How low can it go? Yesterday, the Dow Jones Industrial Average tumbled 250 points to 7,114. A year ago, it was at 12,380.
Brian Lehrer, on WNYC, has asked his listeners to report their “uncommon economic indicators” on a special web page. These are the anecdotal stories we all have about the way the ongoing financial crisis is affecting us and the people around us.
I’ll start. I bought a little wooden necklace with an etching of a lotus on it for $12 last Saturday. Since I have plenty of necklaces, even that small expenditure seemed a bit extravagant. Have I stimulated the economy just a teensy weensy bit? Or in a year, will the stock market be down to 3,000 and that $12 will represent three rice-and-beans dinners I could have had?
Give us your uncommon economic indicators. Are you still seeing crowds out on Saturday nights? Or are you sitting at home with your Netflix?

80 replies on “Is That the Dow Plunging, or My Heart?”

  1. We’re saving every nickel. Taking our children into account, we have three households to worry ourselves over. Odds are against all three weathering this well.

  2. We couldn’t get into Stamna recently it was so crowded. And how bad can things be if Obama can find a billion for Gaza.

  4. It’s $900 million to Gaza, not $1 billion (and it has yet to be approved). You may say, “Hey, what’s the difference?” but $100 million is a lot of money.
    Rounding up $900 million to $1 billion is like rounding up a $1 candy bar to $100 million.

  6. ok, nearly a billion.
    it’s only 900 million.
    It’s like rounding 90 cents up to a dollar.

  7. Yesterday my fellow wall streeters and I were betting on how low the Dow would go. How’s that for an indicator.

  8. Trying to save, and I rarely go out. But I took advantage of both Montclair and Nutley’s restaurant week, and as the weather gets warmer, I will be heading out to the rooftop bars. Most of the bars are still packed on the weekends, but I would say that during the week its a ghost town.
    On a lighter note: The Mega Millions Jackpot is NOW $145 Million Dollars

  9. “Yesterday my fellow wall streeters and I were betting on how low the Dow would go.”
    You, the candied nut cart guy and the guy with the six shopping carts?

  10. and, deb. $12 is about 20 rice and bean dinners. I lived that way a long time… (a long time ago)

  11. Unless you are talking about “take out” which I now am thinking you probably are.

  12. Suggestion:
    Barista, why not start a section for RECESSION RECIPES?
    Slow cooker stews, etc. that last more than one meal..nothing like sharing recipes to unite community bloggers.

  14. Well, I know we are in a bad recession but you would never know it by the buses, trains and subways at rush hour. Business as usual and unusually crowded. Are these people going to work or seeking good bargains in NY? Not sure.
    The stores, however, are another story. Vacant, especially at night. Very sad.
    Auto dealers are crying that they’re in trouble but DH and I really don’t see any great deals going on, as reported. They say one thing in the newspaper ads but when you get there, it’s another story entirely.
    Don’t even ask about my 401K, Vanguard, etc. Ugh.
    Tightening our belts. Trying to buy only essential purchases. Looking for more freelance work.
    Told our dog she has to start looking for a job to help out. She’s looking into a greeter position at Petco.

  15. “Suggestion:
    Barista, why not start a section for RECESSION RECIPES?
    Slow cooker stews, etc. that last more than one meal..nothing like sharing recipes to unite community bloggers.”
    What an awesome idea!

  17. I have to stop thinking about it. I toss and turn at night thinking about my 401K, etc. I have to count my blessings in that I am working. But like Mrs. M’s dog, my cats may need to find jobs to help out. Anybody need a litter tester???

  18. I saw a clip about a 90-year-old man in California who lost his life savings to Madoff. He has taken a greeters’ position at a grocery store (the position was actually created for him). And the most amazing thing–besides the fact that he looks great for 90–is that he has no animosity towards Madoff. His philosophy is “I gotta move on.” Maybe that’s why he lived so long.

