Tia Dixon, 24, student, Chicago
What’s your main personal worry about the economy?
“I’m worried about the job market I’ll be graduating into next year. I’ve made plans to study abroad just in case I can’t find a job here.”
How bad is the economy, on a scale of 1 to 5 (with 5 as the worst)?
“Three.”
Who’s to blame?
“It falls on a lot of people. Not just the government, because they can’t be everywhere, but the banks and on individuals. People should have been able to say no.”
Any changes in your lifestyle because of the economy?
“I moved from the North Side to the South Side to save money on rent and have a couple of roommates now. I don’t spend as much. I’ve tapered down my expenses and stay in more.”
What’s your outlook on the future of the economy?
“I kind of feel it’ll rebound. It will take a lot more time, and people need to be a lot more responsible with money.”
Ulisses Gutierrez, 41, sales, Chicago
What’s your main personal worry about the economy?
“When are [the financial markets] going to recover? When will we get stability? I’m concerned about retirement like everyone else.”
How bad is the economy, on a scale of 1 to 5?
“Four.”
Who’s to blame for the economic crisis?
“I think it all stems from the banks making loans with low-quality criteria and then selling those loans on the market.”
Any changes in your lifestyle because of the economy?
“I’ve cut expenditures, not planning to spend on a vacation. There’s a home entertainment center I was thinking of buying. I’m going to hold off on that. I’ll be watching a lot more TV instead of going out.”
The economy’s future?
“I think there are still 12 months of this playing out to see if the fixes help. It’s going to be awhile.”
Maeve Doonan, 35, sales, Naperville
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What’s your main personal worry about the economy?
“I’m concerned about my economic future, the equity in my home and in my retirement accounts.”
How bad is the economy, on a scale of 1 to 5?
“Four.”
Who’s to blame?
“I think regulators, for not watching closely enough the loans and business policies.”
Any changes in your lifestyle because of the economy?
We have restructured our budget to be more conservative, changed the structure of our mortgage. We always took family vacations. We cut that out. We may do something in the area. And we’re thinking more about how we’ll spend our money over the long term rather than month-to-month.
What’s your outlook on the future of the economy?
I think the outlook is good. People are learning a lot from this experience. In the short term, not good. But in five to 10 years, I think people will start seeing the growth in their retirement again.
Peter Polansky, 61, attorney, Highland Park
What’s your main personal worry about the economy?
“My business deals with insurance companies, and they have been very reluctant to settle cases with us. It’s very scary. Every time you open the newspaper there’s more panic.”
How bad is the economy, on a scale of 1 to 5?
“Four.”
Who’s to blame?
“Congress, for deregulating banking and not watching closely. And the greedy financiers, Wall Street, for making bad loans in the first place.”
Any changes in your lifestyle because of the economy?
“I canceled a family Christmas vacation to Jamaica. I cut back on spending, making less-large purchases. There was a new computer I was thinking of getting. I’m not going to get it now.”
What’s your outlook on the future of the economy?
I’m old enough to know everything is a cycle. This is a bad cycle. But we’ll get out of it, I hope.
Jessica Easterling, 54, unemployed, Chicago
What’s your main personal worry about the economy?
“I’m worried about being able to pay my bills on time. And I’m worried about being able to find a job.”
How bad is the economy, on a scale of 1 to 5?
“Four.”
Who’s to blame for the economic crisis?
“The Republicans and the trickle-down effect and the rich getting greedy.”
Any changes in your lifestyle because of the economy?
“I’m riding the bus. I don’t really buy anything and when I do I shop wisely, only stuff on sale. I’ve cut back on going out, on eating out.”
What’s your outlook on the future of the economy?
“I’m hoping with the election, when the Democrats take over, things will get better.”
Justin Jose, 32, accountant, Addison
What’s your main personal worry about the economy?
“That I might lose my job, though I’m not too afraid of that.”
How bad is the economy, on a scale of 1 to 5?
“Three-and-a-half to four.”
Who’s to blame?
“Whoever made the regulation for mortgages.”
Any changes in your lifestyle because of the economy?
“I haven’t really changed anything. I live pretty cheaply. I get the daily special at Subway every day for $3 for lunch. I’ve always done that.”
What’s your outlook on the future of the economy?
“I think it’ll rebound. People are panicking like crazy. But I have confidence that it will come back in the long term, when cash starts flowing again.”
Carol Lathrop, 70, retiree, Wheaton
What’s your main personal worry about the economy?
“The loss of retirement funds. We’ve lost about a third so far. We have a whole lot of money put away — enough to be comfortable with. I don’t know if I’m going to be comfortable now.”
How bad is the economy, on a scale of 1 to 5?
“Three and a half.”
Who’s to blame for the economic crisis?
“A very greedy Wall Street. Let’s start with that.”
Any changes in your lifestyle because of the economy?
“Nothing yet. … Things are in place. We were smart enough to not invest it all.”
What’s your outlook on the future of the economy?
