How does the financial crisis strike your family?
95 Comments Published by clay September 21st, 2008 in State and Local Politics, U.S. Politics.Financial Crisis Story (audio-listen to the story)The federal government bailouts (which could be continuing in other areas of the economy, including foreign based companies) have affected us in a variety of ways. For instance, over the past few weeks, I have lost nearly all my gain in my investments and retirement portfolio. Listen to the story, read this article Greenspan and talk to your family.
First of all everyone knows that this country is run by money and made up by money so of course its going to effect every one in their own way. If the economy booms, jobs are cut and families that live up by those jobs are left with nothing because taxes and payments rise up which makes it almost impossible to keep themselves financially balanced. In my family’s situation, we live by the social security and my 2 brothers that have jobs. It might seem that we have a high income but in reality with taxes so high we barely make it into the next month which only leaves us with a little bit of money to spare. Before I remember there were times when we would go to Las Vegas every year. But now with gas prices sky rocketing and paycheck cuts, gambling and sight seeing is the last thing we would like to be spending our money on. So it comes to show how serious things are getting because as the financial crisis rises, sacrifices must be made in order to keep the economy balanced.
After listening to the audio, reading the article and discussing with my parents the issue of the financial crisis, i came to the conclusion that bailing out the banks is not a good way to make them better and it is a big cause for the financial crisis we suffer from today. They obviously went down for a reason. Ruth Parnal says: “I really don’t know. But it makes me angry that they’re doing it at all. Angry because banks that were deregulated and behaved badly and with extremely poor judgment and a lot of greed are now in trouble and the taxpayes are footing the bill.” wall street journal says “Goldman Sachs is getting a $5 billion investment from Warren Buffett, marking one of the biggest expressions of confidence in the financial system. Goldman’s shares rose 6.5% after hours.” This is a financial crisis and im not sure about the way it has affected my family, but from i learned from them is that the price of everything goes up and diffrent banks close which could put our money in turmoil. After discussing with my parents the issue of the Wall Street JOurnal. I learned that they think money is being spent the wrong way.
With all these depressed messed up money issues, my family is effected big time. Since school has began I have taken the bus. Before the insane gas prices I had never taken the bus in my entire life. Never ever. Before every single day my mother would drop me off at school and pick me up. My family has never ever even thought of the bus. Today, everyday after school I jump on the bus and take it to my mother’s job so she can spend less gas. Now my mother is thinking about taking the train from home and then the bus to school. The thought is just killing me. And on top of that more screaming has been in the house about mortgage and bills. I remember when I was younger, my parents would have fights about stupid little things, now it all about the money. And even on top of that my parents own two houses. One here in California and one is Pennsylvania. In the house they own in California, which they rents out, they had a huge problem. The tenets did not pay for MONTHS. That right, months! They lived in there for more than five months for FREE. My parents had to constantly go back and forth to court in Torrance, CA, which cost a good amount of gas, until they could finally evict them. They had to pay the mortgage for that house and pay for court. In the house they own in Pennsylvania, they can’t get any tenants. And with the economy practically hanging on dental floss praying not to break, one persons cash flow is affecting someone else’s. If my mother’s new tenants have an issue with paying for one month, that will effect her/ours drastically.
We are all hanging on a vine like a bunch of monkey praying that it won’t break.
This financial crisis is one of the worst in the history of the United states. My family feels that if it is not solved soon, the U.S. could go into another Great Depression. My Dad has already felt a drop in his interest on his retirement fund, and so therefore he might have to wait until he is 75 in order to retire with enough money to avoid going back to work. However, the blame for this problem can not all be put on Greespan. The blame is mostly of the American people who got to greedy. Americans wanted to have beautiful homes and own beautiful clothes and have awesome cars. However most Americans could not afford such items on their typical paychecks. The only way for them to buy then, would be to take out loans, to many loans. Now millions of Americans are up to their ears in debt and they can not find the money to pay off the loans. They could sell their house, but the price of houses has gone down considerably since last year. My house would have sold for over half a million dollars last year, and now this year it is barely at half a million dollars in worth. These loans are what crippled the economy and are the source of the financial problem. We must root out that weed if the money tree is ever to grow again.
The financial state of the economy has effected us little. My step-father’s company, Kent Electric, is doing well. Although they have lost a job or two they are involved in heavy industrial electric work and still have work for two years.
My mom says that even though we are doing well financially in this crisis, we have been being cautious in what we spend because of inflation. My relative has been suffering financially because their are people who owe him money but aren’t able to pay because they have people who also owe them money, so he has suffered a rippling effect.
Our investments in mutual funds have dipped slightly but not dramatically. All of our investments have been FDIC insured. My mom and dad started a financial business 20 years ago and has taught them the fundamentals of financial life lessons.
1) To have a money market with six months of emergency income.
2) Investments for short term goals
3) Investments for retirement
4) To make sure to pay with cash or forget the item
I sat down with my mom and step dad and discussed the financial crisis. I asked them who Greenspan was and why his decisions affected the system. They told me that because he adjusted the loan rates he created inflation. Then banks started to give out loans without making sure that it would be paid back. With AIG being bailed out by the government, we will still have to pay taxes towards this money they government is spending to save certain companies. Even though AIG will be selling house property the prices they will sell it for will be low, again we will have to pay taxes.
This gave me more insight on what was happening in the economy and some of the ways we got here. I am afraid to see the turn out. I pray that we can come up with a solution with so many other people suffering from the financial crisis.
Money is everything. Close to everything at least. It doesnt matter what people say. Those people who say that money doenst matter obviously arent struggling financially. If they got their home taken away and were forced to eat out of garbage cans, they would take back all those times when the said that “money isnt everything.”. You need money to live and move forward. When your belly is growling or when youre freezing cold, you need money. 100% fact.
When i read this assignment, it seemed pretty interesting so i asked my mom about it. As I walked into the kitchen, I asked her, “I need to ask you a question for a HW assignment. How does all of this economy and financial crap effect you? Us? People?”.
SHE WENT OFF. She put down all of the food she was cooking and started ranting. Never get a middle-aged Chinese woman ranting. Its crazy.
But…
This whole economy and financial crisis thing definetly effects us. Our household income isnt very high and my parents need all the customers they can get. With the economy now, EVERYTHING is going up. People actually have to start thinking for a long time about every purchase they make.
If the cost of materials go up, my parents need to spend more in order to have a proper running business which means all of their prices that they charge (customers) go up as well. With my parent’s business, they also deliver and have never even thought about charging customers a delivery fee. Gas prices have gone down but its still insanely high. If we start charging fees, then customers stop buying. A lot of customers cannot afford the price increase so they stop buying which means my parents arent getting any money flowing in WHICH ALSO means that we wont be able to afford the bills WHICH CONCLUDES with us losing our home and becoming homeless. Its like a set of dominoes.
The financial crisis also effects me as a student. Again, back to the thing about my parent’s income, if they don’t get some cash flowing in, then I wont be able to afford college. How will I pay for classes? How will I buy books? How will I have the money for gas to drive to school? Financial Aid only covers so much. It also hurts the chances of me getting into college. The universities will be forced to turn down A LOT of students in the next couple of years because of money problems.
Its insane how everything has changed. Forget life.
=P
Truth be told the financial state of the econmony has had little effect on me and my family. My father is employed by the state of California and works as a prison guard. The union for the correctional officers is a very strong one and with all this talk of California and the budget and the declining state of the econmy, they have gone to great lengths to ensure that officers will be effected as little as possible by the ecominimic crises. My mother works for Citrus Valley Health Partners, and she bills insurence companies as well as collects money from insurence companies. She has collected hundreds of millions of dollars in the last month from these companies.
These companies are some of the largest companies in the world. They have to pay millions upon millions dollars of a month and they are still able to financially survive. If banks lent out money with out ensurring a way to get paid then that is their fault. If the government claims it is their duty to bail out all these banks and compnies for being careless and making mistakes, then perhaps they should bail out all the families who have lost thier homes. One of America’s biggest problems is to be the “Kight in shining armor” and help everybody in the world. We have interveined on countless occassions in the affairs of other countries and it seems we are hated for it more than we are liked. We have forgiven the debts of countless countries who’s aid we have come to over the decades, all the while these countirres still hold the U.S. accountable for paying off it’s debt. Its time the government steps up and says sink or swim. We can no longer afford to forgive everyone’s debt. The main reason insurrence companies make money is that they make sure that a person pays what the company is owed. Most say that health compaines are cold hearted. Well I say that if they are ablt to stand after paying hundreds of millions of dollars every month, then perhaps its time the U.S. government takes some notes!
