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Old 12-08-2008, 07:48 PM
 
66,653 posts, read 55,882,450 times
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I don't remember ever going through more than 20 places and still not getting a job. How much worse could Atlanta's economy get?
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Old 12-08-2008, 10:38 PM
 
Location: Stone Mountain, GA
35 posts, read 124,829 times
Reputation: 20
There's a whole wave of future foreclosure victims just now starting to skip their mortgage payments until somebody comes to kick them out of their houses months from now. They hope to live "rent free" while they can, possibly racking up credit card debit along the way too. This will make it harder for everyone to borrow money, including companies you might want to work for. Their impact on the economy won't be fully felt for a while, but yes it will get worse.
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Old 12-08-2008, 10:39 PM
 
Location: southern california
61,281 posts, read 83,340,954 times
Reputation: 55458
you can get a job i just know it.
im rooting for you.
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Old 12-08-2008, 10:58 PM
 
Location: West Cobb County, GA (Atlanta metro)
9,191 posts, read 32,409,319 times
Reputation: 5260
Ever hear the term, "The bigger they are the harder they fall"?

Atlanta's been experiencing extremely abnormal (compared to the norm) growth and sprawl patterns since the late 1970s. Few cities in North America have come close to matching it. The balloon just kept filling up with more and more water, until finally it's starting to pop.

Atlanta's economy is a bit more diverse than cities like Detroit, so it's unlikely to completely dry up, but it very well could take years for it to recover - and there is always a chance that once this is over, it will never get back to the same growth patterns that it once had.

Don't give up though. Jobs are still there. You just have to keep chugging along.
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Old 12-09-2008, 04:15 AM
 
3,972 posts, read 11,977,163 times
Reputation: 1458
I would have a list of all the businesses that might benefit from Obama's proposed spending increases on infrastructure and I might already be sending them resumes, etc.

(think road construction, communications infrastructure etc) I might even try to get in the door now so that when the money starts flowing you are on someone's radar screen.

I think that it will get worse before it gets better, when retail loses jobs in November, that isn't a good sign.
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Old 12-09-2008, 08:19 AM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 4,079,304 times
Reputation: 501
So much of Georgia's economy has been tied to real estate in recent years that the repercussions of the mortgage meltdown has hit us very hard. There are still pockets of the country where things are better but people keep moving to Atlanta, thinking they'll have a better time finding a job here when it's just not the case.

I also believe things will get worse before they get better, but I have hope that the positive energy of the new administration will help turn things around sooner than they would absent that transition. A lot of economics is governed by emotion and if people feel more hopeful and begin acting on that hopefulness then it can have a profound effect on the economy.
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Old 12-09-2008, 08:48 AM
 
Location: Atlanta, GA
1,123 posts, read 6,276,856 times
Reputation: 564
This is not an Atlanta problem, it is a US problem brought upon ourselves. Between the continued foreclosure doom scenario and the unbelieveable mountain of credit that will not be possible to repay by all those in economic stress, it could be another 5-10 years. I am not a doom and gloom guy, but capitalism has been mutated and is not being allowed to correct itself, which is only going to exacerbate the problem. A noted Russian analyst has predicted (possibly joking, possibly not) that this could lead to the eventual separation of the US as a country. IE, we will fragment into a Europe model, but larger countries. The basic premise is that our country cannot sustain itself, and differing regions/economies will be better off on their own. I think the problem right now is that humans can't really live long enough to experience such macro-level changes, and all our generations have known is prosperity and comfort. We could realistically be heading into a time of great woe. We all kind of assume that a global power like the US can remain this way infinitely, but history shows us that this is not the case. Even our poor have lived like kings compared to other countries. The script is being flipped and we could very well be heading towards the craziest paradigm shift you cannot even imagine. What happens when our money devalues to the point of worthless? When money can no longer assure you segregation and class heirarchies, what will happen? People will likely revert to primal instincts of survival and that could be scary. I hope Pottery Barn furniture burns long when we need it to stay warm.

For all we know 1,000 years from now, this period will be viewed as one of the most foolish societies ever. Children will laugh in history classes at the absurdity of a culture driven by materialism and avarice, and wonder how a silly society even came to exist. We don't know. We all like to think that everything will be all right, but what if it won't? We talk about the housing bubble, the oil bubble, but what if our entire economic model of the last 200 years was simply another macro-bubble, which ultimately is a blip on the historic spectrum? It's kind of like how we have grossly over-populated the SW US, thinking aqueducts and water basins would be adequate to provide water, not even realizing that all models and projects were based solely on the 20th centry data, which also happens to have been one of the wettest centuris in aeons. We are basing our belief in a rebound on the Great Depression, but what if that is too short sighted and the Depression was simply a preamble to a larger terminal failure? Just things to think about (as I am bored at work and feel like waxing philosophical).

I am sure the Greeks and Romans, and even the Pharoahs all thought this omnipotence woud be ever-lasting.
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Old 12-09-2008, 01:35 PM
 
1,498 posts, read 2,892,808 times
Reputation: 564
Quote:
Originally Posted by atlantagreg30127 View Post
Atlanta's been experiencing extremely abnormal (compared to the norm) growth and sprawl patterns since the late 1970s. Few cities in North America have come close to matching it. The balloon just kept filling up with more and more water, until finally it's starting to pop.

Atlanta's economy is a bit more diverse than cities like Detroit, so it's unlikely to completely dry up, but it very well could take years for it to recover - and there is always a chance that once this is over, it will never get back to the same growth patterns that it once had.
Atlanta's growth patterns is not just a coincidence. it is the result of major demographic shifts taking place in America - people are moving from northern states to southern and western ones. Companies are also relocating to follow the young people leaving midwestern and northeastern cities. Atlanta's growth is a result of this.

As long as people keep moving here, the growth will continue. And, there are no population patterns that suggest people have stopped moving here - they continue to even in a recession. If anything, once the recession ends Atlanta is poised for the biggest boom yet.
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Old 12-09-2008, 03:28 PM
 
360 posts, read 950,729 times
Reputation: 93
2008 is the year that gave us $4 and something gas in September and $1 and something gas in December. It gave us Sarah Palin and Barack Obama. In other words, 2008 is the year I quit making predictions.

I pray we're seeing the worst of things now, because this is bad enough. I don't think we're made of the resourceful determination and quiet spiritual strength to get through a Depression like my parents and grandparents did.
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Old 12-09-2008, 06:19 PM
 
1,020 posts, read 2,431,686 times
Reputation: 553
This is a world problem, not just Atlanta's. I'll repeat: it's a WORLD problem. All of the OECD nations are in recession. Consumer spending has halted. There are no capital reserves to back new credit. During the summer, the entire world felt the crunch of overexpanding commodity prices based on speculation. Now, they're crashing down to 2004 levels, back to an equilibrium sustainable by the CPI. Home prices are contracting (BTW, if you have home prices expanding at the rate many US cities did, that's not a sign of a productive economy, especially on easy credit).

And, I'm sorry to say, it ain't over yet. Home prices have a ways to go in those bubble cities before they're back in reality. Credit won't be as easy to get as it was in the last decade. This will cause a lower demand for goods, thus more contraction of the economy. Businesses won't be able to borrow and expand. Again, less jobs. You have at least a year more of this, and I wouldn't be surprised if it were a little longer.
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