Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The prices have to go down and they will because nobody can afford to buy these properties any more. To get a loan nowadays you have got to have 10 or 20% down and good credit. The days of BS loans are over. This is a good thing for the average joe.
NYC has a very diverse economy; tourism, finance, media, fashion, corporate headquarters, publishing, movies/tv filiming, chemicals/pharma etc..
NY will go through a tough year or two, but is in better shape than many other places that rely on one or two areas. Also, it seems like the Patterson understands that budget cuts need to be made to avoid tax cuts (get ready for the smear ads from special interest groups).
When the new administration comes in, it will be a golden opportunity for NY to get funding for green ideas that will work in the long run (high-speed rail, congestion pricing, wind turbine fields, solar power, etc). These ideas are good for the future and can help replace lost manufacturing jobs. I think it may be a good idea to take money that would be spent bailing out the auto industry and spending it on modern infrastructure. The US is falling so far behing Europe and Japan it isn't even funny.
NYC has a very diverse economy; tourism, finance, media, fashion, corporate headquarters, publishing, movies/tv filiming, chemicals/pharma etc..
NY will go through a tough year or two, but is in better shape than many other places that rely on one or two areas. Also, it seems like the Patterson understands that budget cuts need to be made to avoid tax cuts (get ready for the smear ads from special interest groups).
When the new administration comes in, it will be a golden opportunity for NY to get funding for green ideas that will work in the long run (high-speed rail, congestion pricing, wind turbine fields, solar power, etc). These ideas are good for the future and can help replace lost manufacturing jobs. I think it may be a good idea to take money that would be spent bailing out the auto industry and spending it on modern infrastructure. The US is falling so far behing Europe and Japan it isn't even funny.
If you think that's how this is going to play out then you are buggin Mod cut languageout. All the industries you named rely on the F.I.R.E. economy. And that my friend is dying. It is going to be a lot longer than 2 years for them to fix this mess. Tourism, is holding up because of foreigners, as things get worse (and it will) that too will subside. Movie studies have already started canceling or delying movies. Fashion also depends on peoples willingness/ability to buy this stuff. There was a piece on NPR a few months ago that said, a lot of boutiques are closing up shop in affluent areas in Manhattan. AMERICA is going to have to rebuild/reinvent itself and that sir takes a hell of a lot longer than 2 years.
The green initiatives and infrustracture will do well I agree with you but again thats going to take awhile to come to fruition and actually pay off. We are in for a LONG LONG LONG ride ahead.
Last edited by Viralmd; 11-09-2008 at 08:12 AM..
Reason: Inappropriate language
I think you guys might be right if the government let AIG go belly up, but they couldn't, and didn't. If AIG went down, everybody would be taking out their money, and the stock market would plunge to Hell.. yes, there's been some great financial losses in the past few days, but I seriously believe it's just a blip on the radar.
retail is really getting hit hard! No business! Slowest at my shop in the past 20 years!
Wait till January. This is the peak season for retail, if it is slow now you guys are in massive trouble. It is going to be completely dead after the holidays.
My contacts in the shipping/freight business confirm that this is the slowest it has been since the 1980's. For the first time since the Wal-Mart outsource mania hit China cargo ships and cargo planes have been arriving at American ports less than full. Now the loads have dropped to 50% capacity which is unprecedented, especially for the peak season that we are in. We will see many retail shops close up forever after the holiday. We have already lost suburban stores like Linens and Things and Circuit City. Who is next?
Do you know anyone that has been affected by this? Several of my neighbors have been laid off and are finding that the job market is weak to non-existent. New York is going to be especially battered as the New York banks are the driver of this whole world wide phenomenon. When this all shakes out there will be a huge purge of white collar workers. The posts here will change from "how to a find an apartment in this nabe" to "how to I get the hell out of here" or "if I use the stiletto to defend myself should I go for the gut or the neck." The banking industry will emerge as just a fraction of its former self. Almost everyone in New York will be affected. Many of these new arrivals of the last ten years will soon depart.
