Economy poll

[iwire]

More importantly nothing anyone says here really matters in the grand scheme of things. Much like the talking heads on tv it's just a bunch of opinions.

Carry on.

I could not agree more, nothing said here will change anything.


As Scott says, carry on.

 

[peter d]

I could not agree more, nothing said here will change anything.

I couldn't disagree more. The future of the world hangs in the balance because of this thread.

 

[wbalsam1]

I couldn't disagree more. The future of the world hangs in the balance because of this thread.

44.26% of those polled think this post will go another 1 - 2 years.:roll:

 

[peter d]

44.26% of those polled think this post will go another 1 - 2 years.:roll:

Oh, we must be talking about taping wirenuts then.

 

[George Stolz]

I just don't see how what is being posted here is allowed to continue based on past situations. No big deal.

I seem to recall a contingent crying foul for how we've moderated in past situations. So do you like it the way it was or do you want something different? You call us inconsistent?

Just kidding, I couldn't resist.

Edit: To return to topic, I am interested in Marc's viewpoint. To my understanding, it is a minority viewpoint, so I'd like to hear the substantiation for it because it's largely unrepresented in the media, from what I've seen.

Tonight we had a company meeting and the owner mentioned that he believed that our region is somewhat insulated from the economic situation going on, and that he believed the economy wasn't as bad as portrayed as well. So where does this wellspring of optimism come from? (If I find out it's just spite I'll be disappointed. )

 

[dereckbc]

I am a bit of an ole fart, and have seen the economic cycle many times over the decades. This is not the worst I have seen so far, and not much different from low times of the past.

I cannot tell you when it will turn back up, but I can tell you what to look for. Housing has always lead the way into a recession, and always leads us out. When you see housing starts going up for a month or two straight, then you know things are looking up. My crystal ball says July 2009.

My biggest hope is it teaches each of us fiscal responsibility. And for some like my children, these are the best of times; both are out of college with med degrees and just starting their careers with good pay. They have the money for a down payment, housing prices falling, and there service is in hot demand. Daughter walked into a car dealership and named her terms and great deal, and she can afford it.

 

[hardworkingstiff]

When you see housing starts going up for a month or two straight, then you know things are looking up. My crystal ball says July 2009.

Your not watching Mr. Cramer are you? :smile:

 

[George Stolz]

And for some like my children, these are the best of times; both are out of college with med degrees and just starting their careers with good pay. They have the money for a down payment, housing prices falling, and there service is in hot demand. Daughter walked into a car dealership and named her terms and great deal, and she can afford it.

Wow - they are the exact polar opposite of me!

But too many have upside down mortgages and HELOC's ... and coming back from THAT will take a long, long time.

Now that I can identify with. However, I was led into it by she-who-as-of-then-must-be-obeyed - that's my excuse.

 

[gra electric]

Local Job repor

Local Job repor

Businesses polled in two cities in New York (Syracuse and Binghamton, including surrounding areas) reported to be steady. 13% polled forseen a reduction in workforce, while another 13% reported creating new jobs. The area I live in has been stagnant for well over 2 decades. It is neither super great, nor super poor. Banks have been very conservative across the board, and people tend to be more fiscally responsible, not by choice, but rather for survival. People around here have pretty much figured out how to squeeze blood out of a stone.

Be safe out there

Gerry

 

[Mule]

I don't entirely disagree. Although it is kind of humourous to listen to a bundh of electricians who seem to think they have all the answers.

My point was based on history I am surprised that this thread hasn't been closed.

Falling out of my chair, Can't stand it, this is funny stuff !!! LOL

If all you have is lemons in your wagon, sell Lemonade. So far, that's what Im doing and Im very busy.

 

[BryanMD]

How well your pecific market is doing is prbably directly linked to how twisted you RE market got. Earlier in the thread someone said that wages hadn't kept up with prices; but I think it is the opposite.

