World Crisis? Recession? Depression? Have -You- Been Effected?

Bob Hubbard

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World Crisis? Recession? Depression? Have -You- Been Effected?

With big companies failing, with Congress fast tracking a flawed and pork filled rescue plan, with news of rising unemployment and mass business closures, and a rumored bank shutdown, what's really been going on in your life?

What's the picture in your part of the world?



Buffalo NY.
Gas is currently $3.27/gallon. No banks closed, road traffic seems normal. Some stores look to be running light on some stock, and the local Walmart had more holes in it's shleves than I recall ever seeing before. Mall seasonal hires seem light, and stores are running smaller crews that last year. Don't know anyone local who lost a job, and my business is booming compared to this time last year.
 
World Crisis? Recession? Depression? Have -You- Been Effected?

Yes, I have been effected.

With big companies failing, with Congress fast tracking a flawed and pork filled rescue plan, with news of rising unemployment and mass business closures, and a rumored bank shutdown, what's really been going on in your life?

In a state with the highest unemployment, and also hard hit for the automotive market it is difficult.

My benefits have been cut. No raises again this year and none for next year. This also means nothign for COLA either.

Medical costs up in getting the same coverage I had last year and going up for next year as well.

Retirement benefits being cut - current and future.

Discussions of pay cuts for all workers.

Early Retirements
In two groups of 24, 17 took the early retirement.
In another group of 50 we lost 15.
In another group of 20 we lost 11.

No plans on replacing anyone. Talks of future compensation to represent how hard we work now. I guess it makes sense or the company might not be around in the future. So, people just picking up more work from others.

Statements made that not enough took the early retirement so reductions in staffing will continue.

Unable to accept job offers to move out of the area as I am unable to sell my house even for what I owe or small loss as there are homes that are my size or bigger for the same price or lower from Repo/Foreclosure.

63 year old manager type unable to retire as his wife divorced him after the kids where through college and he has to sell the house and give her half, but she will not accept the current market, but she is the one that wanted the large house they bought into a couple of years ago. Even with Alimony and half the assets she cannot afford the house alone. So, he struggles and has accepted a lower rank to keep his job just to be able to pay her alimony and to try to wait for a small recovery in the market.


On the other side, I know two young couples that were able to get a nice home for a good cost. I know one person who kept his current house, and bought another one. He is renting out the first. He looks as an investment.

So, for those who are not invested in anything it is good for them to step in. For those who never had a set back and have income or dual income have the option of investing into property.

So, for some it really sucks. For others it is an opportunity.



What's the picture in your part of the world?



Buffalo NY.
Gas is currently $3.27/gallon. No banks closed, road traffic seems normal. Some stores look to be running light on some stock, and the local Walmart had more holes in it's shleves than I recall ever seeing before. Mall seasonal hires seem light, and stores are running smaller crews that last year. Don't know anyone local who lost a job, and my business is booming compared to this time last year.
 
Northern New Mexico-gas is running $2.84 or less. Banks are okay. You might have some trouble getting rice or beans in the 50 lb. bag, or other such items-but I don't know how unusual that is. I do know that there were plenty of both at the Ta-Lin Market in Albuquerque last weekend, and not at a particularly inflated price.


My credit limit on 2 cards has been cut, but that's no big deal-haven't used much since 2003. A couple of business ventures have been effected-and I've had four tenants bail on me. Still no biggie. Won't get into the bigger business picture here, but it hasn't been good. 401K lost close to $40,000 in the last couple of weeks, but I'm young, and it's just a way to protect part of my salary from the IRS anyway......

And, if I'm going to be completely honest here, we spent the last couple of weeks scrambling and buying stock opportunities and real estate-especially this last, because it's kind of a family rule. Expect to buy more land in the near future (**** gold! Land is where it's at!). Got a real good deal on some apartments that weren't quite finished, and the developer's financing ran out.....

