The Economy... What to expect? - Montana Owners Club

Wiarton William · 10-03-2008, 02:59 AM

With the present condition of our economies(U.S. and Canadian)..) I wonder what the immediate future is going to bring?......Personally..We are relatively secure as far as pension(s) incomes and investment incomes are concerned..our debt load vs equity is minimul...I am concerned with two things really....
I do not want this to be any kind of political party debate or slam.. I dont know much about your system and dont expect you to understand ours...I only know what is on the news when it comes to where the money went...what the question is......what is going to happen..and how will it affect us all if it goes badly??

1..The immediate future (next 4 weeks) if things look really bleak would it be wise to place ourselves 2000 miles from home??

2..The long term in the sense that if in 4 weeks it looks ok but iffy and we do go south and the economy tanks,, what then???

ole dude · 10-03-2008, 03:02 AM

Well Pardner, I'd say pull yer boots on good.

Mrs. CountryGuy · 10-03-2008, 03:30 AM

Not sure bout other MOCers, but in the past 10 years or so, because of cash machines, and credit cards, Al and I rarely carry more than a few hundred American dollars in our pockets.

IF, we were to put a credit card in the machine while trying to fill the gas tank and have it refused due to this mess, well, I guess we would be camping at your local BP, or Shell station, eh??

We are kinda holding on and watching, not sure for what, but watching.

ols1932 · 10-03-2008, 04:30 AM

My outlook on the economy isn't as bleak as some may think it's going to be. I do have faith in the American people and we have seen that they have spoken (as witnessed by the disapproval of the first bill). Our economy has always recovered from downturns in the past and I have no reason to doubt that it will recover from this one. My only concern is with the foxes guarding the chicken coop.

Just so you'll know, I have no money in stocks (never had enough money ahead so I could) and I'm not concerned that my SS, wife's SS and my AF pensions will fail. That's what we live on from month to month. So we'll just keep chugging along, believing that there is ONE who is in control and will keep providing for us.

Orv & Marge

Waynem · 10-03-2008, 04:30 AM

I have three banks that I do business with. Not because I have a lot of money, but because that is just the way it happened when we borrowed years ago. We didn't close the accounts after they were paid off, and keep some in each. If any of them fail, we also will be parking in a parking lot until one regains, or is picked up by another bank, which is already happening. Wells Fargo bought Wachovia just recently when Wachovia started to go under. one of the institutions I belong to is the Nave Federal Credit Union, which is the largest credit union in the world with very, very large assets. If it fails, we probably are all in deep kimchee.

If you have a good pension, going to a (what may be considered) good institution, you probably will be alright. If your bank is small in comparison to the really large ones, I would hope the large ones will "bail it out" by purchasing the assets/debts/credits.

I'm going to continue to live life and take what comes my way. If the going gets so rough that I start slipping, I'll pull into the stick house and wait it out.

Edited: Hope to see you ALL on the road and in the CG's for the next several months to years.

49merc · 10-03-2008, 04:54 AM

Here is a link regarding Wells Fargo.
http://online.wsj.com/article/SB1223...gn2008_mostpop
Bob

Wiarton William · 10-03-2008, 05:50 AM

I would think most of us that "snowbird" would have to consider the fact that being a few hundred to a couple thousand miles from home and have to face the insecurity, unavailability to fuel up, and if it got too bad even personal security issues of getting home again..DW has just scoffed at my post,,,,,,you think too much she says...were going come hellll or high water.......huh!

bsmeaton · 10-03-2008, 08:41 AM

I heard that the EPA has a Work Relief bill waiting to be submitted until we all loose our jobs. The projects under the new bill will include tearing down all the projects erected during the Franklin Roosevelt Work Relief program such as the Hoover Dam, all that stuff the EPA hates. At least that is what Joe Biden heard on TV from Teddy Roosevelt.

