How Bad Is It???

[spence]

Our business has still been decent, but the next few quarters will prove very interesting as more companies tighten the belt. As bad as the NE economy might be, it is worse in other areas.

Personally it hasn't hit us much and I'm hoping it stays that way.

-spence

[nightfighter]

The other shoe hasn't hit bottom yet.... Automakers are jumping on the bailout wagon, and could be followed by the airlines. If they're giving out money...what industry wouldn't get in line, besides they oil refiners...
Just need to refocus where your dollar are going to be spent.
And not to get political, but the impending employer/cardcheck/union legislation battle looming on the horizon will undoubtedly prolong any recovery.
I don't see getting a feel good scenario in place for 24 months.

[JohnR]

Originally Posted by Nebe

Im a self employed artist.... need I say more?

Now you understand when your folks said you should be a Doctor!
(sorry)

My Company is doing well, pretty busy, and though we might not hire someone like originally intended, we're doing OK. That said, one coworkers husband was given notice.

My wife's place

[Moses]

Luckily my job is secure and allows my wife to stay home with our two boys. Although not recession proof, we are privately held and very careful with finances which is a good thing. Some existing and potential customers may be affected by a lack of credit but we feel these are delays vs outright denials.

On the home front, we usually live the same year in and year out. As someone else stated, gifts for children only this year for Christmas.

For those with existing CC debt/high interest rates, call the companies and insist on a lower rate. I did this a couple years ago and was granted a lower rate by 5%. Makes a huge difference when carrying a balance.

I know a few close friends very recently have done this and were granted lower rates also. If the front line operator denies, have them send you to where you can cancel the card outright (while mumbling to yourself holidays are approaching, etc.). They'll connect you to management and work out a lower rate as long as you keep the card active.

[justplugit]

If you have credit cards you are not using, cancel them, as they also fall into play in your credit rating, seen as monies you could still tap.

It would be the best thing for everyone if we got back to the old adage-
-pay yourself first- by taking %10 out of your pay for saving,
wether it be 401-k, IRA or savings account before you get it in your hands.

I have heard setting your thermostat 1 or2 degrees lower can lower your heating bill upto 3%.

[striperman36]

Akami - the edge of the internet and the information highway caching king laid of 7 pct of their workforce worldwide today.

It's like the entire world has hit a speed bump

[justplugit]

Originally Posted by nightfighter

The other shoe hasn't hit bottom yet.... Automakers are jumping on the bailout wagon, and could be followed by the airlines. If they're giving out money...what industry wouldn't get in line, besides they oil refiners...

Ya, if the so called highly educated Havad grad ,etc.,company managers and politicians are so smart ,how come this country is in the fix it's in?

IMHO, lack of common sense and greed.

[JohnR]

Originally Posted by justplugit

Ya, if the so called highly educated Havad grad ,etc.,company managers and politicians are so smart ,how come this country is in the fix it's in?

IMHO, lack of common sense and greed.

Absolutely, add in all the feel good by "helping" other people out irresponsibly (of course, redistributing other people's dough to do it) and we have a perfect storm of crappola...

Plenty of blame to go around folks, from the greedy to politicians to the criminal to the people with their hands out all the time. It doesn't help either that we as a nation have became spend-happy.

We'll get through it because we are Americans and we always fight adversary and somehow prevail but how much will we learn from it?

[cheferson]

Its not that bad if you can still afford $75 fishing lures

[Duke41]

I am sorry to read about the issues everyone is having. I hope that we all walk away having learned a few lessons. First do not trust the government at any level to have the best interests of everyday Americans. All of them are in politics for financial gain and personal interests. Stay on top of what is happening at the national, state and local levels. Hold the politicians accountable and for God's sake vote, vote in every election. Second credit cards are evil. Make sure your kids know that, make sure you know that. They are the modern equalivant of the shylock or the loan shark. Stay away from easy credit at all levels. If you can't afford without the credit card, then you can't afford it period. Third, save some money. Open up a savings account and put a little in every week. You would be surprised how fast $200 a month can equal $20,000 in the bank. Fourth do not buy a bigger house than you can swing. Don't forget bigger house, bigger mortgage, higher taxes, higher upkeep, higher electric bill, higher heating bill. Fifth as Clammer use to say appreciate what you have. Are you healthy, is your wife, your kids. Yes, than you are doing fine. We will survive this downturn and come out of it a lot wiser, maybe more responsible with our money and community. Maybe the kids will learn something too. So let’s stay on the politicians at all levels, save our money, pay our credit cards off and never let this happen again. This is the greatest country in the world and we will bounce back, we always do. Let’s vow never to let the greedy bastards do this to us again.

