First off: Welcome back to the blogs Cher!

Secondly: You are right on about how many people are in denial that we are in a recession. I feel so bad for these people who trusted this bank to protect their money--their life savings!

It's just such a bad economic time in our country right now. Thanks KTLA for the coverage today. It was compelling!

Cher,

Great blog and welcome back. Hope to see more of you here.

Paul

Cher, it's so good to see you back on the blogging boards. Finally! Someone who is talking about "Hot Topics" in their blog!!!
Not that drivel "Water Cooler Buzz" like Tuna recipes!!! LOL
Not only Phil Gramm's comments but it wasn't but just a few short months ago when gas was at about $3.80 a gallon and someone in the Press told President Bush that by summer gas was expected to reach $4.00 a gallon! Our illustrious President had that "Deer in the Head Lights" look and his reply was "Oh, I hadn't heard that!".
"I hadn't heard that". Are you freakin' kidding me? This only shows how this Administration is so out of touch with what the majority of Americans are experiencing!
That's my 2 cents and Cher once again it's awesome to see you back on the boards! Welcome back!

Nice to see you blogging again, Cher.

What hurts most about the Mac bank run is seeing the many retired people standing in line for two days afraid they'll lose their money.

Most of those folks live on fixed incomes. They can't just run out, get a job, and replace money they may have lost.

Listening to George Bush stumble and bumble through this morning's press conference could not have given them much confidence in the government's ability to recoup any lost funds.

People losing their homes and jobs. Rising energy and fuel costs. Just when we think things can't get any worse, they do.

Well said Jozie. Bush is pretty much not even taken seriously. The reporters he was talking to were looking around to almost say, "Can we get a guy in here who knows what he is talking about please?" As for Cher's blog, it was truly said to watch these people essentially fighting for their hard earned money. The economic factors definitely suggest a recession but depression is a bit too harsh. Talk to people who went through it and they will say that things are somewhat similar but they were WAY worse then. In short, put your oney in your freezer and wait for the next regime to take over this country. Best of luck to you all!

If people would look at history they would see that it is time for a recession. We would all like to blame President Bush however I would like to know what we will do if Obamah is elected. He says he is for change but says nothing about what that change is. We will be an obamanation. He is NOT an American!!! At least McCain is proud to be an American.
Our economy is unstable because we are in an election year and people are unsure of the future. Will taxes be raised (if a dem gets in for sure) If the banks had not granted loans for illegals and other uneducated people who didn't know how to read what their loan entailed we would not be in half the mess with the loan companies and banks. They have had to recall many mnay loans because of default. and the excuss was "I didn't know I was in an "ARM" loan. DUH!!
Just this morning as Pres. Bush was speaking the oil prices dropped $9 a barrel because they are afraid we are going to start drilling and using our own resources.
Trust me people things are going to get better just like they always have. We will go down a little more but it will get better. We still live in the greatest country in the world and if you say no then why are all these illegals coming to this land.
I am a proud American.

Fist, welcome back Cher! A great blog. I couldn't agree more with yagotta b kinkin'. I know that this country was built on immigration, BUT the imcoming immigrants of past decades WANTED to be AMERICANS. And proudly did WHAT EVER it took to be one. Meaning, THEY learned ENGLISH for starters. The United States did indeed become a melting pot of different beliefs & traditions, but we were ALL Americans. Now adays, it appears to be just the opposite. And, if changes in illegal immigrations aren't made soon, America will be in even bigger trouble than what it is in now. I am NOT saying that the current immigrants should give up any of their heritage, but at LEAST learn English and let America become again what our fore fathers worked so hard to achieve.

yagotta b kindin' is so perfect of a screen name following that diatribe so full of fallacies. This President has ruined this great country. We've lost so many allies because of this man. This country is in a trillion dollar debt because of this man. Sure if Obama gets in taxes will be raised - but only if you're in that upper 1 percent of the people that make over $250,000. a year. At least Obama has a plan for the economy, McCain has blatantly admitted he hasn't got a clue of what to do! His big financial czar says we're just a nation of whiners and doesn't see anything wrong with the economy. Well try talking to the majority of people trying to survive, by putting food on their tables, gas in their cars to get to work, and pay their mortgages, educate their children.
No if you want another 4 years of this horrific economy - then go ahead and vote for 4 more years with John McSame!

Yes, the President has ruined this country, so much so that millions are still trying to come here.

So much so that illegal immigration is at an all time high.

So much so that Americans live in luxury many in the world could only dream of.

Obama will only raise taxes on the "rich" - too bad those taking tax hits will include the millions of small, literally Mom-and-Pop business owners whose business income IS their personal income.

We ARE a nation of whiners. This doesn't mean that there aren't people who aren't hurting, but what it means is the vast majority of us are NOT.