I have spoken to my uncle who I thought the crisis might effect. He owns a construction company, and he told me that when he first started off people paid everything right up front and they did the job. If the job didn’t get done on time then it was his fualt and held no one responsible for his mistakes, and no one came to bail him out trouble. Now he said that it is a challenge to find a job where you can be sure of getting paid, and if he can’t find one then business sufferes, and he is forced to lay some people off. One thing that he said to me stuck out in particular when I asked him what he saw for future generations who might wish to live the AMERICAN DREAM. He said, “the American dream is all but gone.”
The financial crisis isn’t really affect my family big time because we been money wise for a long time already. The only thing that is mostly that has been affect is the buying groceries and eating out. That’s about it with the affects but with regards with Wall Street my parents have interesting view. They believe that there was some corruption going on in Wall Street. The corruption is fueled by greed says my step-dad. I asked them if this situation is going to get any better and they said in a few years. Well in my personal concern is that my parents are going to be scared of the cost of college. She keeps saying different ideas from what I want but I telling it going to be okay*. Well I hope that congress doesn’t make anymore COSTLY mistakes because the next thing you know it the dollar is going to be equal to a pesos.XD. JKJKJK. Well I hope it doesn’t come true. ^___^;;;;
*Okay being in a few a years.
With the financial crisis going on, many are being effected. My family personally has been effected., not as bad as others though. As far as foreclosure goes, my dad doesn’t really worry since he has a stable monthly payment that doesn’t change in interest. But when it comes to other things, such as gas, it does worry my father a little. Before we used to u se all our four cars. But when the gas prices rose, we stopped using three. Although the gas prices dropped a little, we still try to restrain from using all our vehicles. My dad does think that with what’s happening in Wall Street is effecting a lot of other families. People can’t seem to afford many things with the prices rising and many lose their homes. If this problem keeps up, we might find ourselves in another great depression.
The money crisis we heard about in the audio and read through in the article then discussed it with my family. We have concluded that we are lucky enough that it has not effect us because we are currently not stock holders. My mom is a CRS at ITT-Tech. My dad is a truck driver for Albertson’s, the union protects him against the economic fall of the stocks. With banks going bankruptcy and being bought out by other banks, effect with my relatives because they associate with these banks. However, that does not mean it wont effect us in the near future. The one thing we are concerned about is going into a recession.
For an example of the economic fall, my mom and i were out, and we noticed all the houses that were vacant, and for sale. I had asked my mom why there were so many houses, she replied “because people got into their houses at a low mortgage payment and then 2-3 years later their mortgage payment went up and now were unable to afford their house and went into foreclosure.” There are 2 ways on paying mortgages, which are fixed rate, or variable.
A fixed rate is the best way to go, since the interest rate will stay the same, therefore the payment will never go up. Unlike the variable rate where the interest rate will fluctuate, raising the payment anywhere from $200-700 making it to where poeple can no longer afford to stay in their homes.
This financial crisis has affected everyone in the United States. After speeking with my family, my dad has told me about some of his co-workers that are now thinking of moving to another country because they can’t keep living here. My dad works for a construction company, he knows how much the prices for all the materials his job requires have gone up in price and that has affected everyone in his company. Many employees have been laid off because the company cannot afford to keep them employed and cannot find jobs. So the individual is now un-employed and cannot find a job any where for the same reason he got laid off. My family has been very lucky because me dad has many contacts he can call to ask if there is any job for him when other companies are having trouble finding jobs for him. But we defintaly feel what the crisis has done. Last year we all went to Mexico for the summer, but this year we couldn’t go bucause my dad had to stay and work, he couldn’t afford to to loose any work days. My family has felt the strike of the economy on us, but thankfully it wasn’t that hard.
The finicial crisis has been a big problem all over the US. Money is everything so with no money people are going crazy and stealing many thing. The way the finicial crisis strikes my family is that it separates us from each other because my dad is a contrustion worker. Well thanks to all the houses being lost there is no work for the company that my dad lives here so he leaves the whole week and comes back every weekend. The tuffist part is that he is far and its hard for my mom to move around the house without him bacause we are all busy and can’t really help her. Not only is our family effected in the way but one of my sisters also lost her house because of the tremendous drop of the houses. I believe this are the most important was that our family is effected by the finicial crisis. I could think of many more but this are most important to us.
Financially everyone is suffering right now or at least have felt the change. I started to have a conversation to my parents about this situation and they went on and on explaining me about it. They told me that this situation has affected them in a way. Thankfully when it had to do with work they have always had work right now but there work is really slow. I have heard though of many people that are not working and don’t get a lot of hours because economically everyone is doing bad. Where my dad works he has had to lay off people because there isn’t a lot of work and where my mom works the job has been pretty slow. Right now everything is hard and it has to do with money because there is a lot of people that have to pay for gas, food, rent, and even extra stuff. Hopefully this thing does improve because right now it is affecting a lot of families including ourselves. People are starting leave back to their original birth place. Now a lot of immigrants aren’t even coming here and it’s embarrassing how United States was such a powerful country and now China is taking over.
The financial situation that we are having is really severe and whether we realize it or not, it somehow affects us all in a way. If the situation worsens it will be worst for us to beable to live comfortably. It is harder for my parents since we have a several cars and most of them take up a lot of gas. Prices have gone down but not by a lot so it slightly does not help a lot. If this continues to worsen we may soon head into another depression. The employment rate has been going up a lot. Luckily for my family no one has lost there job or gotten laid off. Now that there is a good chance for getting laid off, there is even a lower chance of even obtaining a job and for many this is a huge problem. Mainly for college students. Its harder for them to buy food, clothing, gas and being able to pay there rent so that they won’t get evicted. This has greatly affected all of us and hopefully it will not get worse or else I feel bad for the future young adults to be able to survive.
Everyone in the US has been effected by the finanical situation one way or another. When I talked to my parents about it they explain to me that we were lucky that the finanical situation hasn’t really effected us unlike other families. That things are getting really bad and that hopefully we won’t be effected by it The one thing that does effect us are the gas prices because i drive so far to go to school we realize how much money we just spend on gas a month. We also realize when prices go up and down. Also when im work customers sometime complain about food prices going up. One day while helping a customer she explain how lucky I was to have a job because so many peolpe are with out job that really need one. so I realized how bad unemployment is . so many people are suffering from the finanical situation so i hope that the finanical situation will improve soon and that prices will go down and more jobs will be provide for the people that really need them.
After reading this article, listening to the audio and talking to my family, they all seem to have one thing in common; they are all disatisfied and worried with the economy’s stage right now. Not only are the headlines in the newspaper scare us, but the prices on everything haunt us also. While talking to my family, one question grew into a big discussion. One main concern was the war; we are spending millions and millions od dollars on the war, and the outcome of that is really affecting families. Gas prices has risen to the rooftop, people are getting laid off because business is slow, and the value of houses keep growing and growing up, which is way more then they are worth. “Its hard to enjoy life”, as my mom states. Money makes the world go round, and right now, money is very scarce. Its hard for teens to get jobs now and also hard for families to get a house or even stay in “their” house. If this worsens, then we will all be in another great depression. I’m very worried for our country and our future as a country too.
The financial crisis is a major issue that is affecting all of us in a way. Some people have not felt the fall of the U.S. economy because of their high income but soon they might. It has either had minimal affects on you or gone as far as leaving you unemployed or homeless. If the crisis continues it will affect the future generations in major ways and might lead to an unwanted depression.
The crisis is not affecting me severely now but, if it continues to worsen it will in the future. College is less than a year away so chances are things will not work out so well. Paying for college tuition and books will be difficult. At this moment I am not employed but it will become extremely hard considering that I will not be 18 when I go to college and with unemployment rate increasing, there is a very high chance that I will not be employed. It will be even harder economically for my family because I already have two sisters that go to college.
The increase of gas prices has had a major effect on full time college students. Working part time and getting payed minimum wage isn’t enough to cover for the students expenses. Even if they receive financial aid, some still have to pay a percentage of their tuition at the beginning of every quarter or semester. For most students when they receive financial aid, it does not cover for their books which makes it difficult considering the prices of collge books. You also have to consider money for clothes, food and rent depending on whether they live independently or with their parents. This goes along with the increase of gas prices. It makes it more difficult for them to be able to afford a car and to top it off be able to afford high gas prices. This is important to me because I will be in a similar position in less than a year.
So in conclusion, the crisis isn’t affecting me at the moment but if the status of the financial crisis does not change in a positive way, then I will definetly be affected by it significantly.
