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Posted: 7/10/2008 10:10:58 PM EDT
[#1]
We won't know for a while
Yes 
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Posted: 7/10/2008 10:11:49 PM EDT
[#2]
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Posted: 7/10/2008 10:12:14 PM EDT
[#3]
well, you probably know that a "recession" is defined as two consecutive quarters of negative growth. We've yet to have a single quarter of negative growth, but the past two or three quarters have been basically flat, with less than .5% growth (don't have the actual numbers handy, so if someone can help me out i'd appreciate it).
It's not great, but nowhere near as bad as the media desperately wants you to think. |
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Posted: 7/10/2008 10:12:59 PM EDT
[#4]
The economy is fine... I've been unemployed for three months though.
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Posted: 7/10/2008 10:14:20 PM EDT
[#5]
Last year was the best year in my companies history.
We are so far above last year with so many orders piling in daily that I don't know how we will get it all done. So from what I can see it is great. |
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Posted: 7/10/2008 10:14:32 PM EDT
[#6]
Can't be so bad, I haven't had a week with out over time since the beginning of march.... Maybe we have ran out of money to borrow so people stopped buying expensive stuff?
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Posted: 7/10/2008 10:15:21 PM EDT
[#7]
What do you all do for a living?
Damn, should have asked that in op... |
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Posted: 7/10/2008 10:15:21 PM EDT
[#8]
My local economy is one of the strongest in the nation (DFW), so I've wondered the same thing. I've noticed people spending less money lately since I'm in sales, but I think its more due to gas prices than the economy, at least where I'm at. Ask someone in Detroit about what I just said and they'll probably tell me to go fuck myself.
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Posted: 7/10/2008 10:16:06 PM EDT
[#9]
I lift weights and produce massive amounts of awesome in my spare time... Which happens to be all the time.
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Posted: 7/10/2008 10:16:08 PM EDT
[#10]
It's mediocre. It's not good, but the media bullshit that it's terrible, terrible and it's all the Republicans' fault! is precisely that: bullshit.
Edited to add: I'm a medical student and work part-time (which is nearly full-time at the moment since I'm currently in my much-shortened summer break) as a hospital lab technician. People are still getting sick, and gangbangers are still shooting each other, so my job is pretty safe 
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Posted: 7/10/2008 10:17:17 PM EDT
[#11]
Its been tough in the construction field. I imagine it will turn soon though. Hopefully.
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Posted: 7/10/2008 10:17:18 PM EDT
[#12]
CNBC study: Texas - tops for business
By Mike Elswick | Thursday, July 10, 2008, 01:18 PM Texas is America’ Top State for Business according to the results of a CNBC study that scored each state on 40 different measures of competitiveness. Gov. Rick Perry joined CNBC’s “Closing Bell with Maria Bartiromo” in Washington, D.C., Wednesday afternoon for the announcement. “We live in a world that moves faster than at any time in history,” Perry said. “Knowledge and capital are rapidly being deployed to parts of the world where the right combination of talent, technology, business climate, infrastructure and markets converge. I believe Texas is that place, now more than ever.” CNBC’s ranking adds to the growing list of accomplishments and accolades for Texas’ business climate. The Lone Star State is now home to more Fortune 500 companies than any other state in the nation, and was recently named the “Best State to Do Business” by CEO Magazine for the third year in a row. In the past five years, Texas has created 1.2 million net new jobs. In the last year alone, more than half of all jobs created in the United States were in Texas. “There is simply no better place to live, work, grow a business and raise a family than the great State of Texas,” Perry said. “We have the best business climate in the country and remain globally competitive thanks to our reasonable regulations, low taxes, fair legal environment, educated workforce and an unparalleled quality of life.” CNBC scored each state using publicly available data to determine the rankings. States received points based on ten broad categories including: cost of doing business, workforce, economy, education, quality of life, technology and innovation, transportation, cost of living, business friendliness, and access to capital. Texas’ strongest showings were in economy, technology and innovation, transportation and cost of living. The complete study is available on http://www.cnbc.com/id/25350187/site/14081545/ |
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Posted: 7/10/2008 10:17:44 PM EDT
[#13]
Well The Royal Bank of Scotland issued an alert calling for a stock market crash in about three months....The economy is fucked up real bad. Things will get much worse.