On the other hand, it's like I said-if you're already poor, this thing is going to effect you less, and if you live like I do, it's going to effect you less. Later this month, we'll slaughter our hogs, and trade one for a couple of lambs. The stuff from the garden, orchard and vineyard are put up, and I'll get my elk (or two) in addition to the deer. Get our diesel cheap 'cause of the farm, and ride my bike most of the time, anyway. Pumpkins (had a real good crop!) are selling briskly for Halloween, as is (as far as I can tell) CANDY! So all is right with the world.......for now.......:lfao:
 
Gas is back down, but my retirement account has sure taken a hit. The big concern for us in colleges is: WIll the credit crunch keep students from getting student loans next year? We're doing a lot of planning for that.
 
I think it also depends on where you live. A rustbelt city thats been in recession for the last 30 years probably isnt going to see too much different. The boomtowns that were riding high..I think they will feel it more.
 
Gas is back down, but my retirement account has sure taken a hit. The big concern for us in colleges is: WIll the credit crunch keep students from getting student loans next year? We're doing a lot of planning for that.

Universities are looking at major losses in funding for critically important research projects in fundamental biomedical research—the kind that ultimately saves millions of lives—and basic and applied physics, the driving force behind R&D projects that lead to major technological breakthroughs. I see it already happening at OSU.

Because these kinds of discoveries, apart from their inherent importance for quality of life on planet Earth, are also major economic multipliers (e.g., gene splicing, lasers, liquid crystal technology, and... um... computers), the immediate problem sets us up for further problems down the line, in a kind of death spiral that may take much longer than any of us can foresee to escape from. It's going to be a very bumpy ride in any case, but the worst effects may not become evident for a generation, if things don't get fixed very soon. And my sense is, they're too deeply structural for that to happen...
 
I got a better job, a mile from home, my last tank of gas in my Grand Marquis lasted SIX weeks. (Maybe I should go somewhere besides work and Karate...) and I got three seperate raises, yeah, oh the horror...
 
Yes I've been hit pretty hard.

Muncie, IN was once one of the central Indiana hubs for an automotive plant locaton w/ Borg Warner, ABB, and other smaller industries. Along w/ neighboring city Anderson, IN. Both have lost all automotive plants recently shut down. Nothing is holding Muncie together accept minimum wage jobs. the gov plans on bringing other employment in.. but how much w/ they pay? The average family wages are $38,000 - $68,000 a few years ago . I think today the average family household here is somewhewere annually $20,000 - $28,000

I personally lost my job due to business closure because the comp was not making any profit. where I made $32,000 annully and an extra $15 to $18,000 annually w/ my part time job. I stepped down to a lower pying job. Now my automobile is on the repo block im $1500 behind in payment due to several months w/ out making full payments.

It's hard to buy food, and w/ Gas.. well can't really go anywhere like i used too..

my new job pays good but whe I actually get to work. I work on average 28 to 32 hours a week, that comparred to what I was working around 48hrs.. my pt job well my hours was cut there also. i work now about maybe 15hrss a week.. So this year ill prob only gross $10 to$13K from it.. maybe.. all in all went from last year around $40k annual to this year 1/2 that maybe.. im struggling and really stresssed about losng my car.
i've tried getting a loan to pick me back up. but banks are'nt lending right now.. and w/ my car being on repo. that can hurt my credit tremendously..

I still owe $14K on it, which is what i was told today.. when I bought it, I was making double payments on occassions.. I had to let my cell phone gotoo. that hurt me also..

Just like tday i was supposed to go to NY for work. it was cancelled last minute. which that was around $400 i missed out on.


Yeah.. this sucks... a year ago i had alot going for me.. now i dont know when i can eat. I have a mortgage, and utilities bills which eats all my income at this point
 
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All our investments took a hit - real estate values are slightly down but our mortgages haven't been called in and our renters are still employed and on time.

Stock Market investments took an average 10% loss across the board. We anticipate the Health & Welfare will be taking a big hit too (retirement) and anticipate a higher deductible and higher premiums come November 1.

The old man is a blue collar union laborer and it looks like the company will likely lay off its workers for several months during the winter. Hard to say for certain because some depends on the sewerline project on the Willamette. If they continue working through winter (and it's doubtful since they will soon reach the next shaft and they will have to wait for parts from Germany for the custom drill) we'll be okay but if not ... I'm not so sure what's going to happen.

