain. But something tells me you voted republican in the recent past. If so, your problems were brought on by your actions.

Conservatism is a disease of the soul.

Sent by Commie | 9:44 PM ET | 09-17-2007

Seemly, no one is paying attention...even on a micro level. No matter what segement? healthcare,education,goverment,corporategreed. Look around you are sinking in stuff and are a slave to your own impluses. I eat only what I need, spend only what I need and enjoy the freedom of not being encumbered by outside distractions. Look around...America is not going into inflation it is going into deflation. We are sooo saturated by & with marketing. Have you finally heard the BIG! SUCKING SOUND of your own actions? Not only are there to many houses and to large (that use energy) large cars ( using energy)to many fat unhealthy people (using healthcare) with out prudent decipline...looking for the magic pill. Dumbing down watching television. You did it. Don't expect others to pick up the mess. If Global Economies bought into this sad state..to bad they had the ability to weigh the odds. Simplicity, is the keynote and personally speaking I think we need this time in history. Global warming is a big consideration so is over population and what will substain all this? Only, 32% of the population votes...then their unhappy because someone made self serving decisions. To bad. WAKE UP! Laws have been passed because??? you blame this on lawyers and lawmakers or corporations. Who demanded all these goods and services?

Sent by Diana | 2:16 PM ET | 09-18-2007

I've read all the above comments, I find some good and other idiotic. What we have not learned is "There is no free lunch."
I really feel for the poor saps who became enmeshed in the 'Sub prime' scam. People may blame them for being fools to get so enmeshed. They were hearing their dream come true by the big money guys in their suits promising them anything to get them to sign up. Now, WE in our socialistic government are bailing them out. We are not beiling out the poor guy with the scam of a mortgage, we are bailing out the dirty rotten bastards who lied to them. It is easy to believe in something that is an answer to your dreans.
I am an 82 year old retiree who is blessed with retirements that will enable me to live a decent life. I bought a house in a small Western Kansas town for cash after selling my home in the Denver area.

Last winter a Friend of mine asked me to help in his business. My hours are minimal and I recieve no payment for my services. It gets me out of the house in the a.m. hours and keeps me involved with my community. If I took any pay for what I am doing it would put me in the position of paying taxes on all my income. I can remembrer my father saying during WW II that he couldn't open the doors to his business wituout breadking some "G D Law" and it has gone downhill from there.
We may brag about out "Democratic" country, but we are becoming what we profess to hate. When we hold ourselve up to the rest of the world as "The Only way to Go", we are as guilty of a scam as the guys selling the "Sub Prime Mortgages.
All commenting on this matter should read the "Ris and Fall of The Roman Empire." A wise man once said that if we don't study history we are destined to re-live that history knew what he was saying. We are living that particular bit of history.

Sent by Cal Harvey | 7:03 PM ET | 09-18-2007

What good will it do for the Fed cutting interest rates when the economy is already in bad shape as it is due to the war in Iraq, fires, floods,etc. In the old days, being middle class was once considered to be a stepping stone towards prosperity. Now it's just the opposite. Our men and women are fighting in the sh*thole that is Iraq and they got the nerve to consider bringing back the Draft?!?!? By doing that, they're gonna put this country in even more financial ruin!!!

Sent by BeastMasterX | 11:56 AM ET | 09-19-2007

We, the U.S. , consume way too much
We save very little and don't recycle enough. Most of us live paycheck to paycheck and the biggest problem is we spoil our children." People live within your means" Start today !