[Raven]

Originally Posted by JohnR

We'll get through it because we are Americans and we always fight adversary and somehow prevail but how much will we learn from it?

a little off topic but....

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 ...here in new england....

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 huge that we tend to learn.

[RIJIMMY]

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

[rwilhelm]

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!

[spence]

Originally Posted by RIJIMMY

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

That's a lot of doom and gloom. I think things will still get much worse but this isn't going to be the Great Depression II.

Besides, if we all stop shopping that will make things worse!

Everybodies situation is different. People need to react as appropriate.

-spence

[RIJIMMY]

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.

[striperman36]

Jimmy,
Maybe we should just curl up and watch Mayberry RFD reruns on TVLAND

[Crafty Angler]

Originally Posted by RIJIMMY

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

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

[Slipknot]

Originally Posted by Karl F

amex wants a bailout...citi bank too.......

fry them.....

citibank and amex can sit on it and rotate
wtf is with this country? we now entertain the thought of bailing out loansharks? wtf

I hope some smarter people get into politics soon and straighten these idiots out
if not, I'm outta here

[striperman36]

Amex is now a bank holding company and eligible for bailout funds

[FishermanTim]

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

[justplugit]

Originally Posted by Duke41

I am sorry to read about the issues everyone is having. I hope that we all walk away having learned a few lessons. First do not trust the government at any level to have the best interests of everyday Americans. All of them are in politics for financial gain and personal interests. Stay on top of what is happening at the national, state and local levels. Hold the politicians accountable and for God's sake vote, vote in every election. Second credit cards are evil. Make sure your kids know that, make sure you know that. They are the modern equalivant of the shylock or the loan shark. Stay away from easy credit at all levels. If you can't afford without the credit card, then you can't afford it period. Third, save some money. Open up a savings account and put a little in every week. You would be surprised how fast $200 a month can equal $20,000 in the bank. Fourth do not buy a bigger house than you can swing. Don't forget bigger house, bigger mortgage, higher taxes, higher upkeep, higher electric bill, higher heating bill. Fifth as Clammer use to say appreciate what you have. Are you healthy, is your wife, your kids. Yes, than you are doing fine. We will survive this downturn and come out of it a lot wiser, maybe more responsible with our money and community. Maybe the kids will learn something too. So let’s stay on the politicians at all levels, save our money, pay our credit cards off and never let this happen again. This is the greatest country in the world and we will bounce back, we always do. Let’s vow never to let the greedy bastards do this to us again.

Problem is, this is the way people should have been living over the past 20 years.

[fishbones]

Originally Posted by FishermanTim

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

I have no sympathy for the credit card companies. They surely don't deserve any bailout, but no one is held at gun point and forced to get credit cards. Anyone who signs up should be aware that there are interest charges and they'll end up paying $12 for the $8 drive through meal that they put on their card. People have to be responsible for their own spending. As others have smartly put it "if you can't afford it, don't buy it." I was told never to use a credit card for things like restaurants, movies, groceries, etc... because you're still paying for it long after it's gone.

[RIJIMMY]

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.

[Nebe]

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...

[spence]

Originally Posted by Nebe

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...

According to Hannity and Limbaugh, it's Obama's fault that the rich are afraid to invest...they've already labeled this economic turmoil the "Obama Recession".

-spence

[BigFish]

News Flash! This downward spiral was well entrenched before Obama came along!

[Jenn]

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.......

[Crafty Angler]

Originally Posted by Nebe

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...

In a #10 tomato can in the yard.

[Crafty Angler]

Originally Posted by Jenn

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.......

Well, at least we can take some comfort in the fact that the top CEO's are still able to live like swine.

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."

[Slipknot]

Originally Posted by striperman36

Amex is now a bank holding company and eligible for bailout funds

since when? screw them
I guess they know how to work our F'd up system
greed greed and more greed



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