Really, step back for just a minute and look at the "poverty" most Americans live in. Multiple cars. Multiple computers. Multiple TVs. High speed Internet. Cable or Satellite TV. Air conditioning. Compare to how people lived during the Great Depression. If your grandparents or great-grandparents aren't still alive, talk to others of that age who lived through that - radically higher unemployment rates. Few jobs for anyone and people actually grateful to have one. Swaths of America willing to work at jobs and for wages that Americans seem to belittle these days as work that only immigrants will do.

Many Americans need a true reality check if they think this economy - one by the way that has not yet seen a DROP in GDP - is one in which "things cannot get any worse."

As far as those who are looking at people who are concerned that fixed income folks are standing in line at IndyMac, how much of that is because people like Cher and stations like KTLA focus on that instead of the fact that deposits up to the FDIC are protected and thus for most their money will be there tomorrow, it will be their next month and next year? For those with money in excess of FDIC limits, they will receive no less of their uninsured amount than they will next week, and if IndyMac is sold, they would in fact receive MORE money by waiting. But that doesn't make for quite as good a story, does it now?

Seriously, if you want to dismiss me and what I have to say, that's fine, but please, please find someone who was an adult during the Great Depression and ask them to compare what THEY went through to the economy today.

Somehow I think you'll come away from that with the knowledge that things aren't as bleak as the press paints them day in and day out.

Could they be better? Of course.

"Couldn't possibly be worse?" Either many Americans have a severe lack of imagination or a highly developed talent for hyperbole.

Yes, the President has ruined this country, so much so that millions are still trying to come here.

So much so that illegal immigration is at an all time high.

So much so that Americans live in luxury many in the world could only dream of.

Obama will only raise taxes on the "rich" - too bad those taking tax hits will include the millions of small, literally Mom-and-Pop business owners whose business income IS their personal income.

We ARE a nation of whiners. This doesn't mean that there aren't people who aren't hurting, but what it means is the vast majority of us are NOT.

Really, step back for just a minute and look at the "poverty" most Americans live in. Multiple cars. Multiple computers. Multiple TVs. High speed Internet. Cable or Satellite TV. Air conditioning. Compare to how people lived during the Great Depression. If your grandparents or great-grandparents aren't still alive, talk to others of that age who lived through that - radically higher unemployment rates. Few jobs for anyone and people actually grateful to have one. Swaths of America willing to work at jobs and for wages that Americans seem to belittle these days as work that only immigrants will do.

Many Americans need a true reality check if they think this economy - one by the way that has not yet seen a DROP in GDP - is one in which "things cannot get any worse."

As far as those who are looking at people who are concerned that fixed income folks are standing in line at IndyMac, how much of that is because people like Cher and stations like KTLA focus on that instead of the fact that deposits up to the FDIC are protected and thus for most their money will be there tomorrow, it will be their next month and next year? For those with money in excess of FDIC limits, they will receive no less of their uninsured amount than they will next week, and if IndyMac is sold, they would in fact receive MORE money by waiting. But that doesn't make for quite as good a story, does it now?

Seriously, if you want to dismiss me and what I have to say, that's fine, but please, please find someone who was an adult during the Great Depression and ask them to compare what THEY went through to the economy today.

Somehow I think you'll come away from that with the knowledge that things aren't as bleak as the press paints them day in and day out.

Could they be better? Of course.

"Couldn't possibly be worse?" Either many Americans have a severe lack of imagination or a highly developed talent for hyperbole.

Sorry for the double post there; I'm not sure what happened.

Also, I should have mentioned this morning's show is the perfect example.

America's done, it's another great Depression, the economy is toast.

Followed by a story on doggie aromatherapy.

Yeah.

Cher:

Freddie Mac is ONE BANK. Didn't Gayle mention that during the 1980's, when she was a reporter in Houston, TX, they had WEEKLY BANK FAILURES? And, During the Great Depression, we had as many as 100 Bank Failures IN ONE DAY!So why are you panicking over ONE bank failure?

Cher, the unemployment rate for most of the Great Depression hovered around 25%. What do you think it is now? During the worst of the Carter Recession, the Unemployment Rate was over 11%, What do you think it is NOW? Try 5.5% - Less than half of what it was at the peak of the Carter Recession, and 22% of what it was for most of the Great Depression.

Don't you think people took in boarders during the Nixon and Carter Recessions? My family did! Don't you think people suffered during those Recessions? My family did! And, I did, too!

So, Cher, Why does everything have to be related to the Great Depression, the worst economic event in the history of our country? Why does everything have to be related to the one time when just about everything in our country failed?

Is this because a Republican is President, and you want the Democrat to win? Is this what has caused you to lose all sense of history, common sense and proportion?

I'd like to be able to think better of the people I listen to than that, but if you don't stop this hysteria, you'll leave me with no other choice.