In my point of view the people who are not noticing changes in their income they have to be somewhat wealthy for it not to affect them. My parents are noticing the difference due to the lack of work hours that they are getting. My dad does not work two Friday’s of the month because his boss does not have enough money or the business is not receiving enough profit to pay the employees so they have to cut off work hours. I was in the same situation this past summer. I recently started working at Denny’s about two months ago, I used to work Thursdays through Sundays. About a month ago mostly all the employees got some of their regular scheduled days taken off. They are not even handing out applications for the people without a job. To conclude my opinion I think people should start spending more money on the economy so that the economy could give back to them.
The financial crisis is hitting my family very hard. The reason for this is because my dad does not work under a factory or an employer hes and independent worker. His job is as an auto mechanic and he relies on his clients to give him work so if the population is doing bad hes doing bad. And he has no support from my mom anymore because she got in three major accidents at work and the disability check just doesn’t cut it for the mortgage. There was even an instance when my dad had absolutely no work for one straight month. I am well aware of how well financially they are because i do all the payments and accounts so when they do not have money ill know and when they do ill also know.My dads work has been getting better in the last couple of days and i try to help out as much as i can because there my parents and its my duty. So as of now it is hitting me hard but hopefully everything gets better. And my parents arent really into the Wall Street.
The financial crisis has been affecting different people in many different ways, and this has effected all my family members . As I talked to my parents about this I asked them what do you think is going happen, and they said if the economy doesn’t get fixed fast the U.S will be looking at another great depression. One of the ways this financial crisis affected my family was on my fathers work. They told him that there job was getting slower by the moment, so what they had to do is cut Fridays off his work schedule. This was amazing to all of my family because my dad has been working for that company for 33 years. The second way this crisis affected my family was with my sisters school. Due to all the budget cut my sister wasn’t able to get college loans to pay of her school, so all that money she is paying is coming out of are pockets and that is less money for our expenses. Another example of how this crisis affected my family was no so long ago with my brothers motorcycle accident. What happen was that my brother got into an accident and fractured all the left side of face. The way this affected us was due to all the medical bills. Because my brother was air lifted to UCLA hospital and was there for about 2 and a half weeks. The hospital was charging us 5,000 dollars per day he was there, and about 20, 000 for his surgery. So all of this came to total to about 90,000 dollars. Yeah of curse his ensures covered almost all of it but some money came out of our pocket. And not only that all the days my parents and my brother had to miss form work really affected us. I guess you could say we were going through out little depression. But that wasn’t it after my brother came home the disability kicked in for about two months. But they weren’t giving my brother enough money for all his bills, so due to all the money cut that affected us as well. So my parents had to help him out , and little by little we felt it more. Now, thank god everything is getting better and we are coming up together as a family, but each one of us had to suffer in our own way. And this is what we need to do if this country falls, stay strong and united as one so together we can get through it.
Our family isn’t being affected much except for gas prices and other items. As businesses are closing there is a lot less competition which allows other companies, who are still running, to raise their prices on what ever they want. Someone who it is affecting is my uncle. He decided to open a yarn store (yeah I don’t know why he decided a yarn store) and business is just not doing so well anymore. I asked my dad about what he thinks about Wall Street and he doesn’t think it will get worse because the economy will recover. The government will end up helping the economy before there is a total crash.
This financial crisis has affected everyone at least a little. Its like a cycle paople work they get money spend it and it keeps going. But now people aren’t able to spend as much so it just keeps getting harder especially with all the prices going up. People who never even had anything to with Wall Street are being affected because of their banks. They really cant control it anymore and it just keeps getting harder to fix it.
Personally my family has been affected. My dad has his own business and lately he has been putting more money into than the money he has received from it. So he just decided to get rid of it and find a new job. Besides that it hasn’t really affected my family. My parents were used to just spending but now they see its getting tougher they are taking more things into consideration and watching how they spend their money. Even if people aren’t drastically affected by the financial crisis it has at least made them think of other factors too.
I believe this financial crisis will affect everyone whether you are wealthy or not, and it will definitely affect me and my family. If the econemy starts going down, my mom would get paid less, which we will need to buy less. and as a student, we all worried about the money for the classes and the colleges. I have once questioned myself will it be a better life without “money”? so we won’t be worrying about all the econemy crisis and its growth rate.
The financial crisis does not effect my family a lot. My parents have an air conditioning company and since it is only commercial most stores already have contract with them and that will keep money coming in. It does affect the company with the stores that do not want to spend money on repairs they need. Its crazy how much we spend each month just on gas,now my mom know thinks twice before going anywhere.My family is trying to cut done on expenses like gas and fast food, so we can save up for the future. Wall street is not a big part of my parents lives. I was talking to my mom and she believes that Wall Street is a very unsafe and unreliable place right now.
This financial crisis has not effected my family as much as it may have to other. When I talked to my parents about the financial crisis both of my parents told me I did not need to worry about it, and that our family will be just fine. I started to ask my dad why he would say such a thing and this is what he told me, “Well sense everything is going up the price of steel and other metals are also going up; which means that people would have to pay more to get them.” But then I asked him if the price of steel goes up, and so many other things as well won’t people just stop buying things. This is what he told me, “That’s true, that is why our tool sales haven’t really been good this year. However for steel the state buys a lot from us as well as major motor companies, and if all those fail we still have other countries that also buy from use as well.” That made sense to me, and steel and other metals are going up just like everything else and they are becoming more valuable as well. My father works for a major steel and metal store that supplies these things through out the state, and country, as well as the world.
Well sense I asked my dad why we do not need to worry about the financial crisis, I mine as well ask my mom too. When I asked her, she basically gave me the same answer as my dad did; telling me that he (my dad) makes good money and that we are ‘safe.’ She did not tell me anything about why we should not be worried based on her job, my mother works for Union Bank of California. When I asked her about why she did not tell me about her job, she replied, “Well I am not to sure what is going to happen with Union Bank, I know that we are going to buy out someone sometime in the next couple months. But with all the banks going for foreclosure I’m just not to sure what is going to happen in the future.” I felt kind of bad talking about this with her because of what has been going on with the banking crisis, but I am glad she let me know about what is just really going on with her job.
All of this made sense to me, and how it has never been brought up before in my house hold till now. Now that I have talked to them about the financial crisis and what is going on. I know that this financial crisis is not affecting my family to a great deal; just a small amount is effecting us and that small amount is with my mother. But even then it will still not effect my family all to much.
The financial crisis has really affected my family not only temporarily but also for the long run. With the cost of living going up and the budget cuts, my family cannot afford to live the life that we once dreamed of living. We imagined that we would have moved into our Barbie dream house, with everything we could have imagined, but with the budget cuts, none of these things are possible. My family has down graded our life style due to the financial crisis. We are also having a hard time saving up for my college education and my parents’ retirement because of all of the expenses. My parents feel like the bank crisis wasn’t well thought out. Banks assumed that people would pay them back, but with what money? If they borrowed money, then how are they going to make money, unless they were a functional business. I agree with my parents and I think we really need financially literate people (that are not greedy) to lead our society out of our financial crisis.
My dad works as an auto painter and from what i know by working with him this crisis hasn’t affected his job yet. The company he works for isn’t paid directly from the customer they get their money from insurances because they deal with auto accidents. It would make sense for the company to feel an impact financially if we were being paid by the customer or if the customer couldn’t pay the insurance. I asked an estimator if the company has noticed anything financially changing he said, “as long as cars keep flying this business isn’t going anywhere.”
The financial crisis has affected my family tremendously. My father is an auto mechanic, and business has gone down in the past year by a large amount. He used to have at least four to five cars that needed service per day, and these services were big jobs, but now he only gets about one car a day and that’s if he’s lucky because some days he doesn’t get any customers. This has effected my family because business has gone down and prices for necessities have increased, so it limits my family on our budget for the things we need. Transportation has been a big deal as well because my father needs to get from place to place to pick up parts and finish the jobs, and gas prices also have affected the economy, and my family.
When I talked to my mom about our financial state she said that it doesn’t effect us too badly.
But it is hard for her to go to the market and see that the prices are rising just little more and more. My mom has been working 2 jobs as a librarian and then my dad works as a carpenter.
Because of budget cuts neither one of them have gotten raises or a cost of living.
As far as stocks go, my parents own a lot. My dad is constantly on the internet checking his stocks. Since the stock market crash both my parents retirement funds have gone down to the point that they have less money in their accounts form when they first opened them.