I'm looking for a job and will start up some on-line business soon in the hopes we can float.

Gas is $2.69/gal for unleaded. Houses are NOT moving - and haven't in a couple of years. Haven't seen many foreclosures, either ... mainly just a stall.

I'm seeing stores with some empty shelves but they are probably getting ready for seasonal stock.

Restaurant prices are up as are food prices. More people biking, walking, taking public transportation even with the drop in price and temperature.
 
Sounds like we are getting hit harder here!.
Fuel is around the equivalent of $4.92 US/gal. Mines are closing daily. This past week one of our local nickle mines closed putting 200 in our area out of work. Some banks have frozen money, the Government is rushing to assure people that bank deposits in most large banks will be safe up to $100,000 AU. Some people have already started withdrawing their savings and hiding them in their house.
The housing market is dropping daily.
Supermarket prices have jumped up in the last fortnight. Pensioners are choosing not to buy medication in preference for food (they cant afford both)
 
Still the possibility of lay offs looming and a soft hiring freeze exists. And believe it or not it has caused a massive power struggle in my department. If it goes one way I’m fine if it goes the other I am not. As for the looming lay offs, hard to say.

But we are short about a dozen people and they will not replace anyone so we are all quadrupling up on responsibilities.
 
Directly I have not. I don't own any property and I just got in my 401k plan. If they purchase right at this time when things are low I may be able to have a decent 401k by the time I retire. Because it will eventually go up. I have a lot of years before I retire.

I never have bought a lot of items so my budget has always remained low. Biggest area I see is in food prices. Where I simply cut back on things I do not need. (Junk Food, etc) I myself have budgeted to eat out once a week and buys something frivalous...lol. Its in my budget. So in a way I'm putting a little bit into these areas to help them survive. The housing market here is still overpriced, although a decline in prices is starting to be seen. Nothing like the 23% decline in California. It has not hit my place of employment but we have always run on minimial crew. Everyone of us does the job of 2 or 3 people. Can make it rough but the company always does a good job managing their operating budget. I don't see layoffs, matter of fact they are still hiring.

So at this time directly no. I am preparing myself though and starting to cut some costs because I predict it will hit the area. (The area was never good to begin with so a change won't be felt in terms of how we are used to it being around here... now if an outsider came they would say the area has been hit because they would not realize it has been this way for years)
 
War machine rolls on, so money rolls in. Land is a good bet and we bought heavy last year (couple hundred acres) and have been buying for years ( about 6 sections). Jumped out of housing market just before it dropped, who-hoo.
Invested in blood stock when Canadian dollar was = to American so I'm set there, just waiting for the babies to grow up, and 1 is still inutro ( a Gonewest x Dynaformer )Grain, hay, straw are all good crops this year. Investments are all long term so I just sit tight.
Doin fine.
lori
 
Nothing directly, yet. Gas is a little under $3, groceries are a little high. Heating oil hasn't dropped like gasoline has, though it has come down. No job worries yet, the program and my part of it will keep me busy for at least a year. I'm still paying the mortgage and my other bills, and my ATM card works. I do see alot more For Sale signs around town. I haven't heard of anyone I know getting laid off. 403B is down $75K since mid-summer, ouch. I know that loss isn't "real" until I try and use it, almost 20 years from now. Holiday spending will be tempered this year, and my wifes plan to drop one of her 15 hr/week jobs will be re-visited. Beer prices have gone up, damn!
 
Georgia has seen more jobs lost in 3Q than ever, with 28,000 being lost in September alone. Other than Michigan, this is the worst state to be job hunting in. Actually, during some months we've taken the lead from Michigan in job loss leading the nation. Hooray...at least we're #1 at something...

The office I work in has been operating with a skeleton crew for almost 2 years now and corporate still managed to eliminate 2 postions...not the people in them mind you (though they are unemployed)..but the positions. Gotta love corporate double-speak.

There have been massive lay-offs making the local news, including the Medical Center which is the primary care facility and hospital in this area!

