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Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,766,887 times
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Let's see- stock market up 2000 points since January and heading back towards record territory on the DJIA. Unemployment headed back down. The future looks so bright, I gotta wear shades!
What happened to that "recession" everybody was talking about before yesterday?
Economy shows resilience; jobless rate falls as dollar rises - Yahoo! News (broken link)
I think we're going on an inflationary cycle that will be the longest and most pronounced in out country's history. Whether or not it will lead us into a full recession is uncertain, but very possible. We are entering a time of great adversity (and are already there now) and the transition period is going to be rough.
People think that gas, houses and food are the economy, hence, when they slug, everything slugs.
And, to add to your praise. The US is receiving record highs for travelers. Coca Cola has also reported higher earnings overseas. (Sorry, I LOOOVE that company).
As for houses. Everyone needs to chill. If you bought your house for 400k 10 years ago, and it's only worth 425k now.. It's still an increase. But, you know. Everyone wants that 400k investment to turn into 1.2 million.
sdhdhf. The recession should be named "the overreacting of the drama queens, the working class."
If you don't think we are in a recession (you should tell Warren Buffet that) go out and party! Spend all your money or keep up with your expenses... I am feeling the recession and so are MILLIONS of americans who traded their higher income jobs for lower income jobs... but then that isn't your problem... soaring gas and food prices... the reason its not an official "recession"? People think someone else is going to pay their bills as they keep spending away on their own luxuries in life... but I guess as long as they do that... then it isn't a problem... that is, until they can't borrow anymore to continue with their lifestyle... would that be so much better? Again, go out and spend... forget what everybody knows except the government.. well, they do know, they just don't want anyone to know what they know... apparently you are one of them.
People think that gas, houses and food are the economy, hence, when they slug, everything slugs.
And, to add to your praise. The US is receiving record highs for travelers. Coca Cola has also reported higher earnings overseas. (Sorry, I LOOOVE that company).
As for houses. Everyone needs to chill. If you bought your house for 400k 10 years ago, and it's only worth 425k now.. It's still an increase. But, you know. Everyone wants that 400k investment to turn into 1.2 million.
sdhdhf. The recession should be named "the overreacting of the drama queens, the working class."
That would be true if everyone bought their house before the market upswing... there are millions upon millions of people who bought it when it was 500k only to see it drop to 300k... those are the drama queens (you would be too if it dropped that much)...
Then you talk about the people who bought long ago and made 25k profit still... but you fail to recognize that as house prices went up, so did property taxes for education, fire, police, etc etc... that money is SPENT and that means as house prices decline, many communities need MORE money to keep what they have now and even MORE money to keep it in the future (unless you don't like police and education). That means a large (very large levy) to increase property tax (would you be a drama queen now?). That 25k profit turned into a loss of 100k...
Record high for tourism... do you see the "life" of natives in countries dependent on tourism? Not a pretty picture... I rather we were a country that didn't depend on tourism... record tourism means one thing... things are going bad in our country to attract people from other countries to prey on our cheap goods. Coca Cola made record overseas profit... chances are that profit will be USED overseas as well with marketing and hiring.. thats not good..
In the end, people complain when they make bad decisions and lose money.. the thing is, houses are appreciating plroducts and even though you lose half of what you paid for it (and paying it in high interest rates), the houses will still recoup the lost value in time (not good if you are retiring soon).. but that is life... I understand why people complain but I temper it as being part of "life"... sometimes you make good decisions and sometimes you make bad decisions... just don't steal from me when you make bad decisions...
For most people, your example using the stock market is useless. Afterall, playing the stock market is for the wealthy. The wealthy are shaded from what really is going on outside.
Unemployment? Sorry but those statistics were colored by those who want you to believe nothing is going on.
A quick check of the nations foreclosures might be a hint that the wealthy might notice. Afterall, the wealthy are snapping up these foreclosures like candy hoping for better times when they can unload them for a huge proffit. In many parts of the country foreclosures are up 300%. Where I live happens to be the worst hit where one out of every 165 homes are in some stage of foreclosure. No nothing is wrong with the economy.