I believe that, yes the my family, and just about everyones families will be effected by this sudden depression that we have been thrown into. Of course the families that are already living in certain wealth most likely won’t be that effect by what has happened to our economy, though it might effect their children’s education, as the cuts may just effect everything we don’t want it to. As far as i know, my parents are pretty well with money, and i know we will get through this of course, though i know that this may just challenge my way into college, from what i’ve been hearing the prices just may shoot up, just to get in college. From what i understand of our economic displacement, i know that we will eventually get out of it, as this is America, and America is good with money, as long as we have the right people in charge of and, and everyone is doing what they can do to help.
From what I’ve heard, our economy is at it’s worst, and people know this. This is nothing that we can just “fix” and this will cause hardship. I don’t believe that either of my parents will need to change much of their life, both of their jobs seem to handle us greatly, and i would not have a problem with getting a job of my own, to help my family.
This whole money situation going on in the U.S. right now is really scary. I know it has been affecting everyone all around me and its really starting to kick in at home now. My mom is a single mom who works as a TSA security guard at Ontario airport. Shes been working crazy 12 hour shifts just to meet ends meet and even that hasn’t been able to keep us afloat. As of last summer my mom decided we were going to move to Florida with my grandma and live with her so she could save up and start getting out of debt. My brother and sister are already over there and my mom is just waiting on her job to transfer now before we go. As of right now though my mom almost never drives her car and either carpools or rides her small motorcycle that is gas efficient. I talked to my mom about how this whole crisis has affected us and she said it was horrible and even going to the store is a pain in the…..rear. After asking my mom about the whole stock market situation she said that she didn’t know how it would affect us directly but somehow it would trickle down to us in the long run and that a lot of people have their life’s savings invested in the stock market and that its all at risk of being lost and going down the drain. if some change doesn’t start happening soon..
I would have to agree with the majority of what my peers said above. According to mother dearest, this financial crisis will not affect me directly besides college money. Our banks are safe due to the fact that your savings are secure as long as its under $100,000. Financial aid will be more difficult for me to receive. How in the world will I get in to college. $700 billion dollars will have to come to from tax payers, who has that? And nobody has that kind of money.
This entire money crisis is quite the situation to be in. It’s affecting everyone I know and in several ways. The prices of just about everything thing are going up. Which, as stated by my mom, is not good at all esp. for people in our sort of situation. I live with my mother who recently lost her former job this summer. She already was being pain minimum wage and had to ask my dad to help us pay our bills, gas, groceries, even school supplies. Luckily, my mom found a new job several weeks ago but she still isn’t being paid enough and the office where she works at is being affected by the money crisis and might have to move or shut down. If they were to move though, they’d be further away and my mom would have to drive further and therefore, would have to buy more gas. However, if they closed… she’d be out of job again.
We have an old friend living with us because he lost his home from this crisis. He had to sell his car as well and now has to walk everywhere or take a bus. He told me that he has to pay check to pay check and is afraid he won’t be able to save any money up to be able to find a new home or car.
My mom is terrified at what’s going on yet she continues to reassure me I’ll be able to afford to go to college. However at this point, I really don’t know. Which is depressing and is just making matters worse. Both my mother and father are appalled of our economy, they fear prices going even higher and my home being sold. We are renters and if the owners choose to, or have to, sell, my mother and I will have to find some place else to live and at this point, with my families income… it’s not very likely we’ll be able to afford such a situation.
My mom agrees with Ruth Parnel, this doesn’t make her feel any safer. This if affecting my mom directly, she is a house appraisaller and because of the financial crisis no one is buying homes. This is causing her to get less hours of work, which in term less money for the family. At work all my mom has been seeing and saw is houses being lost. With the cost of living being so high, we can’t afford to not being making maximum income. Also my dads retirement savings is dropping dramatically. My mom does not think this will get any better, atleast not soon, but get worse everyday.
The economic crisis that we now face is putting my family in an apparent bind. Due to the fact that I live on the southside of Fontana and I have to make the commute all the way to Pomona everyday sometimes im not able to eat because I have to put gas in my car. Im not able to spend my money in the way that I like I have to be more conscious and careful with what I purchase. I mean it cost like 7.00 dollars to get a meal at a fast food restaurant.
The most significant impact of the economic situation is college scholarships. I myself need to be funded through some form of scholarship for me to be able to make it through college and not have a large debt.I work at Mcdonalds and every day I see first hand the effect of the economy when customers come up to me complaining about prices but there is nothing I can do. I am not able tyo go the places I want as much as I used to because of gas prices.
Well I talked with my parents on how the financial crisis will affect us and they told me that nothing will change until lots of time has passed by. We don’t have any money invested in the stock market and we have a fixed loan on our house which means the monthly payment will be exactly the same for the rest of the loan time. Lots of people bought houses and got adjustable loans which screwed them over because as the years passed their monthly payments went from being affordable to being outrageously high. Since the banks lent out money to people with adjustable loans, the monthly payments started getting higher and higher and eventually the owner of the house couldn’t make the payments any more. My parents say that the financial crisis will only affect us if businesses start collapsing in the long run and prices of every day items start going up. My family is only being affected right now by the gas prices, food prices, college, and every day items.
Owen Leiser says “I don’t like the idea of taxpayers bailing out every single bank that Is going to go under. But, yeah, I think from time to time, the government has a responsibility to keep things afloat and keep things moving.” I agree with this. Just because the banks lent out lots and lots of money to people who couldn’t pay the loans doesn’t mean the tax payers should start being punished. I do think though that if the economy is about to collapse, the people of California and the United States should really step forward and help out in any way possible.
Our economy is teetering on the edge of depression. My children and grandchildren will be paying for this. But not bailing out banks and insurance companies would cause a great depression. They are holding our money, our mortgages, and they lend money to businesses. When the banks dry up then people aren’t going to be able to retire, they won’t get paid, they won’t get loans etc. If banks are going out of business and don’t have money to lend, businesses will lay off people and our economy will shrink to nothing.
My mom has her own business and now her client’s haven’t had any money to pay her since April. She used the equity in her home to pay for business and personal expenses. Because she thought they were going to cut the lines of credit, she moved the equity line money into checking and then divided it into two banks. She thinks her bank is going to go under. Equity line is when you buy a house and you get a mortgage. Then the house appreciates in value over time and then you can use the equity on the house when you need to for house repairs and other expenses. She’s been drawing money from the equity line because of the lack of business that is coming in. Banks cut equity lines because of other people’s mistakes. People walk away from their mortgage because they are unable to pay to keep their house and as a result the banks have to sell those houses at a loss. Thus they have less money to lend because of the losses they’ve experienced. Cutting equity lines improves their chances of not losing money this way. She’s always paid her mortgage on time over 14 years. “I think it’s unfair that I have to worry about not having a line of credit.” She says. This is why I believe it is the Americans who walked away from their mortgages fault. They should not have purchased a house that they couldn’t afford. In addition, the banks should not have lent them the money to purchase the house.
After reading the article,listening to the audio, and talking to my mom and dad,I learned that everything going on in our economy affects our family,because the prices of food have gone up so we’re trying to make meals stretch a little longer and also the high price of gas has caused us to have to think twice about the things we want to go and the place we want to drive to…My dad said that our daily lives are affected by the economy crisis because of how its hard to get a loan and this happens in every ones lives…We have recently talked about getting me my own car,his credit is pretty good and he’s always qualified for loans,but because its so hard to get a loan chances of me getting a car anytime soon are very low.:(
The financial crisis is affecting everyone in their own way. Right now, the financial crisis is affecting my family severely because we bought a new house two years ago in a “seller’s market,” which translates into top market price on an interest only loan. Real Estate prices declined and today’s price is a hundred and forty thousand dollars less than the original price, not allowing us to refinance to a better loan. So as of right now we are at the mercy of the Foreclosure act, which will allow us to refinance to a loan at the current value of our home.
I went to talk to my mom and dad about the financial crisis. This whole ordeal is causing a huge ruckus in the family. My mom used to work 16 hours a day so that would mean more money, but now she would have to work 8 hours a day because she is having health problems. That would mean less money. My dad works about 6 hours a day so he is making some money. This financial crisis is taking a toll because we would have to pay so much money for a house that we got in Las Vegas and also with the storage companies. What we are doing right now to lessen this financial crisis is renting the house so then we wouldn’t have to pay that much money.
I just talked to my dad about whats happening and the only way that this is affecting us at the moment is that the prices for our investments have significantly decreased over the past couple of days. Its not a huge problem we use investments as a way to get extra easy cash but still with out this we don’t have as much cash as we would like. But with our business we own nothing bad has happened yet. We are still making sells and delivery’s so everything is still like it was before. Well its still the same for the moment. When asked what he thought about this problem he said what most of the people are thinking and that is that this problem has gotten this bad because the government has made lots of mistakes that lead it up to this point and instead of stopping it sooner they let it get out of control.
