Morning Monologue: Day 14 (The Recession) 40/90
Well, wish I could say that. I woke up this morning to news of our continued financial crisis. Apparently, Lehman Brothers has filed for bankruptcy. On an average day, this news wouldn’t mean much to me personally, but if you turned on your TV or opened a paper this morning I’m betting you can’t escape the Lehman Brothers story either. I’m not a Wall Street type or a follower of the stock market, but LB filing Chapter 11 has my attention. Along with the news of the firm’s financial collapse, reporters are saying that stock market will see a considerable dip in numbers when the opening bell rings this morning and this is only the beginning of what could spark a recession. Wait, what? What do they mean could spark, aren’t we already in a damn recession? At least that’s how it feels to me. So what they’re saying is that it’s only gonna get worse? Cottdamn!
Sorry to be the bearer of bad news so early on a Monday morning, but the fall of Lehman Brothers is something we should all be concerned about. A good friend of mine used to work there, but was let go over a year ago and is back on her feet after a few months on the unemployment line. But as of this morning, there will be approximately 25,000 new people on that same line. That’s a lot of people. While most of us (I assume) don’t know any of them personally, there’s definitely going to be a trickle down effect.
With 25,000 people out of work that means, 25,000 less people buying lunch and spending money on their afternoon break, which will decrease the amount of income businesses in the area pull in. That may result in them raising their prices to make up for the loss, which then gets passed on to anyone of us and causing us to tighten our purse straps and wallets even tighter than we already have. The way most people’s financials are today anyone of us could be number 25,001 on that employment line. I know that’s how I felt when my job laid off three people a few months ago. Shit’s just real right now, and when stock market giants like Lehman Brothers fall, it only gets realer.
You want to know what’s even scarier? I can’t recall where I read this, might have been the news blurbs in the elevator at my job, but they say it hasn’t been this bad financially since right before the Great Depression. Don’t quote me on that because I can’t recall my source, but if that’s true it can only get bleaker. But you know what? I don’t say any of this to depress anyone or bring anyone down, just to at least think about what’s going on in the world and how all this stuff can and will effect us.
We can’t live our lives scared to make a move, but it’s always a good idea to stack your chips just in case. Instead of copping that pricey jacket or brand-name kicks, fellas, or that must-have pair of shoes or Italian handbag, ladies, perhaps you should give more priority to your needs over your wants. Most definitely live your life, but we all need to be wise about our financial spending and security. Again, I’m not trying to depress anyone (probably too late for that one), it’s just something to think about, people.