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What Recession?

Babe_Ruth

Sultan of Swat
Staff member
V.I.P.
411mania.com: Politics - What Recession?

Found this blog pretty interested and it made some good points. I believe Goat made a thread like this a while back, but I decided to start a new thread to get more insight on the matter in hand.

Thoughts?
 

generalblue

Where is my Queen?
I think that this is a load of crap, I live in Texas and during the "Recession" we were literally recession proof, in fact Austin's, Corpus Christi's, and San Antonio's city economy blew up. Now there are literally no jobs available now. People are losing there jobs and there are now no jobs to go to. Texas is now feeling the effects of the recession as we speak. Now most of these polls and surveys are from states that were impacted the most and are now recovering. My girlfriend that I was seeing had to turn off the internet off her phone because she has not been recieving a whole lot business lately due to the economy turning. I personally have not been affected yet, but others around me are getting hit hard. This article was probably written by a liberal.
 
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icegoat63

Son of Liberty
V.I.P.
yeah this was the part my old thread was getting at;

per OP link said:
Even in a bad economy, you still get the luxuries of cell phones, the Internet, cable, satellite radio, computers, and cars. Despite this horrible economy that so many believe exists, I still see a super long line at the Starbucks drive-thru every morning. The more Americans keep populating the idea we are in a recession and things are awful, the less likely people are going to be willing to spend and go about their day normally. Relax, things are going to be okay.
In my observations last year while "things were at their worst" there was still 45 minute to an hour long wait at just about every restaurant in town. Mind you I didnt get to partake in going out all the time, so I assumed that people just didnt have that luxury anymore and that getting a table when the instance did occur should be a breeze during a recession right?

Wrong...

Turns out it was almost as if everyone I knew spent MORE money on luxuries like going out to restaurants, drinking at bars, upgrading their internet, their flat screens, buying new cars... I mean there were was more money spent in the last two years by my collective family and friends than I have ever seen.

Maybe theres a correlation between mine and my friends current age, the "Age of Acquisition"... but even still they werent moving into houses, they were still living at home with Parents or renting apartments with flatmates. So whats the excuse for spending so much money if its so hard to come by?

To me the last two years of "recession" has been all about Sales, Media, and Excuses. I've lived my life the same as I have for the last 5 years while moderately self supporting. Same Phone Plan, Same Vehicle Payments, Same insurance payments, Same overall bills. Sure I lived at home... but I also attended College throughout so as far as Im concerned I'm well within my general demographic.

There have been times I've felt tight... but mind you over the course of the last year I've been attempting to solely pay for a wedding with a $15,000 budget.

The biggest test of "economy" was in the Job Market right? My current job allows me to see about 6months into the future work field. Quite frankly... it never slowed. Military Projects have been in excess... my company alone has been a part of 3 over the last 2 years grossing close to $500k alone. School projects have slowed a bit, but are still roughly 2 ground-up entire schools each year which is slower than usual but still really steady.

Apartment complexes have been insane, I've worked on roughly 15 different multi-million dollar Complexes over those two years.... Hospital, Residential, Commercial... They are all still there. My 2009 file is as big as my 2008 file and my 2008 file is twice the size of my 2004 file. Every competitor is still competing, every vendor is still hustling... but yet we're in a recession right? :eyebrow:

Maybe I just live in a perfect little economic bubble that wasnt affected by the downturn. :dunno:
 

MAgnum9987

Do What Thou Wilt
The recession isn't over until the banking industry is regulated and average Americans can sleep at night without fear their rates won't climb and they get kicked out of their own house.

Think I'm BSing? Its happening to my family right now. And it pisses me off. Their is nothing we can do about it, except work harder and tighten our belts. I've just gotten a job, and I'm helping my family out as much as I can.

Recession over my ass.
I find a comment romantically appropriate
"Elitist fuck."
------
yeah this was the part my old thread was getting at;



In my observations last year while "things were at their worst" there was still 45 minute to an hour long wait at just about every restaurant in town. Mind you I didnt get to partake in going out all the time, so I assumed that people just didnt have that luxury anymore and that getting a table when the instance did occur should be a breeze during a recession right?

Wrong...

Turns out it was almost as if everyone I knew spent MORE money on luxuries like going out to restaurants, drinking at bars, upgrading their internet, their flat screens, buying new cars... I mean there were was more money spent in the last two years by my collective family and friends than I have ever seen.

Maybe theres a correlation between mine and my friends current age, the "Age of Acquisition"... but even still they werent moving into houses, they were still living at home with Parents or renting apartments with flatmates. So whats the excuse for spending so much money if its so hard to come by?

To me the last two years of "recession" has been all about Sales, Media, and Excuses. I've lived my life the same as I have for the last 5 years while moderately self supporting. Same Phone Plan, Same Vehicle Payments, Same insurance payments, Same overall bills. Sure I lived at home... but I also attended College throughout so as far as Im concerned I'm well within my general demographic.

