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Old 06-11-2010, 10:45 AM
 
Location: New London County, CT
8,949 posts, read 11,112,574 times
Reputation: 5139

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Let's face it... The goal of the media isn't to inform you about the news in a balanced way. It's to generate an audience and sell advertising time. Fox (like them or hate them... Personally I hate them) has been very successful at it, through skillful positioning and good programming decisions that support that positioning... So I ask...

Would you know that the economy was bad, and now turning around if the media weren't making it a 24/7 story?

I think most people base their feelings about the economy based on their personal economy. I quit my job in January 2009, started a successful training business and am making more money than I ever have...

If I were oblivious to the news and you asked me about the economy, I'd say "great."

This is not supposed to be an us versus them discussion... I really want to know if we have become a bunch of reactionary media consumers who scream because the media stresses us... and why this is damaging as so often level heads would be much more advantageous...
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Old 06-11-2010, 11:04 AM
 
Location: Up in the air
19,109 posts, read 28,749,721 times
Reputation: 16328
Well, our company is not as stagnant as it has been for the past year or so. We're finally posting some excellent profits instead of mediocre profits. Of course, a lot of that is because my company has a HUGE savings account that would cover us for quite some time if we took a nosedive. We've already replenished what we borrowed over the past year.

The reason I mention that, is because a lot of other companies in my field have shut their doors. Because of that, we have purchased near new equipment and parts for pennies on the dollar PLUS we're getting their customers. So our conservative approach to running the business has really paid off. We are basically taking advantage of the businesses who went hog wild when things were going well and are now paying for it.

I think that if the businesses who invested conservatively and have a bit of a 'nest egg' take advantage of the economy in the next few months (or years, really) good things could happen.

The news media is only there to sensationalize and say 'MORE AT ELEVEN!!' so they'll get higher ratings and more sponsors and more companies will pay for commercial time. THAT'S why I can't trust most news sources...they're definitely not in it to inform, they're in it to make profits.
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Old 06-11-2010, 11:22 AM
 
Location: North Las Vegas
1,126 posts, read 1,489,349 times
Reputation: 928
I never really watch the news so my perception of the economy is what I see around me. I live in the Vegas area and have seen things go down hill really fast these last two years. On one hand they are starting to build new houses again, but at the same time the number of foreclosed houses is still growing. Very depressing to turn into a neighborhood and see sign after sign of bank owned home for sale. The wife and I counted one street (the worst we have seen granted) out of the 24 houses, 15 were foreclosed.

People are still getting jobs, but only on the strip. The number of people begging on the street is increasing as well.

So, based on what I see, the economy is looking horrible and going downhill. But I do read, and do research and I understand that the Vegas area is one of those places that is first hit, last to recover when it comes to recessions but this time around we had more housing jobs than gambling jobs so the hit is deeper than ever before.
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Old 06-11-2010, 11:27 AM
 
Location: Great State of Texas
86,067 posts, read 78,718,555 times
Reputation: 27668
My company is doing better as well. They only layed off 5K this year so far.
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Old 06-11-2010, 11:31 AM
 
11,128 posts, read 13,385,980 times
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How Would You Know The State of the Economy if the 24/7 Media Wasn't Screaming About It?

Well I would have to look at local indicators as I live in a very rural area. Here, the economy is essentially agricultural, logging, a small manufacturing sector, and a growing oil and gas industry.

For the past two years, the saw mills and log trucks have sat nearly completely idle, the few factories have either had substantial lay-offs or a few have even closed down. The cost of even locally produced foods has increased substantially and the only area that has seen steady growth is gas and oil development.

Since about Feb-Mar of this year however, two of our larger saw mills have began operations again, logging is picking up and the price of hay has dropped about 10-20%. (partly due to weather, but also related to livestock prices) So while there are improvements over the previous two years, things are still rather precarious and unemployment is high, which is easily noticed in very small populations.

Of course when the local economy is tuned in such a way, its hard to measure it to global economics, as even a drought year will alter things in a profound way.
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Old 06-11-2010, 11:33 AM
 
Location: Staten Island, New York
3,716 posts, read 6,542,843 times
Reputation: 3710
I would know simply by my lack of income, and similar situations with many of my friends and former co-workers.
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Old 06-11-2010, 11:46 AM
 
24,839 posts, read 35,044,322 times
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In a word "bleak".

Everywhere I look there is homes and business for sale.

I was offered houses for $1. In Detroit.

The foreclosures are growing each day.
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Old 06-11-2010, 11:55 AM
 
Location: Aurora, Colorado
2,212 posts, read 4,862,713 times
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I think the opposite is true. I think the media is trying to spin it and talk about how Wall Street rebounds one week and then they have to report that "main stream America" is not feeling confident. They throw out figures for consumer spending and hope that gets people to go out and shop.

The reality for me and how I know the economy sucks is that I have a large group of people I know and socialize with. Many of them talk about their general financial situation and how some of them had to settle for a job after being laid off or how many homes in their area have been foreclosed on. I also see own bank account and watch the money get very tight as my husband (who work for the city) has to take 10 furlough days (meaning his paycheck is about $300 less than it usually is) this year or how my shopping trip to Wal-Mart now costs more than it used to.

Obviously news channels try and spin the facts for their audience or agenda, but I think that most Americans see for themselves that things are not great out there. Even those like my husband, whose job is fairly secure, understand that things can change very quickly and those people who have been unemployed for months are just as smart or educated or qualifed as those who are working. People aren't spending as lavishly as they used to because reality has come crashing down to main street USA. You don't need the news to tell you things are bad out there...you only have to talk to your neighbors or family members.

It's not the news telling us that there are foreclosures all over...you can see the signs in the yards. It's not the news telling us consumer spending is down...it's the credit limits being downsized or cards being maxed. I don't think I've been to Wal-Mart this year and NOT seen someone who's card has been declined or watch as someone has to put stuff back.
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Old 06-11-2010, 12:32 PM
 
Location: New London County, CT
8,949 posts, read 11,112,574 times
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Yet, the most crowded store in the mall-- The Apple Store. Apple's stock has shot through the roof... If people are in such dire straights, why are they buy niceties like iPads?
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Old 06-11-2010, 12:36 PM
 
11,128 posts, read 13,385,980 times
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Quote:
Originally Posted by mlassoff View Post
Yet, the most crowded store in the mall-- The Apple Store. Apple's stock has shot through the roof... If people are in such dire straights, why are they buy niceties like iPads?
Well the nearest mall here is 1.5 hours away and it doesn't have an apple store, so I don't think what you are suggesting is indicative to everywhere. Another reason may be that people are opting to stay home and get online as opposed to taking vacations this summers?

If an alien were to land on a beach in Louisiana, would it be accurate to say, this planet is little more than an oil stained sand trap?
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