There are actually more foreclosures now then in the great depression of 1928 when you take the percentage of population to homes of the time.
We went from 10,000 home sales a month to less then 25. The builders have stopped building which means hundreds of thousands of trades people are out of work. The classifieds have shrunk from 14-18 pages to 3 on Sunday.
More stores are hanging it up after years of success. Factories are closing. 80% of Americans have a medical debt on their credit score. 65% of Americans are one pay check from disaster and one illness from financial ruin. Do you know how many working class Americans make scab wages? They can not get ahead no matter how many hours they work. The wealthy are shielded from this eye sore.
And what are these working poor going to do when they have to fork out another $200-300 a month to put gas in their tank? No one gets raises anymore from their employer unless you work for the govt or have a union job. Raises are a thing of the past. Some of the better companies to work for toss a token quarter an hour to their best employees per year. Man that $10 a week should bring them into the middle class level with the next trip to the bank.
Not everyone can be Harvard educated or even college educated. Not every one can be so lucky in life. Have a heart for the little guy. You may be one of them some day should your luck turn on you. The economy is not as good as you see it through your blinders.
That would be true if everyone bought their house before the market upswing... there are millions upon millions of people who bought it when it was 500k only to see it drop to 300k... those are the drama queens (you would be too if it dropped that much)...
Then you talk about the people who bought long ago and made 25k profit still... but you fail to recognize that as house prices went up, so did property taxes for education, fire, police, etc etc... that money is SPENT and that means as house prices decline, many communities need MORE money to keep what they have now and even MORE money to keep it in the future (unless you don't like police and education). That means a large (very large levy) to increase property tax (would you be a drama queen now?). That 25k profit turned to a loss of 100k...
Record high for tourism... do you see the "life" of natives in countries dependent on tourism? Not a pretty picture... I rather we were a country that didn't depend on tourism... record tourism means one thing... things are going bad in our country to attract people from other countries to prey on our cheap goods. Coca Cola made record overseas profit... chances are that profit will be USED overseas as well with marketing and hiring.. thats not good..
In the end, people complain when they make bad decisions and lose money.. the thing is, houses are appreciating plroducts and even though you loss half of what you paid for it (and paying it in high interest rates), the houses will still recoup the lost value in time (not good if you are retiring soon).. but that is life... I understand why people complain but I temper it as being part of "life"... sometimes you make good decisions and sometimes you make bad decisions... just don't steal from me when you make bad decisions...
My parents bought the house I am in now, 4 years ago when the market was at a high. They have lost over $250,000. And, bluntly, they don't care much. They understand that the market is in a slump, and that things will improve and they will gain back everything that they lost. The only thing that was changed was the fact that moving in the near future is out of the question.
And, In all honestly. I can't relate to the taxes. There are many of large businesses around that keep the taxes relatively low. The education, itself, is awesome. The school, not so much. But, hey. I'm out in a year.
Do I see a "good" economy as a country filled with tourism? Not really. Tourism, is good in a way. Probably, and bluntly, because they are dumb and buy anything at any price. My god, I can't imagine how many "I<3NY" shirts are going to sell this summer. But, I see TONS of tourists get ripped off. A few years ago, these british folks were pay $15 for those Magic Markers you find in the dollar store. As for Coca Cola.. I can see them spending in marketing overseas (who wouldn't want to lose a little to gain alot), but, definitely not for hiring. Why would they want to pay twice as much overseas for workers? For easy calculations, say $1 = 2 Euros (I know it's close to that, but it's probably like 1.7893838, but, anyway). And, say the salary is $10 a year (.. again, for easy calculation). That means that for a worker in the US, you will need to dish out $10. Where as, in Europe you will need to dish out $20 PER WORKER. If you add that up, greatly - it would be 100 million in America, or 200 million in Europe. What are you going to go for?
-x-
I don't know, honestly. Your post really did open my eyes on alot of problems, as for I am somewhat sheltered from them (thankgod).
well said people. i will quote karl marx "rich become richer, poor, poorer".... US is in recession indeed. the rich does not feel it indeed. only the poor.. like me.
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