A photo of the LV Flagship store in Korea that was referenced in “Deluxe: How Luxury Lost its Luster”.

source: USA Today

Economy compels some to move home with parents

After being laid off from her job as an events planner at an upscale resort, Jo Ann Bauer struggled financially. She worked at several lower-paying jobs, relocated to a new city and even declared bankruptcy. Then in December, she finally accepted her parents’ invitation to move into their home — at age 52. “I’m back living in the bedroom that I grew up in,” she said.

Taking shelter with parents isn’t uncommon for young people in their 20s, especially when the job market is poor. But now the slumping economy and the credit crunch are forcing some children to do so later in life — even in middle age. Financial planners report receiving many calls from parents seeking advice about taking in their grown children following divorces and layoffs.

Some of Erickson’s clients are giving as much as $50,000 at a time to their kids, many of whom have overextended themselves with big houses or lavish lifestyles. And the sliding economy might threaten their jobs.

Anna Maggiore, 27, lost her job as a publicist in Los Angeles about three years ago and moved into her parents’ house in Los Alamos, N.M. She tried to find jobs, but nothing stuck, so she enrolled full-time at the College of Santa Fe to finish her bachelor’s degree in business. She figures her parents spend about $1,000 a month on her, including a car payment, car and health insurance, school and other costs. Her father is a retired nuclear physicist and her mother, a guidance counselor, will retire this spring. Now Maggiore is looking for work so she can supplement their income.

“as you go out into the world my advice to you is… don’t go! It’s rough out there. Move back with your parents. Let them worry about it!” - Rodney Dangerfield, Back to School

That better be a pretty good hamburger, that’s all I’m saying!

Zimbabwe bank issues $10million bill - but it won’t even buy you a hamburger in Harare

The central bank of the southern African country of Zimbabwe has a issued a 10 million dollar note. The move increases the denomination of the nation’s highest bank note more than tenfold.

Even so, a hamburger in an ordinary cafe in Zimbabwe costs 15 million Zimbabwe dollars.

Reserve Bank Governor Gideon Gono said in a statement the 10 million Zimbabwe dollars notes will be issued along with 1 million and 5 million Zimbabwe dollars bills.

The new 10 million note is the equivalent of about £2 at the dominant black market exchange rate. A hamburger at an ordinary cafe costs about 15 million Zimbabwe dollars (£3).

Zimbabwe faces the world’s highest official inflation of an estimated 25,000 per cent. Independent financial institutions say real inflation is closer to 150,000 per cent.

I don’t think you have enough for that bread.

Does anybody still pay attention to these jokers?

Kudlow has for weeks been saying “There is no Recession”, calling for the FED to cut rates, and now that inflation is taking hold he’s worried about “King Dollar.” Idiot. Last week he was talking about Hillary and how it was over. On last night’s show he started changing his tune… hmm, perhaps it’s not over? Yeah, perhaps.

And Cramer. Heh. Woe to those to followed his advice.

As someone pointed out:

If you bought 100 shares of GOOG at $685/share on 1/2/08 when Cramer named it a “Cramer’s 2008 Pick” ….

….and sold it on 2/5/08 at $494. when Cramer said GOOG was “dead money”…..

….and bought it back on 2/13/08 for $534.62 when Cramer said he was “bullish” on GOOG….

….and sold it again on 2/26/08 for $464.19 when Cramer said GOOG’s quarter wasn’t “any good”……

…….YOU WOULD HAVE LOST $26,143.00 YTD ON GOOG ALONE

And now Cramer likes gold. Way to go, Jim. Jinx my GLD investment, why don’t you?

There’s a reason why these two guys used to have a show together. I guess they figured that if they split up, they could do more damage.