Traditionally, median values of homes was always based on 3.5 times the median income for a location; and that with most properties being owner occupied and long term held by that owner. In California and far too many otehr places during the recent boom debacle, the average values of homes were running up to as much as 8.5 times the median income.

Those are objective number. Compare them to your own areas. If your area is lucky enough to have a strong jobs pool and stable RE prices you'll see this all as a bump in the road. If you don't... you won't.

 

[megloff11x]

I recall that K Mart went bankrupt several years ago. The local K Mart store is still open and doing well. Someone pointed out that the Ford Foundation has more money than the "Little Three" automakers have asked for to "bail them out." And how come Toyota and GM each sell 10 million vehicles, Toyota makes an $18 billion profit and GM loses $39 billion? I see the bankers used our money to buy more banks and give themselves bonuses and trips to the spa.

I'd like to see Congressmen and senators who vote for these bailouts "co-sign the loan." If we don't get the money back, we take theirs.

If credit to those who can't handle credit got us into this mess, how will more credit to those who can't handle it get us out? I have visions of us become the Weimar Republic of 1920 - printing money, a wheelbarrow full to buy a loaf of break, and burning 10000DM notes by the stack because it's worth less than firewood and has more BTUs.

If someone can explain why we had to give a Trillion bucks to a bunch of crooked bankers because one person in a hundred is behind on his mortgage that he shouldn't have been given in the first place, please do. We probably could have paid off everyone's mortgage.

Matt

 

[Fulthrotl]

If someone can explain why we had to give a Trillion bucks to a bunch of crooked bankers because one person in a hundred is behind on his mortgage that he shouldn't have been given in the first place, please do.

it's the american way?

based on my observations, it is very difficult to get out of debt by
borrowing money.

does that help any?

 

[iaov]

It's starting right now.

I agree. I've had a lot of work come in the last week or so. More than I want this time of the year.

 

[iaov]

I recall that K Mart went bankrupt several years ago. The local K Mart store is still open and doing well. Someone pointed out that the Ford Foundation has more money than the "Little Three" automakers have asked for to "bail them out." And how come Toyota and GM each sell 10 million vehicles, Toyota makes an $18 billion profit and GM loses $39 billion? I see the bankers used our money to buy more banks and give themselves bonuses and trips to the spa.

I'd like to see Congressmen and senators who vote for these bailouts "co-sign the loan." If we don't get the money back, we take theirs.

If credit to those who can't handle credit got us into this mess, how will more credit to those who can't handle it get us out? I have visions of us become the Weimar Republic of 1920 - printing money, a wheelbarrow full to buy a loaf of break, and burning 10000DM notes by the stack because it's worth less than firewood and has more BTUs.

If someone can explain why we had to give a Trillion bucks to a bunch of crooked bankers because one person in a hundred is behind on his mortgage that he shouldn't have been given in the first place, please do. We probably could have paid off everyone's mortgage.

Matt

I had a telemarketer call me once and offer to sell me stocks that were garanteed to pay me back 20 times my investment. I told him I'ld buy ten grand worth right now provided he would agree to kill himself if I didn't make the money. It got very quiet on the line. I wished we had a "you must kill youself if this doesn't work" provision attached to all these bailout schemes. Both for the CEO's and the congressmen that are giving them the money. I'm guessing everyone would be a lot more cautious!:smile:

 

[e57]

The only way this has effected the industry localy (here) is that customers think they can 'work the price' because all they hear that it is 'SOOOOO desparate' out there on every media outlet..... That all labor will work for peanuts - and they find they are sorely mistaken.

IMO there is a problem when everyday the media will all but say 'Run to the bank!' Sure your 401k took a hit - some stock-holders are out some dough because banks got sick of the Fed lowering interest rates, some badly run companies folded and woke up to the fact that they screwed up some stuff - but to liken this to the 'great depression' only serves the media interest for ratings - and only serves to make it worse before it gets better.