Last edited by samyn on the green; 11-20-2008 at 02:56 PM..
Wait till January. This is the peak season for retail, if it is slow now you guys are in massive trouble. It is going to be completely dead after the holidays.
My contacts in the shipping/freight business confirm that this is the slowest it has been since the 1980's. For the first time since the Wal-Mart outsource mania hit China cargo ships and cargo planes have been arriving at American ports less than full. Now the loads have dropped to 50% capacity which is unprecedented, especially for the peak season that we are in. We will see many retail shops close up forever after the holiday. We have already lost suburban stores like Linens and Things and Circuit City. Who is next?
Do you know anyone that has been affected by this? Several of my neighbors have been laid off and are finding that the job market is weak to non-existent.
I'm really scared actually. We are a really small optical business. just opened a new location in April with an 8 yr lease.
If we can't stay up I don't know what I'm gonna do.
I just started volunteering at an sfter school program that may turn into a full time paying job in the future, but damn, its not fun not know what the future holds.
If I get sick, its over. No insurance, no nothing.
Things have gotten bad and this is only the tip of the iceberg. If you disagree then please take off the blinders for your own good.
We are headed for deep recession and possible depression. Big Ben used his get out of jail free cards (rate cuts) too early and has little room left. Why? Because he like everyone else had a false sense of security due to the fact that the masses (including our politicians) buy into the fact that America is the greatest country in the world and 100% indestructible. News flash: every empire has their peak and subsequent fall, and our peak was around the year 2000. it has been a slow fall ever since and now we are approaching the cliff.
Just about every company known to man is affected by credit and with people tightening their wallets, demand will drop across the board, inventories will be excessive, and the American economy might as well be Zimbabwe. Every industry is going to get hit by this. We have only seen the first few dominos get knocked over. The rest will be getting knocked over well into 2009, so strap in for the roller coaster ride.
As bad as the bailouts were, not bailing out Lehman brothers was a mistake like scoring on your own goal in the world cup. Letting a major bank go eroded America's competitive advantage in the capital markets. Access to capital makes our economy move. Next stop is the failure of the automakers. Although we are behind Japan in this industry, losing future revenues of the millions of American built cars is going to destroy the American economy.
These politicans are a bunch of idiots. All you do is bailout the car companies and force them to produce well built compact cars so we can be a global player in the automotive industry. Cut SUV production by 98% or so, curb pickup truck production so we have enough only for all the guys who actually use them for work. No more Pontiac Azteks and Escalades. Basically force the auto companies to be more efficient similar to the way Toyota operates so they can generate revenue and not need to get bailed out in the future.
America is in big trouble in both the short term and long term. Not only has it become an antisocial cultural wasteland with corporate America consuming people's lives, but the rock these zombies have rested upon, their very own corporate America, has failed them. There is not much left here if you are looking to live the white collar corporate yuppy high life. Pack your bags for the far east and tell Junior to sign off myspace and load up the Rosetta Stone Japanese until your plane departs.
America is in big trouble in both the short term and long term. Not only has it become an antisocial cultural wasteland with corporate America consuming people's lives, but the rock these zombies have rested upon, their very own corporate America, has failed them. There is not much left here if you are looking to live the white collar corporate yuppy high life. Pack your bags for the far east and tell Junior to sign off myspace and load up the Rosetta Stone Japanese until your plane departs.
I was somewhat with your post until the "corporations should head east part", that would only make things much worse.
Since a large portion of the countries wealth is concentrated in NJ, NY, and Conn
and NYC is the center of those moneyed nabes
depression, recessions are all just a transfer of wealth
the rich get richer, the poor get poorer
you have this backwards
the rich are currently not getting richer,the rich are watching their portfoilios nose dive, the poorer the rich get, the more massivly poor the poor get
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
more blips
