Thursday, December 20, 2007

What does it tell you...

...when a food industry analyst admits he's had prevent his kids from drinking as much milk as they usually do in order to fill up his car's gas tank?

Food prices soar in America
Higher food prices, led by milk, are hitting consumers where it hurts - in the stomach.
By Aaron Smith, CNNMoney.com staff writer December 20 2007: 12:21 PM EST

NEW YORK (CNNMoney.com) -- John Norris' family is drinking a lot less milk these days. He said he considers the higher prices and has cut back on his kids' milk consumption. But between work and family obligations, he still drives almost as much as he used to.

"That's the reason I cut down on milk consumption - so I can drive my car," said Norris.

And Norris should know. He's the director of wealth management for Oakworth Capital Bank and a food price expert...


This is a reasonably wealthy guy, and he's ALREADY having to choose between food and gasoline due to prices in his area. How long until this guy is you, class? Not long.

2 comments:

Kiashu said...

A "director of wealth management" I think will almost certainly have a decent salary. So if he must choose between milk and petrol, then he must be handling his family finances rather poorly.

I would not take the financial advice of a well-paid man who had to take milk out of his children's mouths to pay for petrol. Overspending and sloppy budgeting I can manage without paying him the consulting fee for it.

There are certainly many people in the developed West with genuine financial difficulties. This shmuck isn't one of them, he's just an idiot.

Ahavah B. said...

You're not wrong - but this schmuck is probably in debt up to his eyeballs and between his inflated mortgage, idiotic SUV payment, credit cards and loans, has pretty much little left in the way of discretionary income. This is just a canary in the cave - it won't be too long before any person with little discretionary income, regardless of income level, will start having to make some changes. In his case, I'd start with ditching the SUV - but people are strangely attached to them. I can't understand it, since not one of them are in any real serious danger of driving off road. (And tests show they're not any safer than regular cars, either.) The thing is, by the time MOST people realize they need to ditch their SUV and make other changes, everybody else will be realizing the same thing at the same time, and there won't be any MARKET for used SUVs - everybody will be trying to ditch them, not buy them. So the canary in the cave is telling us to start battening down the hatches, to mix metaphors.