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smokedtitan

So it's something we hear about everyday now. Are we going to go into a recession? What does everyone think about this and has it had an impact on anyones jobs here?

bikeadict

A recession is just a word, and it won't change how messed up our economy is.... So I don't really care if we are in one or not, things are bad and everyone knows it. Gas is hella expensive and it is going to really start effecting everything you buy from groceries to lap dances. When gas costs more everything costs more.

luckily I'm in a pretty safe government job that hopefully will carry me through.

-Palek

gregOREO

i think our gas prices compared to europe prices are still low and i hope the dollar will regain somewhat of its value

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smokedtitan

Just wanted to say that I love your Quote, what a great movie

reflux

My job hasn't been directly affected by the current economic situation, but it's only a matter of time before it does.

If you're the least bit interesed in the economy, I highly suggest you google the name "John Mauldin." He puts out a weekly, sometime semi-weekly, email detail current economic issues. There was one from earlier this week (or late last week?) that was very interesting regarding the poor vision and fiduciary duty of financial execs and politicians.

uzziboy

to be in a true recession the united states must post two consecutive neg quarters of GDP (gross domestic product). WE HAVENT SEEN ONE YET! so all u can do is just watch and see.

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6packguywith5spot

You are one lucky dude with your secure governmental job, but I feel the pain for those in different sectors.

The first thing they can do to alleviate the pain is to lower gas prices, then you will find happier people willing to go out and spend their money in other things rather than filling up their gas tanks which eventually stimulate the economy.

Government needs to step in and regulate the gas prices, but since they have major benefits in the big oil companies, they ignore what poeple are going through and instead, filling their own pockets with outragous profits.

I feel sorry for all those suffering but can't do anything about it.

Hope to see a better economy in a very near future.

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dutch

from what I hear, wholesale prices on bike rubber (tires/tubes et al) will be going up soon if they haven't already, and increased wholesale cost means increased tire cost!

lousy oil/petroleum/whatevs.

I'm gonna make sure my next set of tires are made from full grain leather.

tbowren

Please don't use the words "lap dance" and "Gas" in the same sentence.

Evil Chocula

...we (the US) went into a recession around January, but we're already on they way out of it:

http://www.nytimes.com/2008/04/02/bu...02stox.html?hp

However, certain parts of the country that have been harder hit by the housing crisis/credit crunch (such as...) may take longer to recover. I also think there's possible short-term correction in the commodites market(s) coming (rubber, steel, etc).

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thephat

How many fractions of a percentage point away have we been for the last few quarters?

reflux

I would not be surprised if the worst is yet to come.

As it stands, effects from commercial real estate and lending has yet to hit the economy. While large financial institutions cornered the residential real estate market, small, mid-size, local and regional banks focused on commercial lending. It's been projected that a significant number of these banks will fail when their loans are deemed worthless.

The gov't has yet to fix the problem with unregulated financial institutions and off balance sheet entities. Wall Street has shown an inability to police itself in the best interests of society, which is why the government should step in with serious regulations (unlike the band-aid crap of this week).

The new bankruptcy law is going to result in huge problems for our country. The New Yorker had a great article on this some time back. Definitely a must-read.

CeeDubb

I'm in the mortgage industry so the impact has been up front and in my face.

The writing was on the wall 5 years ago when the subprime market started getting too creative for its own good. You could buy a $500K home for no money down and no income/employment verification. That was silly.

Rates are still great and the guidelines are back to the basics:

1. Good Equity
2. Good Credit
3. Good Income

That's the way it should be, but it's a Catch-22 for folks in the mortgage industry because many homeowners have already refinanced all of the equity out of their homes.

Also, housing values are dropping to where they're supposed to be. Home values in many parts of the country skyrocketed for no good reason whatsoever. It was only fueled by overly lax lending guidelines that created a huge supply of buyers (high demand) compared to houses on the market (low supply). Many homeowners were willing to sell because they could make a huge profit. Housing development boomed like there was no tomorrow, but they didn't realize the fragile bubble would burst. Now you see tons of developments that go unsold or unfinished. And add all the homes foreclosed because of inability to pay.

I think it will bottom out in 2009 and start rebounding back in 2010. Folks will realize that they need to start working on their credit and saving money to buy a house (like they're supposed to). Housing prices will hopefully drop back to an affordable level. And investors/lenders (along with new government guidelines) won't make the same lending mistakes.

I could go on forever...

Well said.

Don't get me started on commercial...

Simple examples are the 8 unfinished office buildings in the lot next to our office complex. They are all unsold. At $2M+ a pop, they will remain that way for some time.

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lukewiens

my bank account is in a recession....i do know that much!

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Lor

I have a recession, it's my hairline. My job is ok, a little shaky. I'm a RSP teacher and kids w/ special needs are on the rise. I may just get bumped to another school but it is a little uneasy as nobody really knows what is going to happen. When stressed just go ride your bike w/ friends.

asian fury

look at all the posts and I have yet to see one blaming illegal immigrants!

We've skyrocketing energy costs, oil, gas, raw materials such as copper (inflation) and slow economic growth (rising unemployment numbers, consumer spending is down). Worse than a recession we may have stagflation. (Stagflation is a real word and it is ugly). Hold on to your seats, this may get ugly.

dstepper

Maybe interest rates for home loans are way down. I had a CD mature today and right now I can get a equal rate by putting my money in a Money Market Savings account. I feel sorry for the retired on fixed incomes that are living off investment money in banks. That and I have not sold a home in nearly a year...yes I feel the recesion.

Dean

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Evil Chocula

I'm telling you... I think the majority of write downs from the financial co's have already hit... the mortgage/real estate industry still has some blood to be spilt... but I think the economy as a whole is entering into a recovery.

Bonds yeilds aren't that bad.

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smokedtitan

Prices keep going up and up. I work in the steel industry and within the last 3 months, steel prices have gone up over 35% and is still on the climb. Its just like the Oil Industry, they know that they can get away with it, people need to buy steel just like gas and when it comes down to it you will pay no matter what it cost.

art23rockpile

To answer your question, I don't know if we are actually in a recession now or not. As a self-employed cabinet/furniture maker, I will say that in the 12 years i've been in business, this is the slowest i've ever been.
Gas prices, subprime melt-down, illegal immigration, and the war all play a part in the current condition of the economy. What's the solution? Who knows? One thing seems obvious though: our politicians (BOTH parties) are inept and couldn't care less about "the man in the street".

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