Regards, Michael

I think the problem with people going in to mass hysteria is because they don't know history. We panic when the housing market slows down. It happened in the 90's and the 80's and will continue to happen in the future.
We panic when the fuel prices go up. Remember in 1980 when you had to wait for your day to fill up. If your license plate was odd then you filled up on Tuesday and Thursday. Even days were Monday and Wednesday. We had to ration gas.
Food prices went up because of fuel prices. But somehow we managed to get through the "tough" times.
Back in 1969 my parents bought their home, which they still live in and own. We had beans and rice for dinner or we ate breakfast for dinner because it was cheaper. We got hand-me-down bikes and clothes. We did whatever it took to keep that house. And we didn't cry because we didn't get exactly what we wanted for Christmas, we were thankful we got something.
Too many people today think it is all about making ME happy. Well it isn't about you having everything in a snap. Or having it your way. If you want things your way go to Burger King!!
Suck it up and hold on because things are going to get worse before they get better, but not as bad as the great depression.
We still b-b-que steaks on weekends and drink our fine wines. We gladly pay $12 for movie tickets and buy the popcorn and soda and not bat an eye over that. Those are the same people who are crying "tough times".
Thank God you have a job, Cher you make very good money compared to a lot of people. Think of those who only make $35 or $40,000. a year.
We are a stronge people and a strong nation. Step back and look at other nations. We are no where near the poverty they are. We have everything at our fingertips. Laptops, desktops, cell phones. almost every family has one. Even those that are "hurting.
So stop whining like a spoiled brat and get a life.

Cher -

To begin with, yes welcome back. It is so refreshing to see a topic that is not only front page news, but one that is effecting a great many people.

I will even take my praise one step further by saying, your blog was written with some thought and effort and you ended by posing a question for discussion. And then you follow-up with a mention of this on the hot topic portion of the panel discussion on today's show. I for one, am pleased that you seem to be taking viewer comments into consideration when selecting issues for discussion.

It also seems that as of late, the topics discussed are brought in by certain anhors and then discussed with less talking over each other. I do think for the most part topics are chosen with more substance than was done previously. Not all, but most... nonetheless, kudos for that.

As for the topic above, what do we think? I do agree that the media often times feeds to the public emotions and then overkills that feeling for ratings purposes. Obviously, headlines sell newspapers and makes for great leads on newscasts. Is everybody hurting? And are we headed for the next great depression? I personally do not think so, but at the same time concerned individuals should take action and assume accountability for personal finances the best they can.

I think if everyone was more accountable for their own actions both personally and financially then most will act on a plan set for them selfs instead of acting on fear. This in turn will lead for better planning instead of responding to mass hysteria, that is hopefully not fueled by the media.

hoping for continued meaningful dialogue regardless of viewpoints

-m

Hey yagotta b kindin' - Boy Thank God dreams are free, eh bro? You'd be charged up the ying yang for all that propaganda crap you're spreading. You know, someone might take you a bit more serious in your posts if you'd at least post your real name and not hide behind some feminine little screen name you made up that makes absolutely no sense! What does "kindin" supposedly mean anyway? I sure hope you didn't think you were being cute "ghetto" and really meant "kiddin"! You might want to read the latest expert reports that totally negate everything you've mentioned above! About the housing market, unemployment, gas prices, airline fuel prices, food, the car manufacturers, and now we see that IndyMac may have fallen under fraud corruption reasons! But, if you want to look at a completely empty glass as half full - that is your choice!

That's what America is all about, choice. We live in a FREE country, except for all of the lives that have been lost so you, Morgan, can post your opinion.
And by the way, my glass is overflowing.
sorry for the typo in my "name"and how fast we jump to conclusions that I am a man.

No, I don't think we've hit a depression yet. Certainly no where near the Great Depression, but...banks are failing, unemployment is going up, prices are rising...its beginning to hit the poorest segments of society. I have friends who are long time volunteers at a food bank, and they are most certainly seeing more and more people coming in for help--not just the regulars, but new families who just can't absorb the rising prices anymore. I myself am certainly comfortable, but I live on my wages and so still feel the pinch. I am very grateful that I do NOT have an absurd mortgage to pay off, and I have a good steady job (two!) and I am still ahead of my bills. Just because it isn't happening to me doesn't mean it isn't happening. I have friends who haven't yet recovered from the writer's strike, people in the construction and service industries whose work has slowed to a crawl, and I've scrambled to find couches for people to sleep on just in the past few weeks. I know one guy secretly living out of his car right now--goes to the office every day. He couldn't find steady work for a few months, got stiffed by a foreign employer, got behind on his rent and whack! He's on the street in just a few short months. Can't seem to get on his feet again.
Depression? No. Recession? Yes, I think so.

Thanks for the post, Cher. Great topic.

