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Old 07-11-2009, 08:16 PM
 
Location: Bloomington MN
138 posts, read 260,324 times
Reputation: 144

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Quote:
Originally Posted by MadRussian View Post
I don't know … I’m in Philly. I hear so much talk about crisis, layoffs, bankruptcies … but: Every time I go to restaurant on Friday or Saturday night there is loooong line of people. NJ shore beaches full of beachgoers. People still driving nice cars. People are still planning and going for vacations. Nobody lives under bridge. Where is crisis?
Yes, people are being more conservative now, but I think it’s mostly result of “crisis hysteria” in press not real CRISIS.
You're kidding. Right?
The massive layoffs nation wide, forclosures on homes, huge vacancy rates in vacation areas ... you think somebody's making that up?
I'm sure we're all very happy for you that you have not been inconvenienced by the state of the economy. I feel very lucky that we haven't been been too badly affected by it. But I can sure as hell see what's going on around me. A lot of people are hurting and don't care to hear somebody say that it's not real.

 
Old 07-12-2009, 03:29 PM
 
Location: Waikiki
282 posts, read 923,125 times
Reputation: 188
Quote:
Originally Posted by Mick St John View Post
You're kidding. Right?
The massive layoffs nation wide, forclosures on homes, huge vacancy rates in vacation areas ... you think somebody's making that up?
I'm sure we're all very happy for you that you have not been inconvenienced by the state of the economy. I feel very lucky that we haven't been been too badly affected by it. But I can sure as hell see what's going on around me. A lot of people are hurting and don't care to hear somebody say that it's not real.
You've got to admit MadRussian does have a point...why are the restaurants and bars so full?
 
Old 07-12-2009, 03:38 PM
 
Location: Was in Western New York but now in Hilo Hawaii
1,234 posts, read 2,920,322 times
Reputation: 395
I think well in my experience at least that people will go out to eat to get away from the stress of bills and such. Im not saying that its right to spend money but its a cheaper escape than a weekend away. JMHO but what do I know lol
 
Old 07-12-2009, 04:18 PM
 
Location: Moku Nui, Hawaii
5,984 posts, read 9,759,459 times
Reputation: 3190
Maybe it's part of their "staycation". If they don't have to spend money on a Hawaiian vacation, then they've got enough to go out to eat. I don't think there's enough of them that didn't vacation in Hawaii, though, to fill lines at restaurants.

Perhaps it might be less restaurants? I've noticed quite a few businesses and restaurants closing around here. Everytime we go past town, there seem to be a few more "lease available" signs on the commercial buildings.
 
Old 07-12-2009, 05:18 PM
 
Location: Honolulu, HI
4,799 posts, read 2,893,907 times
Reputation: 5842
If California defaults and collapses (Lord I hope not), it would have a huge impact on our economy. A big portion of visitors are from CA. Also, we don't know what will happen this fall and winter with the swine flu. If we recall, we saw a big drop in visitors from Japan last April with the swine flu outbreak.

Personally, this economic fiasco hasn't been too difficult for us. We have very little debt and we try not to waste money and buy things that we don't need. Now, if me or my wife loses our job, all bets are off.

Its very apparent to me that there a lot of people struggling. There are far more homeless folks than a year ago. Jobs in construction and hospitality have been gutted. I know many who have lost there jobs, but they have savings and bought their houses before this last bubble. What remains to be seen is how long they can continue on without any income after unemployment benefits run out.
 
Old 07-12-2009, 06:05 PM
 
Location: Kailua Kona, HI
2,723 posts, read 6,248,089 times
Reputation: 2391
Another impact from a California "collapse" is that many non-resident owners who have properties here either as long term or vacation rentals live in California. If they're in trouble in their own backyard, the property in Hawaii is likely to be a low priority when it comes to paying bills.
 
Old 07-12-2009, 07:30 PM
 
Location: Texas
12,330 posts, read 7,777,881 times
Reputation: 52059
Quote:
Originally Posted by MadRussian View Post
I don't know … I’m in Philly. I hear so much talk about crisis, layoffs, bankruptcies … but: Every time I go to restaurant on Friday or Saturday night there is loooong line of people. NJ shore beaches full of beachgoers. People still driving nice cars. People are still planning and going for vacations. Nobody lives under bridge. Where is crisis?
Yes, people are being more conservative now, but I think it’s mostly result of “crisis hysteria” in press not real CRISIS.

It's more than a crisis when a state in the US is handing out IOU's to state employees rather than pay checks.
 
Old 07-12-2009, 08:10 PM
 
Location: Detroit Downriver
621 posts, read 1,348,854 times
Reputation: 389
You gotta keep in mind that when the unemployment rate hits 10%, bad as that sounds, it means that 90% are still employed. We got used to 5% unemployment and double that sounds a lot rougher than it really is.

Of course, if you are on the front lines of the economic squeeze ... then it's all bad.

CA's problem stems from the voters not facing up the crisis and allowing the legislation to pass that would have kept the paychecks coming.
 
Old 07-12-2009, 08:39 PM
 
Location: Kailua Kona, HI
2,723 posts, read 6,248,089 times
Reputation: 2391
Unemployment has a two-edged sword. People out of work means that many more people living off the state's dime in unemployment benefits and even food stamps at times. If you convert that small looking percentage into actual human numbers multiplied by tax dollars, it begins to lose that "not as bad as it sounds" perspective.
 
Old 07-12-2009, 10:13 PM
 
Location: Detroit Downriver
621 posts, read 1,348,854 times
Reputation: 389
Sorry, KonaKat, I'm not buying it.

Unemployment is funded by those insurance premiums foisted upon employers along with their half of the SS pay in's.

But, don't get me wrong. I ain't sayin' "It's not a problem." I'm just sayin' "It's not as big a problem as it looks."

All unemployment is a problem. Now days the unemployment problem is twice as big as it was. But 90% employment is capable of a growth economy, unless the unemployment feeds on itself and gets worse. That's why we want the Fed to spend on infrastructure 'til it hurts.

And we definitely want CA to trim their fat and balance their books.
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