Sent by STANLEY MILLER | 1:51 PM ET | 09-19-2007

I want to know when I can expect my paycheck to be adjusted for the declining value of the dollar. I can't hardly make it on my $15/hr job with my BA degree now, let alone save anything. Any "extra" ends up being a little more groceries. I rent, because i can't afford to buy in this market, have a 7 year old car i owe more on than it's worth, & my kids rarely ever get a "new" outfit. So now that $1US = $1 Canadian, when can I expect my wage adjustment? *crickets chirp*

Sent by Stressed out & falling | 3:21 PM ET | 09-20-2007

Live within your means? Hmm..guess that means all of us living in high cost areas such as California should move to Kansas and set up housekeeping...you cannot live within your means and live in a high cost area on one income...can't be done...if you own a home that is...we're supposed to "save" for college, "Save" for retirement "Save" for a rainy day..all this and pay a $2500 or more house payment, property taxes etc...(and that is just for the "average" California home)...guess we should all move

Sent by Mandi | 4:38 PM ET | 09-20-2007

The willfully ignorant of this nation (those who have supported illegal war, massive corporate greed, and the Cheney Administration) are the cause. The cure? I'm not sure anymore, as the Democrats seem almost as bad. I too think that perhaps what this nation needs, is a swift kick in the butt, and a depression may be part of the answer. We've not only been poor citizens of the world (global warming, greed, wars), we've been poor citizens to our own nation. We've let our Constitution be trampled (something all of you WILL come to regret), stood by while the American worker and middle-class were throughly raped, we've let the Bush oil cabal raise the price of oil 200% since stealing the election in 2000 (further national shame!), and then lie us into an illegal TRILLION DOLLAR war. Shame, shame, shame. Karma will be the bitch by which many will suffer....

Sent by T. Bass | 5:03 AM ET | 09-21-2007

" it's time to sell the baseball card collection."
This always applies to anyone, anytime. My son once asked me, "When the stock market fell in 1929, what happened to all the money?"
The answer is what economists will never tell you; "It was never there to start with."
If you want to know what to invest in, you have to look at the energy, food, and population situation.
Buy tools, buy good land with water available to it, buy crocks for storing fermented food because refrigerators will be unreliable. Back to your liquidity joke about beer. Simply add some sauerkraut and cheese and wine (if it's an upscale party)

Sent by Dan | 10:09 AM ET | 09-21-2007

I can't have sympathy for a middle class that voted republican so strongly over the past 30 years. They should starve for their ignorance.

Sent by Commie | 10:54 AM ET | 09-21-2007

Lots of interesting comments...the ones that strike me are the ones of voluntary simplicity. Sad story for those that have their sights on material satisfaction. Honestly though the trouble with our market is kinda simple, it designed on exponential growth. A heaven of endless stairs laid up and out for eternity, infinite growth, infinite consumption are the dreams of our market. But, back here in reality, the population is over 6 billion, oil has peaked (I am leaning on the side of caution), global warming is real(whether you believe it is human caused or not), we are seeing the largest mass extinction in all of the worlds history, 30% of the planets soil is degraded or degrading, there are water shortages, in the other places they are flooded out, and still in others their is water a plenty but it so polluted nothing can be done with it and finally,the population is believed to double within the next fifty years. How are we going to feed all those people? That is the trouble with the market, all those who are not familiar with voluntary simplicity will be shortly.

Sent by Michelle Jones | 10:49 PM ET | 09-23-2007

One of the primary reasons neither the Republicans nor the Democrats can end the war in Iraq, pulling the troops out would send the American economy into an inflationary spiral so steep it could be called an economic depression.

Case in point: Back in 1968, Lyndon Johnson refused his party's offer to run for re-election. Before Johnson left the White House he made the most prophetic statement that when the Vietnam War ended, America would fall victim to a massive recession.

Sure enough, Vietnam ended. Practically overnight gasoline prices doubled. Automobiles lined up around the block during the "created" gasoline shortage. Unemployment went through the ceiling It was one of the biggest recessions this country had ever experienced. There was Watergate (If the economy was good, the public would have forgiven Nixon). Jimmy Carter got elected, we lost the Panama Canal and finally the Reagan years arrived to bring tears of joy and the invasion of Granada and the Falkland Islands (by the Brits, of course).

We've gotten ourselves into a real dangerous Catch-22 here with Iraq. It is an almost terrifying nightmare to ponder should the Iraq War suddenly come to an end. Many economists predict we'd just pass a recession like "GO" and head directly into an economic depression. We are so deep in debt to China we'd not only have to give them Taiwan without a struggle, for crying out loud, we might have to give them Hawaii.

