Morning Monologue: Day 14 (The Recession) 40/90

0 Posted by - September 15, 2008 - 30 in 30 Pt 2, News & Current Events

Good morning,

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.

Happier Monday…

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Stay tuned this afternoon for a much happier post as the 30-day blog marathon continues…
  • http://nwso.net Naked With Socks On

    I guess I’m like Laurence Fishburne at the end of School Daze, yelling, “WAAAAKKKEEEE UPPPPPPPPPPPP!”

    Sorry, folks, this is just what i woke up to… New post will be up shortly

  • AroundHarlem.com

    I was listening to NPR about a week or two ago during the Republican convention and they were interviewing this economist from France. Apparently he wrote a book about 10 years ago that was 100% correct regarding future global economic conditions.

    They were interviewing him about the current economic climate and the dude got me scared with some of the stuff he was saying about the American economy.

    The short version, we’re FUC*ED. I don’t curse so I’m not using that word lightly.

    Then fast forward a week, Washington Mutual is going through some things that made me wonder if I should take my money out of the bank and keep it at home. (I don’t have much and it’s supposedly insured, but can you imagine trying to get your money back from the government after your bank has collapsed.)

    Then I read that Warren Buffet (google him) has basically stopped investing and we have this weekend’s happenings with Lehman.

    Times are not looking good for us these days.

  • http://www.blogger.com/profile/07853448341693003858 Janee TMB

    Thanks for the Monday morning cheer :-(. No wonder they were doing buy one get one free at Macy’s this weekend.

  • http://www.blogger.com/profile/07853448341693003858 it’s spelt: j.e.n.i

    you kinda just scared me :(

  • fayemi

    Oh it is so real right now. When Fannie Mae and Freddie Mac went under last week, that was bad too. And worst of all I don’t understand how the government bails these companies out and makes taxpayers pay for it. Who says that’s where I want my money to go. It’s a good thing gas prices finally came down but it’s too late. Home foreclosures have skyrocketed and unemployment is no joke. All I know is if you’ve got a job, you might want to suck up your complaints and hang in there. You don’t want to be on that line. And if you are on the line, I’ve got a cure for the no job blues. Lots of sex. (protected of course). Back in the day, it was love that helped us get through hard times. I think we need to revisit that.

  • fayemi

    Yeah, dude. Take your money out of Wamu fo sho. Bank of America seems stable right now. I heard Wachovia is struggling to through a collegue that works for the company. A friend of mine put it best, this is fiscal Ramadan. Time to pay attention to how and where we put our money.