Topic: The economy

[scottws]

I'm not sure how the economy is fairing in countries such as Canada, England, Pakistan, the U.A.E., or wherever else we have members from, but obviously in the U.S. it's awful.  I keep wondering when the bottom is going to happen but it doesn't even seem close.  Every time I think it is, I hear that some other company is laying off 12,000 people.

I'm starting to wonder if we're going to see another Great Depression.  At this point it seems quite feasible, and I find myself wondering that it might actually be likely.  There are just so many factors happening all at once that are contributing to the downward spiral.  At least the price of oil went way down because that was a major one.

I'm starting to wish I never left my last job.  As much as I hated it, it was a lot more secure than my new one.  I often think to myself how much time I have until I'm laid off.  And it won't be like a big company layoff with possible severance package and advanced notice.  I work in an office of 15 people.  I would be called in to the owner's office one day and told to pack my stuff and leave and that's it.

[gpw11]

It's not as bad here, but it is a global downturn so it's somewhat bad pretty much everywhere.  It's certainly disconcerting, but what can you do about it?  It's a cyclical economy.

You work in IT don't you?  If it's any consolation, IT is apparently one of the best non-publicly funded jobs to be in in order to avoid layoffs in a recession.  I have no idea where that data comes from, but trust me, you don't want to be doing what I'm doing right now.

[Ghandi]

I have no idea where that data comes from, but trust me, you don't want to be doing what I'm doing right now.

Well, whoring yourself out to men has it's downsides, but I'm sure the money is good.

As for the economy, I'm not looking forward to finding a job in 6 months. I'm thinking of getting into the medical field, since it's one of the few sectors of the economy that is still growing and is secure.

[Quemaqua]

I've been doomsaying about this for a while.  Will it be as bad as the Great Depression?  Who knows, but it definitely has the potential to.  Anyone who tells you otherwise is either misinformed, stupid, or optimistic (which is often another variety of stupidity).  I hate my job more than anything else I've ever hated, but as you say, when something is secure and bringing in decent money, you have to be grateful for it.  Especially when, like me, you've got to support a wife who can't work.  Living in the bay area on one income is completely unreasonable, and yet somehow we've managed to do it without running completely into debt.  Granted, we're going through savings way more than I'd like since we can't pay for any surprises (car trouble, etc.), but at least we're still above water.

[Pugnate]

Well Canada's parliament is acting insane and it is really causing their currency to sink all of a sudden. The worst of it is that when their currency was above the US dollar, they were acting like ungrateful bitches and trying everything to bring it much lower.

And I am just not sure about Obama. I mean, what the hell is he doing?

Here is a guy who got elected on the theme for change, and 90% of the staff he hired are all Bill and Hilary Clinton vets. And now he is about to make Hilary secretary of state.

[Ghandi]

Change from the past 8 years, Pug. The Clinton years were actually good for the country, so having people in there who know what they are doing is a plus. This is hardly a time to be putting a bunch of kids who don't know anything in charge of the country.

But yeah I dunno about the Hillary pick.

[Pugnate]

No! This is the exact time to use those kids!

[Cobra951]

My brother the lawyer is losing his job by February 3rd.  Lexis-Nexis is outsourcing a bunch of stuff to India.  My brother the videographer is worried that state funding is going to get cut, and Waycross Community Cable will go down the drain.  My sister's husband already went through a layoff and worked his way back into what he knows, which is akin to marketing Campbell's Soup.  I, of course, have been unemployed for a long time.  My mother was a millionaire on paper as of last year.  Not no more.  (Much of that is her own stubbornness.  I told her to sell half of a particular stock she was way too heavy on and buy safe instruments like T bills to hedge her bets.  I could never make her understand the tax picture.  She thought she was going to lose it all on taxes, because capital gains were so high.  God what frustration.  Guess which stock has gone from $10 to 20 cents a share.)  The only one of us who is doing well is my youngest brother in North Carolina, who is a higher-up manager at a plant that makes industrial work vehicles, like forklifts and trucks.  Their business has been booming.  I sure hope all this cumulative shit from the past 8 years doesn't sour his life too.

[gpw11]

Well Canada's parliament is acting insane and it is really causing their currency to sink all of a sudden. The worst of it is that when their currency was above the US dollar, they were acting like ungrateful bitches and trying everything to bring it much lower.

