The more I read and listen to Americans discussing the economy and their financial lives, I sense a change in language. The events of 2008 and 2009 have caused transitions in our use of financial words and phrases. I have compiled a list of some of the old phrases and how they have been changed to conform with today’s economic environment. Read more
Periodically I encounter a situation in my money and personal finance life that causes me to scratch my head and rhetorically ask how that can be. I guess you can call them life’s little money mysteries. I decided to start a list of them, beginning with one that we all have heard often: Read more
A long time friend sent me an email yesterday with a compilation of questions and answers pertaining to recent economic events. Because these questions are of such high importance, I thought I should interrupt my normal flow of personal finance opinions, commentary, and information so that you could read them yourself.
Please note that I am not able to identify the source of the answers (or even the original questions). Therefore, Mr. ToughMoneyLove cannot vouch for them in any way. That being said, please enjoy: Read more
Rahm Emanuel seems to have answered my question as to why the liberal media tend to promote economic gloom and doom. In a Sunday interview, when asked about the current economic crisis, the incoming Obama Chief of Staff said:
Rule one: Never allow a crisis to go to waste. They are opportunities to do big things.
I interpret this burst of candor by Emanuel to mean that there is no reason to moderate negative news about the economy or even to boost consumer confidence until after the Obama team puts its “big things” in place. I am afraid these “big things” include “big” spending, “bigger” taxes (on some of us), and the “biggest” government deficits imaginable. For good measure, Congress will no doubt throw in some good ol’ fashioned pork barrel “infrastructure” on top of the pile of big things.
Anyway, thanks to Mr. Emanuel for clearing that up for us.
I was amused and intrigued by Sunday’s print edition of our local newspaper. The business section featured four articles under the following headlines:
“Foreclosure Wave Hits Malls”
“Big Players Scale Back Charitable Donations”
“Global Crisis Jolts Tourism in Caribbean”
“Companies Whack Pay Raises, Bonuses”
Definitely a doom and gloom article collection wouldn’t you say? This selection came from a newspaper with a definite liberal editorial staff. (By they way, when did organized crime slang like “whack” become a mainstream media headline verb?) Read more
If you have read my blog for any length of time, you know that I lack confidence in the ability of the federal government to competently manage our economy. Both Congress and the Executive Branch are now painfully reminding us why economics is known as the “dismal science.”
Nevertheless, on this Thanksgiving Eve, Mrs. ToughMoneyLove and I are thankful for many things in our lives, including the realization that our government has not yet succeeded in beating us into submission. We have three wonderful sons, two gainfully employed in secure jobs and the third doing well in college. They continue to live debt-free lives. Read more
To be honest, Mr. ToughMoneyLove is mentally fatigued from the avalanche of economic data and political news this past week, most of it negative. I am particularly disappointed that any lift in the markets that should have been caused by passage of the “rescue bill” on Friday was overwhelmed by the horrible data from the manufacturing and employment components of our economy. The hard truth is that the economic data is more reflective of where we are than any political pronouncements from Washington. Read more
We Must Learn How Politicians are Exploiting Current Events
As I write this review, Congress is working hard to load the Wall Street rescue bill with dozens of extra provisions in a costly and misguided attempt to save segments of the middle class from themselves. (Those that bought homes they could not afford.) I’ve also read that some Democrats are clamoring for a provision that would cap compensation for corporate executives, striking another blow against the free market. There will be others and it will be ugly. Our economic system is being transformed in an accelerated devolution. Read more
Mr. ToughMoneyLove tries to pay attention to economic news because it is science-based and therefore more reliable than the financial punditry that is all over the news and Internet. In fact, I just finished listening to a 7 CD audio course book on the Principles of Economics, which I will be reviewing soon. Read more
Senator Obama said in a speech yesterday that Senator McCain is “out of touch on the economy.” I wonder who wrote that killer line? That got me thinking again about the competence and clarity of our politicians when it comes to matters of economics. Read more