I just don't get the concept of savings.

[Kire]

I mean, if I have a bill to pay, and I can pay it, I better do it, right? When is a rainy day, rainy enough?

[mhr]

1. Unemployed 59 Months - Is That Rainy Enough

eom

[Enquiringkitty]

2. Why...you mean you haven't taken advantage of all those thousands of new

jobs Bush created? Shame on you! Some burger joint is suffering.....will have to import illegals because you won't take the job Bush worked so hard to get you.

Bush spent so many years drinking and snorting horse s*it he can't even be sneaky about screwing us.

[BlueEyedSon]

3. First you need to get the concept of income (after tax) being more than

your expenses.

[phantom power]

4. yes... once upon a time...

...many Americans arranged their lifestyles so that even *after* all their bills had been paid, there was money left over. That money was put into strange "savings accounts", where that leftover money accumulated over time.

Am I showing my age?

[Zenlitened]

5. I've heard -- and this probably just a wild exaggeration --

that people would take little booklets to their banks every week, and get numbers stamped on them.

I think the numbers reflected how much money they had in "savings."

Though it might have been free miles, or how many Buy More Useless Crap! points they'd accumulated.

:shrug:

[Maurkov]

6. One step program

1. Live below your means.

[Rapier2]

7. notes

You're joking right?

In any case American's in aggregate now save around 0% of their income. They think putting money into stocks is savings. They think their homes represent savings.

Those are not savings and that's why they are not included in the savings stats.

The ultra low interest rates now, which are unaturally low, ie. artifically low, are a policy INTENDED by the Federal Reserve to discourage savings. Of course the government under Bush endorses this policy 110% so it isn't surprising that people have gotten the message.

As your probably aware Americas gigantic trade and budget deficits mean we have to rely on the the savings of the rest of the world. Well you probably are not aware of that because it usually isn't put in those terms. In order for Americas books to square those deficits have to be offset by foreign money comming back here. This is mostly being accomplished now by the Asian central banks buying or debt. This recyleing in fact means we are using the savings of those other countries. It is now oft stated that the US is consuming 80% of the worlds savings. I can't vouch for that number but whatever the right number is it is big.

The funny thing is this is the worst investment imaginable. The Asians are getting screwed big time since the dollar has been falling the entire time this central bank binge buying has been going on.

So we have interest rates which defy market principals due to the non free market operations of the Fed, supported by foreign central banks who defy all normal profit and loss self interest calculations, the very meaning of market, and the entire mess is lauded by the financial world as a triuph of 'free markets'.

If the poster is to be belived citizens cannot now even remember why savings are a good thing or even what they are for.

Yes, we've passed thru the looking glass now.

You can take heart however because every media source extant says the economy is "sound", "growing", "resiliant" etc. etc. etc.

[teryang]

8. Through the looking glass

...and into totalitarian delusion where nothing is real and there is no reference point for social equity.

[Kire]

9. Yes, the poster is to be believed.

This citizen asked that question in a moment of despair last night. I passed thru the looking glass over 7 years ago, but through Narcotics Anonymous I have been living one day at a time, and with my therapist I have been doing pretty well. But I have a new therapist now, and my medications have changed recently, so those moments of despair are happening a bit more frequently these days. The thread I posted before this one is "I decided to file for bankruptcy today."

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=114&topic_id=14741&mesg_id=14741

But, now I found out that I'll need $1500 to just file, so I don't know what else to do. I like to post these questions, not because I am trying to be political and make my fellow citizens look bad. I post them because I really want to know the answers and, if I'm lucky, maybe one of these citizens will be helped along with myself. Who knows?

I appreciate all of the humorous posts, because I really think that how I got in this mess involves falling for tricks and believing lies.

I take heart that I don't really believe money (or the love of it) is the source of all evil:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=105&topic_id=2794414&mesg_id=2794414