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i just watched the hurricane of 1938 ....major destruction on the history channel, and was amazed watchin these two guys whacking a roof with a sledgehammer :whackin:...here in new england.... :bl: but the narrator was saying essentially the same thing.... did we learn anything from that storm....? Really what we needed to learn was how mother nature can just decide to whip the crap out of us all anytime she wants too... and we have forgotten. all the construction on the shore line ....... ....may be all swept away in one horrific storm... the perfect storm... like you said.. it's from events that :point: huge that we tend to learn.:read: |
my take
think things are bad? you aint seen nothing yet. SAve every dime you can, prepare for months out of work. Sure I sound like a nutso, but as part of my job, I get to hear really, really smart people talk about the economic prospects and I have not heard one single speck of good news. And thats over the next 2 years. Housing prices still need to go down at least another 15%, think of the impact that will have on foreclosures, unemplyment is growing at a monumental rate. I am suprised at how many people I still see shopping or at restaurants. Thats going to end quickly. The holiday sales will be abysmal, the stock market is going to go even lower. Can you imagine if there is an international incedent in the middle of all this? Please, take my advice - BE PREPARED. This may be the great depression you tell your grandkids about some day, no kidding |
I think it is pretty bad out there and I don't see it getting better anytime soon. We have too many problems right now. Housing crisis, banking crisis, auto crisis, rising employment rates. Where I work we are going to be about 600,000 short of budgeted sales for Nov and Dec bookings are way down also. Yes I am scared about the future!
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Besides, if we all stop shopping that will make things worse! :hihi: Everybodies situation is different. People need to react as appropriate. -spence |
Spence,
housing prices fell 18% and you had a 700 billion bailout. Those housing prices adjusted for inflation are STILL 15-18% above the norm. Can you imagine what will happen when it finally corrects, never mind hits bottom? Consumers are 72% of the economy, with this growing unemployment and uncertaintly (and my gloomy posts) think of how massive a hit the retail and service sector will take. What if we get a bad winter, how will towns afford to plow the roads? many local towns are struggling due to decrease in tax and permits. The list can go on and on, I dont think I am being overly pessimistic. |
Jimmy,
Maybe we should just curl up and watch Mayberry RFD reruns on TVLAND |
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Dude, I'm with you on this one - If you do prepare yourself and it doesn't happen, then all you will have done is learn to live WITHIN your means and perhaps you'll also have a little stashed away. If you don't prepare yourself, home and family for something that may happen down the road, you're not gonna be able to play catch-up on it once the mud has already hit the fan. Kinda like the folks who refuse to evacuate and decide to stay on barrier islands during a hurricane to party it up. When you see 'em interviewed later, they seem somehow to have seen the light and swear they'll never do it again Hey, it's up to you to decide - blow it off if you like. It's still a free country :rollem: |
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citibank and amex can sit on it and rotate wtf is with this country? we now entertain the thought of bailing out loansharks? wtf :whackin::whackin::doh::smash::fury: I hope some smarter people get into politics soon and straighten these idiots out if not, I'm outta here |
Amex is now a bank holding company and eligible for bailout funds
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ANY Credit Card company that "entertains" the thought of asking for bailout $$ can go straight to hell!
The credit card companies have financially raped the general public for way too long, and if they start crying "Oh,poor me!" to the government, then tough t*tties! If they are soaking us with high interest rates, and they can't manage their finances, then they surely deserve to go belly up. And I'll be there to :deadhorse: |
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market plummets second day in a row.
I'll be out of a job soon. The pullback for the second straight day Thursday sent the Standard & Poor's 500 index down 6.2 percent to 756.81, below the low of 768.63 seen on Oct. 10, 2002. Man, if you had a lot of $ right now and can invest heavily, you'd be a rich man in 3-5 yrs. |
Your right Jim, but we are at such a pivotal time in history, I am sure there are a lot of people who are not sure where to put their money...
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-spence |
News Flash! This downward spiral was well entrenched before Obama came along!:rollem:
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orig. question.....is it that bad? yes I think so and I dont think it will get better anytime soon.
I personally got three months of reduced hours at work (all 200 of us) and the hubby may or may not have a job three months down the road....but no one will say for sure. He did make it through the layoff...but I say there will be more to come. Are things tight....yeah they are! we have eliminated one $400 monthly payment a few months back (ooh that will help! yeah RIGHT...) dont even notice it because of the higher prices at the store. AND we cut a LOT of frills on top of that. SO what gives? Friends out of jobs, local businesses closing their doors, big businesses closing their doors. Less and less to go around for everyone. the list goes on but Yeah I would say it IS as bad as they say....... |
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In fact, I think it was more than generous us as for working Americans - or those of us who still are employed, anyway - to give them a trillion dollars of our money to be sure that they could continue to do so at our expense. However, it's not as if they have no compassion for the plight of the American worker. One CEO who asked not to be named has offered this solution to the woes of recently dismissed workers: "Let them eat cake." |
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I guess they know how to work our F'd up system :rollem: greed greed and more greed :hs: Larry, I'm not sure how bad it is but I do not have a good feeling about it at all. Construction has dropped off so bad guys are hawking tools, that is the first sign :( I just hope remodeling continues. Maybe I am lucky my hard work has paid off keeping me busy working for those who still have money to spend - the rich, I just hope it keeps up. I have been finally making some real money and now the economy goes in the crapper:smash: |
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Glad things are going good for you Bruce and I hope it continues! Layoff rumors swirling at my wifes place of work.....so we are keeping our fingers crossed here.:hs:
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The US economy is 2/3 consumer spending, so every gloom and doom news story makes things a tiny fraction worse by causing people to spend less money. Less money spent hurts businesses, who need to lay people off, who spend less, and the cycle continues.