You should prepare, stock up. Just in case it does not hurt to be prepared for the worst. But hope for the best. The market has been sort of rebounding a little but...but not too much. We are in one nasty mess, but time may or may not sort this out. And because of Oil prices it is preventing us from any kind of quick recovery. Really though who knows until something happens. |
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Posted: 7/10/2008 10:17:57 PM EDT
[#14]
Work is great we have more work than we can do
but I work in the oil indutry. |
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Posted: 7/10/2008 10:18:02 PM EDT
[#15]
landscaper for the summers...all of the companies here are hurting
Ironically I work at a rafting company and kayakschool......it's fucking BOOMING right now. Go figure... |
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Posted: 7/10/2008 10:18:03 PM EDT
[#16]
It could change at the drop of a hat.
Israel and Iran start bombing each other,, the depression of the 30's will seem like a cake walk. |
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Posted: 7/10/2008 10:21:02 PM EDT
[#17]
"negative growth"? |
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Posted: 7/10/2008 10:22:24 PM EDT
[#18]
The GDP gets smaller in that quarter. As opposed to getting larger, which would be positive growth. Yes, it's a silly term, but it's the official term. |
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Posted: 7/10/2008 10:23:04 PM EDT
[#19]
Really bad things are happening due to the printing of money since 1913. Our Fiat money has now been devalued by 95%. Too many dollars chasing too few goods.
Jim Rogers video There is no end in sight. our national debt is $9.2 trillion, at 3 percent, what is your share of the interest payment each year? What is your share of the debt. When you add in the value of future promises of SS and Medicare you get to $57 trillion. The US GDP is $13 to 15 trillion. The World GDP is $50 trillion. Check out Peter Schiff at Eurocapital. Unlike the 1st Depression, the US was able to manufacture its way out of it despite FDR's attempt at destroying us with socialism from his Stalin-lover staff. In this 2nd Depression, we have shipped our production facilities to Asia. Real wealth is not paper or inked numbers on bank statements. All fiat currencies (ok, except the silly iron coins of the Spartans), have failed. There was price stability for the hundred years 1812 to 1913 until the Fed. 30 years ago you could buy 4 gallons of gas for a silver dollar. You still can today! If you are studying Economics, check out Ludwig von Mises. Milton Friedman was a statist. He believed that the gummint should control the value of money. Von Mises argues that the value of money should be determined by the market. Have fun. It will all turn out ok in the end. |
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Posted: 7/10/2008 10:24:45 PM EDT
[#20]
Yeah pretty much... Which is what the Taliban would want... I don't see Iran backing down they know this already. They're for a lack of a better term untouchable. If any one bombs them...Oil could very well peak at $300 |
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Posted: 7/10/2008 10:32:25 PM EDT
[#21]
The economy is flat, but NOT in a recession.
Which in real terms, with the MSM screaming recession, the war, energy prices, inflation and general depressive personalities means the economy is doing quite well against all that. |
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Posted: 7/10/2008 10:33:21 PM EDT
[#22]
That period at the end is the only good thing about your post. |
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Posted: 7/10/2008 10:34:52 PM EDT
[#23]
I don't believe anything out of Scotland anymore. And I will bet you $100 that the stock market won't crash in the next 3 months. I'll define crash as losing more than 20% of it's current value. |
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Posted: 7/10/2008 10:35:34 PM EDT
[#24]
So, does that mean that under (pure speculation) an Obama presidency the MSM will stand and cheer to the health of the US economy and all "will" be better?
IE Will our problems flutter back to the rear burner as we entertain ourselves with American Idol? |
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Posted: 7/10/2008 10:35:47 PM EDT
[#25]
The economy showed growth for the first quarter. There is no recession, you can't have one in a time of growth. Its not as bad as its being made out to be.
