What the meltdown means to me, an 11-year-old
Filed under: Debt, Kids and Money, Recession
Mortgage backed derivatives. Credit default swaps. LIBOR. Leverage. The credit crisis now unfolding in sickening shades of desperation is complex, and difficult for even adults to understand (politicians in particular, apparently). But what do kids think? I asked my 11-year-old daughter Anna what she thought of the current situation.Do you understand what's going on in the financial markets today?
No, but it sounds really scary. Ms. Harper, my teacher, says the banks crashed or something. And the prices of houses got too high and now nobody's buying anything.
Does it worry you?
Mom says we're going to be hurt down the road, so I'm kind of scared.
Why?
I'm scared what the effect is. I'm scared Mom might lose her job. And I'm scared because America is getting really bad. It's in debt and we're in a war. It's like the world is getting really bad.
What's the worst that could happen to you?
We wouldn't really have enough money for stuff. Food, stuff, clothes, and we'd have to get all our money from Daddy, and then he'd lose his job. And then we'd live on the streets or something. And I'm not just saying that to sound immature.
What do you think they should do about it?
Not spend so much money on this war in Iraq. Spend more money on hospitals and stuff. Maybe lower the prices of houses. And food. Mom's all like, "$4.50 for a bag of chips!?"
Do you think all of this will affect you when you're a grown up?
If it passes, I'll just say to my kids, when I was young, there was like another Great Depression, but then we got over it. But it colleges are too expensive then I'll have to go to a cheaper college or do something else. I'd learn a trade.
Reader Comments (Page 1 of 1)
10-06-2008 @ 9:47PM
Pamela said...
Yes this will be sad for the kids of the future. They will be paying this debt forever. My son graduated from college this year and had a hard time finding a job. I just looked at him with a sad face and said "baby you are competing with people my age now". Well he finally found a job so he is happy. But I just don't know if we will ever get out of the mess our country is in now. It's just so much wrong going on right now. My customers are having a hard time now too, they keep saying the everything is a struggle now, everything you do or try to do. I just hope in time, everything will be okay or we all will be sitting on the curb some where.
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10-12-2008 @ 9:52PM
Jim said...
Pamela we have no one but ourselves to blame for the mess we are in. I know of no one who can continue to spend money we do not have (credit) and this includes government at all levels. Just take a look at your city,state,county and federal levels. They continue to float bonds that we must pay off in the future. Solution to this problem as I see it is to vote everyone in office at this time (OUT YOU RASCALS GO) of office. We keep swallowing the same old trash each election. Is it any wonder we are in this mess.....We need people who will watch the store....
This all started with the sell of a global economy. (crap) I could go on and on citing many other examples however I feel you already have a handle on most of it.
PUT AMERICA FIRST-- PUT AMERICA FIRST
10-07-2008 @ 1:27AM
Raymond Barcelos said...
When I was 11 we had the cuban missile crisis. I remember my mom and dad talking about how there might be a nuclear war with Russia. I was really scared. The war did not happen but I remeber how scared us kids were. So I can relate to all the kids that are worrying about the economy.
Do we really need the war in Iraq? Did we have to bailout the financial institutions of this country.? Is it necessary to leave a muli-trillion national debt to our kids and grand kids? These are questions that our kids will be talking about as they grow older.
Ray
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10-09-2008 @ 8:21AM
Stacey Boaz said...
Bless her heart. You know after the veterans, I believe her age group would be the most important people in America. We can't leave this mess for them to clean up and we can't allow the greatest nation on Earth to become a third-world country. I fell for my grandchildren. What's gonna happen to them with things being the way they are now?
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10-09-2008 @ 8:42AM
Hammbone said...
Where does an 11 year old girl get this level of fear from? Her life should be filled with fun, joy and innocense. Is she that influence by TV or adult fears? Parents challenge yourself to find the purpose driven life.
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10-09-2008 @ 8:50AM
Sue said...
I really feel for this family. I too am a single mom. My son is 6 and he is beginning to ask why we don't have some of the same things the other kids have. I clean houses for a living and make about 20K, whick I've seen drop to about 18K because of the rise in gas and cleaning supplies. It's not easy, however, the lower wages have allowed me to get help with healthcare for my son, so I am thankful. I can't afford healthcare for myself so I pray that I can stay healthy. My advice for anyone in my same shoes is to try and make life fun (hard as it may be) Kids are little for such a short time and they always remember the laughing, bike rides, or just throwing the ball at the park. So try and put a smile on your face for their sakes, and spend as much time with them as you can. They will remember it.
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10-09-2008 @ 9:03AM
Sue said...
Hammbone asks where an 11 year old gets this level of fear from. My reply is that kids are pretty smart. They understand when their parents are starting to cut back, or have to figure out which bill can be paid and which one can't. They understand when they don't have the same things as their peers. They see the at home dinner menue change and maybe not being able to play their favorite sport. Some of us were barely making it before the rise in gas and food, so you can imagine how tough it is now.
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10-09-2008 @ 10:26AM
Barry said...
Sad but true, truth can be ugly and mean, life is not fair: these are but afew truisms that you can always depend on. Last but not least, know your history, because it duplicates and cycles because basicly times change people remain the same. Bottom line: educate yourself, resist heard mentallty, find beauty in the day and in the moment for that is your gift of life. Don't worry be happy.
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10-09-2008 @ 11:16AM
stretch said...
I will be 77 the 23rd this month, I remember the great depression it was bad, no money, no food, I do remember getting a free small pox shot. Now we are leaving our grand kids a debt that they will have to pay for the rest of their lives. Our reps in Washington have let us down. I have voted republican all my life NOW I WILL VOTE DEMOCRAT I can't take the rich any longer.
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10-09-2008 @ 6:32PM
Henry said...
I live in wonder where are the memories of our older statesman. I am a child of the late 30's and can remember the great recession.
Our president realized that in order to have a stable frame work for the economy in our country . He also realized that in order to do it we must start at the bottem and work our way up.
Throwing all the finance efforts to the top, "WILL" not stabliize the overall economy.
Efforts must be to gain full employment first of all. Employment is the platform which support the economy. Piling money at the top to be stolen, or squandered. Try locking up the thieves, and firing or voting out the squanderers.
Assist at the bottem where help is needed. Americans are rock steady and the greatest workers in the world. Give them a chance and they will carry our nations load. In peace or in war.
But start your efforts where most needed. Not to the top where it was started.
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10-19-2008 @ 4:48PM
Jim said...
Untill we re-visit why we vote fore someone, things will not change.
PUT AMERICA FIRST PUT AMERICA FIRST
Untill our elected officials learn this lesson, things will not change..
Why do we continue to vote for the same old foggies year after year. It's the voters fault we are in this mess...
Do not continue to blame only one person (The President) He cannot do anything unless congress provides the funds..
With over 400 members in the house and 100 members in the senate, is it any wonder that nothing gets done...
THINK ABOUT IT ON NOVEMBER 4th
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