The financial crisis affects my family in many ways. We don’t get to eat out as much any more, we stay home more often. Also entertainment, before we would go places once in a while, but right now with all the prices going up and the gas price. We would just stay home and watch TV or do something that does involve going out. Speaking of the prices going up, before we could get a product for a low price but now we would have to pay double the price to get the same thing. I asked my parents about what do they think about it. My mom said that she doesn’t really know a lot and it doesn’t really play a big role in our family. But my dad said that the wall streets need a make over. haha
We live from the money and with out no one can do nothing. Any type of dream that you have or something that you would like to do requires money. This entire country is run by money. And if our counrty has no money, therefore the people living in it have no money. All of our families are affected by this finacial crisis. If we have no money to pay our monthly payments then they will just start charging interest and interest until you realize that all you are working for is to pay off all your family debts. And in my family the buissness is not as good as it was before as my parents tell me. I was talking to them and they told me that before they would make enough money for the house payments, cars, any type of bill, food, and still had much more money left over for ourselfs. that is the reason why we moved into a better house. We were making enough money to the point where we could afford a house. But the way the cituation is now we could not afford to buy another house.
so it does affect my family big timE.
The crisis that we are going through is effecting everyone. Things cost a lot more then what they used to. For instance gas, we all know how expensive gas is now. When has gas every been to high? my Great-grandparent always tell me how they used to fill their tanks up on 13 dollars! I wish that would happen today. Along with the super high gas prices it seems like everything went up. To go out with your family to enjoy yourselves, you can easily spend 200 dollars. Things are just to expensive. The average working person now struggles from time to time just because the cost of living is so much. After talking with a few of my family members we all agreed that our “financial Crisis” has had a huge impact on our life.
Alright well this whole financial crisis. Well of course it affects everyone but I’ll be talking to you a bit about my familias part in this, so this whole thing affects my family because we now are even more tight with money than ever before because we have to think about what we get especially unimportant stuff because prices are so high. We have to save to pay for our house, feed ourselves, and pretty much to pay bills. Now some other people have lost their homes because of all this, and that sucks because now those people are homeless and barelygetting by. My family and I dont want that to happen to us so I’m sure thats the reason we are tight too. Well I just shared a bit about my FAMILIA.
So, I talked to my mom about our financial crisis and asked her what she thought about it. At my mothers job, she said that the financial crisis is so bad that the company she works for can’t sustain for much longer and is about to go into bankruptcy.
So in the near future, my mom’s going to end up losing her job.
Gas prices of course have gone up, my parents think twice about whether they really need to go out or not. Never have they done that before but now they are trying to save money because of all the prices. I’m afraid of what this will do for our future, how we’ll get into colleges. How much the fees are now and what they will be later. The economy is not doing well and needs better leaders to help lead us out of these problems.
After asking my dad about this financial crisis, it turns out we’ve actually had to cut back now.
Before this whole mess, we used to out to restaurants a lot more. Now, we’ve actually had to… COOK at home. It’s not that great since nobody knows how to cook.
Also, we can’t drive around as much with gas prices. We used to drive around in a Mercedes, but now we use our more economical Toyota.
Since this crisis has arisen, my mom had to go back to work. Because the economy has been in such bad shape, her life as a stay at home mom is now over. She finds herself going to the grocery store, and buying less fruits and vegetables, and buying more processed food because they are cheaper. The financial crisis has affected my family immensely. One of the biggest mortgage companies, City Residential, in the U.S. in closing and causing my father to lose his job as of January 15, 2009.City Residential will be closing its doors putting him out of a job. After working for the company for the past seven years, he is now forced to look for a job in an area where jobs are scarce.
This financial crisis has really affected my family. With the price of groceries and gas going up we don’t have much more money to spend anywhere else. My mom recently put me in charge of our finances. And I was really shocked. I didn’t realize how much things cost. I have always been smart with my money but now that I see how every thing works I’m getting tight on what everyone else spends too. And now I see what comes in and what goes out and I have a bigger say on what we spend extra money on. When the bills come in I gather the check book and sit down and start to make lists of what needs to be paid this month and what we can wait on till the next check with out any extra fees. So I get the balance on our account and start subtracting and subtracting and subtracting some more. The money goes pretty fast. We always have a little bit more than enough to get by each month. But owning our house has really helped. If we had a mortgage to pay I’m positive we would either loose our home or have to starve and not have electricity among many other things. We are making it though but it really scares us to see how major companies like banks keep going under. Talking to my mom about it we have had to put our trust in the government to fix this problem and keep hoping that things will turn around. It might take years to fix or it might never be fixed so like my mom says “we just have to go with the flow and hope for the best.”
The state of the economy has not yet directly affected our family, although my parents suspect that eventually it may indirectly affect everyone. After speaking to my parents concerning the situation in Wall Street I would say that they are very unhappy about it, but not surprised. They feel that these events are the result of greed on many fronts and a negligent administration. They disagree with the solution that has been proposed but hope that the decision makers will use some common sense in their attempt to rectify the present crisis.
After talking to my parents I’ve learned that the financial crisis is not really affecting my family right now. My parents bought our house almost nineteen years ago, and we are still living in it today, which is one reason we may not be affected by the crisis. My parents have tried to live within what we can afford, which is one reason why we haven’t tried to sell our house or take loans out to buy another we know we won’t be able to pay for. My family does not have a lot of extra spending money, but we do live comfortably. Another reason the financial crisis has not started to affect us is because both my parents work in the medical field, so their jobs are in demand and their paychecks have yet to be affected by the crisis. The only investments my parents make are with their retirement funds, so if anything the financial crisis may affect them in the future.
I would have so say that this is very unfortunate for everyone. The budget cut has affected almost every person around me. Prices seem like they have doubled up. Food, clothing, and who can forget about those gas prices!! My parents have been trying to not spend money as freely as they used to. We have been eating out a lot less and trying to conserve our gas.
A way that it affected my family was when my mom got a promotion. My mom was so excited about it. She had been waiting for a while on this position and finally got it. Then when February came around this year, Arnold Schwarzenegger signed the “budget cut” and it affected her by not letting her even start. They also had to let a couple people go at her work and cut hours. This has not only affected my family but friends and co workers also. The financial crisis has taken a toll on a lot of people. Families are losing jobs, having to sell their cars and even their homes! This is something we definatley need to take notice on and take action.
As the granddaughter of two people involved in the stock market on a daily bases, my family has seen the change in the economy, and the economic crisis is huge. The budget on my family has been cut shorter and shorter as the economy falls and it’s harder for us to live with not only the wants but the needs that my family aquires. My brother goes to school in dowtown L.A. and just needs two bus passes which sum up to a total of fifty dollars, most people five years ago would find it easy to invest in, but as our economy decreases my family is finding it to be difficult to afford such a small amount of money for a measly bus pass.
In the summer I went looking for a regular, teenage job and it was really hard to find one, i ended up settling for a job that in my mind i never thought i would obtain or ever WANT to have. In my mind a job is a job as long as I am getting paid, but how much longer will i work there is stuck on my mind. With the great economic crisis i could lose my job at anytime to a person who is older and has more experience working. Granted my job is for teenagers most people with more experience than myself, or even a degree could take my job up like nothing. Stating this the economy must be really bad when a college student is straightening hair at a tiny booth in the mall for spare cash, when a few year sago they could be working in a resturant for a better pay and environment. So how much longer will this crisis continue? I cannot answer that. But what i can say is not only has the economy affected my family but it affects me as well.
After reading the article and listening to the audio it made me a little more aware of our financial situation. Of course this finacial cris that our country is undergoing is affecting everyone in different ways, all the way from the lower,middle, and upper class.
The way its personally affecting my family is of course the gas prices and the high cost of groceries. I come from a very large size family and our money is tight! In a way i guess you can say we get by 1 month at a time, Having to pay the morgage every month that comes out to a whoppin 2,500 grand hits my family hard, but fortunately we’re still here getting by. I know this may sound very religious but i dont care because it’s true for my family, the way we make it by is because God, and having faith that we will make it through each and every single time.
For instnace i just recently got a job and a main reason to why i wanted a job is to help out around the household, help my parents out, start paying a bill. I personally dont mind at all, its the least i can do.
Like i said this financial crisi that we’re under going has affected everyone in its own way. This is how its partially affected my family’s personal life.