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Posted: 7/10/2008 10:37:39 PM EDT
[#26]
As long as I see people buying X360s, and Wiis as fast as they can stock them, I have my doubts.
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Posted: 7/10/2008 10:39:03 PM EDT
[#27]
Economy bad enough for congress to pass a 300Million bail out for themsleves and buds.
Bad enough I actually pay attention to what i am spending ever more. And bad enough I use the wifes car as often as possible instead of the truck. |
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Posted: 7/10/2008 10:42:53 PM EDT
[#28]
No we're are not in a recession...But are in a stagflation, now that is a different story....
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Posted: 7/10/2008 10:42:59 PM EDT
[#29]
Yes, you win the cigar. That's exactly what they did in the election of '92, screamed bloody murder about how Bush 41 had ruined the economy, despite the fact that it had already turned around and started to do well. As soon as Clinton got in, there was a marvelous recovery. They're doing the exact same thing today, except they're screaming even louder and with fewer pauses for breath. Edited to add:
If you think this is stagflation, your scale of comparison is horribly, horribly skewed. |
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Posted: 7/10/2008 10:44:39 PM EDT
[#30]
What if you're worng and the economy gets worse and worse with no end in sight. Ahh yes I actually meant that as a question not a statement, so we're not in Stagflation then? |
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Posted: 7/10/2008 10:51:28 PM EDT
[#31]
The way I remember it is that the economy was just about to start "heating up" when clinton took office so in order to "stall" for time (instead of taking any action that might do more harm than good) he announced his "landmark" don't ask don't tell policy for our .Mil
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Posted: 7/10/2008 10:56:19 PM EDT
[#32]
Ah, OK. No, we're not in stagflation. When we had it under Jimmy Carter, inflation was in the double digits, economic growth was minimal, unemployment was significantly higher than it is now...and these conditions persisted. We have not even had one quarter of negative growth, much less a recession. Inflation is present, but nothing remotely comparable to what it was under Carter. |
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Posted: 7/10/2008 11:01:30 PM EDT
[#33]
Ah okay. I had read somewhere that under him is was horrid.
Still everywhere you look you can't ever find any piece of news that is optimistic. Though I will say I'll still prepare for the worst of things, should they ever come. |
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Posted: 7/10/2008 11:08:59 PM EDT
[#34]
My store is up in sales 4.x% for the year.
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Posted: 7/10/2008 11:10:18 PM EDT
[#35]
You obviously don't know what stagflation is. Google is your friend. |
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Posted: 7/10/2008 11:17:24 PM EDT
[#36]
It doesn't work like that. They tried it in 1992-93 and all the "sweetness and light" reporting on the economy couldn't turn things around until the Republicans were elected in 1994. We are not in a recession yet. Just a slow growth period. Unemployment for the year is averaging 5.1 percent, historically low. Growth is averaging more like .7 percent. This is entirely a media-liberal event. |
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Posted: 7/10/2008 11:32:02 PM EDT
[#37]
I agree with other posters that for the most part this recession is a media event. Don't get me wrong, there have been likely 100’s of billions of dollars lost in the whole subprime/housing debacle. Also $140 a barrel for crude is hurting the consumer. But, what is amazing is that the economy has with stood this avalanche as well as it his. It is a sign of the strength of our economy that there has not been an economic collapse. I guess the saving grace is the worldwide economic growth. This has saved us though out exports. Yes, things are bad.......absolutely. But if most nations were hit with what the US has been they would be riding 20% unemployment and definite economic depression.
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Posted: 7/10/2008 11:33:30 PM EDT
[#38]
....You're way beind. 
