This might turn out to be a problem: A new report indicates Americans earned less money in August than they did in July, but that spending still went up. It’s the first time income has taken a dip in two years.
sign of the times
The recession continues to rot America’s cultural core, this time by attacking one of our most cherished traditions: prom. Gone are the ice sculptures and $1,000 dresses. America’s children are now buying dresses off racks and trading limos for the family car. Imagine!
Spotted woodendesigner’s “My “At Least I Have A Fucking Dollar” Dollar” photo in The Consumerist Flickr pool. Here’s the backstory: “I got this dollar as change but did not notice until a few days later. I laughed because it really just sums up everything that has been going on with the stock market and in a way everything that I have been going through lately. I have been very hesitant to spend it and now after shooting it for you people to enjoy I have decided that I am going to save it….. Even though they also dated it on the back ( 9-20-07) so it was actually written a year ago.”
Now that we’ve hit double-digit trillions, the “National Debt” clock that’s been running constantly since 1989 in New York City’s midtown can no longer properly display the total. Brian Williams says they’ve had to temporarily adjust the display while they build a new one, slated to go up next year. We’re not sure anyone should be spending money on a fancy new hi-tech clock right now—maybe they should just hang a big chalk board, and hire an unemployed investment banker to write the new debt each day. See the video below.
The era of the pickup truck is over. For the first time in 15 years, the Ford F-Series has lost its position as the nation’s top selling vehicle. The new king is the Honda Civic, followed by three other economy models. That’s right: the F-Series plummeted to fifth place in sales last month.
I spotted a tote bag for Bear Stearns, the investment bank that recently nearly collapsed and JP Morgan Chase purchased, on sale outside a used goods store here in Brookyln. No doubt it was pawned off by one of the many recently liquidated Bear Stearns employees in the New York area (hey, that Tivo doesn’t pay for itself). I didn’t check the price tag, but it was probably more than $10, which is more than can be said for a share of Bear Stearns stock. Note the new Chase bank sign reflected into the store window.
With consumers pounded by dissapearing jobs, and rising gas and food prices, food stamp use is projected to reach record levels in 2008 and 2009. [NYT]