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I don't think 80% of American's think we're still in a Cinderalla story... I think it's pretty obvious that Americans have been cutting down/ cutting back.
Look at miles driven, look at retail sales, look at auto sales, look at imports, etc... and it's pretty obvious to me that Americans are cutting back and most aren't in La la land. Those who are, will feel it soon unless they are completely independent/isolated from the outside world.
Lastly, when the most important issue for the Election is the Economy... it's pretty obvious Americans aren't still in de-nile.
Originally Posted by chuck22b I don't think 80% of American's think we're still in a Cinderalla story... I think it's pretty obvious that Americans have been cutting down/ cutting back.
Look at miles driven, look at retail sales, look at auto sales, look at imports, etc... and it's pretty obvious to me that Americans are cutting back and most aren't in La la land. Those who are, will feel it soon unless they are completely independent/isolated from the outside world.
Lastly, when the most important issue for the Election is the Economy... it's pretty obvious Americans aren't still in de-nile.
Originally Posted by TimtheGuy
Then how come so many posters seem to be?
We can sit here and pretend everything is great, it makes it easier. Now, I don't buy into 99% of what the big media has to say but I will say this. The middle class has been getting the shaft. An enormous amount of middle class jobs have been eliminated by our massive offload of manufacturing overseas. That doesn't mean the GDP hasn't done well during these times, but a larger percentage of that money has bypassed the middle class and straight to the executives and wall street types.
I have seen a transformation in my company(tech) which has moved from being strategic and planning for the next 5-15years, to being consumed about the current and next quarter. The temptation to cut costs/people over and over and pushing out higher paid workers is too great. While cutting costs boosts the short term numbers, too much of it is fatal. Not only that, we are not just offshoring machines, but we are sending our intellectual property as well. Some companies think that it is cheaper to have a subcontractor do the work and since they don't design anything, it is ok. Well, we go in, train them, give them the keys. What we are starting to see is startups popping up, using the technology we gave them.
Finally, our economy is heavily based on the consumer. Many consumers have financed this on credit, much of it "equity" that is supposedly in their house. I don't care what the stock market is doing or saying. We are about to see some lousy quarters. The last month or so consumers have finally been scared enough that they are trying to save now. While that is generally a good thing, our economy is in for a shock they we haven't begun to feel. Companies are going to start laying off in droves. My company(fortune 500) just announced no raises across the board because they are so concerned. This after laying off people already. Retailers and consumer product manufacturers are starting to see it. It will trickle down to component suppliers, distributors, and so on.
Unless consumers start spending again with money from somewhere, it is going to get really rough.
Remember Hurricane Katrina? wasnt that a sensation for a couple months?
The World Trade Center? OJ? Mad Cow/Anthrax? Werent they played back to back for atleast a year?
The media is a bully...It picks something and pounds it for months on end. Like someone said, bad sells better than good. What it really means is things are so good, there's nothing bad to talk about except the freaking dow points. Wall Street should just make a totally sepearate news channel for their losses and gains, and let the news report on other topics
The truth...is somewhere between what the eternal optimists are saying and what the doom and gloomers are dooming. We are definitely in a horrible consumer recession and its going to get real bad for a lot of people soon. It wont become like a scene out of mad max however.
what i am seeing is how many stores have gone out of business or are going out of business. i went up to new jersey and saw empty stores in at least half of the retail centers (that i saw occupied 5 years ago). i am shocked at what this may represent for the future, especially with our economy being artificially pumped up now with this paper currency flood! companies will be consolidating to stay alive and that means job loss everywhere.
The area I live in is affluent, wasn't hit by housing speculation or (so far) foreclosures.
However I work for a charity and we are finding it almost impossible to fundraise this year while at the same time demands on our services have risen threefold - food and housing for the elderly, loans, job assistance. You name it, we are stretched to the limit. Lot of people either losing jobs or on the cusp, elderly looking at very reduced incomes.
My other half also works in the auto industry. They are dead, their competitors have been closing, and people who had left have been calling begging for work.
The malls have been pretty quiet. Discount stores seem to be doing the best, but for instance Marshalls hasn't sold any inventory in a while. There is a line (no doubt due to slow service) but the stock hasn't changed at all. It's pretty miserable.
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