Fortunately for my family, the financial crisis hasn’t greatly affected us yet. My parents are trying to spend less money in anticipation of the crisis though. Recently they bought a new car and chose a Toyota Corolla over a hybrid because it gets high mileage and hybrids take years to break even. Since they didn’t receive a raise this year, while the cost of living is still increasing, their income isn’t going to go as far. My family is mostly worried about the increase in taxes and the cost of living. My parents and I are also concerned about how I’m going to pay for college; whether we can afford school loans or not.
After listening to the Federal Crisis story, reading the article and talking to my parents about the nations financial crisis I have learned that my family is getting a direct hit because of it. Just in this past June, my Father who works for the City of Alhambra as a bus driver just got a 25% decrease taken out of his paycheck every month because they could not afford to pay him what he and his co-workers were making any longer. By having this done, my Father know feels like he should work until he is 65 or 70 just to make sure that when he retires he will be able to still take care of my mother and the family. My mother is a medically retired state employee and she has not got a pay cut yet, but she has heard numerous rumors that they have already started giving them away in her department which means she might also get one. My parents are really worried about the nations economy because they are just hard working Americans that want to live in peace and freedom. So with the economy being low and prices rising my parents have just basically told me now is the time to spend your money wisely or save it, so personally I am taking their advice so that in time of need I will be able to help them out or myself.
The financial situation we are going through right now is pretty bad, whether we feel the change or not it has affected us all. if this situation gets worse we will suffer way more than we are now. my family feels the change mostly the way others have felt it, which is with gas. freshman year my mom would drive me everyday all the way from maywood which is out here by LA all the way to pomona and now that she only drives me only half way there you would think she would be saving on gas money but she doesnt she still pays at least a little more than she would before. its really bad how much the prices of just gas have made a difference. also everything in the markets have also gone up. before my mom would go grocery shopping and spend a decent amount of money. now she goes and spends so much more money than before for the same amount of food. another big thing that everyone talks about is the unemployment. more and more people are losing their job or getting laid off. you would think because more people are losing their jobs they would make it easier buy making things cheaper but its the exact opposite. things are getting more expensive there for more people dont buy things in making an effort to save and more companies are loosing business which is why people are getting laid off. so basically this situation has really affected us all in different ways and hopefully things dont get worse because if we are suffering now, imagine how bad things are going to be for the next generation to come.
Sine the Great Depression, America hasn’t seen such a tremendous financial problem that has effect so many people. People loosing their home, car, and even families because of the decrease of income. All from the sky rocketing price of gas and food to the deprecating value of homes, people just cant seem to catch a break. But although many have been affected I thank God that may family has not been affected dramatically. Yes we do get sour by the extreme prices of food and gas, but my family is still in good condition.
Reasons for my families stable condition is because when work was abundant my mother and father saved as much as possible; we only bought what was necessary not what was desired. Another factor that has helped my family is the fact that my father is a self employed welder (he is a licensed contractor), when the financial crisis hit many contractors raised their prices by more than 10%. Although many of the contractors did this, my father did not he actually lowered his prices by 5% thus averting more customer to his business because his rates were lower than his competition. This oh so smart move has allowed us to maintain our money flow.
How does the financial crisis strike your family?
The financial crisis that is going on right now effects so many people. Some more damatic than others but it makes a differnce one way or another in our life. This is effects my family because gas price when up and my mother, father, ad uncle drive car’s that waste a lot of gas. My mother and aunt have been takling about geting new more fuel efficent car’s. My parents go to Washington Mutral Bank and we were talking about how that is supposed to be the next bank to go under. Altough they were not that worried. Money is pretty tight right now im sure it’s the same for most people and not just my family. We have had to cut back on somethings such as re-newing our disney anual pass. Now my parents and godparents dont give me that extra money to go out or go shopping. Also with college being so expensive they are trying to save up some more money before im on my way. My godparents are trying to teach me the value of money and how it is to earn my own money. They are doing this because when i get older I will have to learn how to spend my money wisely. Some people are losing their houses which is making realeste a harder field to go into. That is making my uncles job a lot harder because he is a realeste agent. My mother is a teacher and she said with all the cuts its making it harder to teach her students. My father is a electrision and jobs are going slow right now and some people are getting laid off at the site he is working at.This finacial crisis has effect my family in many ways. Also many other families, businesses, schools, etc.
The way the economic world is effecting our family is pretty obvious. Before we use to spend about 150 dollars every 2 weeks on groceries, now that is barely every week, and only having one parent working, makes it tough. And now, we only buy what is essential to us, nothing more like chips, soda, etc. My dad works so many hours a day, he sometimes sleeps only 4 hours and goes back to work. And he supports a family of 7, including my grandpa, which is his father, but he works around the house to help us while we help him. And hoping I go to college, my parents feel its another burden, because they believe they need to help me with money now and than. If the taxes keep rising, or even prices, I don’t know if we will make it. Now with gas prices, we bought a better efficient car, while trying to sell the other one. Maybe buying a new car isn’t really a good idea, but in the long run, less gas, less money used.
The U.S. is a big country in which money comes in and goes out everyday. The U.S. is all about money. Since the Great Depression nothing had hapened to the U.S. econony as is now. This big impact in the economy is hurting all of us and is not going to end soon. As I was talking to my dad, the first thing told me was that all the things that go up wil come down someday. At first I didnt get it, then he gave me an example. In tha past all the empires were super powerful and then thet werent. I guess its the United States turn. They can come up with good ideas to fix this and not let our country go dawn. One time this economy issue happened but wiht skills and with all the people and more technoly the country came back up and even got stronger. Maybe that can happen one more time
Well the financial has affected my family greatly, basically making things worst. About when school ended in in the beginning of June we have been enduing hard times financially and as a family. it go worst after i got back from my trip to Japan and now the crisis has made it even harder and stressful. Pretty much we have restrictions on restrictions. We don’t go out to eat anymore; we are unable to afford many different things and we are limited to so little. This financial crisis has taken away what we had left and taking away what we don’t have…we are completely drained from this crisis and aren’t getting anything in return.
So I’ve known about the financial crisis for a while now. my dad has just retired this week from his job of 20 years as a dentist. But he has been talking about how his business during the recession has dramatically decreased. When people are faced with a tight budget, rent payment and food concerns come before dental work. People seem to think that their teeth can wait a while until more money comes in. but for my dad, it really hit his business hard. he was only working a couple days a week because of it and 1 or 2 patients a day at that. So the financial crisis has affected my family quite a bit because my mom relies on child support from my dad and there were a few months that he wasn’t able to pay. those were hard months. and now that my dad is retiring, there will be no more child support period. we’re going to be hit doubly hard combining that with the gas prices and just unavailablity of jobs, money is going to be tight and i really hope that the government has a better solution to fixing this problem then just raising taxes.
The wall street crisis has put my family in a very compromising position. Like many other Americans my mom had a loan, not just any loan, but a loan WITHOUT a fixed interest. Basically that means that means she was at first under the miss-conception that she would be able to afford the interest rates on that loan. Little did she know that one day that small affordable interest rate will eventually skyrocket to unimaginable prices.
Unfortunately thousands of other home owners and college students alike were caught off guard by these ever climbing interest rates. I “believe plastic money” gave a lot of people a false since of security. People believed they had money that really wasn’t there.
My biggest fear is that there wont be any money or people willing to lend me money for college. i don’t want to have to get a loan but it is nice to have the option take one out. The economy has made such an effect on my life and the lives of people around me that i have seriously been considering switching my major to one that’s a little more international. I don’t want to pay thousands of dollers in college studying for a major that will cease to exist by the time i graduate.
Well me and my family talked about the radio blog and we are a middle class family but sooner or later there isnt going to be a middle class are economy is going down the drain. We are just going to dig ourselves deeper in the whole we are already in. What we need to do is raise our taxes so we can pay for the benefits we need like universal health care and what not. Sooner or later all the universal stuff isnt going to be like that we are going to have to pay for everything like school, food, and shelter. The way the US is headed is that the rich are going to get a little poor and the poor are going to get poorer so most likey there wont be a lower class because the lower class will be so low that they wont need a class.
It is obvious that the U.S. financial system is in jeopardy. The financial crisis affects my family in several ways the most serious one being the rising prices of things that my family needs such as groceries, clothes, and gas. When I got my license at the beginning of the year it cost eighty dollars to fill up my mom’s car (the one I drive). Last week I went to fill up the car last week and it cost $105. It is amazing that the prices went up $15 dollars in just 7 months. When my family goes grocery shopping it is more of the same where we used to spend around 150 dollars every 2 weeks on groceries and now we spend closer to 200 dollars every two weeks. The price on everything is rising and people aren’t making enough to keep up with rising prices.
