OH MAN 700 points! This is nuts... its a good thing I pulled all my stocks and mutual funds out of the stock market before this summer. Still I'm going to have to cut back in other ways...
A new car this year is looking less likely :(
As for my favorite past time (video games) I was planning on buying a lot this winter... but with the recession getting worse I feel I should save my money and use Gamefly more instead.
Now how are we to boost the economy back up if everyone pulls there money out of the market (which its looking like now) or cuts back severely on spending? Like someone said above, entertainment such as videogames is a much cheaper form of entertainment over football tickets, traveling or expensive dinners. I also believe video games will still do good in a recession b/c people look to entertainment to have fun, escape reality or forget about their troubles during bad times. In the 1930's, during the Great Depression people went to the movies a lot to escape. As for me I'm craving watching comedies more than ever right now.
So instead of planning a big trip, parents will probably choose to save money and buy a game to keep their family entertained. But obviously video games will sell nowhere near their potential compared to good economic times. A $400 PS3 will be a very tough sell to those that don't already have it. Xbox 360 will likely do a lot better at half the price.
I'm certainly hoping for a big change on November 4th and I hope everyone here that can vote, will vote.