In my favor, our competition has been laying off folks more than we have...Radio, the Newspaper, and Broadcast TV stations are letting folks go left and right.

The lowest gas I've seen was today at 3.49 a gallon.

My 401K is in the toilet....not that I thought I'd ever live to see retirement age but still....I may have wanted to cash it out at some point. LOL

We actually have a new student at the dojo though he's the first in a very, very long while and at the same time we've seen enrollment dwindle. Folks just don't have the extra cash for non-essentials. (Though I can't imagine anyone viewing taking martial arts as non-essential! :))

On the bright side Bio-Mat, a blood and plasma center that pays for your donation, has seen a huge jump in business. At least if I'm seriously injured I know there will be plenty of plasma and blood available.

That about sums it up at the moment....
 
Got out of the housing market. Cashed out my investments. Sold my business. Moved to Hawaii.

My family didn't make much from all of that, but it was enough to take us to a place where the economy and the opportunities were still humming along okay.

I am a science teacher by profession, so my job prospects are in high demand. I could take a job anywhere on this island or move to another island and the DOE would pay me to move. I sent my resume out in April and was hired a week later over the phone.

The downside is that graduate school is going to have to wait. They have a program in geophysics that I was ready to start, but grants and loans and funding in general has taken a big cut so that's not really going to be possible right now.

My wife and I are working very hard. She is a special education teacher and works a second job. I am fully employed in my profession and I am working at restarting my business. Our aim is to save up as much money as this recession deepens and then invest as it begins to rebound.

In the meantime, my family surfs, fishes, and does martial arts. Gas is expensive, but my wife and I can work anywhere on this island. They cannot get enough teachers here. Next year, I'll be riding a bike to work.
 
Good luck, m., and I hope you do get to go back to grad school and do that doctorate in geophysics. A terrific field—astonishing how much we still don't know about old Terra, eh? :)
 
World Crisis? Recession? Depression? Have -You- Been Effected?

With big companies failing, with Congress fast tracking a flawed and pork filled rescue plan, with news of rising unemployment and mass business closures, and a rumored bank shutdown, what's really been going on in your life?

What's the picture in your part of the world?



Buffalo NY.
Gas is currently $3.27/gallon. No banks closed, road traffic seems normal. Some stores look to be running light on some stock, and the local Walmart had more holes in it's shleves than I recall ever seeing before. Mall seasonal hires seem light, and stores are running smaller crews that last year. Don't know anyone local who lost a job, and my business is booming compared to this time last year.

Have I been effected? I'd be lying if I said no. Gas actually is going down in my area. The lowest I've seen so far has been $2.69. Heck of alot better than the $3+ is was a while ago. I'm sure it'll keep going down...at least until we decide to drop some bombs in the Middle East or some other issue takes place, and then it'll soar back to what it was.

Some stores in the area are closing shop. Was reading in the paper today that one of the larger cities here is doing some lay offs.

Wife and I have taken some hits with things like 401K, stocks, etc., but what can you do?

Hopefully things will take a turn for the better....and soon.
 
Think there's room in your school for an experienced Teacher-Librarian who will soon have completed all the coursework to apply for VP? It's starting to get cold, and the idea of being an educator on the island has a certain appeal.


Got out of the housing market. Cashed out my investments. Sold my business. Moved to Hawaii.

My family didn't make much from all of that, but it was enough to take us to a place where the economy and the opportunities were still humming along okay.

I am a science teacher by profession, so my job prospects are in high demand. I could take a job anywhere on this island or move to another island and the DOE would pay me to move. I sent my resume out in April and was hired a week later over the phone.

The downside is that graduate school is going to have to wait. They have a program in geophysics that I was ready to start, but grants and loans and funding in general has taken a big cut so that's not really going to be possible right now.

My wife and I are working very hard. She is a special education teacher and works a second job. I am fully employed in my profession and I am working at restarting my business. Our aim is to save up as much money as this recession deepens and then invest as it begins to rebound.

In the meantime, my family surfs, fishes, and does martial arts. Gas is expensive, but my wife and I can work anywhere on this island. They cannot get enough teachers here. Next year, I'll be riding a bike to work.
 
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