REAMOND
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posted on July 1, 2003 03:02:09 PM new
Two prestigious law firms close- and I mean they are going belly up and are firing everyone, and even Waste Management announced laying off 800.
I believe we could be slipping into an economic slump the likes of which we haaven't seen in decades.
http://fuckedcompany.com/
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profe51
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posted on July 1, 2003 03:16:45 PM new
Too bad they can't hold out for the tax cut, that's going to solve all our problems 
___________________________________
What luck for the leaders that men do not think. - Adolph Hitler
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gravid
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posted on July 1, 2003 04:47:46 PM new
I heard that 1% of all mortgages nationally are in foreclosure.
That may not sound like much at first glance but compared to the normal turn over of real estate and the bankruptsy rate it is horrible. Think even if it is less expensive homes on the average the dollar amount that means the banking system has to absorb and either find a new buyer or write it off.
I think government has gotten way too skilled at changing the indexes and reporting methods to hid the depth of the problems.
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bigcitycollectables
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posted on July 1, 2003 05:27:40 PM new
Too bad they can't hold out for the tax cut, that's going to solve all our problems...
HAHAHA!
![]("http://www.lanys.net/images/emoticons/lmao.gif">)
[ edited by bigcitycollectables on Jul 1, 2003 05:28 PM ]
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neonmania
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posted on July 1, 2003 05:33:20 PM new
I heard a report last week that there are more homes in forclosure right now than ever before and that most economists believe that the numbers are only going to increase because many current home buyers are buying over their heads because of the low interest rates and a wage cut, lay-off or job loss can send them over the edge.
Mario Andretti - “If everything seems under control, you're just not going fast enough.”
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bigcitycollectables
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posted on July 1, 2003 06:39:18 PM new
[ edited by bigcitycollectables on Jul 1, 2003 06:40 PM ]
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bigcitycollectables
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posted on July 1, 2003 06:42:37 PM new
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bigcitycollectables
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posted on July 1, 2003 06:45:15 PM new
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ebayauctionguy
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posted on July 1, 2003 10:00:06 PM new
I hate to disappoint you all, but the economy is getting better. My sales have been consistently better than last year. You can hope and pray all you want that the economy crashes, but dirt cheap interest rates and tax cuts will turn the economy around. Your socialist revolution will have to wait.
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Twelvepole
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posted on July 1, 2003 11:26:59 PM new
I too believe the economy is little by little getting better, the problem with the forecloures are that the "new" jobs do not pay like the "old" ones. But unemployment claims are down overall and just looking at the help wanted ads in my area shows that more and more jobs are being advertised.
It will be another rough quarter, but think that Q4 will start to look very good.
AIN'T LIFE GRAND... 
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austbounty
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posted on July 1, 2003 11:47:35 PM new
"My sales have been consistently better than last year"=US_Economic_Indicator
?????????
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austbounty
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posted on July 2, 2003 12:03:01 AM new
45 year low interest rates must be an attempt to slow down the overly-boyant economy.
????????????
No they are an ATTEMPT to PICK IT UP.
Now with the proposed tax cuts, evrything will be hunky-dorry.
Our 'common man' has just picked up a tax cut too; AU$4.00/Week (=US$2.70560)
Think what I can buy now WOW!
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=3613032287&category=10816
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=2641200208&category=34081
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=2641200348&category=34081
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=2329123316&category=20570
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=2934330744&category=117
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=2736501327&category=647
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=3134706143&category=2597
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Helenjw
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posted on July 2, 2003 06:02:51 AM new
According to the latest Gallup Poll, 76% of Americans are Dissatisfied with the economy.
According to the Bureau of Labor Statistics, the current unemployment is 6.1 percent in May; the number of unemployed persons was 9.0 million.
July Economy takes step back-Manufacturing, building sectors slow
U.S. Economy: ISM Manufacturing Index Shrank in June
U.S. manufacturing unexpectedly contracted in June for a fourth straight month as factories kept inventories low until demand strengthens, an industry report showed.
Twelvepole and Ebayauctionguy,
Your fabulous ebay sales, unlike the reports that I've been reading in the Ebay Outlook, must be some kind of anomaly.