And I am just not sure about Obama. I mean, what the hell is he doing?

Here is a guy who got elected on the theme for change, and 90% of the staff he hired are all Bill and Hilary Clinton vets. And now he is about to make Hilary secretary of state.

The opposition parties in Canada are being a bunch of fucktards right now.  Unfortunately, it kind of makes me have to solidify a stance on my previous philosophy to never vote for any party which considers a coalition with the Bloc Quebecois...considering that now only leaves me with one party.  I have no problem with the BQ as a federal party, and they do have every right to represent their voter's interests in parliament, but their mono simplistic political agenda has no place in national government, and any  party which can overlook that in order to gain a chance at being a part of said government obviously doesn't have the interests of the country as a whole in mind.  

The lower dollar, on the other hand, is a very good thing for the country.  It's bad for consumers to a certain extent, but very good for the economy as a whole.  Don't forget it traditionally was higher until it was pegged to be lower decades ago.  Promote money coming in, even if it means there's slightly more money going out then otherwise due to currency conversion.

My brother the lawyer is losing his job by February 3rd.

The law industry in America is fucked for a lot of reasons.  It's not just the economy.  There have been too many schools pumping out too many lawyers for years, and more keep on getting certified.  At the same time, work loads are decreasing for a variety of reasons (one of which being that lawyers have priced themselves out of a job.  Litagation is no longer an option for disputes, and more and more people and businesses are turning to mediation and arbitration). The new rule seems to be that if you're not getting into a tier 1 or tier 2 school don't even bother.

As for the current problems being the result of the last eight years?  There's obviously a lot of truth to that, but it'd be foolish to blame it solely on the current administration.  Dangerous folly. This goes back far further than that, and is more of a reflection on how the American economic system has been built up and supported as a whole.

[Pugnate]

While it was traditionally higher, and it is great for exports especially for an economy relying a lot on energy exports... well I have nothing else to say. I am just pissy because my savings are in CDN.

[gpw11]

Ah yes, that part does suck.

[beo]

yeah, it's pretty shitty here too. the brother who i'm currently staying with is one of the higher ups at the FSA (financial services authority) and it's his job to know what the fuck is going on here. from what he's allowed to tell me, it doesn't sound all that pretty.

we recently had our VAT (sales tax) reduced by 2.5%. this is meant to be passed on to the consumer, but a lot of the time it isn't. alcohol, tobacco, dining, games, music, dvd's - basically any luxury item is the same price. most high street retailers are just claiming this tax relief as margin - which is going to do fuck all to increase spending and boost the economy.

i've been unemployed for the last six months, and over the last month or so, there's been a massive drop in recruitment adverts in the local papers. scary...

[ren]

The only tangible effect of the slowdown I've seen is through the co-op program at my university. The program I'm has a mandatory co-op requirement. Usually everybody who isn't a total idiot gets one, the stats say something around 98%. The work terms start in a couple weeks and right now only 30% of people have found jobs.

And our government is awesome right now. We're doing a pretty good job going from top-spot in handling the credit crisis to the bottom.

[Cobra951]

As for the current problems being the result of the last eight years?  There's obviously a lot of truth to that, but it'd be foolish to blame it solely on the current administration.  Dangerous folly. This goes back far further than that, and is more of a reflection on how the American economic system has been built up and supported as a whole.

What we're seeing is very much the result of 8 years of corrupt government in bed with corporations who could give a fuck about America, or anything else other than profit.  What they didn't cause, a decent government could have turned around in that period of time.  Anyone has to be a moron at this point not to see that big business profiteering without oversight or accountability is bad for the country.

And I'm tired of you making a fucking debate out of everything I say.  The 8 years was just a passing oblique comment, not central at all about the topic, and certainly no cause for you to call me foolish.  Take your inflammatory rhetoric to the serious board, if you have to take it anywhere.

[gpw11]

And I'm tired of you making a fucking debate out of everything I say.  The 8 years was just a passing oblique comment, not central at all about the topic, and certainly no cause for you to call me foolish.  Take your inflammatory rhetoric to the serious board, if you have to take it anywhere.

Come on now buttercup, we're all friends here and you have to be kidding yourself if you think you're some sort of target.