There isn't a president, Republican or Democrat or from the third planet from the sun party, who is willing to jeopardize their term of office to such an historical footnote as an economic depression or deep, deep recession. And such a major economic collapse would make the American public wish for another war. Which wouldn't be hard to accomplish. It wouldn't even take a terrorist attack of the magnitude of 9-11 to send the troops overseas again.

Fred call

Sent by fred call | 11:52 AM ET | 09-24-2007

I read every comment here and I saw alot of valid points,however,I see alot of reasoning based only on what they have studied in a book or numbers that have been analyzed.. For those,I say,get some common sense,you know,lack of blatent common sense is bringing this country to it's knees,along with greed...yet they continue to crunch numbers and read to us out of their many books of knowledege,in hopes that us little people will buy into it..

Let me count the ways,
1~ To the gentleman who said,land developers create jobs,yes,wow,your college education didn't fail you there,but get out in the real world and you will see who this is creating income for,illegal immigrants,thats who,people who wil work for little wages and no benefits..and with the added benefit,tax free,wow,we are creating jobs for people who don't even help support this country and have no obligation to it,why should they,they get assistance with medical and get tax breaks most corporations would die for...they are living the American Dream,we are rolling the red carpet out,for people who could just pack up and leave when things get bad.
Maybe the person who made this kind of comment has a cushy job making the numbers work,but the rest of us out here are facing fewer jobs and substandard wages,
2-How obvious does it need to be that our administration and chosen few are profiting off bogus oil increases, Ask yourself how trucking companies who use HUGE amounts of fuel were showing HUGE increases in their profits,while the independent truck drivers profits were cut in half.
Ask yourself,how large trucking companies,can sell fuel on their yard now since fuel went up for @ 1.25 a gal..hmmm,while the rest of us truckers are now paying 2.99gal and freight prices the same they were before fuel went up... Thats right,the trucker drivers cost went up ,their profits went down and freight charges are all being passed to the consumer, all in the name of,our shipping cost are higher. Yep,someone in the middle is keeping the money because cost are higher,not their cost though,they just sit back and collect..Thank the good ole' Independent American Truck driver for footing part of the bill so they can charge the consumer more for the product.
3-Ask yourself,if we quit buying all this garbage overseas and put the Americans back to work,we could pay our debts,Americans could pay their mortgages,fed their families and help the poor.
But NO.....that is too damn easy,Corps could still make a profit and live a decent life, and maybe only buy a Lexus every other year instead of every year,commonsense tells me,that some of these corps are getting hit back in the face by their greed,take Mattel,they now have lost trust with the consumer,lost profits,yep,moving overseas sure saved you alot of money didn't it,now they still don't have enough commonsense to pull out and put the American people back to work,you know the ones who need jobs to afford your products..No,they rather spend more money supervising people who should have done it right to begin with...Shame on you and Walt Disney..
Does it take a rocket scientist to figure out,Americans,need jobs to afford all these low quality products you are having mass produced overseas..Without the American people,there is NO corporate America...just a bunch of cheap trinkets ,no one can afford...DUH!!!!
4-Someone asked why the American public was so infatuated with American Idol versus the American politics...Maybe it has to do with" It's real"..Honestlty,who the hell are you suppose to vote for,no one answers sincerely or honestly,it is all about gain, You want my vote take all that money you raised to blow yourself all over the country singing your yadda,yadda BS and give to the Americans who need food or a shelter. SHOW ME!! I could careless if you are Democratic or Republican,do something for goodness sake and quit blowing smoke up the American peoples a@@'e@.
Your air time and travel should be donated and you should be ready to be asked brutally honest questions and prepared to share your good ,bad and ugly...Darn,one of the networks might have a hit on their hands and people voting that never did before.
Wow,that would be to easy,except for the ones who have something to gain.