Helen
[ edited by Helenjw on Jul 2, 2003 06:13 AM ]
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stopwhining
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posted on July 2, 2003 06:30:12 AM new
everyone is waiting for the housing market to slow down??
builders have hired many lost souls from telecommunication,dotcoms and retail sectors,pay may be less but better than none.
we live in a new subdivision with 700 new houses and eventually there will be 1400 when completed.
we are already seeing delinquent assoc fee (450 a year) and walking around you can see the new homebuyers buying and buying from those stores like HD,LOWE,SEARS and furniture stores which feature buy now,pay 1-2 years later,but there are just a lot of expenses in maintaining your home which first time homeowners do not realise until they move in.
This subdivision is barely one year old but we have foreclosures and people barely making the payments and utility bills.
yes there are many people who got sucked into buying a house because of low interest rate,they just did not realise there are other bills as well,wait till winter comes!!
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Twelvepole
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posted on July 2, 2003 06:45:00 AM new
Never said my "sales" Helen... I do ok... but I don't use eBay for my "support" so that is not an indicator...
As you have consistently shown to look at the world around with the "half-empty" outlook, there are those of us who prefer the "half-full" and I think by October that will be the right way
AIN'T LIFE GRAND...
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Helenjw
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posted on July 2, 2003 07:42:39 AM new
Twelvepole,
For some, "hope springs eternal" while their world crumbles. You must be one of those.
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tomyou
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posted on July 2, 2003 07:51:28 AM new
I think the economy is taking an upswing. The market has had its best quarter in some time, and as a random example the state of Arkansas has replaced 10 million dollars of cut funds back to the budget because their first quarter numbers far exceded expectations. IT is far from a full recovery but I think it's headed in the right direction. Still lots of problems but I think that glass is just a little over half full so until the summer heat evaporates it to just half full I'm sticking on the positive side of things
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Helenjw
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posted on July 2, 2003 07:55:29 AM new
Another one.
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tomyou
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posted on July 2, 2003 08:05:09 AM new
Heck helen I have to think things are getting better. the wife just ordered a new Mini cooper. If I think things are going to stay bad I'll get depressed trying to figure out how the hell to pay for that thing !!
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tomyou
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posted on July 2, 2003 08:05:09 AM new
Of course she is the bread winner, I just make part tie fun money now and stay at home with the kids. Strange how it turns out our "fun money" meant a new car for her. Still haven't figured that one out !!!!
[ edited by tomyou on Jul 2, 2003 08:15 AM ]
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davebraun
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posted on July 2, 2003 08:28:06 AM new
Let me get this right. The new (replacement) jobs don't pay as well as the old (evaporated) jobs and this is better. I have great news for you then, no more overtime pay!!
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tomyou
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posted on July 2, 2003 08:36:26 AM new
Well dave, considering the NEW job pays more than not working at all then yes I would say that is better than the alternative. I guess you could always move to Eutopia I am sure they have some overpaid union jobs still up for grabs.
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REAMOND
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posted on July 2, 2003 10:16:04 AM new
This "new jobs paying less money" is what is going to collapse the economy into deflation and a depression.
Every asset you have becomes less valuable as wages fall.
If the housing bubble bursts, you'll see people just walking away from their mortgaged homes because they owe more than the house is worth.
From EW--- "I trust that you weren't one of the folks surprised by this yesterday's reported 1.7% drop in construction spending. Last night I noted that recent years have seen a progressive decrease in commercial and industrial borrowing; few activities require as much borrowed capital as construction projects do.
Not that forecasting is my job, though it is the occupation of the economists who were surprised by the 1.7% drop -- their "consensus forecast" called for a .3% increase.
Spending fell in each of the four components of the construction spending data (private, residential, nonresidential, public). Today's report continued the slower growth/declining trend in real construction spending (1992 dollars).
Obviously this trend could reverse itself; indeed it will almost have to for economists' recent rosy Q3-Q4 GDP forecasts to come true. Genuine growth demands increased construction. Yet this scenario begs questions about another economic trend, namely capacity utilization. The data released in June showed capacity utilization at 74.3%, a 20-year low.
BusinessWeek magazine's latest survey showed that 29 out of 30 economists expect stronger GDP growth in the second half of this year, with a "consensus" of 3.5%.