Just like how every media COMPANY this summer was parading faux experts predicting $7 gas by Christmas, they're now all throwing around the word "depression" when we're not yet even officially in a recession. Bad news sells. We were hearing how bad the economy was when the dow was at 14,000 for Christ's sake. I'm not saying we're not in a slowdown, and I'm not even saying things aren't worse than they were earlier in the year. My point is this - the worse you think the economy is, the worse it will get. If people start keeping money in their mattresses, we will be in a depression, and then at least CNN will be reporting the truth. The US economy IS diverse and fundamentally sound. This is an over-correction and will pass. |
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We found out yesterday that miy wife will not be among the layoffs at her work that were announced yesterday (yet) |
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Ok Senator McCain :yak5: We've gone from a nation that primarily produces to one that primarily consumes and borrows to keep consuming. This isn't fundamentally sound. -spence |
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Lets look at your points. The consumer is the heart of this economy - true. But the consumer is going to foot the bill for the billions in government bailout, the consumer is goign to foot the bill for the local municipalities that are having budget shortfalls, the consumer is impacted by rising unemployment. So, your advice to the consumer is to keep spending? So who bails out the consumer? |
And lets not forget that one of the big manufacturing industries that helped the country grow for decades....is about to fold like a house of cards.
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RI Unemployment hits 9.3 in Oct
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thinking about all the places my dad and his generation worked at all mfg jobs gone.drive along 95 in ct and see all the old factory brick buildings closed for years.the gun that won the west winchesters and colt gone for years.wow free trade,all mfg jobs to china,usa a consumer nation in the toilet.thank our politicans and keep on thanking them.
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I agree RIJimmy! Wheresmy50 things must be nice in the world you live in! Can I get a pair of those rose colored glasses? Recession has to be the stupidest word/term I have ever heard! I think it was made up by politicians so they can put a pair of those rose colored glasses on everyone when there is a brown pile of crap staring them in the face! Recession as it is known has come and passed in my eyes and we are staring depression in the eyes as we speak!! Not a depression as they knew the one in 1929 but a modern day depression! The mortgage companies get a bailout of 700 billion dollars from the government so they do not go tits up, the "Big Three" are seeking same as they are on the verge of collapse and unemployment is an out of control freight train that is gaining steam and headed for 10% nationally so you better get out of the way because if you do not think that train is coming down the tracks as sure as we speak here it is going to crush you! Might want to pick up a paper, watch the news or better still.......just talk to your neighbors on either side of you.....they may have a different story to tell about how bad it is!:doh:
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I work for a medium size financial mgmt company. From 2002 to 2008 our assets under management went from 250 million to just about 8 billion dollars this past August. From August to yesterday? we are down to 4.4 billion. I know when I say billions you are thinking huge amounts, but the drop from August is truly frightening in such a short time. Just walking through South Station and on the train you can sense the mood and see the anxiety in people's faces. Obama has his work cut out for him but I think we all need to drop the crap about who's fault it is, he's a socialist, etc and pull together. After all, that spirit of community got the country through the 30's (and 25% unemployment - 1 out 4 workers!!!) even though there are still dip%$%$%$%$s to this day who poo poo Roosevelt and his programs as "socialist"..
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what got America out of the depression was a World War, lets hope thats not whats needed.
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SPOT ON and exactly what I have been saying for a while now.
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Scott your insane too?:conf: This is not a "the sky is falling" scenario......people are having problems and are being impacted even if the roses are still in bloom at your house...but they do not bloom forever.
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I love when people call this situation a "Slowdown"...it tickles me!:doh:
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salty, name one area of potential growth? Just one?
Name one industry that is doing well? One? TO put it in perspective- thinking things were good, spending money you didnt have, borrowing on your house and other signs of "confidence" are what fu*ked us. This is not a perception problem, this is reality. |
People are calling it a slowdown because unfortunately, there is an actual definition for a "Recession", and that hasn't happened yet. It may happen, but guessing what may happen and declaring that something has happened are very different.
RI Jimmy - which part of what I said was incorrect? The US economy is based on consumer spending. If people stop spending, it will ruin the economy. They were predicting riduculous gas prices - predictions that were wrong. Things will improve. If people actually do stop spending, it will get a lot worse before it gets better. Do you think the economy will be slow forever? I don't. Did you think it would be good forever when your neighbor who makes $50k somehow bought a $400k house? Like magic, but with consequences. The US may end up in a recession. It's happened before, it will happen again. The difference is the coverage. This is the first one since the post-9/11 escallation in news coverage. The news media is not out to serve the public, they're companies that make money based on how many people watch. No different than any other advertising. Their product is the information. The more interesting the information, the more money they make. |
RI JIM there's no perception problem. Medical stuff is through the roof still, values have held VERY well, Athena just announced yesterday they are hiring 400 new employees in the next year in Maine alone. Pharmaceuticals is still doing well. Wireless is still VERY much active and substantial buildouts continue. Solar power is growing every day. As is wind power.
WOOD LURES is a growing industry. I've not stopped building that's for sure. I fill the bins and they empty. It's at least putting food on the table right now. That's more than one. I could go on and on. This problem has been here for almost 2 years. I know because with my businesses I see the up and downturns alot faster than most guys would. High and low end. Just because some assclown says everything is bad doesn't mean it is. It's a slowdown. It's probably a recession based on my views of things in the last two years but LIFE GOES ON. Sitting watching the stock market move 200 points in a minute doesn't mean the world is going to end. There's money to be made out there and businesses to grow. YOU JUST HAVE TO WORK FOR IT. Frig the stockmarket and what these pencil pushers say. I talk to many people every day and it's not all good and rosy but it's not all doom and gloom either. The economy is what you make of it just like any other day you wake up. Quote:
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