Our ancestors,held the truth to what worked,help thy neighbor,treat others as you wish to be treated,honor your mother and father,work hard,dream and hold your family dear and always do buisness with trustworthy people not with who was faster or cheaper.. It is so simple,nothing good ever comes from greed,pick your neighbor up by offering him a job,instead of someone who isn't obligated to this country,profit will come for both,if you don't you too might be standing in line with them with empty pockets.

Sent by Heather | 5:35 PM ET | 09-25-2007

To Michelle Jones...the comment about the world's population doubling.

You hit the number one nail on the number one head.

No species on this planet survives overpopulation. Plain and simple.

The Four Horsemen, when they become Eight Horsemen, that's pretty much the end of the show for as life as we know it.

That's why I kind of chuckle when people complain about the economy, the war, who's in the White House.

It don't matter. Cause it's all coming to the same overpopulated brick wall.

Good show, Michele. But you and I both know that there is no solution. It's a form of self immolated genocide.

But you did give me a lift, Michelle. It was refreshing to hear someone say something that made a genuinely logical realization. It was a pleasant departure from the Fillini-esque angst most often expressed on so many issues of secondary importance.

Good show.

fred call

Sent by fred call | 10:42 AM ET | 09-26-2007

A Reply to Commie---who said, "I can't have sympathy for a middle class that voted republican so strongly over the past 30 years. They should starve for their ignorance." Sent by Commie | 10:54 AM ET | 09-21-2007

They should starve for their ignorance!? Now we all know you are a social communist... This country is headed for trouble, that's a no-brainer. As for all those on welfare, disability, bankruptcy help, government assistance, blah blah, Get off you asses and find some other means of supporting yourselves. The problem that the American Democracy is facing is 90% socialist agenda. Stop supporting corporations and let them support themselves. Bring Freedom to others!? , let's focus on America, not fighting for Everyone's freedom, not feeding Africans and increasing the world population. Who's going to feed all these hungry mouths in the desert? WE ARE. Not b/c we truly can afford to but b/c our socialist government feels it should. Our Country is in severe debt. Why? Well it certainly wasn't due to Reagenomics. Our country is in debt b/c no one wants to take personal responsibility for themselves. Everyone I know in my age range lives beyond their means to some degree, even if they spend less than they take home they could live on much less than they even know, sooner or later all of us will find out. The whole point of democracy is a voice and representation for the citizens of THIS country. I am not racist, i am anti ILLEGAL immigrants b/c it's Illegal and a burden to our economy. America should stop getting involved with Wars against outside Terrorist. You want to stop a few guys with razorblades taking over a plane, let a country boy on each plane armed with a slingshot and a few pebbles. Everyone should stop forgetting the values of living off the land and Defending yourselves. The corporate America should me slowed but only in favor of smaller corporate America. The Big-Box giants don't put long-term quality back into the communities they do business in. I know the Walton family through family associates and since the old man died it's just a bunch of money hungry vultures eating away at the little towns and businesses of America.

I know my views are mixed but I believe them. Basically WE need to Start the change of America from Incorporated-socialism to a Responsible-Republic. Suffering is deserved for not being responsible, not for a person's political view.

Sent by DOB | 12:28 PM ET | 09-26-2007

If it becomes every-man-for-himself, what's the point of even calling it a country? If we don't care about each other and believe in the common good we're just 300 million humans sharing a land mass.

People like DOB are all about ME ME ME until they need something then they suddenly believe in "socialism". Seen it a hundred times.

Sent by Commie | 9:14 PM ET | 09-28-2007

Its sad to say but the real secret is the shift in Global Markets. And the slow rise of what is to come
"The One World Government". The tide is slowly turning in this direction. America the once great
country that the world viewed as the role model for there future has sold its self . LIke a Saturday night
street corner hooker. Greed for World Corporate Wealth and Power has sold the soul of Democracy.
America well fall hard this time. But it's fate is a structured fate, induced by its Corporate Greed and
its Corporate bought Politicians. The voice of the American public no longer rings in the halls of its
government, no longer does its politicians rely on common sense. The wealthy global vultures are
picking America dry one job at a time. Slowly pushing Americans into evolving into a ONE WORLD
GOVERNMENT.

