5 things the recession put an end to
Everyone remembers before the recession how things were. There were people who would show how much money they could spend running rampant. Most of those people have been silenced by the recession as everyday average Americans have grown tired of extravagance.
So here are a few of the things that have gone almost extinct through the recession:
1. Unaccountability. People feel as though CEOs and high level executives have had a hand in the recession due to their lack of accountability. We never heard from them or made them accountable for actions they may have done. However, now, they end up being the most accountable and when a company does something wrong, the CEO is the first to blame and the first to go.
2. People flaunting their extravagance. The days of people owning things like Hummers, bling, and having their homes featured on shows like Cribs has come to an end (for now anyway). Even the once very public Paris Hilton has been fairly unseen recently. Hummer has been dropped from the GM lineup and people are cutting back wherever they can.
3. Outrageous Gas Prices. I’m sure this one will end up making a comeback eventually, but as of right now the average for a gallon of regular unleaded gasoline is around $2.65. This is far from the record highs of $4.10 a gallon for the same grade of gasoline from last year. Many people welcome the difference due to lower income levels and higher unemployment.
4. Less junk mail. Before there was a credit crisis everyone was getting credit card offers, including children and cats. Now there aren’t as many credit card offers floating around and credit card companies are being a bit more careful about who they are sending pre-approved offers to.
5. Stores that sell stuff we don’t need. Stores like the Sharper Image have just simply disappeared in the last year because they sell stuff that people don’t need and typically can’t even create a need for.
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It can’t be denied that the recession has been a stressful time for thousands (millions?) of Americans. However, I agree with you that there have been some positive outcomes in terms of our outlook. I am pleased that it is not currently in vogue to flaunt extravagance, or even be extravagant for that matter. There are so many better uses for our money than to spoil ourselves; think about people in need in our country and abroad.
I agree Christine, an easy way to help people out right now and actually save/make some money is to donate. I’m sure everyone has at least $500 of stuff that they can get rid of lying around in a closet or attic right now. This not only makes/saves you money by creating a tax break for you, but also helps out all the people that might be suffering from a job loss or other issues right now.
On the accountability issue, the recession ended the lack of accountability… for a while. Accountability only works when we pay attention.
Once we stop paying attention (because it costs us time to do so), we will once again fail to hold our CEOs accountable. It will take more than a bad recession to cure that problem.
Unaccountability, for me this is the biggest thing. Stock traders had shocking little accountability, and whilst i encourage people to make profits they need to do so responsibly, not recklessly gamble with people’s hard earnt savings.
I think when someone earns great amount of money, he often forgets it’s important & doesn’t use it for better reasons. Although recession is been very stressful but i think it have brought many positive changes too. I agree with your post, but there is more i want to add, I think blaming CEO’s of the companies isn’t right, I mean who are they, aren’t they human? they are like us, if they are making mistakes, it means we are making it too. I think that if we pay attention to resolve this issues by correcting the errors which we make in our daily routine. We created money to benefit us, i think saving some money today will benefit us tomorrow & before misusing it we should think of people who are really needy & doesn’t have much to spent.
I agree with Debbie. We should not blame others who committed mistakes as we ourselves our doing the same thing too. We just have to learn our lesson and correct whatever we had done wrong. Spending wise, we should value whatever money we have in our pocket. Always look forward and think of the future. Do not spend like it is your last day on earth.
I think the most important factor is the responsibility of each person to handle their money properly and in the future not to blame others for our own mistakes!!!
I think the recession is the economic situation characterized by a decline in global demand.