“No quick fixes. People think because somebody signs a signature to a piece of paper everything’s going to change. That’s not how it works. I don’t have a lot of faith in the government.”
Milton Parodis, 37, engineer, Naperville
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What’s your main personal worry about the economy?
“I guess the main worry will be that eventually our companies are going to start laying off people. You could be laid off and be in a situation that you lose your house.”
How bad is the economy, on a scale of 1 to 5?
“Three.”
Who’s to blame?
“I think it’s really a model of greed. I don’t think it’s a government to blame, Bush or Clinton. It’s more greed. People put their interests firsts rather than everyone else. That’s what’s driving the entire economy to go down. People on Wall Street were greedy, and normal people were greedy. Everyone wants to live in debt. That’s the culture. Most people grew up with this culture — it’s fine to live in debt. That’s what’s to blame.”
Any changes in your lifestyle because of the economy?
“To be honest, I haven’t changed anything. Coming from Canada [to the U.S. six months ago], if you don’t have 30 percent to put down on a house, you don’t buy one. I still have my savings. I still have my two cars, paid fully. The only thing that worries me is losing my job.”
Agnes Hsu, 46, broker’s assistant, Downers Grove
What’s your main personal worry about the economy?
“We were kind of worried about retirement. I’m already a 40-something. The kids, the tuition. This morning, we heard the news about student loans. Especially my older one … in four more years she will go to college.”
How bad is the economy, on a scale of 1 to 5?
“Four. We’re very close to the very worst.”
Who’s to blame?
“I shouldn’t say government, but I think they should already have had warnings a couple years ago. But they didn’t respond fast enough.”
Any changes in your lifestyle because of the economy?
“I have a small house for rental. It’s been a year; nobody rented it. I tried to lower the rental 30 to 35 percent to try to attract people to look at the house.”
What’s your outlook on the future of the economy?
“I believe it should be back, but I don’t expect that will happen within a year. We’re going to have a new president. Because it’s during a transition of the office, I have a feeling that … after the new people are in office, they need a couple months to warm up and have a plan.”
Lisa Johnson, purchasing manager, Lombard
What’s your main personal worry about the economy?
“I’ve lost thousands” in 401(k) and stock market investments. “Upward of 30 percent combined.”
How bad is the economy, on a scale of 1 to 5?
“An 8.”
Who’s to blame?
“I mostly blame irresponsible executives who were mismanaging companies and their funds.”
Any changes in your lifestyle because of the economy?
“[My husband and I] had retirement plans. We’re probably now looking at working more, maybe even a second job. My older daughter is a senior in college, another is starting college this year. We need money. We’re actually thinking of also selling our house. It’s either live in a nice house or give your kids an education.”
What’s your outlook on the future of the economy?
“I’m praying. I don’t feel optimistic. We haven’t seen these levels since the recession. No one’s getting raises; there’s high unemployment. Honestly, I don’t think there’s enough accountability in politics to hold anyone responsible for the destruction their making.”
Ruth Ann Schmitt, 59, foundation operator, Chicago
What’s your main personal worry about the economy?
“I’m figuring a 40 percent loss. I figure if I think of the worst-case scenario, perhaps I can be pleasantly surprised. I had $100,000 cash [in my 401(k)]. I’m figuring that’s all gone.” Meanwhile, she says the foundation is doing fine. They moved money out of the stock market and “put it all in bonds and treasuries.”
How bad is the economy, on a scale of 1 to 5?
“4.5, no 4. I’m not optimistic that we’ve hit the bottom yet.”
Who’s to blame?
“Bush and Cheney. It’s the lax oversight and incredible greed and imagination of the investment community that was allowed to take off and go.
Any changes in your lifestyle because of the economy?
“I was hoping to retire within five years and still have enough to live on. But that’s sort of shot. I’m figuring 10 more years of work. … I spend money now where I think it’s worth something. I’m going to go and join a health club right now. Working out is better than drinking, which would’ve been my second choice.”
Craig Wible, 45, attorney, Wilmette
What’s your main personal worry about the economy?
“I really think we’re in a recession. I think it could be the end of the first quarter ’09 if not mid-year before we start climbing up again.”
How bad is the economy, on a scale of 1 to 5?
“Three, maybe 3.5. We have far more tools. The Federal Reserve is far more involved than they were during the Depression of 1929.”
Who’s to blame?
“I suppose the mortgage companies. … They shouldn’t have been giving mortgages to someone who couldn’t afford it. That’s a bad business practice. A company that was doing that should suffer some repercussions because that’s what’s created the mess.”
What’s your outlook on the future of the economy?
“It’s going to stop falling. At some point, it will hit bottom and it won’t go anywhere. That’s market fundamentals. It’ll find its bottom eventually. We need a few quiet days. The facts change every day [with government bailouts and interest-rate cuts]. The market won’t clear up until you stop fiddling with it. You can’t yank the market every which way for days at a time and wonder why it’s jittery.”