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Old 12-29-2008, 02:35 PM
 
129 posts, read 446,456 times
Reputation: 65

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Quote:
Originally Posted by Palmetto Heel View Post
I'll do you one better, let's say that the number is 1 million. That's still less than 1/6th of 1% of all adult, full time workers! It sucks if you're an individual who has lost his job, and I got caught in a RIF early in my career so I've been there, but the overall situation just isn't that bad. The sooner that we stop talking ourselves into a recession the faster we'll be out of it. Unfortunately, bad news sells papers, brings in viewers, and drives web traffic.
While I do agree that we can "scare ourselves into a recession", as you said, I also think that it's much worse than you are making it out to be.There are too many ppl out there out of jobs and while there may be safe guards to (hopefully) keep us from having another depression, it's still effecting way more people than you eluded too.
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Old 12-29-2008, 02:59 PM
 
414 posts, read 1,147,149 times
Reputation: 286
Quote:
Originally Posted by Palmetto Heel View Post
I'll do you one better, let's say that the number is 1 million. That's still less than 1/6th of 1% of all adult, full time workers! It sucks if you're an individual who has lost his job, and I got caught in a RIF early in my career so I've been there, but the overall situation just isn't that bad. The sooner that we stop talking ourselves into a recession the faster we'll be out of it. Unfortunately, bad news sells papers, brings in viewers, and drives web traffic.
Very good post! I agree 100%!

We have, we really have, talked ourself into this trouble. You are right, the freaking media tells us how bad it is, before you know it everyone is scared, they quit spending and the trickle-down effect is on. Eventually people are losing jobs and places are closing down...all because of paranoia.

I guess as a country we have to have something to be paranoid about, whether it's Y2K, West Nile, terrorists, anthrax, the bird flu, freaking MRSA....

I guess since we haven't all died yet, we have to find a different avenue to destroy ourselves...
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Old 12-29-2008, 03:13 PM
 
Location: Charlotte, NC
2,193 posts, read 4,537,721 times
Reputation: 1072
Quote:
Originally Posted by jstn View Post
Very good post! I agree 100%!

We have, we really have, talked ourself into this trouble. You are right, the freaking media tells us how bad it is, before you know it everyone is scared, they quit spending and the trickle-down effect is on. Eventually people are losing jobs and places are closing down...all because of paranoia.

I guess as a country we have to have something to be paranoid about, whether it's Y2K, West Nile, terrorists, anthrax, the bird flu, freaking MRSA....

I guess since we haven't all died yet, we have to find a different avenue to destroy ourselves...
Hmm, I don't think the victims of the Madoff scandal who lost millions talked themselves into this. I also don't think the losses that real people are losing are a figment of their imagination. I also don't think the fact that people don't have a job or income coming in is made up. These people either have money or they don't.

I also don't think the trillions of dollars wiped out from CDS's is made up either. As a whole it may have been phony money and seem like a mirage but it actually IS an individual's money! For some it was a child's college education, for some it was their retirement, for some it was for a downpayment on a home. That money is *really* gone.
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Old 12-29-2008, 03:15 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,650,129 times
Reputation: 3690
Again, the unemployment rate only counts people who are drawing unemployment benefits.

They do not count people who do not qualify

they also do not count those who's benefits have run out

They also do not count people working part time looking for full time work

So the "real" unemployment rate is nowhere near what is published by Govco.



We've lost 2 million jobs in 2008.
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Old 12-29-2008, 03:19 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,650,129 times
Reputation: 3690
Quote:
Originally Posted by jstn View Post
We have, we really have, talked ourself into this trouble. You are right, the freaking media tells us how bad it is, before you know it everyone is scared, they quit spending and the trickle-down effect is on. Eventually people are losing jobs and places are closing down...all because of paranoia.

I guess as a country we have to have something to be paranoid about, whether it's Y2K, West Nile, terrorists, anthrax, the bird flu, freaking MRSA....

I guess since we haven't all died yet, we have to find a different avenue to destroy ourselves...
How do you account for the S&P losing 40% of its value this year, wiping out trillions of dollars in retirement accounts? How about 2 million jobs lost? Did the media make this up? Are we paranoid or is this fact?
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Old 12-29-2008, 04:19 PM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,769 posts, read 6,755,540 times
Reputation: 2109
Quote:
Originally Posted by CouponJack View Post
How do you account for the S&P losing 40% of its value this year, wiping out trillions of dollars in retirement accounts? How about 2 million jobs lost? Did the media make this up? Are we paranoid or is this fact?

It's not a problem if you have 25+ years to recover, if you thought you'd retire in the next 5-10 years, yeah, you're pretty much left out in the cold.
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Old 12-29-2008, 04:24 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,650,129 times
Reputation: 3690
Quote:
Originally Posted by Miker2069 View Post
It's not a problem if you have 25+ years to recover, if you thought you'd retire in the next 5-10 years, yeah, you're pretty much left out in the cold.
I agree for the 30's/early 40's crowd (and under) you can still recover. Late 40's and older (who most likely had a huge portion of their portfolio in equities) are behind the 8-ball in most cases.
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Old 12-29-2008, 04:59 PM
 
795 posts, read 3,916,171 times
Reputation: 985
palmetto heel - this whole thread just makes me livid. really, for real...everything i want to say here would get me into a LOT of trouble on this board and possibly kicked off forever. but i am going to say it anyway in the nicest possible way i can think of.

you really sound like you have no idea what is happening to people across our county right now. they are losing their HOMES. they are losing their CARS. they are losing their INSURANCE. they are losing their GROCERY MONEY. people who are already so stretched so thin that they're almost not making it are NO LONGER MAKING IT.

these circumstances aren't something they've talked themselves into...these people didn't quit spending b/c they got scared or paranoid, they quit spending because their money RAN OUT. because they lost their jobs.

jesus. you have been so incredibly lucky, and you don't even seem to realize that fact. you could wake up tomorrow and have everything taken away from you, just like that one percent of the one percent or whatever you quoted, and then maybe, JUST MAYBE, you might begin to understand what is happening to the hundreds of thousands of people around the country right now. the same people that you have frighteningly little sympathy for.

your attitude astonishes me.
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Old 12-29-2008, 05:24 PM
 
Location: The 12th State
22,974 posts, read 58,506,947 times
Reputation: 14918
Layoff tracker is this going to be a huge pink slip in the sky that NOAA will track as it crosses the country slinging down a magic potion that says "you fired" . As goes around the time frame for it to sail the prewarning on the radar is to let kids get to bed because shortly their parents will be cussing

Last edited by SunnyKayak; 12-29-2008 at 05:34 PM..
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Old 12-29-2008, 05:29 PM
 
Location: Charlotte, NC
123 posts, read 270,808 times
Reputation: 36
The list includes layoffs by BOA and Citibank which could include layoffs outside the US and also layoffs over the next 3 years.
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