Well this is pretty ironic that i chose today to answer this blog…if it was a week ago i would have said the financial crisis is or hasn’t affected my family in any way. Yesturday WAMU went bankrupt so therefore all accounts where frozen and my moms check didnt go through. I didnt even think i would be able to buy my dance ticket because we only had 20 dollars in our bank acccount. Hopefully today the check goes through though. Other than that we havent been affected but i see the damage all around me. I live in the Mega suburbs of Coyote canyon in fontana. 2 years ago it was anew development now in just my street there are 5 bank owned houses for sale.
This crisis is very seriously. and by now I’m sure that everyone is aware. It has impacted me and my family a lot. My dad is starting to become a real state agent, and thanks to this i think that we could see what was happening first hand. not only this, but our house payments increased a lot and we had to let the house go. this is pretty serious stuff, because although my family will be alright because we bought another house not everyone was lucky enough. a lot of people lost their houses and weren’t able to buy or rent or do anything else. and everybody hears about this, but i don’t think that people really understand whats going on and i think that too is a bi part of the crisis.
The budget crisis is out of control. There are many people losing there jobs everyday and are getting no help what so ever. Some US citizens work all there lives and from the money they make they have to pay taxes right? I do not seem to think it is fair that we are going through this crisis and the middle class and lower class have to end up paying higher taxes so the rich can stay rich. For example my daddy wants to retire at an
Early age but he cannot because of social security; they will not give him enough money a month to pay off our house payment and the property tax. So, how can he retire he can not because he needs to pay taxes and a monthly payment on the house. We cannot just get up, sell the house and move because of the property values have gone down in the last few months. Also we are affected by my college tuition next year. How am I going to be able to take out a loan for $50,000 and not get affected by the budget crisis? There are so many people losing there homes and leaving with 3 different families under one roof. This is really depressing and is starting to get worst and worst everyday. Where is the help for those people in need? It’s funny how we are called a nation and are only taken into consideration when it’s about raising taxes.
No need to say that the economical status in U.S. is ridiculously bad. There was a lot of corruption going on for couple of years now and i am surprised it did not blew up much sooner.
Everyone is getting mad because government is helping the companies by giving them money so they wont go bankrupt. Well yeah i agree it is messed up that we have to pay for the fortunes some people made out of this but there is no really another choice. Take AIG for example. The biggest insurance company in the country. if the government didn’t step in and gave them money we would be the first once to suffer also. we wouldn’t be able to get an insurance or even credit cards. they tried to make it better but really we suffer both way.
my family has suffered from the crisis, maybe not as bad as other families but we did have to give up some stuff and adapt to this. we dont go out much anymore, because of gas prices and because i dont think anyone is really up for spending when the situation is this bad. you want to tuck every dollar you have under the mattress(since baks are not reliable either right now) and keep it for the “rainy” day. my parents say that they feel like the country is slowly falling apart and nothing is ever certain. Washington Mutual collapsed yesterday it was on of the biggest collapses in U.S. history. It honestly makes me terrified. they are suppose to come up with the solution by the end of the week but all republicans and democrats do is argue. But i honestly dont think America will be able to take much of any “rainy” days that are still coming.
I think that the finanicial situation in the United States is hitting everyone pretty hard, although I believe that it there is a silver lining to this gray cloud of demise, because the higher that prices go and the worst that the economy gets, it means that we have almost hit rock bottom, and the thing about hitting rock bottom is the fact that there is nowhere to go but up. But the worsening economy and the “what is going to happen next” mentality is what scares all of us. After talking to my parents I was able to take some solace in the fact that our house has a fixed intrest rate for the past 20 years, but my family had to take some precautionary measures to brave the economic storm, like saving more, buying less lesiure things, like eating out or driving out, and not wasting electricity, but all of these precautions can only help for so long, and with the fear of job losses in my mother’s and father’s carrer feilds, scares the hell out of everyone. But I am especially proud of my older brother who has found a lucrative career in computers and is ready to brave anything that the economy can throw at him, because of his wise spending habits and his ability to save, he is the financial prodegy in my family, and that not only gives me pride but comfort in the fact that soon the economy will stabilize, and all will be well again.
This financial crisis that we are in affects everyone, but how much it affects people varies. For example my family has had to cut back on a few things. My dad owns a business and they had to lay off almost all of their employees because there is no demand right now. They also had to look into other areas of their field just so they can stay open. My parents say that they understand that there are others who are in a whole lot more trouble financially than we are, so they aren’t too worried. But in regards to what is going on on Wall Street, they believe that it was only a matter of time before the country started running into trouble. They are dissapointed and a little upset, because they don’t believe our tax dollars are being used wisely, but they aren’t surprised.
There is no doubt that this year has been very different from the other years. Fortunately for my family, it has stayed pretty much the same. My dad is the only one that works in my family. He works in a pharmaceutical company. His job doesn’t seem to be affected at all by the financial crisis. When I talked to my parents about it they just said that thanks to God we haven’t been hit by the financial crisis. They ended up just talking about other people and how bad it’s been for them. For instance, my dad’s sister owns a restaurant. My dad has to lend her money every month so she can pay off her bill. She has been trying to sell the restaurant since the summer but there have been no buyers. Since my mom does most of the buying in my family, she says that she just sticks to her usual routine of cooking with whatever vegetables are cheap at the time. I just really hope that the big guys in Washington put Main Street before Wall Street because it is people that are losing their homes that need more help than the billionaires who lost their money.
Money keeps the economy running, and keeps everyone motivated. It effects my future immensely, and I have been hearing a lot of people say that college is going to be more expensive than it already is. Even though i have a job, it doesnt seem like my paychecks buy much. The prices on everything have been going up, and its really unfair for middle class citizens. My parents have been saying that i should save up because we dont have a college fund, and i really dont know how im going to pay for college.
Money is very important in the UNited States, it keeps the economy running. The money situation thats going on right now is gonna affect me later on in college. college is gonna be alot more experience to get in too, and there gonna be alot more students in the class.
Well, as everyone’s already been saying, the financial crisis does affect everyone, but the affect i has on people vary. My mom is a single parent raising two teenage kids which was already tough enough to begin with. Now she has to struggle just to pay the house mortgage and it’s come to the point where she’s thinking about getting a second job. It’s sad because we can’t even sell our house to buy rent out an apartment, which would be a lot cheaper, because if we do sell the house we’d end up owing the bank more money. So far now we’re just cutting back on things that we don’t necessarily need and we’re being more money wise. It’s a slight adjustment, but then again I’m not the one raising to teenagers on my own. I’d say considering the circumstances of the economy, my mom is holding up our family pretty well.
So this whole financial issue does affect me because having problems getting money for things like college funds and will start to be tough on everyone, like for me its going to start to be tough on paying for my college funds especially that i only have a year to fix that. Also for other families when the need to pa for the necessary things to keep up, like housing or any necessities. And with having the bank issue it kind of has an affect to my family because some of our money is held in there and now it may be frozen or stuck in that bank until everything gets under control. Also with pay for jobs might have an affect because if there isn’t that much to pay people with it wont be enough.
This financial crisis has not affected us too much, thankfully. And hopefully it won’t affect us more than it has now. The only way it has affected us might be that we are starting to save money here and there by spending money on the most neccessary things. This prevents me from using our extra car to drive to school, to buy lunch (although home-made sandwiches aren’t too bad. Of course this is only a precautionary procedure, just in case this situation begins to affect us even more than it should. As for the Greenspan issue, we shouldn’t pin all of the blame on them, I think that all of us are responsible for what is happening because we are too greedy. It’s not fair to blame someone else for what is happening because of many greedy people. Hopefully we can turn this around before it gets worse.
My parents are extremely worried about the current situation especially because my dad owns property. He is scared that we wont be able to keep up with the way things are. The wages my parents make are just not enough anymore. The budget cut has worsened an already terrible situation. College is going to be so crowded and expensive. This budget cut has hurt everyone especially lower income families that were struggling before this happened.
Over all it is going to be very difficult for people to deal with the current situation.
The way the economy is hurting my family is just as bad as it is hurting every other family in America right now. There are families loosing their homes left to right. Every time you go into a neighborhood the first thing you see is a ‘FOR SALE’ sign. Even driving through Burbank, where a lot a families that really don’t have to worry about money problems, but are now worrying about loosing their homes. Which shows that every family is somewhat effected by this major crisis.
Too many people are loosing jobs right now. Even my dad is worrying about loosing his job even though the company is always promising that he would never have to worry about his job. Of course that isn’t totally true; no job is secure right now. Before my dad would get accompany car, that was included in his salary, and that was something that we never really had to worry about because its unlimited gas, and any cool car he gets. Now that’s going to end in a matter of days, he has to get to work by bus and train now. His commute is at least three hours going, and three hours back.
