People losing jobs left, right and center (job market, salaries)

[kalim2008]

Originally Posted by JG183

the "more" being a rise of a whole 0.32%

that amount probably represents thousands upon thousands of loans beyond the last QUARTER, as that study covers a lot of areas.

you making light of so many people falling behind is flippant, not to mention stupid as the study itself notes the 3.22% delinquent rate is the highest they've ever seen since measuring it in 1972 AND the article notes this would get worse as "millions more lose their jobs" going forward.

[NatasNJ]

Originally Posted by kalim2008

that amount probably represents thousands upon thousands of loans beyond the last QUARTER, as that study covers a lot of areas.

you making light of so many people falling behind is flippant, not to mention stupid as the study itself notes the 3.22% delinquent rate is the highest they've ever seen since measuring it in 1972 AND the article notes this would get worse as "millions more lose their jobs" going forward.

Sounds like you don't have a sense of humor either then. hahaha...

JG is a troll.

[JG183]

Originally Posted by NatasNJ

JG is a troll.

not at all.

I'm here to help

[JimCali]

Originally Posted by lets_hope_for_newbruns

Companies that are doing good are laying off too.

I heard that IBM a size of 100,000+ employees must be planning to reduce to 30,000.


Bad , bad times are here.

Is it wise to buy a home given this time or just bring down the value of home by 30 percent.
Hope the seller understands the situation.

I think its wise for people who bought homes 20 years ago , all brand new, to sell it off and move to Florida or NC or Georgia and such places.

In this crazy times.

Moving to the Southeast is not the best choice a retired person can make at this point. I just moved back from Florida. Property taxes and home owners insurance will bleed your pension dry as well as the electric bill for the AC (It has to be on longer during the year than most folks realize).
I was fortunate to be able to return back North, most people that move there aren't.

[wileynj]

Interesting conversation with my bank VP today....
This is how they derive unemployment numbers. They poll approx. 400 of the largest corporations to see how many people they laid off. According to her, 95% of the population works for small businesses and those businesses don't get polled! If this is true, it's misleading and in my opinion, leads to a pandemic which initiates a lack of consumer confidence, bringing the entire economy down.
Just wanted to share : )

[Lusitan]

Originally Posted by wileynj

Interesting conversation with my bank VP today....
This is how they derive unemployment numbers. They poll approx. 400 of the largest corporations to see how many people they laid off. According to her, 95% of the population works for small businesses and those businesses don't get polled! If this is true, it's misleading and in my opinion, leads to a pandemic which initiates a lack of consumer confidence, bringing the entire economy down.
Just wanted to share : )

It's not true.

Unemployment - Wikipedia, the free encyclopedia

[BobKovacs]

Originally Posted by wileynj

Interesting conversation with my bank VP today....
This is how they derive unemployment numbers. They poll approx. 400 of the largest corporations to see how many people they laid off. According to her, 95% of the population works for small businesses and those businesses don't get polled! If this is true, it's misleading and in my opinion, leads to a pandemic which initiates a lack of consumer confidence, bringing the entire economy down.
Just wanted to share : )

Sounds a little suspect to me. I'd say that the "new unemployment claims" numbers that have been in the 600,000 range every month recently probably reflect far more than "400 large corporations". I'm thinking you should stop banking at "First Bank of Hooterville".....lol

[theoakman]

Unemployment numbers are cooked. They changed the way the calculated them the past couple of decades to understate unemployment. They've done the same thing with inflation. So when comparing today's "unemployment" to a year like 1980 isn't a good indicator because they no longer measure the same quantity. The truth is, 9% unemployment may very well be what we thought 15% unemployment was 30 years ago.

[Badday]

The originator of this thread was asking is it a good idea to buy a home in this awful economy. My answer is yes, yes, yes! If you have the funds to pay for it. This is a buyers market. banks aren't as easy to loan out money on anything right now, unless it is a sure bet. And there betting on you to make the payments. You may be able to find a seller who is willing to sign a contract with you stating your terms on the sale. A contract for dead situation. But since homes aren't selling because buyers have poor credit, that puts you in the drivers seat when it comes to going directly to the seller. Maybe you could get certain terms and conditions in the contract. Like they take the home back with no penalty on you if you lose your job. Something like that, check it out!

[DowntownJerseyCity]

Originally Posted by wileynj

My theory - people are losing jobs because employers are trying to dump their over-paid people so that they can replace them with cheap foreign labor : ) Ok, or people, Americans who are highly qualified, unemployed and desparate and will do the same job for 1/2 the salary.

I've been looking at jobs that pay half of what I was making. No shame in trying to earn a living, and it's not forever. Eventually the job market will swing back in our favor and the salaries will increase.