  19. Carrot, Celery and Potato Soup Recipe ~ for Winter:
    1 lb carrot, peeled and diced
    1 medium onion, finely chopped
    1 red potatoes, diced
    1 stalk celery, diced
    2 cups vegetable stock
    1/2 teaspoon paprika
    1/2 teaspoon ground cumin
    1/2 teaspoon turmeric powder
    salt and pepper
    1 teaspoon vegetable oil
    1/8 teaspoon dried Italian herb seasoning
    1/2 cup milk
    1/4 cup cilantro, finely chopped
    Heat the vegetable oil.
    Saute the onions till soft.
    Add the celery and the potato.
    Saute for a minute or so.
    Add the carrots.
    Lower the heat and cook covered for 10 minutes. Keep stirring every 3-4 minutes so that it doesn’t stick to the pot.
    Add the 2 cups of vegetable stock.
    Add the herbs rubbing them between your fingers to make the more fragrant.
    Stir in the cumin, turmeric and paprika.
    Bring to a boil and cook for 10 minutes more.
    Let it cool then blend it in a blender or food processer.
    Stir in the milk.
    Add salt and pepper to taste.
    Paprika and cumin give it a spicy and smoky taste and turmeric gives it a glowing color.

  24. No more need for Bounty paper towels.
    Cheapo paper towels for the office only, the ones that disintegrate in your hands.

  25. That sounds good, Cat…my husband makes a parsnip and carrot soup flavored with ginger. I’ll get the recipe from him tonight.

  26. Laser,
    Even better. I said Id put money back into the market once it hit 6500. What do you think of GE? Its at under $9 right now, but I think its a great buy

  27. jimmytown
    Alpo Dog Food is on sale at shoprite.
    13.2-oz. can, Any Variety (Excluding ChopHouse) Limit 4 Offers MUST BUY 6 Additional or lesser quantities will scan at .69 ea. MFR
    6 FOR $3.49

  28. Not sure about that pick. I was looking at teradata, citrix, and yahoo. They have no debt and good cash flow.

  29. And, ROC, regarding Gaza, the correct first cost would be less than 900 million, because you first need to subtract the profit the USA made when they sold those weapons to Israel in the first place, you know, the ones Israel utilized (in their self defense) to create the destruction that the USA is now paying to rebuild.

  30. Are there still crowds at restaurants?
    Yes. Took my son and a bunch of his friends out for a b-day dinner at Red Robin. The place was packed.

  32. Laser,
    Citrix is way too safe for me. I like a little more risk, and I would be bored with Citrix. Yahoo I dont trust, as I always sided with investing with Google. (bought @ 180. sold @ 400. bought @ 425. sold @ 700) With Obama in office, I’d like to back a green company, but not sure who will emerge. Thoughts?

  33. I’m broke right now, not because of the recession, but because I spent three years of savings in four months in every little corner of America. Did that help stimulate the economy? Probably not, but I like to think it did, we mostly bought from mom & pop shops.

  35. Pumpkin Pancakes
    2 cups unbleached all-purpose flour
    1/2 cup sugar
    1/2 teaspoon salt
    2 teaspoons baking powder
    2 teaspoons baking soda
    1/2 teaspoon cinnamon
    1/2 teaspoon vanilla
    1/4 teaspoon nutmeg (optional)
    3 eggs
    1 cup plain yogurt
    3/4 cup milk
    1 cup canned pumpkin
    In a large bowl, whisk together the flour, sugar, salt, baking powder, baking soda and spices.
    In a separate bowl, beat the eggs, adding yogurt, milk and pumpkin puree; mix well.
    Pour the egg mixture into the flour mixture and stir until just blended.
    Spoon the batter onto a preheated, oiled griddle, using 1/4 cup batter for each pancake.
    Cook pancakes slowly over a low-medium heat for approximately 4-6 minutes, flipping after 3 minutes.

  37. Obama has a speech tonight. The plan seems quite clear to me. Increase food stamps, unemployment insurance, and spending. The administration is making indications that they have a plan for the banks but I don’t think the banks are going to like it.

  39. What I loathe more than the capitalists who got the planet into the mess it’s in, and whose recklessness is driving millions into poverty on top of the environmental damage, are those who would talk glibly about profiting by the same warped system on the backs of others. These are very same people who in other threads espouse green socialist philosophies and profess to stand up for what’s right for the planet and our fellow man. This reveals you for what you really are: just another opportunist. You are despicable.

  42. will the “Enviro-Communist” and the Neo-Maoist find common ground? Stay tuned….

  43. Yes JP. But it needs to be said with a speech impediment.
    I know about 25 people who have been laid off in the past two months. I went to a party on Sunday night at a friend’s house in the neighborhood and two of the dozen people there were freelance now and there was one very shell shocked man who had until recently been an employee of a large financial institution. I have no idea what all these people will do.

  44. V8 works pretty well to quell hunger pangs. Once your BMI goes below 20, you’ll need to blend some peanut butter into it though.

