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WILL THE LATEST ROUND OF ECONOMIC CHAOS IMPACT YOU?

Started by the blob,

111 posts in this topic

the blob

the blob

Posted
Posted

Everyone is going to get impacted to a certain extent, but I'm curious how things play out for people here, not that it's any of my business.

 

By some miracle I think I am pretty well insulated, with a government job and my wife in academia. I don't think we'll be having layoffs where I work (too much work, enough attrition through retirement, etc.), although upcoming COLAs might be rescinded and such and I can probably forget about any merit increases next year, so we're talking perhaps $5-$8K in lost raises. I think my wife is in decent shape too. My home value may take a beating particularly because I bought in late 2006 (alebit for $100K less than it was appraised by my bank, for whatever that is worth), but I have no desire to sell anyway. I hope they don't jack up my property taxes too much. On the flip side, contractors might have to lower their prices a bit and I have some work to get done. Too bad I don't have any money!

 

My mother is closing on the sale of her house tomorrow. Fingers crossed nothing happens. She got a pretty good price on it. Between social security, her pension and this house sale, she's in pretty good shape (other than her health).

 

I'm a little bit worried about my older brother who does tech recruiting for a huge consulting firm and just started. My kid brother does tech support for a charitable entity that I think will weather the storm.

 

My cousin who owned a big subprime mortgage broker co and his son who worked there might be moving into my attic, however. Not really, but they must be taking a beating.

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TonyStarkFan

TonyStarkFan

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Good question, actually. I am in sales and my sector has taken a beating. Many of the companies that I used to call on are now defunct. The Las Vegas economy has taken a real downturn in the past year. I am not sure when things will turn around in the market here either.

 

Financially my mutual funds have gotten pummeled too, but then again I think everyone's have. Am I wrong in thinking this? If it weren't for my Stock Purchase Program through Staples my portfoilio would be laughable right now.

 

A number of my friends have lost their jobs and are now taking anything that they can get, even retail clothing sales. The economy will turn around eventually but I believe things will get worse before they get better.

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JvR11

JvR11

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I think the next thing to go is consumer confidence. This buy out of AIG is hugh. I'm surprised the government did a bail out. I think we'll see more mergers...my bet is Washington Mutual is next. Other investment banks are taking a beating just because they are "investment banks". Crazy times. I guess now is the time to invest in some real estate if you have the money...my guess is inflation is going to make the $$ slid more. It's hard to believe at one time the Euro was right on with the dollar.

I'm thinking at least for the next year I'm pretty well insulated except for inflation and home prices.

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Gone Phishin'

Gone Phishin'

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I am a college student so dont feel it like you guys in the real world.. but my family is feeling it.

No more shopping for no reason, no more smoking endless amount of budda, no more fancy gas, or fancy vacations. I know these are all extras, but a lifestyle change nonetheless.

 

Its weird though. All my buddies at school are feeling it too. People are going out to drink less, but EVERYONE goes to happy hour bc its free. People are definitely holding back spending on extra mess. Just a student's perspective...

 

Hope everyone hangs out tight though. We will make it through this, cant wait til elections :cloud9:

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Old Fashion PB and J

Old Fashion PB and J

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Umm.. Jobless.

 

Working as a sub contractor 10 days on, generally 7 off. And when the job is finished, I am too.

 

Family business is going to close down after 18 years. My father is packing it in. So as of right now, I have no future. But I do have a kid on the way. But really worried as to what my future will be.

 

So yea. People are strapped tight and construction is folding at rapid rates.

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Comicdey

Comicdey

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Obviously most of us that have investments are seeing the bloodbath of wallstreet drops. I'm fortunate in that I rolled over a 401K to my brokerage account, and it's been out of the market for the transit and now sits in cash, so it's ready for reinvesting. I'm only 1/3 into the market right now, so I'm poised to buy in once I see a reason to assume the markets have taken the brunt of their losses.

 

As far as jobs, and the economy...it would appear that Alaska is doing quite well, and there are lots of opportunities for employment with decent salaries. Of course you'd have to live in the cold north region. I think I'm pretty insulated against all the problems being opened up across the US, but I'd be foolish to think that things couldn't change in a heartbeat.

 

I hope everyone on the boards is doing well and surviving the economic downturn, it'll be tough for many for a while, and as a country, we'll just have to ride it out.

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Gone Phishin'

Gone Phishin'

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What is even shi-ttier is I am going to graduate college in a year. This is when I am supposed to be looking for jobs and mess for the future. People that have been on the job circuit for years cant even find jobs now, how the are graduates going to find good jobs? jeez

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