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This Economy Is Not Recovering...

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Posted: #1
Any time soon. Team Obama does a great job at spinning the so called truth but all indications point to little or no growth in 2010.

Has anyone here been really hit hard because of the economy?

I've made more money in 2009 as compared to 2008 so I can't complain.
 
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Posted: #2
The end is coming, the money you make will be just a piece of paper soon.  Stock up on ammo or gold. I laugh at people when they say "I make 140 K a year!" well soon, it will be worth nothing.  The end is coming.
 
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Posted: #3
Quote Originally Posted by Hernia:

The end is coming, the money you make will be just a piece of paper soon.  Stock up on ammo or gold. I laugh at people when they say "I make 140 K a year!" well soon, it will be worth nothing.  The end is coming.


I don't think it will go that far but we have yet to see the whole problem. People will start defaulting on credit cards at a record rate. Commercial real estate will come into play soon as well.

I am saving as much as I can just in case things get real bad. Unemployment in my area is at 11%.
 
Legend
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Posted: #4
commercial real estate defaults ARE happenning NOW .. witness all the properties that housed big-box retailers..
 
more foreclosures coming in 2011 when a WAVE of houses with Balloon payments hit..
 
Me- I got hit last November with a job loss- went back to an old employer ..worked there for 8 months while starting a business..
 
my prior boss /colleague (the one from the Nov gig) went to another company and hired my new business entity to do a project that's lasted 5 weeks .
Today we are talking about expanding my scope of work.. so i'm good..
 
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Posted: #5
Our country has never been worse.  Things only seem to be getting worse from this point on the markets are tanking.
 
Prospect
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Posted: #6
I hate using cliche's, but ...smoke and mirrors. Underneath it all is really ugly.
 
Captain
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Posted: #7
Its been this way for a while. Just took a little to show itself and its not going to miraculously get better. There is no quick fix or special button that can be pressed to make things better. It is going to take years and years to fix the problems fo the last 25 years that are finally showing themselves today.
 
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Posted: #8
I live in an area where we have done very well all things considered over the last 2- 3 years of this mess,,,,,,however, in the last month, it seems that at least locally it's gotten much worse,,,,,i've had four or five friends lose their jobs just in Sept,,,,not temporary layoffs either, permanent .  I'm sure the strip where Circuit City and Linens and Things both died at has to be struggling, on the CR rents end of it and the townships tax collections,,,instead of filling in those huge empty sq ft stores, they just went and built a new Lowes and Best Buy 2 miles down the road .  I keep thinking house prices will come down around here, but they keep building more on the higher end, and out of towners are flocking here en masse, buying up those overpriced new builds,,,,,it keeps the prop values inflated,,,,,for now.  Shit they just opened a new convention center in the middle of town, with all kinds of new confangled restaruants and shops,,,,,,i don't get whats keeping this charade going.

one thing thats nice about the shitty economy is, overall, there's less traffic
 
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Posted: #9
I pointed this out a year ago when I brought up a topic covering a major Hedge Fund's research team which specialized in the banking industry and the strength of their loans, which was shown on "60 Minutes". The homework and data that they had proved beyond a doubt that over the next 2 years there would be a wave of massive credit defaults worse than we've already seen and they even broke it down into monthly n quarterly data n graphs and other businesses which may be indirectly effected. The research was stunning and painted a very bleak picture of the future. 
 
The segment on 60 Minutes concentrated particularly on the effects on Real Estate and also bank records n earnings which weren't available to the general public. They even interviewed several people who were about to get hit hard within in their real estate holdings within the 6 months to 2 years from the time they showed this piece a year ago.
 
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Posted: #10
ammo  
 
Rookie
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Joined: Oct, 2008
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Posted: #11
the trucking business has been in the tank for 18 months now, with no sign of recovery anytime soon. Haul rates are at an all time low with everyone whoring out just to get hauls. or there are 50 trucks waiting inline to get 15 loads, you do the math.
 
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Posted: #12
Quote Originally Posted by JimRockford:

the trucking business has been in the tank for 18 months now, with no sign of recovery anytime soon. Haul rates are at an all time low with everyone whoring out just to get hauls. or there are 50 trucks waiting inline to get 15 loads, you do the math.
  good buddy of mine owns a trucking business...if he was not almost debt free, he would be out of business....bad, bad times in that industry...
 
