What Bad Economy?

[marinejcksn]

Listening to the latest batch of fearmongering "explanations" from my boss (Bush) about why he's raping you and I with this Un-Constitutional vehicle bailout, I'm noticing something I wonder if anyone else is thinking.

These "teh sky is falling" types use phony economic data, even tried to say that 1 in 10 jobs are directly connected to Detroit and are in danger if the Big Three fail (which has been proved false) but they never Cry for me, Argentina over the slashing funding of defence contractors (which, by the way create more jobs in the short term than any of this other proposed spending) or say where this is going to end. Circuit City just went belly-up, is Bush going to bail them out next? :rolleyes:

Not to mention, here's something I might be unpopular for saying; but does anyone else feel like the economy isn't that bad for them right now? I mean in a purely personal state, I feel the pinch of needing to tighten our belts in my family to make things as easy as possible on us, but things are far from drastic or terrible.

What do you think?

[djones520]

Well, directly the economy isn't hurting me. But I'm in the military, so I'm not really to worried about taking pay cuts or losing my job. My grandmother has been temporarily laid off (with the possibility of being able to return in the spring) by her company. Their an auto parts manufacturer that builds and supplies parts to the Big 3. Also, my mother is facing a job loss because tourism in NW Michigan just doesn't exist right now. The majority of the "big money spenders" who vacationed there where people in the auto-industry. With the belt being tightened by them, there are reprecussions felt a lot more far ranging then just the auto-industry. Even the Indian Casino's in Michigan are laying off nearly half of their staff (nearly 200 people at the one closest to my old home) due to the loss of revenue.

So I'd say yes, the economy is bad. Maybe not as much in California, or Florida, or other places far removed from the auto-industry, but it's most certainly devestating Michigan right now, and I'd wager other parts of the mid-west that are related to all of it.

[marinejcksn]

My wife was saying in Hawaii things are pretty rough, mainly in her life of work (bartending) because of a few reasons: 1. The majority of military units in Hawaii are deployed which is killing local businesses & 2. People have less disposable income to blow at eating establishments and bars as they once did. I'm just skeptical that things are truly as bad as people in the media & certain politicians are telling us they are.

I saw a news story today about holiday worries: basically they had on all these families telling sob stories how they couldn't afford to get their kids much for Christmas this year because of the economy and asking "How can I tell my kids?" It made me want to vomit. While it's sad, it's a fact of life. Your children should have your love and time with them to look forward to. Christmas isn't about stinking presents. You know how many MILLIONS of people wont even eat on Christmas? We've lost sight of what's important in life.

[djones520]

There are gonna be a lot of families out there that are hurting. Unemployment rates are rising, and thats gonna have a lot of trickle down affects to just about everyone.

I guess we could be really grateful that gas prices took a huge drop like they did. Could you imagine how bad it would be if those prices had kept on going? Airlines probably woulda gone belly up left and right eventually, costing tens of thousands of jobs. The trucking business was almost brought to a stand still, and that is the backbone of America today.

[Ranger Rick]

It's OK. Everything will be just fine January 21st. Bo will take care of it.

[SaintLouieWoman]

Yesterday at Macy's there were so many people using those $10 off $25 purchase coupons that the computers slowed to a crawl. There were lines of folks at all the customer service areas where they rang up the purchases. I gave up and left, not using all my coupons.

The parking lots were full and lots of people were carrying large shopping bags. I know it's bad, but perhaps some folks for their own reasons have embellished those doom and gloom stories.

[Phillygirl]

Moved thread to Economics

[Phillygirl]

I think the economy is definitely in a slowdown. I expect it will get worse before it gets better. Right now my company is doing fine, but we are taking steps to prepare. We have more than doubled what we usually keep in reserve.

We are feeling the pinch a bit as people frequently dip into their stock plans to pay the fees. That is becoming more difficult for people to do as their investments are dwindling. Same goes for the retirements.

A lot of my clients are seeing either a downturn, or a flatness to their incomes. For me personally, it's a matter of storing up for the winter.

[RobJohnson]

Yesterday at Macy's there were so many people using those $10 off $25 purchase coupons that the computers slowed to a crawl. There were lines of folks at all the customer service areas where they rang up the purchases. I gave up and left, not using all my coupons.

The parking lots were full and lots of people were carrying large shopping bags. I know it's bad, but perhaps some folks for their own reasons have embellished those doom and gloom stories.

They have more money to spend, since they are stiffing the bank on the house payments. :D

For me, not much of an impact.

