So, with all the recent band flops, I've decided to create an economy thread to see what you all think about what's going on and ways we can fix it.

So.... Have at it...

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First, I would that gas prices need to be lower. Second, housing/building needs to pick itself back up.

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My opinion:

America is in love with debt.

I myself fell in love with this temptress and I'm paying the price. I'm not sharing my financials with the world or even TN, but needless to say that I have a lot of credit card debt.

America and a lot of the world has bought into the whole instant gratification lie that you must have everything NOW!!111!1!1!!

I pretty much called this crises about 3 years ago (and you can ask one of my friends, because he agreed with me when I said it).

You can't live off debt for but so long and it will come back to bite you in the butt.

Our government is going to learn this lesson the hard way if they keep baling out multi-billion dollar corporations.

Word of advice for you teens and 20-somethings, if you get a credit card, pay the thing off every month. If you can't handle one, then don't get one.

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Intimidator Coming in 2010 to Carowinds!

It feels like a freefall ride the pain in the stomach from hearing all these big respected names just about go down the toilet. The prestige seems shot. Merill Lynch is even in there. Wamu, AIG! I went to an interview at AIG last year. They insure a lot of wider corporate things. There's such a huge umbrella of a company that I agree with my father with how the money was pumped into them.

I was not liking Bank of America acquiring MBNA in Delaware and getting into credit cards a few years ago.

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Thrillnetwork Moderator - Sophomore Original sn: CHILLERLC1
2008 & 2009 TN Coaster Draft Champion
You knew I wanted the other repeat too

I think we need to have a bank holiday, just like we did during the last depression...

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I don't like how the Government is stepping in and bailing people out. As Wes said, America loves to spend money they don't have. A lot of banks are struggling because they gave out loans to people that can't afford them (Or at least with a variable interest rate).

America needs to be smarter with their money. I always pay my Credit Cards off in full, save my money, and only buy what I need.

And yeah...I'm going to be possibly banking with Wells Fargo or Citi Bank, not under my own will though.

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Thornton to Heatley all day, every day.

I mentioned my father because he always watches CNBC in the morning and elaborates on what I read. He recalled the interest the government could make out with by stepping in. The gov made money when they jumped in to save Chrysler in the 80's with what they got back.

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Thrillnetwork Moderator - Sophomore Original sn: CHILLERLC1
2008 & 2009 TN Coaster Draft Champion
You knew I wanted the other repeat too

^ the government made money, and all we got were K-cars and horrible electrical systems

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ThrillNetwork Lead Moderator
My neighbor got a big new house, and all I got was his lousy payments

And RAM VANS! Don't forget RAM VANS!!! (Old SNL joke)

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Intimidator Coming in 2010 to Carowinds!

I remember my uncle's Caravelle and my grandfather's Plymouth Horizon in the 80s.

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Thrillnetwork Moderator - Sophomore Original sn: CHILLERLC1
2008 & 2009 TN Coaster Draft Champion
You knew I wanted the other repeat too

And van hatch doors that popped open when they were hit in the rear.

But I'm off topic.

Back to the economy.

This morning I hear Bush and Co. want to bail out more people. Lovely.

And not to derail things here, but Obama wants to raise taxes if he's elected. That's the WORST thing you can do in a slow economy! I've studied macro/micro economics, it's true! When you raise taxes, people spend less, the economy slows down. When you lower taxes, people spend more, the economy (and the goverment I might add) have more money flowing.

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Intimidator Coming in 2010 to Carowinds!

^ "Change you will submit to"

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ThrillNetwork Lead Moderator
My neighbor got a big new house, and all I got was his lousy payments

I don't see this getting any better anytime soon. I feel it will get 100% worse before it gets any better. If either Obama or McCain get in the country is in trouble. I have been thinking about going to work for Disneyland Paris and leave the US.

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2009 Carolina Cobra Crew
Go Panthers! 4-6: Week 12 @ New York Jets

#6 North Carolina Tarheels 4-1

That's a stupid decision, seeing as the exchange rate from US Dollars to Euros is about .6 or so.

My sister went to Europe over the summer and got shafted in the exchange rate, as did everyone.

Also, another curious note. What did everyone do with their economic stimulus check?

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Thornton to Heatley all day, every day.

Well i would really do it just to see whats it's lke to live in another country for a year or two.

I went shopping with my check. I spent the entire check at American Eagle, Abercrombie, Hollister & Express.

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2009 Carolina Cobra Crew
Go Panthers! 4-6: Week 12 @ New York Jets

#6 North Carolina Tarheels 4-1

Mine was spent (as any true Republican should have ). Not sure where it all went, but $105 of it went for my ticket to see Journey/Heart/Cheap Trick. I think part of it was spent on my Wii, but I can't remember back that far (I got mine in May).

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Intimidator Coming in 2010 to Carowinds!

Debt reduction, every penny of it. We're not bad in debt, and in fact, by typical standards, we're probably a lot better than most. But I'm on a major kick to eliminate everything but the mortgage and one vehicle from our debt load. Less than 6K from that goal

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ThrillNetwork Lead Moderator
My neighbor got a big new house, and all I got was his lousy payments

My stimulus check disappeared to fixing my car and rent.

Some stimulus check...

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Tonights local news did a story about how fast food places are now starting to take items off the dollar menu or make items on the dollar menu smaller portions as a result of the slumping economy.

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2009 Carolina Cobra Crew
Go Panthers! 4-6: Week 12 @ New York Jets

#6 North Carolina Tarheels 4-1

Stimulus went towards the new mattress for my new bed. I got everything around President's Day and the payments were due.

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Thrillnetwork Moderator - Sophomore Original sn: CHILLERLC1
2008 & 2009 TN Coaster Draft Champion
You knew I wanted the other repeat too

The credit card companies love it when you carry a huge balance on your credit card. They charge you 19.99% interest on the unpaid balance. They make it almost impossible to transfer a balance to another credit card by charging a "$50 balance transfer fee" and on top of that a 3% charge on the balance being transferred. They don't want you to transfer that high interest rate balance you're paying on. They want to keep you in debt because that makes them RICH. Pay off your credit cards as soon as you can and only charge as much as you can pay each month. That way, you pay no interest. BUT I GUESS YOU ALL KNEW THAT. BUT ARE YOU DOING IT?????????????????????????????

^NO BECAUSE I DON'T OWN A DAMN CREDIT CARD!

But was it really necessary to shout like that? Hmm?

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I didn't see the point of shouting either. I know I have to pony up and pay my vacation off quick and then make a killing on my furniture before February next year cause of the facts of life we see on the credit cards.

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Thrillnetwork Moderator - Sophomore Original sn: CHILLERLC1
2008 & 2009 TN Coaster Draft Champion
You knew I wanted the other repeat too

I have very little debt. The only thing i'm still paying off is my Disney Cruise i took in 2004. There was a total of 7 of us all family and i shelled out the entire thing to pay thanks to my Disney Card. Another year and it should be payed off then i'll have no debt except my car payments.

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2009 Carolina Cobra Crew
Go Panthers! 4-6: Week 12 @ New York Jets

#6 North Carolina Tarheels 4-1

Nope.

Caps or no caps I'll still pay off my credit card, WITH RAGE!

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Thornton to Heatley all day, every day.