There have been times I've felt tight... but mind you over the course of the last year I've been attempting to solely pay for a wedding with a $15,000 budget.

The biggest test of "economy" was in the Job Market right? My current job allows me to see about 6months into the future work field. Quite frankly... it never slowed. Military Projects have been in excess... my company alone has been a part of 3 over the last 2 years grossing close to $500k alone. School projects have slowed a bit, but are still roughly 2 ground-up entire schools each year which is slower than usual but still really steady.

Apartment complexes have been insane, I've worked on roughly 15 different multi-million dollar Complexes over those two years.... Hospital, Residential, Commercial... They are all still there. My 2009 file is as big as my 2008 file and my 2008 file is twice the size of my 2004 file. Every competitor is still competing, every vendor is still hustling... but yet we're in a recession right? :eyebrow:

Maybe I just live in a perfect little economic bubble that wasnt affected by the downturn. :dunno:
Yeah, i don't think you are under the same circumstances as alot of people. California definitely has one of the largest economies in the country. it does not surprise me one bit things aren't as bad at your end of the country.
 
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CaptainObvious

Son of Liberty
V.I.P.
The recession isn't over until the banking industry is regulated and average Americans can sleep at night without fear their rates won't climb and they get kicked out of their own house.

Think I'm BSing? Its happening to my family right now. And it pisses me off. Their is nothing we can do about it, except work harder and tighten our belts. I've just gotten a job, and I'm helping my family out as much as I can.

Recession over my ass.
I find a comment romantically appropriate
"Elitist fuck."
Your rates can't climb unless you have an adjustable rate mortgage, at which point I would argue the mortgagee certainly has some blame.

The argument isn't that the recession is over, the argument is the recession is/was not as bad as advertised. I agree with a lot of what has been said, people are still buying cell phones, going out to eat, buying new plasma TV's (I'm in the market for one myself) and the like. There definitely was an economic downturn the last few years most of which can be blamed on poor regulation of Fannie Mae and Freddie Mac, but the 2008 election campaign of fear mongering was done more for political reasons than anything else.
 

icegoat63

Son of Liberty
V.I.P.
Your rates can't climb unless you have an adjustable rate mortgage, at which point I would argue the mortgagee certainly has some blame.
Yup Yup... Adjustable Rates are a gamble... and the most disappointing lesson in life I've ever learned is that Gambles always sound promising... but they rarely if ever land in your favor.

Oh and Trust me.... California was still hit. Mind you the State Budget is still broken... we have a deficit of over 19 billion dollars and 2011 is projected to be closer to 37 billion.... To say that California is a non-effected state isnt accurate. People still lost their jobs, their homes, and are still in debt.

But one of the biggest connections that those people have to eachother is that the vast majority of them were living above their means. Single income 30k-50k a year families in $375-500,000 homes with those Adjustable rates that came back to destroy them. Credit Cards maxed out from buying the Flat screens.... putting Utility payments on credit because they couldnt swing it in cash those months. Taking out Seconds on their houses to pay for Property Taxes and buying new cars with the excess instead of just putting it back into the house itself (or saving it for next years property taxes).

I've heard it all, hopefully learned from their mistakes to that way I dont have to make the same ones.

its a terrible situation. But one I feel alot of people could have easily avoided if they werent so materialistic in the first place.
 

CaptainObvious

Son of Liberty
V.I.P.
Yup Yup... Adjustable Rates are a gamble... and the most disappointing lesson in life I've ever learned is that Gambles always sound promising... but they rarely if ever land in your favor.

Oh and Trust me.... California was still hit. Mind you the State Budget is still broken... we have a deficit of over 19 billion dollars and 2011 is projected to be closer to 37 billion.... To say that California is a non-effected state isnt accurate. People still lost their jobs, their homes, and are still in debt.

But one of the biggest connections that those people have to eachother is that the vast majority of them were living above their means. Single income 30k-50k a year families in $375-500,000 homes with those Adjustable rates that came back to destroy them. Credit Cards maxed out from buying the Flat screens.... putting Utility payments on credit because they couldnt swing it in cash those months. Taking out Seconds on their houses to pay for Property Taxes and buying new cars with the excess instead of just putting it back into the house itself (or saving it for next years property taxes).

I've heard it all, hopefully learned from their mistakes to that way I dont have to make the same ones.

its a terrible situation. But one I feel alot of people could have easily avoided if they werent so materialistic in the first place.

I know a guy with the FBI that just signed a mortgage with an adjustable rate at 2.5%...that rate is just INSANE! But it's only good for seven years and he plans on transferring out within 5. So basically his monthly payments will be going towards the principle and when he does sell, he should make a killing. It's still a gamble though.

I agree with the materialism, that gets so much more blame for economic downturns than "deregulation" which is such a generic term and would love to know specifically what regulations people have problems with.
 
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