MacDR50 · 10-03-2008, 09:31 AM

When bubbles burst you are always left with a sticky mess. The first victim is the fantasy that a free market exists. The secret is choosing who is in control of the managed market, those we elect or those that have concentrated the wealth and,in their own hands, the tools to increase it. I also have a lot of faith in my cousins to the south's ability to overcome this crisis. In the short term, the day-to-day goods and services economy will chug along. Gas will be available, food still grown and distributed and most people will still have a job. Speculators and the greedy wanna-bees will lose big and drag a lot of innocent folk with them. Hopefully those who are responsible for driving the speculation will also lose but I wouldn't hold my breath. Regulations will tighten to prevent insurance companies, banks and investment firms from irresponsibly speculating with depositors and premium payers money. Interest rates will probably fall in order to ease the credit burden and central banks will increase the money supply in order that the chartered banks can continue to finance working capital for small and medium size businesses. Canada's economy is tied very closely to the US economy. We will be affected by a recession in the US but we have been running a budget surplus and positive balance of trade for a number of years and are in good fiscal shape to deal with a downturn. Our banks are big and well capitalized and while there has been some loosening of regulations they are still regulated as to investment of depositors' money. Our insurance companies are even more tightly controlled in this respect. In fact the biggest impact here, where I live, will be loss of tourism and perhaps a reduction in demand for our commodities. In other parts of Canada, those involved in the auto industry are particularly at risk.

Delaine and Lindy · 10-03-2008, 09:35 AM

Well I think its a SAD day in America, to have witness what I have seen in the last two weeks. Our country has just given Wall Street more money to steal from the working person. We have been living on Credit for the last several years. It would be different if someone was held responsible. This Bail Out doesn't help the TAX payer at all. As for traveling (RVing) we are still going South at the end of the Month. But I now will be looking at a in bed fuel tank just enough capacity to get us back to Tennessee, and it will be a manual type pump just to refill the main tank. Oh yes watch the price of Oil it will start back up, the Arabs know there is money now. GBY...

richfaa · 10-03-2008, 10:53 AM

The only fuel shortage is that caused by folks responding to the rumor of a fuel shortage and lining up at fuel stations.There has been no fuel shortage in our neck of the woods or anywhere we have been lately. The FDIC protects 100K in bank deposits if need be and we do not have anywhere near 100K in any bank. The bailout only helps the folks who caused the problem. So the banks will be able to offer more credit to folks who are already deep in debt. Folks can't buy product if they do not have a job. The bailout will have little effect on anything. The USA has the largest economy in North America if not the world and whatever happens here will ripple all over the world..it already has.As for Canada..We have different systems but our economies are bound together. What happens will affect Canada as well.This is all to much for me to comprehend. We are going south for the winter...If we are stranded we will ask for a bail out or a FEMA camper to live in or go on relief. Or maybe rob a bank then be forgiven..after all the banks did that to us???

PowellsMonty · 10-03-2008, 12:33 PM

Debbie & I do not participate in economic downturns. We are up 30% in Sept. over same period last year, over 10 for the year. Don't listen to the news and doom & gloom. If Buffet is out there buying up businesses, he doesn't believe the world is coming to an end and he has a couple more $$ than I, and brain cells.

Mrs. CountryGuy · 10-03-2008, 02:31 PM

No gas lines in Lenawee today, found "D" for $3.99 and $4.09. Found gas down as low as $3.21, and across the street it was 6 cents higher, do we know the words "GAS WAR"?????

I see that the bail out stuff passed and was signed today, wonder what tomorrow will bring?

I believe, and you cannot shoot the messenger, as this is MY OPINION, that we have been in a recession for months now. Ohhhh, yea, I live in Michigan, highest unemployment rate in the US, or that was what I heard last week.

I never did ride the roller coaster at the amusement park, now I know why. OUCH!

Delaine and Lindy · 10-03-2008, 04:01 PM

Mrs. CountryGuy we understand the unemployment problem ours is at 24% and no new jobs. The last factory making GM parts went to Mexico. Our Diesel is at $3.88 at Wally World and Gas $3.63. I do believe the prices will rise and the excuse will be heating oil? As I have said the Arabs know we have MONEY every place. Don't know what the future holds but we must really look at the situation very close, and try to do the right thing, the future is now we sure can't stand higher taxes and spending must stop. GBY....

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