But I know a group of ladies that were all just laid off last week...most of them have kids and all made a very good wage...the question is...will they have to move to find work? Pulling kids out of schools? Moving is expensive, moving to a new city with children can be difficult when you are a single parent, etc...

Things are tough...but I get tired of hearing the words "bad economy" incorporated into every news story.

[BadCat]

My personal economy is doing great.
I got out of the market when the Dow was at 13400, so that didn't hit me.
I have quite a bit of cash on hand.
All of my rental properties are rented with long term leases, if Hussien raises my taxes, I raise their rents.

My company uses these "hard times" to clean out dead wood, and they are preparing for that. There was an uncommon number of "4" ratings on annual reviews this year. A "4" is a set up for being fired, a "5" would get you fired.

Around here, despite the closings of the brand new Circuit City, the brand new Mervyns and Linens and Things, people are doing a lot of shopping, traffic is heavy around the shopping areas.

My friend at Guitar Center said their sales were about 50% of what they were last year, so I guess people are buying more "sensible" gifts this year.

[M21]

Not to mention, here's something I might be unpopular for saying; but does anyone else feel like the economy isn't that bad for them right now? I mean in a purely personal state, I feel the pinch of needing to tighten our belts in my family to make things as easy as possible on us, but things are far from drastic or terrible.

What do you think?

For me personally no, but for many of my friends they are hurting. I have more unemployed and looking for work friends than at any time I can remember. The rescue mission is overflowing here and donations are down as people are holding on to their income. Saturday night we went out and the numbers of cars at restaurants is noticeably down. Everything here has gone up except wages.

God has blessed me because he looks after children and retards.

[lacarnut]

As a retiree, I am doing great. The economy in south Louisiana is healthy with plenty of jobs in consturction plus many oil refinery's and chemical plants are located here. The Mexicans have invaded Baton Rourge.

[ironhorsedriver]

Yes, I believe the economy is in a downturn. But, not as dire as the doomsayers predict, if left alone. Right now our own Goverment seems determined to make it worse with massive bailouts.
I read an article on Drudge, last week I believe, if you want to refrence it in his files. Anyway, it said that the Goverment was considering bailout money for people in the Madoff Hedge Fund fiasco. Now, my understanding of this type of fund is, High gain, but high risk if you lose. supposedly, you know up front that you could lose your shirt on the deal.
I just don't understand where these people think the money is going to keep coming from. Eventually, we the taxpayers, will end up paying taxes over 50% just to keep it up.

[Molon Labe]

I'm doing just fine...better than average. I've got a decent savings. I'd like it to be better and my wife and I both have secure well paying jobs.
That doesn't mean it isn't something to be concerned about or that I won't feel it in the next year or two. What has occurred this year is a pretty unique situation that few living have ever experienced. It also doesn't look like the plutocrats have learned any lessons from it yet. For most of my life I've been taught that a home is an investment, and that "spending" money during a recession "stimulates" the economy. From what I know now...those are both false assumptions.

[OwlMBA]

If this is the "biggest economic crisis since the Great Depression", I have to wonder what everyone was complaining about during every other bad economy over the past 80 years. This is nothing compared to the Great Depression.

[marinejcksn]

If this is the "biggest economic crisis since the Great Depression", I have to wonder what everyone was complaining about during every other bad economy over the past 80 years. This is nothing compared to the Great Depression.

Exactly, right? I hear all the time comparisons to this and the GD, do people even know what an ass they sound like making that connection? In the '30s we had double-digit unemployment under FDR for almost 10 years. What're we at right now, 6.5% I think? This is nothing close to as bad as it got back then.

I don't think most of the Liberals you might talk to understand a lot or read a lot about economics in general, unless it's a fluff piece from Krugman. It's unbelievable how easy it is to predict what's going to happen when you start to read Mises, Hayek and some of the other great economists. Hell, modern economists like Thomas Sowel are right on the money most of the time and yet we continue to have these idiotic leaders trying to ram the same square peg into a round hole over and over and over again. We seem to just do 3 things: deficit spend, borrow more or raise taxes. With Obama we'll probably do all three. :(

[Molon Labe]

It's unbelievable how easy it is to predict what's going to happen when you start to read Mises, Hayek and some of the other great economists. Hell, modern economists like Thomas Sowel are right on the money most of the time and yet we continue to have these idiotic leaders trying to ram the same square peg into a round hole over and over and over again. We seem to just do 3 things: deficit spend, borrow more or raise taxes. With Obama we'll probably do all three. :(

I believe we've listened to the Keynesians for too long.

[Goldwater]

Well, the collapse hasn't come yet, at the moment we're in contracting mode. If a collapse comes, you'll know sir.