Economic meltdown: will things improve? Take our poll.: Panorama: Rocky Mountain PBS: a1

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Economic meltdown: will things improve? Take our poll.

posted Tuesday, Nov. 18, 2008 8:42am

See more on: Blogs, Economy, News & Current Affairs, Poll

Scared about the future? You're not alone. With our economy in shambles, we are a nation on edge.

The unemployment rate is at 6.5 percent, a 14-year high; it is increasingly difficult to get a loan; the stock market is in turmoil; and we are in the midst of the worst financial crisis since the Great Depression.

Some people I know have postponed major life decisions because of the economy. For me, it has meant scaling back on spending. Going out to dinner less. Paying closer attention to my bills and to what goes in – and out – of my pockets.

I used to buy a cup of coffee on my way to work; it was my get-up-and-go treat, my daily splurge. No longer. Figuring each cup costs on average $1.50, I've saved more than $120 over the past four months.

With so many people concerned about their finances, Rocky Mountain PBS has teamed up with KUSA 9News and Newsradio 850 KOA to hold a phone bank to answer your personal finance questions.

Today, from 6 a.m. to 6 p.m., we are hosting 100 financial experts in our Denver studios for the "Your Money Marathon." They are here to offer tips on everything from managing credit card debt to saving for retirement.

I hope you will take advantage of this free resource. The number to call is 303-698-0999.

I know I, for one, will be asking for advice on fixed vs. variable-rate mortgages. As a future homeowner, I'd like to know how to avoid trouble. I also want to know if I should be doing anything differently with my 401K.

How has the gloom and doom affected you? Has it made you more penny-conscious? Has it piqued your interest in politics? Two columnists featured in a recent "NewsHour" online forum discuss the impact of the Wall Street crisis on personal finance choices.

According to a recent CNN/Opinion Research Corp. poll, 76% of Americans believe it is likely that Obama will improve economic conditions. What do you think? Take our poll and let's see where Colorado stands.

-Elizabeth Mayer, RMPBS

Nov 18, 2008 10:24am to Nov 27, 2008 2:48pm

What's your point of view?

Donohue
Tuesday, November 18, 2008 › 11:33am
I've got family in Michigan and things are very bleak there. Comparatively Colorado is sitting pretty but it's still pretty scary here. Who knows what the next year will bring as we still seem to be in a decline and we don't know where the bottom is yet. In my house we're definitely watching spending very closely. And we're trying to put aside some money just in case.

Pegi Ballenger
Tuesday, November 18, 2008 › 3:19pm
Because of the current economy, I've been looking for part-time work. I'm a graphic artist, illustrator and painter finding it increasingly difficult to sell work and live on an artist's income! I believe most people consider art a non-essential and most of my artist friends are in the same boat. Are you hearing this from a lot of people in Colorado?

anonymous
Tuesday, November 18, 2008 › 3:20pm
Give Obama a chance. He has a tough road to hoe. I keep hearing different solutions from different economists. It appears there is no consensus for whats the best thing to do. I think the president elect is a smart fellow so I wish him luck.

Hail to the Victors
Tuesday, November 18, 2008 › 8:42pm
The global economy is teetering. Japan declared they are in a recession. My hometown could become a wasteland if Ford Motor Company goes out of business. It's sad.

Bob
Wednesday, November 19, 2008 › 7:57am
Yes, GREED is bad. With all this hand ringing going on in the FREE world, you can bet the Communist world is licking their chops and laughing up their sleevs at us as they watch while we beg our Government to save us from our often stupid and mostly greedy ways. I have always believed in and practiced "PAY AS YOU GO". If you don't have the means for it, "DON"T BUY IT". Concenquently this situation does not effect my pressent life style all much. We were well over due for a good belt tighting because there is no free lunch, or at least not many. This may help some people learn better money manners.

Jim
Wednesday, November 19, 2008 › 8:17am
GM Bankrupt
With over 100 Billion dollars in long term debt and profits in good years of 100 Million or less, the math shows that it will take over 1000 years for GM to get out of debt, except that the interest on the debt and GM's need to keep borrowing to keep the doors open, make that figure terribly optimistic.

The only sensible approach is to let GM go into Bankruptcy protection and get itself reorganized. Bailout will only delay the process and the US taxpayers will never get their money back. GM has technically been bankrupt for quite awhile, it just has been hoping for a miracle, and that miracle seems to be the climate and political opportunity to get an infusion from the government. Let's hope Congress doesn't fall into the trap of thinking, "We can't let it fail."

George Dumas
Wednesday, November 19, 2008 › 9:37am
It is my opinion that the economy will start to become normal within 18 months after new administration takes office. I believe we need a domestic workforce created to help build bridges, infrastructure i.e. water, sewer, storm drains, etc.

Thinking (uh-oh)
Friday, November 21, 2008 › 1:49pm
In other countries the workforce Mr Dumas refers to is those individuals who receive welfare from the government. What a concept - make everyone work for what they receive to the best of their abilities.

Brian Rivera
Saturday, November 22, 2008 › 9:34pm
It has taken us about 20 to 30 years to get to this ridiculous state of financial affairs.

The magical drip-down thinking that began in the Reagan era should finally be over. Still, I can't help but wonder whether it will take another 20+ years to get back on track.

Generally, I am an optimist though, and I believe that we are a strong and innovative group of people who can work together to make the world a far better place. Like Winston Churchill said, "We can always count on the Americans to do the right thing... after they have tried everything else."

Bernie
Monday, November 24, 2008 › 1:35am
Has any of our political leaders been awake or alert to the many symptoms revealed to us every day during the past 7 years? e.g., (1) the predatory business practices and the continual breakdown in ethics of business executives (evident by Enron, MCI, Qwest...), (2) the shift of focus from a sound and healthy US economy to that of a global economy (which has led to huge reductions in the number of US jobs, and the substantial loss of consumer purchasing power), and (3) the apparent absence of sound judgment relating to obtaining short-term rewards while mortgaging our future worth. With no purchasing power - how do you pay mortgages? Or eliminate credit card debt? Or uplift the retail markets? And you wonder how we got here?

What attitudes will we need to change? AIG Execs - NO WAY!!!

Bernie
Monday, November 24, 2008 › 1:55am
A quick follow-up:

We must be careful not to be as bad as the unethical and greedy money barons. We should not assumed that everyone who is suffering in this economic crisis is doing so because of something they did wrong. There are many very hard working, intelligent, and prudent Americans who did not get into debt and saved, but have become homeless because of company down-sizing (based on the greed of many business executives).

A fiasco this large, will require all the attributes of teamwork, cooperation, innovation, prudence, discipline, strong ethics, and a spirit of optimism. The recovery begins NOW!!!

joe
Wednesday, December 10, 2008 › 9:07pm
Why does it seem that you all target "coffee" as your way to save a buck? If anything, you support the youth of America who work at these coffee shops while they go to school. If you're really interested in "saving" target IMPORTS / ie. buy American whenever you can. Short term-we all win.