5 things the recession put an end to
Jennifer McClelland | RSS | 17 Comments
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.
Credit is still affordable.
Even after a fire at a California refinery, gas still slipps below $2.50/gal.
Tags: recession, junk mail, sharper image
Christine from Used Cars Sioux City | Mon, Aug 24 2009
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.
Chris McClelland | Tue, Aug 25 2009
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.
Tony | Thu, Sep 10 2009
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.
Jonathan from Friends&Money | Sun, Sep 13 2009
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.
Debbie Drummond from luxury Las Vegas homes | Mon, Sep 21 2009
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.
Nicole from Background Check | Thu, Oct 01 2009
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.
Cyndy from Voucher codes | Mon, Nov 23 2009
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!!!
Jessica from Self catering | Mon, Nov 30 2009
I think the recession is the economic situation characterized by a decline in global demand.
Kelvin Lee | Wed, Dec 02 2009
I think that when things are going smooth, people are less reflective of their action. So it is good that a recession is there to knock them awake to be aware of the situation.
Every setback is a good lesson to be learned.
One last thing to share: It is not the amount of money you earn that can make you rich, it is the amount of money you can save that is making you rich.
Steve from IRS Representation | Thu, Dec 03 2009
You are so right about the mail thing. I hardly see any mail from Credit Card Companies.
Jay | Tue, Dec 08 2009
It also put an end to redless real estate investing. My clients are now more careful analizing investment properties like checking sale history, rental history, etc.
John from Trash Bag Holder | Tue, Dec 08 2009
Number 3 is the one I’m most thankful for
. Man, it really is a financial bummer when you have to deal with ridiculous gas prices and I’m very thankful that I don’t have to at this time.
Stressing over the gas prices makes me realize how the economics of gas is very similar to the economics of cigarettes. Automobile users don’t have an addiction, but they are driven to pay whatever the cost may be, much like smokers who continue to buy packs regularly even though the cost continues to rise.
Anyhow, I’m just thankful the gas prices are where they are at right now, somewhat reasonable…and a lot more reasonable than $4+ a gallon!
Jenn from Cheap Student Flights | Tue, Dec 08 2009
The sad reality is, when things are going well, no one cares who is doing what. It’s only in bad times that people start looking for someone to point their finger at….and then we get to see how bad things REALLY are.
Oey Piu Hian | Thu, Dec 10 2009
As an investor, we should remember “Cash is the King”. In every recession there are many opportunities
Sakyo from Cusco Peru Hotels | Wed, Dec 16 2009
Like the person before said, maybe this is an opportunity to grow your business with foreign capital
liz from Van Rental | Thu, Dec 17 2009
Yeah you’re right .. if you give think about it, you might realize all these things have to stop .. this recession has really change lots of things.. but I’m sure the situation is going to get better.. hopefully now these people have learned to save their money.
Mike from Deed of trust | Tue, Dec 22 2009
I do agree the recession put an end to extravagant spending a wee bit too much. I’ve noticed my sales declining and per item/sale people are only willing to spend less than they used to.