I’m Untrustworthy And Proud Of It

People make fun of me because I always have NPR, CNBC or The Nightly Business Report on in the background when I’m working. They tell me I’m a finance junkie, and they’re not far off. But, it’s entertainment for me and every now and then I get to hear someone utter words that are so stupid or shocking that I nearly fall off my chair. It happened this week.

The pundits on one show were arguing about the new stimulus plan and going back and forth over what they thought should and should not be included. Then they started arguing about how the stimulus money should be distributed to the public. Lump sum check like last year? Dole a little out in each paycheck? Reduce ta


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9 Responses to I’m Untrustworthy And Proud Of It

  1. Philips says:

    Excellent blog:

    Assuming that he really meant that we cannot be trusted to manage our affairs so that they best benefit the country rather than ourselves and that we should all be spending everything we make to save the economy.

    Untrustworthy and Proud of it

  2. Broken Arrow says:

    I have long argued that people need to stop revitalizing the old consumer economy. The fact that people are using their stimulus checks wisely should be applauded, not chastised.

  3. Heibi says:

    I think there was an article about this in Time magazine recently. That in the long term it is better for Americans to save, but in this short term ‘exceptional’ period it is better for the economy if Americans spend. I’m not sure that I buy this totally, but it is what the experts are saying.

  4. Dawn/FFL says:

    I always felt that cnbc and other financial markets are a couple of years behind the times when it comes to understanding “main-street” people.

    I don’t think they will ever catch up.

  5. ceejay74 says:

    It IS offensively worded, to imply that saving money and trying to get out of trouble is “untrustworthy.” However, I said nearly the same thing to my wife recently: that doling the stimulus money out in small increments will probably get more people spending, more than with lump sums of money.

    And even though many people have wised up in this economy, I still see comments on news sites from readers to the effect of “25 bucks a week? Big deal. That’s not going to help me at all.” Anyone in trouble who thinks $1300 per year isn’t going to help at all has not learned to budget effectively.

    As for me, I’ll probably “stimulate” with half the money, save or pay down debt with the other half. That’s usually what I do with windfall money.

  6. Max says:

    The US economy is 2/3 consumption-based … why the surprise about this?

  7. Diane says:

    ceejay74 – I said the exact same thing to my boyfriend recently – that the gov’t wants to put the money in our paychecks to get us to spend it without thinking twice. The statements made on the referenced news show just confirm it!

    I realize we have a consumer based economy, but I agree with Jennifer that its time for people to stop spending everything they make – and then some. And I DON’T like being told that its irresponsible to save money!

    I have paid off all debt except my mortgage and I AM saving money. It’s the personally responsible thing to do in these scary economic times.

    I just might have the extra money in each paycheck go directly into my ING savings account by auto deposit!

  8. Cindy M says:

    I get no thrill anymore from spending money on brand new things, period. The things I’ve replaced lately (new gutters on the house, new windows, a new fridge, new cabinets in my kitchen) are frankly just plain badly made compared to what I had before. They all look “pretty” but again, I know they’re junk compared with I had before. I went middle of the road on all of them (not the cheapest or the best) but I have to say I’m very disappointed overall with the replacements and would not do it again. You can imagine how I feel about even looking at a new car. I won’t be anytime soon; I’ve stimulated the economy enough

  9. Gail says:

    One of the benefits of no newspaper and no TV connection (nor do I listen much to the radio). I don’t have to hear all about this so much of the time.

    For some reason the government has decided that IT needs to personally bail out every floundering company and family in the USA with money it doesn’t have. Where is this money to come from? As Jennifer said our heirs will be paying for this for generations to come. This is the time to learn how to handle money wisely not hand out freebies. I don’t think stimulus and bailout checks are the answer because it doesn’t address the basic issue and that is that so many ARE untrustworhy about handling their own finances and the finances of their companies and to give them more money just will get them expecting MORE handouts. If we get any kind of stimulus check (I don’t know what is happening about this) it will be promptly used to pay down debt.

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