Michael Sweeney you make some interesting points, but how many people were living in the US back in those days percentage wise to the numbers we have now? Even the number when Carter was president were many MILLION less then than now! So what was 22% in the great depression could just be close to the same number of unemployed that encompasses 5.5% now! You've got to take into consideration the difference in statistics back then and then in Carter's days and then NOW! There's got to be a reason that a lot of the analysts are saying we're in a recession and could get close to a depression! You can't go by these people that have never had to worry a day in their life about putting food on their tables, supporting their families by JUST GETTING BY. This is just my opinion but I think you do need to know the correct population numbers then and now!

Jason:

Percentages of a Population, as a statistical measure, are completely independent of the Number of the Population. 25% Unemployment during the Great depression means that 25% of all of those who "were able and available for work" in any way, shape, manner or form couldn't even get a Part-Time Job. That means that 1 out of every 4 Americans was unemployed and living on either private or public assistance.

I don't need the Bureau of Census Population Figures for 1929-1938 to understand the level of human misery and suffering that entailed for most Americans.

11% Unemployment at the height of Carter Recession means that 1 out of 9 Americans who was "Able and available for work" was unemployed and on either Unemployment Insurance or Public Assistance.

5.5% Unemployment at the present time in the United States means that 1 out of 18 Americans who are "Able and available to work" is unemployed...

Again, Those of us who lived through the Carter Recession don't need the Population Figures to know things were much worse then than now...

Even if we accept the claims of some Poverty Advocates that the present Unemployment Rate is underreported by 1 - 1.5%, we still have a situation which is not nearly as bad as the Carter Recession and doesn't even begin to compare to the Great Depression.

I know of NO ECONOMISTS or ECONOMIC ANALYSTS who are saying that we are in anything worse than a MILD to MODERATE RECESSION, and most use either the terms "Economic Slowdown" or "Mild Recession" - Both of which can be recovered from in due time with rational thinking and if cooler heads prevail.

I've not heard ANY ECONOMISTS or ANALYSTS use either the term DEEP RECESSION or Depression to describe either our present situation or their prognosis of country's future economic situation.

And, I have NO idea why any Economist or Analyst would talk about Economic Depression with National Unemployment of 5.5%, a couple of bank failures and some foreclosures of sub-prime loans... Unless you're talking about EMOTIONAL DEPRESSION.

Regards, Michael

We are by no means in a depression, but it's not great either. The proverbial chickens of supply side economics and Reaganomics are finally coming home to roost. I'm surprised how many working class people still believe giving tax cuts to the rich are going to make them create more jobs and raise wages. The rich STAY rich by holding on to their money and wiping out 5 or 8 thousand jobs when they need it.

China owns a large part of America's debt and "W" is printing money so he can prove he was right about Iraq and find Osama to preserve his legacy that's hanging by a shredded thread. Clinton may have received a bj, but this country was in the black and disrespected the Oval Office, "W" has seriously blood on his hands from Iraq and he has consistently wiped his butt with the consitution. No Obama nor McCain can save what the the last 7 years has brought upon this country. We are totally disprespected on the global front due to the 'cowboy' politics of W and it's going to take a minute to recover from him politically and financially.

ROd 100% rigth THE olny illegal immigrat trying get in the us are the third world country bordering us, i hav,nt seen any european from eu country canaidan wnat to live here because there living stander is much higther.look around see what is make in the usa not much but war.ww2 is what save the usa. deprssion in the 30,s but this time we are invader The ussr was the invader in afghanistan in the 80,s put a end to them in the 90,slike iraq will end THE USA ,IN THE NEXT 5 YEAR,S THE EURO WILL BE THE NEW WORLD POWER.

Maybe we're not in a depression but we are in the middle of a recession - especially here in California. I wish I could remember the name of the expert who was on ABC just yesterday stating this. Michael you can sugar coat this all you want - but Rod definitely has stated it best!
Rod, I couldn't agree with you more!

Michael Sweeney, you've got to be a Republican. Are you sure you don't work for former Senator Gramm? I've never seen such a huge case of denial in my life!

Cher - It is nice to watch the morning news and see such a pretty face giving the news. (Not like Michaela's when she looks mean and grouchy) Thanks for being a true individual!

I am interested in sharing a news story with Cher Calvin. My name is Dalila and I am with My Refuge House. We are a volunteer based non-profit organization that is seeking justice for children caught up in the sex trafficking industry. Our current target, young filipina girls. We need your help in promoting a benefit concert that is designed to raise awareness and funds for the rescue and restoration of children caught in this industry. Please consider how you can be a part of the rescue and healing. We enlist the help of our community and international communities of people who share the same vision. Please contact me ASAP.
Our event: ROCK FOR JUSTICE- seeking justice for the oppressed.
Nov. 14th, 2008 @ Biola University.
respectfully,
Dalila
www.myrefugehouse.org