The impending financial storm
Wednesday September 5th 2007
by Paul Armstrong
Life is full of patterns, full of repetition and corkscrews (propelling forward with repeated themes). The patterns of my life seem to be the constant feast and famine of work and payment -- a choice I've willing put myself in by foregoing the traditional graphic design industry, agency, studio for the "full service" solo do it all guy. The sacrifice of financial stability for the stability of family and relationships. Culture tells us we can have it all, work, play, family; which is simply not true -- something or someone will always suffer.
With all of this in mind, the cycle of famine is upon the family. While I (or we) might feel alone, isolated in this drying well, I have a sense that on the horizon is a more immediate impact on people's life (finances), related to the desire to have it all (at any cost). Its well documented that the real estate industry is in turmoil in many parts of the country -- mortgage lenders closing left and right after being sued for shady and unscrupulous lending practices (known as sub-prime loans ... get the house you want how, for next to nothing, don't think about the future costs; have what you want now; forget that we'll double what you owe, and increase your rates after a few years making it impossible for you afford your monthly payments and devaluing your home... ).
Areas like Detroit, Cleveland and many other cities are seeing record numbers of foreclosures as homeowners are forced to default. My guess is that personal bankruptcy will be quick to follow (as people attempt to protect themselves from creditors who will feed on the fear). I don't know for sure that anything larger than what is already percolating will happen, but from my conversations with others, it seems there is a fear, and caution -- and I hope -- on the horizon, better and more stable practices and values. Life is, and will always be about people and relationships, without which all the money in the world will never give you what you "want"; it seems many of us will have to learn the hard way.
Comments are turned off for "The impending financial storm"
Comments for "The impending financial storm"
Refresh this page
cheer up charlie. you've got a golden ticket.
by luke
∞ Wednesday, September 5th, 2007
Its not so much about what's happening to us ... but what I see happening to other people; it seems to be spreading. Yes, it will ultimately be fine, like butter ... or something ... bah ... I have no clue what I'm saying.
by Paul
∞ Wednesday, September 5th, 2007
There is a lot of messed-up stuff looming on the horizon (economic issues, global market issues, natural disasters, the oil crisis, etc.), but nothing is certain, and living in fear sucks. So we live our lives and do the best we can, planning as well as we can and dealing with the fallout of past mistakes while enjoying life.
It is true that excess money does not increase happiness — there is a demonstrated financial threshold at which people people stop being happier with more money. Below this threshold, people are, in fact, less happy. Perhaps this is because those of us below that threshold often are forced to neglect people and relationships in order to make ends meet. Maybe a better aphorism than, "Money does not buy happiness," would be, "Debt earns misery." But what a relief when that debt is gone. Like a big poo.
by Mike
∞ Thursday, September 6th, 2007
Mmmm, nothing like a good poo. Yeah, I wasn't implying that I was afraid, I'm actually at a very peaceful place -- but there is the stress of just trying to stay afloat, like you said "Debt brings misery". I just see quite a few friends, and others, who've not had any financial problems, suddenly fearful and facing things that I've become pretty accustomed to (months without pay, etc).
by Paul
∞ Thursday, September 6th, 2007
Fraidy.
by Mike
∞ Thursday, September 6th, 2007