Sent by Bennie Fown | 12:58 AM ET | 09-29-2007

The stock market is under H E A V Y manipulation and should be discounted entirely as an investment option. I cannot tell you how many different stock brokers have told me this and many of the same do not put a DIME of their own money into the stock market. Once oil hits $100/barrel, Mr and Mrs Consumer will be flailing wildly to make it on a week to week basis while keeping the home heated this winter.

Sent by Joe | 10:23 AM ET | 10-01-2007

Tough. Let Mr & Mrs Consumer freeze for voting republican and worshipping the wealthy.

Sent by Commie | 11:50 PM ET | 10-01-2007

Murphy the Optimist had a way of distilling things down to utmost simplicity, and he was never wrong. Among his many gems (known as Murphy's Laws) are these two:
"When your outflow exceeds your income, then your upkeep becomes your downfall"
and:
"Where you stand depends on how you sit".

Sent by J. Williams | 11:16 AM ET | 10-17-2007

PEOPLE. Listen up. Sell any stocks you may have before it is too late. Buy gold and silver bullion. This is the only thing that will survive the comming tsunami that is going to hit our economy. Educate yourselves now!

Sent by James Barnette | 12:54 PM ET | 10-17-2007

We're not a Democracy, we're a Republic.
But in reality, we're not even a Republic, we're am Oligarchy. The corporations/lobbyists/and other special interest groups control our government.

The majority of handouts/tax breaks etc. go to the major corporations, which then incorporate overseas so they don't have to pay US taxes. And then instead of creating well paying American jobs, they outsource to other countries for cheap labor.

It's kind of like asking a community to foot the bill for a new football stadium, and the team owner gets the profits from concessions/tickets/parking while the community is expected to recoup their investment by the increased restaurant and hotel taxes. Takes a lot longer to recoup $1B when you're only getting 1.25% on a $30 bill. Same with the handouts to the tune of BILLIONS of dollars. the American government/armed forces protect the overseas interests of the oil companies. The tax payers are footing the bill to fund the war, then pay inflated gas prices. And Oil companies are making record profits.

The American Heritage Institute (conservative think tank) wrote a paper (sponsored by Cheney and Rove) on how to get rid of the middle class. the rich don't want a middle class, we're not the sheep the truly poverty stricken are. Although, with the dumbing down of America and loss of free-thought and reasoning most of Americans are sheep.

America used to be a manufacturing economy, those jobs then got outsourced, then we became a technology economy, those jobs got outsourced, now all we are is a service economy, jobs that have a harder time getting outsourced, but don't pay very much.

Why is so much of our food being imported from other countries (namely things that we grow in abundance here, like wheat)? That's a huge potential security issue.

Start making more products in America, I for one am VERY willing to pay more for an American made item than giving my $ to the future enemy: China. American's wake up, buy purchasing cheap overseas goods you're funding the army of your future overlords.

Sent by Wyoming Fence Sitter | 2:11 PM ET | 10-17-2007

Commodities will be the next source of profit exploitation by the markets. That of course will cause a whopper bubble which end in a severe recession that will last for years. Commodities are always the end of economic exploitation. Look beyond the current mortgage credit headlines and observe what is next and already happening now in commodities. A commodities induced inflationary bubble will be the last area of the economy that will wring out great profits and first cause inflation, then stagflation that will last 5 to 7 years. Inflation will begin in late 2008 and take off in 2009 for real which will commence when a new administration takes office. Look closely at the commodities markets right now and watch influential traders. They are trading strong now and will be out safely with their large gains intact in 8 or 9 months. The the rest of us will be saying "hey commodities are the place to invest"...WRONG! Too late then. Smart loot will be in China, bonds, hedge funds.

Sent by Mevvin | 8:39 AM ET | 11-06-2007

all of your comments were very educational but I noticed they became more pessimistic when getting closer to today.
I agree with the comments that we should all spend less and not be absorved by the advertising that gets shoved down our throats every day. I still believe the US is the greatest place to put your money but I wonder if I should move some of my 401 k retirement money out to international markets. It's getting kind of scary. thanks to all.

