When a few folks pull back their spending to reasonable levels, the economy can absorb it. But when everybody stops spending at once, the recession set in. When gas prices hit $4 a gallon AND the stock market swooned from 14000 to 8500, there was simply no money TO spend. Disposable income disappeared, and wealth, as in retirement savings, disappeared too.
So we're going through a major market adjustment. Turning off the TV won't stop it, it won't fix it, and it won't make everything better anytime soon. To tell everyone to go back to spending reasonably, when so many are already either out of a job or are on shaky footing in their current position....well, it's not gonna happen, because the money's simply not there. You can't refinance your mortgage, even if it's just to stretch the terms and lower the payments, if you're out of work.
Lots of folks may have seen this coming; I did, and I'm not particularly perceptive. But lots of folks, including me, made their plans and preparations for this based on the assumption that they'd still have their job...which many of us now don't have.
So whether you watch TV or not, it's going to get a lot worse before it gets better.
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Today's Featured Article - The Rescue of a Fordson F - by Anthony West. Introduction I live in the UK and have for many years restored Fordson tractors (in the main model N's). I have also restored and shown model F's, E 27N's, Field Marshall Series 2, David Brown Cropmasters and the old rey Fergeson T 20. At one time I had seven restored examples which were shown and used in ploughing matches. As most restorers, I have a number of war stories I can relate on a range of topics that may help other like minded and interested people. Perhaps my first p
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