What Does The ECONOMIC CRISIS Mean To You?
Today President Bush signed a rescue plan that Congress passed which was designed to open up credit markets and re-establish assurance in the banking system.
If it works, it will prevent a deeper recession than otherwise would be expected. But it should not be expected to boost economic growth, according to the White House.
"No one should be over promising what this bill will do," White House spokesman Tony Fratto said Friday. "It’s not been sold as giving a boost to the economy — it’s to avoid a crisis."
It could be months before the impact of this plan would be felt. Though the stock market can — and does — turn on a dime, the problem in the credit market is a lack of confidence. That takes longer to fix.
In the meantime, there are clear signs that the economy is still on a downward path. Friday’s employment report showed a ninth straight month of job losses. While the government’s official jobless rate held steady at 6.1 percent, that counts only people who are actively job hunting. If you count people who have given up looking, the so-called “augmented” jobless rate rose to 9.1 percent in September from 8.9 percent in August.
Consumers are nervous and are cutting back sharply on spending. Roughly two-thirds of the economy is based on consumer spending; if that spending slows further, so will the economy.”
This news impacts each and every one of us, as consumers, manufacturers, dealers and designers. Everyone is sitting on the sidelines waiting and watching to see what happens.
Predictions of deep discounts on merchandise for sale from now through the holiday season makes us wonder just what we can do to provide the very best quality products, stellar customer service while offering the same deals that other stores will be forced to present.
Now is time to think outside the box, be creative, and strategically plan how you are going to survive and thrive during these hard times. It is important to collaborate with the people that you work with side by side to outline the steps that you will follow so that you can stay on course.
If you would like to share suggestions on what you plan to do write a comment or email me at firstname.lastname@example.org
These are my outside views…Marcia Blake