Economy a widespread election concern

Wall Street has just finished its worst week in history, and throughout Naperville people are feeling the pain.

They're getting statements in the mail about the performance of their 401(k) plans, and the losses of 25 percent or more are staggering. Those at or close to retirement are most affected.

And with little more than three weeks to go until the nation selects a new president, the economic crisis is the main issue in the campaign. People are asked how the economic situation is affecting them, and how will it influence their vote on Nov. 4?

In Naperville, the situation affects families and their abilities to afford homes.

"Too many people live beyond their means," a person named Ken wrote on The Sun's online community forum, napersun.com/potluck. "When I built my house five years ago, the builder kept telling me that I could afford everything I wanted as they could get me a loan. Instead of falling for that line, we stuck within our budget so our payment was, and is, manageable."

Anyone with retirement savings tied to the stock market is taking a beating.

"I am far from a financial expert, but I understand my own finances and investing well enough," a person using the moniker How To Deal wrote on the forum. "So far we've been mostly unscathed by what has happened. Half our 401(k) is in more secure but low-return investments, the other half is in mutual funds which is involved in the stock market. This half is taking a beating right now, but since it's earmarked for retirement which we won't need for quite some time, we're going to stay on the roller coaster and ride it out. In the long run it will recover."

But how much will the losses on Wall Street translate into losses on Main Street, or, in Naperville's case, Washington Street or Jefferson Avenue? Are we on the verge of another Great Depression, with high unemployment, and people losing their homes in great numbers?

"I personally have known only one person that has lost their home recently," Diane G. wrote on The Sun's forum. "A friend that worked for Lucent for 20-plus years got laid off in December 2006. She looked and looked for a job.

"Finally, after 18 months of struggle, the bank filed a foreclosure action on her house. She has now moved away to live with family. My friend is one of the people that I'd like to have seen our government help. Because she wasn't living outside of her means. Unfortunately, sometimes bad things happen to good people."

Most of the people participating in the forum disagreed with the $700 billion financial rescue plan recently approved by Congress and signed into law.

"You won't find those of us complaining who invested intelligently, live in moderate homes we can afford, don't lease BMW's, and don't live check to check crossing our fingers that another pre-approved credit card arrives in the mail this month so we can continue our lives of excess," someone using the handle Fiscally Responsible wrote. "It is irritating to think that responsible Americans are being strong-armed in to adding even more to the national debt for our children to pay for the excesses of irresponsible greedy bankers slowly floating back to earth on their golden parachutes and the former homeowners who were either too stupid or too short-sighted to read/understand the fine print of the mortgages they agreed to."

People in Naperville, it appears, will continue to watch the drama on Wall Street unfold and assess its impact on their lives. Maybe some will cut back on spending this Christmas, put off a vacation or home-improvement project, and otherwise keep a closer eye on the household budget.

"It's hard to imagine so many houses in Naperville in foreclosure," someone using the name Morbert wrote on the forum. "I wonder how many are due to an illness and possible job loss and how many are just from people living the high life and not paying attention to loan documents they are signing. I thought we had such a large amount of college-educated residents. It just goes to show you that someone can be book smart but lack common sense or self control."