Legend
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Posted: #13
Funny, one of our clients just indicated they are going to be hiring 10 people.  My gal used to work at Best Buy, Inc. and got a call from a former co-worker and they said they were going to be hiring a bunch of people in the next 3 months.
 
Doom and gloom. 
 
We're not out of the woods, but give me a break.
 
 
 
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Posted: #14
By the way, I will be taking a 30% to 35% pay cut this year when all is said and done.  And I will still manage to save about $10,000 for retirement (and believe me, I think I do OK, but I'm not rich). I won't exactly be padding my regular savings account, but a long time ago, my mom told me to put 1 years worth of living money away....and to never, ever touch it.  That doesn't include unemployment or anything.  She said, "you should be able to live off your savings for at least 1 year without anyone giving you a dime and without being in danger"
 
I did that before I bought a house.  Before I bought a boat.  Before I bought a 2nd car.  Before I bought a snowmobile.  Before I considered getting married.  Before I considered kids. 
 
And oh, by the way, I've made back about 90% + of what I lost in the market previously by investing in the market back in March and throughout the year. 
 
I told my gal a few years ago that eventually the economy was going to tank and that we had to be prepared for a really bad year or two.  Well, it's here.  It's not fun, but it's not like it's a surprise either. 
 
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Posted: #15
holy shit Hutch, you are a bastian of optimism! 30+% paycut for someone that is well off and 'things aren't that bad'

For every one of us that 'do things the right way', figure there's nine that aren't so fortunate,,,,,,do the math, but all the phony growth of the last x(imo 20+, but possibly longer) number of years that was based on credit, is still evaporating, and as many can confirm, accelerating.  What percentage of people do you figure save for a rainy day, plan for the future, and could live off their savings for a year if they lost their job tomm.?



Do you think Best Buy will be able to hire enough of the former Circuit City employees to make that a net positive exchange,,,or will there still be many left out in the cold in just that instance?
 
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Posted: #16
Quote Originally Posted by be easy:

,,,instead of filling in those huge empty sq ft stores, they just went and built a new Lowes and Best Buy 2 miles down the road . 

yeah, I know what you're talking about, BeEasy. They built a new Best Buy on Rt 9 in Howell, NJ. (I'm in Toms River , NJ)  So this would be the second closest Best Buy from me and its only 25 mins away.

I could understand in some cases why they might do this but for every decent reason to open one theres probably 15 good reason not to.

 
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Posted: #17
Quote Originally Posted by captjohn67:

ammo  


Remington just said that they have hired for 3rd and 4th shifts so they can basically work round the clock and they still can't meet demand.
 
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Posted: #18
Quote Originally Posted by ZiggyDawg:

yeah, I know what you're talking about, BeEasy. They built a new Best Buy on Rt 9 in Howell, NJ. (I'm in Toms River , NJ)  So this would be the second closest Best Buy from me and its only 25 mins away.

I could understand in some cases why they might do this but for every decent reason to open one theres probably 15 good reason not to.

 

herei se mass there are 5 best buys that i can think of within 20 mins of my house. 

 
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Posted: #19
Thank god for free porn!!!
 
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Posted: #20
Quote Originally Posted by vanwilder21:

Thank god for free porn!!!

 

yeah tell me about it

 
Legend
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Posted: #21
well.. I had my meeting to extend my contract and was told 'the client likes your work' but can't pay as much for the next contract ..
 
So the guy who hired me for that contract, hires me to do a contract for his company ..
 
one door closes, another opens ..
 
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Posted: #22
you know what started all this mess???  $4.50 a gallon gas.. blame good ole W
 
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Posted: #23
The stock market rallied for no reason.  We are going down folks.  I hope I am wrong.  Economy is not recovering.  Getting worse.  .   But I hope I am wrong
 
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Posted: #24
Quote Originally Posted by dillon24:

you know what started all this mess???  $4.50 a gallon gas.. blame good ole W

When Hurricane Katrina hit, everything went haywire after that. Especially with Gas. IMO Gas is the #1 problem and everything stems down from there. At least that is the way that I have seen it go down.

I still don't get why everyone is blaming Obama for everything.

 

 

 
 
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Posted: #25
Quote Originally Posted by Crowkillers:

I don't get why everyone is still blaming Bush for everything.

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