Sent by seeking knowledge | 10:38 AM ET | 11-06-2007

To all of those holding paper.... let it be in the stock market or paper gold.

"If you don't hold it, you don't own it"... Ponce

Sent by Ponce | 1:57 PM ET | 11-06-2007

A word to those who blame homebuyers for their mortgage mess: A couple of years ago, my husband and I went to our local bank to seek a refinace loan so I could enter graduate school. As we normally do, we sought only a fixed-rate loan. During the interview, the loan officer, a woman we had done business with before and whom we trusted, asked me what my career plans were. I told her I was going into social work. I mentioned that one of the areas I might like to work in was helping lower income working people manage personal finances. She became excited and said she would love to have someone like me work with her. Then she enthusiastically went on to say that nowadays there are so many ways a family could own a home and that she was especially excited about the new no-interest loans! I took a mental step back and thought "Oh no, this cannot be good." I was right, considering what has since happened in the housing market. But buyers, especially those with less home-ownership experience and less education are not soley to blame for their predicament. Many lenders, even those from well respected banks, helped feed this easy mortgage frenzy and are also to blame for the mess we are in now.

Sent by Beverly Ackles | 11:58 AM ET | 11-08-2007

This is a wonderful time to add investment homes to my portfolio. I'm amazed at the deals that are available (this is not a spam posting). Prudent rules of investment still apply. When assets are cheap, buy them. Save a heck of a lot of money and develop positive cash flow. The only people hating this economy are the 95% of you who thought it was incredibly intelligent not to save any money, to stack up on ARM mortgages in houses that went upside down, and used your homes as ATM machines until the band quit playing. I want to hear the economists talking about the wonderful opportunities to pick up seriously deflated assets if you were smart enough to ignore their advice three years ago and avoided jumping into a pit of debt. Remember the economists and any enthusiastic publicly held economic opinion (good or bad) are almost always wrong.

Sent by Matt S | 6:19 AM ET | 11-18-2007

I wonder how many Loan officers are now in the shape they talked folks to get in? A loss of a job, went through my savings and all possible means to save a house I had a investment in. I had equitity. I refinaced the house and paid 8 thousand to do that only to find out really that gave me a few months more before i was in the same shape as before trying to save a house. My career was in Technoligy, which a lot went to India, leaving me with very little places to apply for work and at my age discrimanation for sure. Working retail was not going to pay the mortgage which now was higher then before. I put the house on the market and landed up lossing it. I almost lost my mind also, all that i worked hard for was gone. For some losing a house was not about living beyond means. It was about losing a job, trying to find another that paid what was needed to keep my house. It was about loan companies taking advantage of those in need and milking every cent they could to do that. My credit is ruined, try to find a decent job with a forclosure on your report. It was not about living beyond means it was about survival and sharks coming in just taking and giving more time for one to try to keep what was once thier dream.

Sent by carmen | 10:05 AM ET | 11-19-2007

Greeting from Finland,

It was very interesting to read the discussion above. I want to comment few matters:

1) Sub-primes are just a tip of an iceberg. Don't blame the uneducated poor. If you have to blame something blame the "hypercapitalistic, predatoristic individualism and survival of (only) the fittest" - competition in your culture. You are not a team as nation, except in foreign policy, where your only true target has been to rule oil and the economies of the rest of the world.

1) From European perspective US has been living over its means for the last 20 years. You are borrowing money from rest of the world. Now it is payback time. Living truly the good values of your country you will start to work again and more importantly save and hopefully (for you) become a net lender in the world market. Change period that has just only started will be painful for many individuals and the whole economy. It will also strogly affect the world economy when the lower consumption in US and weak dollar translate into major changes in world export/import. There is nothing Fed or anyone else can do about it now... Ok you can try one thing. Try the system Warren Buffet suggested already 2003 (export/import bonds). Painful anyway.

