GDP Is Up, But How About YOUR Finances?

October 29th 2009…. The Dow has surged nearly 200 points today after the 3rd quarter GDP numbers were better than expected.

For big business, things seem to be on the up and up. Goldman Sachs (known as “Golden Sacks” in the investment circles) recently had an all-time record quarter in July. The company’s third quarter earnings would have even broke that record if it weren’t for the high executive compensation, which of course diminishes the net profits. All in all, it seems to be a pretty great year for corporate America, especially the finance sector.

Are You Better Off Than Before?
But how about you and me? Are we doing any better? Let’s see… unemployment keeps shooting up; it’s now just shy of 10% nationwide. Of course the true number of unemployed is actually higher that that, because it doesn’t count people who were self-employed (they don’t qualify for unemployment benefits) nor does it count those underemployed.

Let’s Say It How It Is…
The truth of the matter is that yes, the economy is improving, but it’s corporate America whom is benefiting the most. As for your average middle-class American, things aren’t getting better. And no, don’t even give me that “trickle down” theory of giving money to the top and big business so it trickles down to the little guy. We already tried that for eight years and look where it got us.

As far as credit cards go, being that the Fed hasn’t raised interest rates during this recession and the banks are getting the money at 0%, why are they insisting it’s necessary to raise our card’s interest rates lately by such drastic amounts? They’re being lent money for nothing by the fed, PLUS getting astronomically big bailouts… it just doesn’t make sense to me.

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With the credit card companies like Citi Bank jacking up the interest to 29.99% for even the very best customers, we are getting royally ripped off. The only solution is to refuse to pay these huge interest rates and boycott the companies. It might mean we have to go back to cash or debit cards but at least we could send a big message that we will not tolerate this highway robbery.

My question is what would those numbers be w/o the cash for clunkers, $8,000 home buyer credits and all the bailouts. I think all that together certainly makes up more than the 3.5% it went up.