  45. ” The plan seems quite clear to me. Increase food stamps, unemployment insurance, and spending. ”
    Don’t forget that Pelosi also wants to let bankruptcy filers write off mortgage debt. Oh, and national healthcare.
    Food stamps, unemployment, no mortgage debt, and national healthcare. Problems solved!
    Really, what kind of chump pays their own way anymore?

  46. Unemployment insurance and food stamps is the fastest way to increase spending. National health care will lift a large burden from employers and give them a business advantage.

  47. “For now, laid off and loving it”
    Some are finding respite in a life without work
    By Jenn Abelson, Globe Staff | February 23, 2009
    Yesterdays “business” section of The Boston Globe.
    Too bad it wasn’t in the Houston Chronicle, cause we got a problem.

  48. These are very same people who in other threads espouse green socialist philosophies…
    Mathilda, you sexy devil, you are talking about whom exactly? That wouldn’t be lasershadenfreude, would it?

  49. Keep in mind, jerseygurl, that many professionals, including I would guess the shell shocked man from the big financial institution, probably got severance pay that will keep the wolf from the door for at least a few months, by which time hopefully there will be some light at the end of this very dark tunnel. Which is not to say the rest of us are not clinging to our jobs like a drowning man to a life preserver…

  51. Walleroo, we will be crawling through this tunnel for years. There will be no jobs for these folks for the foreseeable future and most of them have about two months worth of severance. Not to mention most had the bulk of their savings in 401k plans in ….STOCKS!! Have you priced health insurance lately? In the words of the Paul Williams song made famous by the Carpenters, “We’ve Only Just Begun…”

  52. Me dear ol’ sainted ma used to call folks like you “crepe hangers”.
    If there is anything certain in all of this, it is that no one has any idea how deep it will go or how long it will last.
    and I’m talking about the economy, you dirty bastards!
    Stop with the doomsday scenarios. Work hard, be grateful for your blessings, help those who are down on their luck to the best of your abilities and for God’s sake put down the violins!

  53. I am grateful cro. I’m just being realistic. People are getting laid off, their portfolios are no longer flush enough to keep them going for a long time, companies are not hiring and will likely let more people go next quarter and will not be hiring for a while so this is not going to be a quickie downturn. Plus our banking system is on the verge of collapse. I have been around for long time and I have never personally know so many people out of work. I’ve already had a networking party at my office. I suspect I’ll be having many pot luck suppers at home.

  54. Went to all cash a couple months back when the S&P 500 was 1,000. Once it gets below 700 I’m back in for the long haul.
    In the meantime, all excesses have been cut out of the budget- no Whole Foods, no Starbucks, limited dining out, stocking up on groceries on sale, drinking cheap wine, etc., etc.

  55. jerseygurl, I, too, have never known so many people personally who are out of work…One friend may have to foreclose on her home.There has to be a light at the end of the tunnel at some point, but for right now, it is very scary out there.

  56. One sure sign that the world as we know it is probably coming to an end very soon is someone above seriously exchanging stock tips with laserboy. (And also the local equivalent to the village idiot expecting to have a genuine dialogue with Mathilda.) Lama, lama, sabachthani, as it goes in the Gospel of St. Matthew….
    Croigagusanam, my own sainted machushla used to recall seeing neighbors climb over the fence late nights during the Depression to steal apples from the trees her parents lovingly maintained. Then selling those same apples the next day in downtown Paterson. She used to buy one herself (and her a poor nursing student at the time) out of guilt.
    I certainly will not, however, much miss investment banks and investment bankers. If there’s ever been a hard-to-define or justify “trade,” this area of finance is it.

  57. I guess that, like everything else, its all relative. and all personal.
    Coming up, I didn’t know a soul who had anything like a 401k. The safety net that existed was family, Church, and community. It worked well, but people still struggled a good deal more mightily than most baristavillans.
    At least, so far…
    But this type of “we’re all doomed” rhetoric soon becomes a self-fulfilling prophecy. Though I’ve lived here for a very long time, i still think sometimes that it takes an outsider to truly understand how resilent and how strong this country really is.
    Things are difficult, and they may get more so.
    But the country will survive, as will most of us here.

  58. ROC, if you are so upset, why not move to Mississippi or Alabama or one of those destitute states where the Republican governors are standing on principle and refusing any part of the package?

  60. “Lama, lama, sabachthani, as it goes in the Gospel of St. Matthew…”
    What about the gospel according to St. Edsel, “Rama Lama Ding Dong?”