2) Europe is not communist or socialist. Especially western European nations have strong market economy structures and way of thinking. With high taxes we take part of the profits of individuals and corporations to support equality in the opportunities for education, health and common infrastructure. Conservative (very rich) try by all means destroy this equality value and create "more and easier for my children, forget the rest" system. So, anyway Commie has lost the track and tries to pull a rabbit out of an empty hat.

I wish people in US (both white males and illegal immigrants) all the best. Like many others in this discussion have noted, we people need a kick in the butt from time to time. It helps us remember what is true and what is relevant and what is possible. It's your time to wake up this time. Just do it.

Sent by European view | 5:19 AM ET | 11-21-2007

"Those who are ignorant enough to buy houses they cannot afford, and continue to put other luxuries on their credit cards, deserve what they get."

My house payment is lower than rent in my area -- by two-thirds to half. I still struggle affording it. And the only thing I'm putting on my credit card is the "luxury" of dental care, since it's hard to find an employer willing to offer dental insurance anymore. I have no other "luxuries".

Keep living in that dream world of 'the poor are just lazy bums who deserve what they get'. The middle class is being systematically destroyed, and it's gonna get you, and your little dog, too.

Sent by Elphie | 2:27 PM ET | 11-21-2007

What a great bunch of comments! It is refreshing to know that there are, indeed citizens (from all over the world!) who realize what is wrong with our society (financially and socially) and take the time to express themselves. Thank you all and thank you NPR!

Sent by Freddi Dunleavey | 2:44 PM ET | 11-21-2007

What are You all worried about, We only
make $1645.- a month, and we still have
a mortgage payment and other bills.
after everything is said and done We may
have $ 45.00 a month for Groceries.

Sent by K>W> | 2:58 PM ET | 11-21-2007

Rent $400.00 / month

Food - 6-10 peanut butter sandwiches / day & 1 bowl of oatmeal. Can't afford milk. Day old bread costs $0.89 / per 24 oz loaf. Use 1 a day for sandwiches, et al. Try to get peanut butter at

Don't smoke, don't drink alcohol, don't drug (except occasional asprin)

Vehicle: Roughly 30 year old Antique that gets 18 MPG and I maintain it, mostly by myself. Drive very little, as can't afford very much $3.00+ gas.

Income: catch as catch can. odd jobs, etc. Do a lot of bartering of time for essentials, totally off everyone's books.

I, her, and my corporation driven into bankruptcy by medical problems of my Posslq, who is now gone, because I can't afford her medical maintenance.

Education: between Masters and Phd.

No jobs available in my field. All have moved to India, Ireland, Bangladesh, and the Caribean.

To damn proud to go to the community charity centers or the charity hospitals (except as a volunteer to help them out).

Have lived in my car several times, for multiple month periods over the last 4-5 years. Use the Y and friends for showers, etc.

Oh, and I get to infect everyone around me when I catch a communicable disease. Personally haven't seen a physician or dentist professionally in over 20 years. They cost to much. Maybe I can pass Methicilin Resistant Staphlococus Aureaus to some Congress people when I shake their hands. Health care will be equitable when every American gets the same health care as members of Congress (for the same price). I actually have the time now to attend their political gatherings, and often go when I can walk to them. (The food is free.)

Sent by SomeOne in your town | 5:28 AM ET | 11-22-2007

I read all of the comments already posted. I agree with the view that most of the borrowers were not to blame. Lenders took advantage of the general ignorance (not stupidity) of the general population. If the lenders did not make is sound feasible for that person to afford that house, they would not have agreed to the loan. As for Commie's comments, I have this to say: Although our government is far from perfect, is being taken over by corporate greed, special interests and other evils, this is still America. We are not socialist nor communist. If that is the society you wish to live in, feel free to move.

I am a hard working individual with a hard working husband. I am working as much overtime as I can to save my house. I did not purchase over what we could afford, I have a husband who became unemployed through no fault of his own. He worked for an employer who cared more for the outward appearance of his vehicles than he did about a job well done that you could guarantee and be proud of. Due to his age (48), he is having a terrible time finding a job. Not for lack of trying, but for age discrimination.

