Tag: debt

Living by Joe WilcoxOct 16, 20147:27 pm

The Underemployment Crisis

When I worked as an analyst for Jupiter Research a decade ago, the editorial philosophy was “data-driven analysis”. But sometimes single stories—one or a few individuals—define a trend. That’s my renewed feeling today meeting Tim in the alley behind our apartment.

I measure San Diego’s economy, and in some respects that of America, by the people who dumpster dive our alley. We moved to the city seven years ago yesterday and were taken aback by the number of people who pull redeemable bottles and cans from recycle and trash bins. But the collectors’ character changed in 2009, following the financial crisis of late 2008. No longer did we see just clearly weather-worn homeless, but paler and better-dressed folks not long laid off from office jobs. Professionals.

Living by Joe WilcoxOct 17, 20107:49 pm

Should Barack Obama Bail Out Americans?

My answer is yes. Artificially created debt is cholesterol clogging the arteries of consumer spending. The economy that created the debt is gone. Only by surgically removing debt can Americans freely spend, thus pumping fresh blood to the heart of the U.S. economy. But, hey, I’m no economist, although in 2005 I rightly predicted the housing bubble’s collapse and much of the aftermath. Surely such insight is worth something.

Money by Joe WilcoxAug 10, 20105:51 pm

‘The China Question’ Revisited

In March 2009, I asked “The China Question,” highlighting shocking parallels between the 1920s and `00s (the “Noughties”). Both decades similarly started off and ended, with boom and bust. Other parallels show how quickly an empire collapses—the Brits during early last century and quite possibly the yanks during this decade.

I resurface the post in context of incessant chatter about China’s increasing global economic dominance and America’s growing mountain of debt. Additionally, the United States is close to entering a double-dip recession, if it’s not there already. Recent economic indicators are disconcerting. China has largely exited the global recession fairly unscathed, while the United States is an economy divided: Public companies are reporting record profits, while the American public struggles to relieve record debt.

Society by Joe WilcoxAug 23, 20067:37 pm

The Empty Commandment

Late last summer, a rap rap brought me to the door and face to face with a Sierra Club fundraiser. I’ve done quite a bit of fundraising myself, and I deplore going house to house. People aren’t home or they rudely close the door. Those folks who take the time to talk often aren’t interested in donating, particularly, as in the case of Sierra Club, if some type of commitment is required. I respect the work the Sierra Club does and pitied this road-weary fundraiser, so I made a donation. For my money, I also got a subscription to Sierra magazine.

The September/October magazine arrived today and turned out to be better reading than some of the other issues. Opening Ways and Means column, “The Devil’s in the Retail: A cult of consumerism is sweeping the planet”, really caught my attention. Carl Pope, Sierra Club’s executive editor, starts by discussing a multi-denominational religious service he attended in San Francisco. Leaders of different faiths—Christians Hindus, Jews, and Muslims, among others—gathered in defiance of what they perceived as a common enemy.

Money by Joe WilcoxOct 15, 20057:55 pm

It's Just Too Easy

Yesterday, I received a postal mail offer from one of the local car dealers for a pre-approved auto loan. The paper had a toll-free number to call with a code to get the loan amount. Being in a curious mood, I rang and discovered that (supposedly) I was pre-approved for $22,500. Walk in and walk out with a car, no money down.

We drive a clunker 1989 Volvo 740 that my wife curses almost everyday. So the idea of a new car is appealing, and $22,500 is lots of spending power. It’s a helluva lot of debt, too. As momentarily tempted as I was, no car loan. We’ll drive the clunker and get by.