  61. We’re not doomed (or “doomded” as a dying character charmingly described himself in Mark Harris’s wonderful “Bang The Drum Slowly”), croiagusanam. For most it’ll simply be a period of economies of scale. Less visits to places like Culinariane. Bargain matinees at movie theaters. Public rather than private schools for the kids. Cheaper, closer to home vacations. A certain purposeful shunning of many of Baristanet’s advertisers, so to speak. (I’d hate to be the folks running that Aussie-themed kids’ place opening soon, for example.)
    Some of us, however, have never had such “problems.” I’ve always personally been an Obal’s and Rutt’s sort of person. And in my own recent experience, reasonably priced places which don’t have an entertainment charge of any kind, such as McLynn’s in Springfield and the Shannon Rose (which has its charms, for all its size) in Clifton are quite busy these depressed days. Filled with semi-frugal sorts like myself.
    I don’t, nonetheless, sense much real interest in the two Papist churches I attend from time to time in feeding the hungry or clothing the relatively naked. That part, despite a lifetime of Catholicism, I only ever truly experienced (for what should be obvious reasons related to its heritage) while growing up in a Franciscan parish.

  62. I would bet that neither laserboy nor the chap with whom he was exchanging market wisdom above knows that one, Mrs. Martta. (Despite mikey’s close, personal affinity to the words of the chorus.)

  64. Ah well, too, t’is Ash Wednesday (not mentioned once on Baristanet this very day, instead we got the plug for pancakes without any mention of the why of them) tomorrow, and Lent’s SUPPOSED to be a period set for some long overdue self-sacrifice for the wretched, ungrateful lot of us.

  66. Lately, I’m more thankful than ever that I decided to start my own business 3 years ago. There have been times I’ve felt sorry for myself when I’ve been burning the midnight oil to finish a project on deadline, or when my crappy self-paid health insurance didn’t cover a prescription I needed… but I’m not at the mercy of some business owner’s decision-making process, and when one client closes down or takes all their work in-house, I hit the pavement and find another to replace it. I feel very fortunate in that regard.
    I agree that the gloom and doom help nobody. The self-fulfilling prophecy is a pretty powerful mechanism. These days, I’ve basically stopped reading the listserv I subscribe to in order to stay connected to other people in my field; when I read their griping and hand-wringing it makes me feel incredibly anxious. I’d rather invest my energy in trying to make my business stronger and more diversified so I can weather this with as little damage as possible.

  67. I’m giving up Baristanet for Lent.
    ————-
    I thought about giving up Baristanet for Lent, but I JUST CAN’T.

  70. The only poster here who speaks truth to power is the one who calls him or herself lasermike. The rest of you are idiots with no sense of proportion or morals. If there were a Judgment Day (and there will be one, of sorts) he would be the only one not consigned to the eternal flames. Of course it won’t go that way. It will just be a slow degradation, and then a rapid fall into hell a slow, grinding existence that’s not worth enduring. Just remember as the waters are rising and pestilence is spreading who spoke truth to power while the rest of you morons were preening.

  72. Finally, I have found someone who will, presumably, be thrilled to have mikey over for tea. Shall I tell him or will you do it yourself, Mathilda?

  73. Bully for you, Spicoli. In the future, please don’t waste any opportunity to remind us what a genius you are. Those of us who are facing harsh prospects–unemployment, savings wiped out–I’m sure would be especially grateful for your example.

  74. We splurged tonight and went to The Barn in Totowa for dinner.Sitting near the fire, sipping Boylan’s Birch….the only occupied table in the old restaurant. Great sunset on the way out.

  76. Depression Soup Recipe
    INGREDIENTS
    2 teaspoons vegetable oil
    2 1/2 cups peeled and cubed potatoes
    1 cup thinly sliced celery
    1 onion, chopped
    6 cups shredded cabbage
    4 cups chicken broth
    1 bay leaf
    1/2 teaspoon ground black pepper
    1 (15 ounce) can pork and beans in tomato sauce
    Heat oil in medium size saucepan. Add potatoes, celery, and onion, saute for 5 minutes.
    Stir in cabbage, cover and cook over medium heat, until cabbage is tender.
    Add broth, bay leaf, pepper and pork and beans. Heat until soup is hot and then remove bay leaf and serve.

  78. If I were a genius, walleroo, I wouldn’t have ridden the market down until January before selling. The point is, I think there is still significant downside risk to the market today. Am I right? Who knows.
    And believe me, I am feelin’ the pain right now. You have no idea.

  79. All right, Spicoli, I apologize for being so harsh. (It’s a sensitive subject.) I hope things work out for you.

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