How can the economy grow 3.5% without growth in new construction spending, and how can that spending grow when businesses are only using 3/4 of their capacity?
I'm not an economist (thank heaven), and I realize that it's easier to poke holes in someone else's forecast than to offer one of your own. Yet the math speaks for itself in this case, and it ain't trigonometry."
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ebayauctionguy
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posted on July 2, 2003 10:29:45 AM new
I sell a little of everything and I do think my sales are an economic indicator. I felt the economy starting to tank in 2000 and last year was the worst. Sales are not spectacular, but they are better than last year. I'm selling things I couldn't give away last year. My brother works at a job placement company and he said things are improving. With the help of low interest rates, my house doubled in value in the just last few years and I got a line of credit that is currently at 4.45%. Things are getting better. Low interest rates and tax cuts are working.
[ edited by ebayauctionguy on Jul 2, 2003 10:32 AM ]
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bigcitycollectables
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posted on July 2, 2003 10:33:38 AM new
"tax cuts are working."
Foolish Sheep..HAHAHAHAHA!
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kraftdinner
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posted on July 2, 2003 10:57:37 AM new
Bush's approval rating has dropped from 73% down to 53%. Seems like everyone is starting to catch on.
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davebraun
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posted on July 2, 2003 11:22:06 AM new
Tom, people assume I work for wages. That is not the case. I own the company. When I see skilled, experienced workers go from a good job to McJob I do not see underemployment as positive. Compare what you consider the most over paid union job to that of the compensation given to the management of a failing corporation. There's no comparison. 10 times out of 10 the worker gets the shaft.
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stopwhining
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posted on July 2, 2003 11:25:39 AM new
yes,if wages fall ,then house prices would fall too.
what kind of house would you be looking for if you make 100,000 versus if you make 50,000 per year??
a few years ago,when Y2K problems require companies to hire many programmers just to change the codes,there are employment agencies which bring programmers from india.
indian speak english and they are well versed in IBM computer hardware and software and well eduucated.
they are brought into this country by the agent who has to comply with immigration laws ,they are brought in with a special visa which allows them to work but the agent must promise that they will be provided for whether they are working or not.
so,these indian programmers are paid 76k a year and work for companies like coca cola etc at 250 dollars an hour,overtime would be 400 dollars an hour.
of course they do not pocket anything more than the 76k they are promised.after Y2K crisis is over,some of them are no longer needed but the agent keeps supporting them on its payroll,finally if no work materialises,they are sent back home.
But look what the companies are doing now,they just move their operations to india and pay the indians 20-45k and the workers are happy!!
if the indians are doing the same work for 20-45k,do you think their us counterpart will continue to make 80-125k??
what is going to happen to keep the jobs in usa??take a paycut,get a smaller house and drive a cheaper car??
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tomyou
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posted on July 2, 2003 11:37:28 AM new
I won't disagree with your point of the exec's dave. Obviously the Rash on uncovered corruption at the executive level had a great deal to do with the fall and lack of regard for the current economy. However, there are some positive indicators out there, taking a Mcjob may not be the best thing but a temp Mcjob may be what it takes until things turn and right now the Mcjobs are starting to increase. Along with the example I gave about Arkansas and the added $10 Million, there are now two new corps building their headquarters and plants in our hometown, and that will create jobs and help get some of those mcpeople back to thier level of work and like it or not those building are going up with huge tax breaks but will also employ around 3000 more people. My Wife is a director at the largest hospital network in our state. The high end meidcal positions were not being hired in a year and a half ago. You had PT's and such graduating and not having jobs. Now the market is changing and they are hiring in more high paying positions. That is 3 examples. My main point is you can't just expect to wake up and have it all back to how you want it. Sometimes life isn't fair and you have to take that job you are overqualified for to make due while times turn. There have been times in the past I took on two jobs to make it and provide for the family but that is just what you have to do, deal with it as best you can and work hard for changing for the better. Or you can also sit around and complain and say that jobs beneath me and watch your whole world unravel. sad but true.
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stopwhining
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posted on July 2, 2003 11:59:08 AM new
what do you think of the folks in the upstream end of the oil and gas industry when oil price crashed??
many geologists and geo physicists gave up looking and went into a different field altogether.
when the boom time come back,there is a shortaga of such skills .
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