Bernanke may be readying the deepest interest-rate cut in a generation

[Ban Hammer 13,355]

I really think our society has become very inpatient. I call it 'microwave mentality'.

Well yeah what did you expect - put a person in a microwave, and then complain

about his living in the hospital where he is being treated?

[GaryC 7]

Now, I wonder why people want things, and want them now? It has nothing to do of course with consumerism has it?

Back to interest rates, every time they cut them, my savings account gets more and more useless! Increase the interest rates again you bastards!!!

But at the same time when they cut interest rates the stock market goes up and my 401K is worth more. Saving accounts are a very poor way to save money. Even in the best of times it does not keep up with inflation.

The rallies following the last couple rate cuts have been very brief

It will take more than a rate cut to bring the market back. This is a cycle made worse by the banking crisis. As with all the other cycles it will pass. My guess is that things will get better by this time next year. In the mean time my 401K, while taking a hit at the moment, will benefit. I am putting a total of 16% of my gross wages in it and ATM I am buying stocks cheap. When it goes back up I will be sitting pretty. I am confident that 12 years from now when I retire I will be doing well. The stock market is a long term investment and the down times are a buying opportunity. I took advantage of the down housing market and got myself a real deal on a house at a cheap interest rate and I will do the same with my retirement fund. These bad times are really good times if you look at it right.

[Heracles 417]

I wasn't just speaking about the news. I'm talking about out society overall, and people's expectations of it.

It wasn't just information that used to take a long time to move. Everything took longer. It seems to me that people these days can't stand to wait for anything. Even the worthwhile things. Everybody wants it NOW!

Yes very true there. It's all about the quick buck here. And what people don't realize is that this comes with consequences. It's like cheating in a test. Initially you get a good mark but it does bite you in the ####, down the track, because you really don't know anything. I remember seeing a study here which talks about how so many kids in HS think they will be on 6 figure salaries once they graduate college.

There is a new documentary out about education standards around the world. Definitely worth looking at. Especially in the face of rapidly increasing global competition.

[SteveLaura 0]

Steve,

Do you mean people in the US wanting instant info?

I really think our society has become very inpatient. I call it 'microwave mentality'.

I'm not sure it's unique to the US, but certainly I think we expect everything NOW! I understand it for certain things - it's unnecessary, for example, to have to wait so long for a cheque to clear nowadays - but in others it is the impatience you highlighted. 24 hour news has a high percentage of speculation, for example, as facts aren't always forthcoming immediately, in a nice, orderly manner. And like I said earlier, the obsession to be first has overtaken the need to be accurate.

There may be a backlash. A new Luddite movement that eschews cell phones, Blackberries, CNN & the like. I can see myself joining them, actually.