Somalis and America's economic woes

[JaMaaL-23]

I would like to know how Somalis are coping with the Current American economic problems.

I guess there wouldn't be that many Somali home owners that will get foreclosed mortgages. However, unemployment or the possibility of further job loses within the community must be troubling.

How is the current economic downturn effecting the Somali Americans??

[JaMaaL-23]

The Old American Dream: renting other people's money to buy something you can only afford using time payments.

The New American Dream: using your own money to buy something you can afford today.

I think capitalism as we once knew it is dead, except for the select few bankers and politicians and wealthy folks who own assets outright. Rich families will continue to borrow other people's money to build more assets for themselves.

The rest of us will have to live with only the money we take home each week, whether from paycheck, food stamps, or unemployment. We've become a nation of wealthy capitalists and poor peasants.

[Dionysus]

For me it meant cheaper gas prices and cheaper prices for other everyday necessities. I haven't experienced the negative side of it.

[JaMaaL-23]

Dionysus
also cheaper rents!

I think Somalis will be immune from the current disaster as long as they stick to their traditional cash only transactions and avoid Riba (interest)


Another Grim but true Qoute:

In the wake of the recent economic bust, lots of folks in my shattered community have come together as one, acknowleged its horrible loss, and decided to "just call it quits." In devastating times such as these, reaching down deep and finding hope simply isn't possible. Honestly, I don't see the people of Oregon looking to one another for solace during these trying times, or really looking to one another for anything ever again. This is all just so sad. Much, much too sad for us to pick up the pieces and bravely move forward.

According to Obama's office, the healing process will never begin, and the emotional scars left by tragedy will remain open, festering wounds, worsening each year, for decade upon decade, until every resident of these states are dead and the memory of this horrifying era can finally be laid to rest.

One day we'll all be able to look back at this and feel just as heartbroken, helpless, and angry as we do right now. Those uprooting their lives and evicted from their homes may acknowledged that the country has much to be proud of, but that we will never be able to bounce back from this collapse.

When something this terrible happens,,, the sooner everyone realizes we won't ever be able to come to terms with this, the better. Let us all bow our heads now and ride off into the sunset, to live our lives in poverty and shame for ever more. Amen.

[JaMaaL-23]

The tech manager

Jim Kvek was a manager at Spansion, a company formed by Advanced Micro Devices and Fujitsu to make flash memory products. With the economy wobbling, Kvek agreed to a 5 percent cut in his $135,000 a year salary last October. But as he looked at dwindling orders and rising inventories, he wondered how long the company would survive. The answer came soon.

In January, he was furloughed for a month. In February, Spansion laid off 3,000 people — including Kvek — and a week later it filed for Chapter 11 bankruptcy.

His restricted Spansion stock dropped to a penny a share and he couldn't make the mortgage payments on his San Jose home after losing his job. Now facing foreclosure and bankruptcy, Kvek and wife Patricia were boxing up their belongings last week to move in with relatives.

"It's a diabolical situation," Kvek said. "I'm 61. My 401(k) is gone, the equity in the house is gone, my job is gone — everything is gone. You have to take this with a grain of salt. You have to laugh and have a good sense of humor and keep up the faith."