It doesn't take living beyond your means to put you in the poor house. All it takes is personal misfortune in any form to bring a family of 5 down to extreme bare necessities.

Just my two cents worth.

Sent by Maryland Citizen | 3:35 AM ET | 11-23-2007

The stock market used to be a symbol of how well American companies were doing, which would mean how well the American worker was doing. Now with NAFTA, and job bleeding out of the US, the stock maket has become just an indicator of how well the rich's money is doing, not how well our economy is doing at all... Speculators need to find new jobs as well... How did they get the power to raise and lower prices of things just by a guess?

Sent by Jeff Sparks | 1:33 PM ET | 11-23-2007

A Bit of Arithmetic. Are big box stores a net benefit to their community?
Good part:
They provide goods at lower prices.
They provide some jobs
They provide some dividends and capital gains to those who invested in them which does include some ordinary people thorough their pension plans.

The reason they are successful at providing goods at lower prices is that they are more ???efficient??? then the stores they replace, that is they have lower costs. The lower costs are based on two factors. First, each worker serves more customers on average then a small store. But that means that they create fewer jobs than they replaced. The second reason that the prices are lower is that they purchase their good at lower costs. Mostly imports from Asia. While this certainly creates jobs in Asia it does not in America. One person???s costs are another person???s income. Wal-Mart???s lower costs are our lower incomes. As to taking those profits and giving them back to Americans in the form of dividends; only a small part of profits go to dividends. Less than 35%. Most go to building more stores and expanding the business, often abroad.
Also, because of all those imports, much of the dollars going abroad come back in the form of buy American stocks so that the dividends and capital gains do not benefit American only stock holders.

Sent by Alex | 9:50 AM ET | 11-24-2007

Welcome to the world of diminishing returns. The economy relys on the average american to spend spend spend. This would not be a problem if the all the products were made in America but they are not. Americas bigest export is Money. Money for oil, money to help other nations, money for cheaper products to buy at Walmart or the local grocery store. (when is the last time you even looked to see where that produce or meat was grown.) The American economy is a simple equation made up of alot of complicated equations. When you boil it down it is clear that our export is money. How long can America keep exporting money before we have none here. Most people may not have noticed but our companies and property are being purchased by Arabs, Chinese, and Europeans...odd thats where we send most of the money? My answer is to elect a new breed of Americans that believe in America first and the rest of the world second. Not lawyers, not big business corporate types, but common sence men and women. Ilegal immigration would not be a problem if there was no work for them. I say we seize companys that habitually hire ilegal aliens and jail the CEO, CFO, and anyone in the company that should have known they were ilegal. I say we push renewable fuels (biodiesel and ethanol) to the point that big oil couldn't give away a gallon of gas because it has been declared hazardous waste. Put american farmers to work. I say corporations should not be allowed to own real estate, only individuals and not more than 40 acres. I say that publically held companies should have mandated salary caps of two times the poverty level. I say that senators and congress persons, the president and vice president volunteer thier time with a small stipend to make up for thier lost productivity at home, say 45,000 a year with no health care or retirement. This contry needs to go back to individual freedoms and responsibility. I say that if a person or company sues another individual or company that is worth less than 10% of the complaintants value then the complaintants legal firm should have to pay the cost of defending the suit up front. If the complaintan wins is should be reimbursed by the defendant. (stop the civil suit abuse.) I say if you take money from the government for welfare or any other government giveaway you should work an honest 40 hours a week in return. Even if the work is to move sand from one end of a vacant lot to the other with a shovel and a little red wagon.(made in America.) I say fire the lawyers that got us to this point and elect a common man that is willing to volunteer his or her time. I say welcome to the common mans world.

Sent by Kyle | 7:58 PM ET | 11-28-2007

"AMERICAN MADE CLOTHING"

1) Denim Jeans: All American Clothing

2) Union Made Clothing and Apparel, The Sweatshop-Free Alternative

3) Pointer Brand Product Catalog: Adult Shorts and Shortalls

Go to any search engine and type any of these to find american made clothing.

Sent by Paul | 8:09 PM ET | 03-05-2008