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#1
07-17-2008, 04:38 PM
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are we in a recession?
i know what the definition of recession is...
2 quarters of negative growth. does anybody think we are in a recession? without using general terms, and broad statistics of choice, did you or someone you know lose his/her job because the company went under? foreclose on a home? or is it just companies that there is no demand for by consumers (i.e. gm). i do not feel any 'negative growth'. my direct employer is still trying to hire more people, and the companies i contract for are hiring like crazy. military contracts are still offered, commercial clients are buying more than ever... maybe i'm missing something. 
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#2
07-17-2008, 04:43 PM
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What field are you in?
For construction, real estate, financial/mortgage sectors the situation is VERY bad. I lost my job in construction management due to the lack of work overall. Yeah before work would get slow then pick back up. Lately it was just down hill and nothing new coming in. It all depends on the field you are in and YOUR particular financial situation. If you bought a home you could not afford, you foreclose. If you had a job in any of the mentioned fields you would most likely have lost it. Maybe we are not in a recession but just in a real bad economic situation alltogether IDK i am not the expert. IMO i think it will all get better, i hope i am right =).
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#3
07-17-2008, 04:48 PM
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yes. just because your direct employer is not downsizing, does not mean the economy as a whole is in good shape. it's not just about demand for products. i work in the commercial/corporate finance industry, which is normally not so much affected by small fluctuations in the economy, but if you follow this industry, there have been recent job cuts in the industry (namely Citibank), which has inspired other companies in the industry to follow suit. We are not in any kind of depression, but you'd be kidding yourself if you believe we are not in a recession. Don't forget to look at what's happened to the USD in recent times.
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#4
07-17-2008, 05:13 PM
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Quote:
i wear a bunch of hats. and i teach many different ranges of people (army reserve units, special ops units, colleges, legal offices, airport personnel, employees at disney land (right now), and those military reserve units consist of many different professions in themselves). and, except for the housing market (and now i'm learning about the financial market), i haven't really seen a change.
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The strongest argument against democracy is a 5 minute conversation with your average voter. - Winston Churchill
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#5
07-17-2008, 05:14 PM
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Quote:
but a good friend of mine is construction as well, and is doing great (he does sheet metal for corporate buildings).
__________________
The strongest argument against democracy is a 5 minute conversation with your average voter. - Winston Churchill
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#6
07-17-2008, 05:22 PM
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Quote:
Working in the automotive industry in Michigan, I can pretty safely say that we're in a recession.  I've heard that business is booming for repo men though.
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#7
07-17-2008, 06:19 PM
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Yes.
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#8
07-17-2008, 06:27 PM
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I've heard that business is booming for repo men though.[/quote]
Yup, the quickest way to get back on your feet is to miss two car payments.
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#9
07-17-2008, 06:28 PM
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Quote:
__________________
The strongest argument against democracy is a 5 minute conversation with your average voter. - Winston Churchill
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#10
07-17-2008, 06:33 PM
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Quote:
and i travel 2-3 (sometimes 4) weeks a month to different cities across the country (last week newark, this week socal), kentucky (k-12 school districts), little rock, philly, boston, etc... i still don't get it. maybe i'm fortunate. maybe i'm ignorant. maybe every single person i come into contact with is still living the sort of life they want, but make small concessions (less travelling, basic cable, cancel the 'everything plan' for cell phones).
__________________
The strongest argument against democracy is a 5 minute conversation with your average voter. - Winston Churchill
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#11
07-17-2008, 06:35 PM
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Quote:
 slaytan - have you lost your car, job, or home? i'm curious, how has it affected you?
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The strongest argument against democracy is a 5 minute conversation with your average voter. - Winston Churchill
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#12
07-17-2008, 06:36 PM
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Quote:
Quote:
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The strongest argument against democracy is a 5 minute conversation with your average voter. - Winston Churchill Last edited by jaspergtr : 07-17-2008 at 06:41 PM.
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#13
07-17-2008, 06:38 PM
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^just had to add a lil humor to a not so funny subject regarding the recession.
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SFLG35 Some people are like slinkies; not really good for anything but make you smile when you push them down the stairs!
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#14
07-17-2008, 08:52 PM
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Quote:
Well, right now they have no alternative, outside of a $100K Tesla electric or $50K plus Mercedes Diesels. But with everything so expensive more people are deciding to keep their older cars or buy used instead of new. And the ones that are buying new are opting for smaller, more fuel efficient cars. Unfortunately, the US automakers can't make a small car at a profit to save their lives, so they're hemorrhaging money. Sales at Toyota (not including the Prius), Honda, Nissan, etc. are also way down this year, but they're still able to make some money on their lower sales. But Toyota did just announce that they're idling their Tundra plant for three months I think, so they're far from immune to the issues the Big 3 are facing.
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#15
07-22-2008, 12:55 AM
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I work at a bank in a middle class area. Decent working people with decent jobs (30K-60K) or small business owners. and a good portion of them are home owners. I would say we are most def in a recession. About 70% of the bulk of people I see daily fall under 1 of these 3 types.
1) Folks that have lost their work/got their income reduced and are falling behind on payments because they were living paycheck to paycheck. They are basically having to chose if they pay their utilities and eat or make their house payment. 2) Folks that are keeping up with payments but eating thru their savings/lines of credit because them or another income in their family has been affected coupled with higher gas/food prices. These people have cut most unnecessary luxuries like restaurants, premium cable packages, bars. 3) Folks that are fine from a financial standpoint because they have been very diligent. Plenty of savings and little to no monthly payments on house/car/CC/etc. However, because they are very careful with their finances and are scared things will get tougher before they get better, these people are not spending a penny that does not have to be spent like going out, vacations, etc.
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