Ellen Goodman Article

I don't believe our thriftiness will last as long as the recession, it will last longer. I believe the recession will change most people's spending ways, same as after the depression in the 1920's. With the people now aware of the results spending so much and continuously raising the stock markets as well as prices; they won't waste as much money. I do believe the stock market will go up again, but it will be a slow acsent.

After the recession people won't have very much money to spend, they will be to concentrated on getting out of debt. Most people will try to pay off all their debts with the money they have left first before they think about going and buying new "toys". The people that are movie stars and rich feel guilty for wasting their money on unimportant things, maybe the recession will stop unnessecary spending and hopefully the rich may start donating their excessive amounts of money to those who don't have as much.

My family has always saved up money, but we save our money in mutual funds, which is a problem. But, my family also doesn't expect to take it out anytime soon. So as long as the stock market doesn't crash, and eventually goes up with in the next twenty years we should be okay. But, since we have always been saving and my dad is very strict with money and never wastes it on unnecessary things, I don't think this recession will change our spending ways much.