My mom right now hasn’t had a job for about a year right now, and believes me she is always in and out of interviews. Don’t get me wrong, my mom has an excellent resume, but no one is hiring around my area, and she can’t afford to go all the way to Los Angeles every day, pay for gas, and par for the monthly parking. More than half of her paycheck would go to all of that. Since now she is a stay home-mom, she is the one doing grocery shopping. Our bill for groceries has gone up dramatically. We would usually spend at least $175 every two to three weeks. Now it’s about $200 in almost a week to two. So that’s a family of five, imagine other families with more children.
Things aren’t going to peachy right now in the economy; families are loosing homes, jobs. Its something we all hope for that doesn’t get bigger, like another great depression which we are leading into right now, if things don’t shape up soon!
I think the financial crisis is affecting every family rich and poor. People are having a hard time living average lives. Every day more and more people lose their homes, jobs and college funds. Some rich people are losing all their money because their banks go bankrupt. People all over america are being affected greatly by this crisis. I have a family of five and we are having some financial struggles. Every day it gets harder and harder to pay all the bills. From house payments to the electricity bill, everything is getting a lot more expensive. my family thinks that this crisis is going to have a drastic change on the way our society runs and that our future can change according to whatever goes on in wall street. My parents hope for the best but are very worried on how we’re going to be able to pay through our daily lives’ expenses and let alone the next big bill…my college tuition. My parents say to work hard in school so that maybe i can get a scholarship or a grant to help us out a little to get me through college. All we can all do now is hope for the best to come out of this crisis which might not be what we want.
Since my parents own a franchise of Curves, which is a health club, they have been hit hard. It’s mainly because people can’t afford membership due to the economic struggles they are facing. I make $8.00 and hour and I have to pay for gas, car maintenance, cell phone, textbooks, clothing, and sometimes food. I can afford it, but I just realized that some people who make the same as me have much more to pay for such as: house payments, insurance, and especially kids. My dad claims that what is basically happening right now is a domino effect, once one bank is down the others go down with it. I believe it is because of our consumer economy. Sure California is around the 10th largest economy if it was its own independent nation, but the ratio to how much we consume than how much we make is too off balanced. We spend on what we want, not on what we need. Yes, I know if we don’t have shopping centers then where are all the jobs going to go? Well, we can open more jobs working for the government so that they can’t hide their secrets anymore.
The financial crisis, started to affect my family very subtly in the beginning. First it started off as buying less groceries, instead of every week now it’s two or three weeks. I asked my parents about what they about what they thought was going on in Wall Street and they said that they figured that it was only a matter of time before we started to see soem problems. My dad was telling me about how he might have to sell one of the houses thta he owns just to make ends meet. I think that despite what is going on were doing better than soem of his friends so were kind of lucky.
In my point of view the financial crisis is hitting everyone pretty hard during this time. i think it has to do with people not contributing. the U.S. economy is going down rapidly. a good example might be home owners in our community, most of them lost their property because of the economy. Most workers got a lot of work hours cut off as well, my dad, a construction worker, got half a week taken off without pay. My mom also works for a company, they deal with hair salon and cosmetics. She had to be relocated in Pomona because the business was going down. My sister got fired from a dentistry clinic due to slow business as well. Well i just hope that our economy will improve so that other families don’t have to struggle economically.
The financial crisis will probably reach every family out there, whether they see it or not. It has already hit my family, because for the past year we have been looking for a new house. And the people selling homes are starting to change their minds hoping to get more money later on when the economy stabilizes. The crisis has also affected our standard of living, and it is going to be very hard for me to pay for college. My parents pretty much have to support me and my three brothers and my grandparents. So it is very hard on them. And this financial crisis is doing no one any good.
The financial crisis has hit my family the most when it comes to gas. My
mother is a hospice nurse and she has to travel sometimes up to 30 miles
a day one way to her patients houses. Her job is suppose to pay for
mileage, but she doesn’t get that until she gets her paycheck, but it
doesn’t really show. Luckily, my mom doesn’t have accounts with any of
the banks that have gone under. But not only has it affected my mom,
I’ve been trying to find a job, but its harder for tenagers to get jobs
because we are seen as a less important in the worforce. Even though, I
think that teenagers are probably the biggest spenders and after school
jobs would give them more money to spend and put back into the economy.
the budget crisis is effecting all of us. We are constatntly looking at what goes under and was supprised to see the effects of all this financial crisis come right for us. with my mom beinga single parent, she has relied on so much of her check, she is worried about her check getting smaller and smaller and also about our bank. if Wamu should go under, who knows what will happen as have several other banks gone under. its pretty scary to see how close this can hit to home.
After listening to the audio and reading the article I am just realizing how much this is affecting me and my family. I then noticed how little my family goes out on trips or vacations. We used to have trips to Vegas or theme parks all the time. But now, after talking to my mom, I knew that we are not as well off as we were then. She is so worried about just paying the bills, and she just has enough money to give me and my brother so we can take the bus to school. We have cut down on unnecessary things but still its hard to get by.
In regards to my family the financial crisis hasn’t hurt us too much yet. We are however trying to watch what we buy. For example we don’t just buy things we kind of want we actually buy what we need. The major thing that has affected my family is the price of gasoline. Because costs have risen so high we try to walk more or take public transportation. Also, we do not go out as often.
With the United States’ economy getting worse and worse by the minute its no wonder everyone’s income is affected. The economic problems have affected everyone worldwide, not only in the United Sates contrary to what many think. In some households this economic problem has affected the amount of money spent. Whether it be on food or products spent, gasoline or usage of cars, or the vacations taken (visiting loved ones or doing fun stuff like going to the movies. In my house the economic crisis has definately affected us moneywise. My dad’s paycheck is lower therefore we can’t spent that much money on any thing and we are constantly looking for somewhere to save. I won’t be surprised if we cancel our vacation to Mexico next summer!
Well, the financial crisis hasn’t really affected my family that much. It still can though because my dad works for AIG. They bought 21st Century last year (the company my dad used to work for) and if they decide to sell this newest branch or to layoff people to save money, then we are going to feel the effects of the financial crisis because we are a one income family, but as of now AIG hasn’t really decided on anything so we are ok.
Of course, prices are affecting us, we didn’t go on our yearly two week summer trip this year because of gas/food/travel prices. But then again, prices are affecting everyone.
I also had a savings account at Washington Mutual, which was just about to go down, when JP Morgan and Chase bought it, so it doesn’t matter so much right now, although some things will apparently be changing in the next months. For better or for worse I don’t know yet.
We have all been hearing about a money crisis and learning about it through th enews, audio and any aticles in the newspaper and on this blog. While discussing the matter with my dad, he thouht that it would get better before it got any worse. The only major people affected by this crisis is my best friend who currently has Washington Mutual. Unfortunately just because one bank that is semi-large closed doesn’t mean it is over, I am a little nervous for my future and my money in the banks. My aunt said something about us possibly going into another depression… I don’t even want to think about that occuring.
My dad is being optimistic about the whole matter and my mom seemed like she just didn’t want to worry me. Which of course, ends up worrying me more.
I hope we do not go into a rescession and hopefully this crisis gets fixed sooner rather than later.
As for the stocks dropping so much last week… I’m sorry for the ones who had money invested in them.
<p>Congress continues to debate the bailout plan. For more info: </p>
<p>http://online.wsj.com/article/SB122257682963083173.html</p>
<p>And continues to spread, now to the auto companies:</p>
<p>http://www.breitbart.com/article.php?id=080928164938.dtc44u1c&show_article=1&lst=1</p>
Recent news: No agreement, largest one day loss in the Stock Market (777 drop and a $1 trillion loss).
http://news.yahoo.com/s/ap/20080929/ap_on_bi_ge/financial_meltdown
<p>Most of your responses included a response to the question with an applicable example. For those that did not, your assessment is either an AP or a CR depending if you answered the question. </p>
<p>There were many quality responses-noting how it affects your parent at work (e.g. as a auto mechanic or Tiffany’s mother going off) or if they own their own business (curves).</p>
i talked about the crisis issue with my dad and mom. they told me that the way things are going on now is not going to get better. Price rising up. My dad said that sometimes we have to make a dicision of either buying milk or buying gas. It is said to say that if things don’t get better now , i dont think they aare ever going to get better. Like the audio story that was broadcast the guy said he did not like of paying taxes just to cover the government bills and what there responsibility are, to make the people happy.