Students are not free to ignore market woes

The American people have been whipped by Wall Street since last month.

The federal government is intervening with a $700 billion bailout to address concerns over the greatest financial meltdown since the Great Depression.

According to the Associated Press, the stock market has fallen 33 percent since a record close a year ago above 14,000 points. Through Tuesday, its suffered its largest five-day point decline ever.

Oakland University students don’t need to look far to find examples of the new grim realities created by the crisis on Wall Street — a lot of us feel the hurt right here in Michigan.

Despite what little we may have currently invested in the stock market, we all need to pay attention to the current economic crisis.

According to Realty Trac, one out of every 475 households in Michigan received a foreclosure notice, the eighth highest foreclosure rate in America.

After graduation, it will be hard to find a job as unemployment continues to climb, and it will be even harder in Michigan.

According to the Bureau of Labor Statistics, the national unemployment rate rose to its highest level in five years at 6.1 percent. Michigan has the worst unemployment rate in the

United States, at 8.9 percent.

Everything from smokes to smarts will cost more.

Tuition rates at OU have gone up approximately 60 percent in the past six years, from $5,301 per year in 2002 to $8,324 now.

As credit markets tighten, it’s going to be harder to get a loan. Banks are less likely to issue private loans for tuition costs and students may have to look elsewhere for ways to pay for college.

For those of you still asking, “What does that have to do with the price of tea in China?”

Consider that, according to the Daily Telegraph, the price of tea in China has gone up 40 percent since 2007.

Sure, a lot of us students may not have stock market investments or have parents who do, but

the stock market crisis will affect almost all of us. If this worrisome trend continues, it will be hard to find students not affected negatively by it in some way.

A lot of students don’t know where to start in order to adapt to this crisis and not become one of its victims.

They get drowned in all the numbers and jargon of the media and the experts and don’t understand what they can do.

The most effective way that we can take control of our future and try to be financially secure is by taking our studies seriously. We can no longer afford to breeze through as the number of jobs in the state will be limited and go only to the best and the brightest, and not to those who just tried to get by doing only the bare minimum.

Students should go beyond career counseling and do extensive research on the job availability in their prospective fields well before graduation.

In this financially uncertain period, this may not be the time to give in to our impulses and buy the collection of Faberge eggs we’ve been dreaming of.

“Dear Prudence” should no longer just be the name of a Beatles song to us — it should be our mantra. Let’s take a lesson from all of those who lost their homes to foreclosure and stop

spending money we don’t have.

Finally, students should realize that their opinions matter to their elected officials; they will listen to you.

Raise a fuss and raise a holler because you’re not too young to vote any more.