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Posted: 7/11/2008 12:40:37 AM EDT
[#39]
So, what do you make--<edit>, or foreclosure signs? ETA: Edited out part that could have been construed to be anti-war, which I am not. |
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Posted: 7/11/2008 12:47:26 AM EDT
[#40]
Stagflation is an economic illness wherein inflation combined with stagnation lock a society into slow-to-negative economic growth and rising unemployment, invariably including recession.[1] The portmanteau term "stagflation" is generally attributed to British Conservative MP and later Chancellor of the Exchequer Iain Macleod, who coined the term in a speech to Parliament in 1965.[2][3][4] (Note: Nelson and Nikolov also point out that the term 'stagflation' has sometimes been erroneously attributed to excessive growth of the money supply, and the government can cause stagnation by excessive regulation of goods markets and labor markets. When combined, the presence of both these factors is more than sufficient to launch an era of stagflation. For example, policies which promote growth in the money supply to allow consumers to afford higher priced oil contribute as a cause for runaway inflation, even if implemented to fight stagnation or recessions. The global stagflation of the 1970s is often blamed on both causes: it was started by a huge rise in oil prices, but then continued as central banks used excessively stimulative monetary policy to try to avoid the resulting recession and stagnation, causing a runaway wage-price spiral.[5] |
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Posted: 7/11/2008 2:05:26 AM EDT
[#41]
I'm behind also. 
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Posted: 7/11/2008 3:43:58 AM EDT
[#42]
depends on the industry. air travel is on it's balls right now due to fuel prices
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Posted: 7/11/2008 3:52:16 AM EDT
[#43]
I've read that 4 times, and have 3 cups of really good coffee in me and it STILL makes no sense. Here's how I see it (economy) 1. It isn't good 2. Media is making it worse than it is 3. It will improve 4. It never improves fast enuf. 5. Sherrick's post still makes no sense... |
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Posted: 7/11/2008 4:16:26 AM EDT
[#44]
Keeping the truth about the economy hidden is a key strategy in keeping the economy going. Didn't they cover that in school?
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Posted: 7/11/2008 4:18:16 AM EDT
[#45]
We are not in a recession.
We ARE in a period of inflation, which is going to continue & accelerate. Mostly energy driven, but spreading very fast. The media and many politicians are doing their best to whip people into a frenzy and they are likely to vote in a socialist this Fall. THEN we will see hard times. Best to prepare for them, because what we have now is not hard times, by a long shot. Hussein will tax us into a real recession and expand his fan base of perpetual victims until the pendulum swings back in a few years. It will be a bad time for most. Our rights will also be further eroded by the votes of "concience" that put him in power... |
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Posted: 7/11/2008 4:26:37 AM EDT
[#46]
The economy always sucks during an election year. Someone has to make an "issue" out of it.
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Posted: 7/11/2008 4:28:58 AM EDT
[#47]
For those of you who do not know, GunLvrPHD's Ph.D. is in economics. You might want to pay close attention to what he writes when it comes to economics.
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Posted: 7/11/2008 4:36:20 AM EDT
[#48]
In early October, the Dow was over 14,000. It's lost 20% of its value since then. Are you talking about betting on ANOTHER crash or can I cash in on the bet by merely pointing out that the crash has already happened?
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Posted: 7/11/2008 4:36:43 AM EDT
[#49]
Average Joe doesn't care what the "experts" say (no offense to GunLvr, WHATsoever). Average Joe just wants to be able to pay his mortgage and his bills, and occasionally take the wife and kids out to dinner. Right now, dinner's "in" and it's more expensive...as well as his gasoline, heat, electricity and everything else. People only care about how the economy is affecting *them*. With record gas prices, grocery prices are up roughly 30% over last year. And PUC's all over the country are approving rate increases of over 20%. Since Joe American's wages are NOT keeping up, that's all he sees. No PHd, no media, no election year hype will change that Americans are FEELING this crunch very hard. No amount of "global economics" education can make a guy just trying to live feel any better about shelling out more than he's pulling in. |
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Posted: 7/11/2008 4:41:10 AM EDT
[#50]
It's regional - In Michigan, it's gonna stink.
Around here, it's pretty good. My company laid off about 1/2 the workforce (engineering, light technical manufacturing) and almost all of them have better jobs 1 month later. In fact, the other 1/2 of the company is busy lining up their next gigs to jump ship... It's going vary by region, and they will all be different, but we are not in the 'oh noes' times that the media would like to portray, they are intent on getting an entitlement mentality going and BHO elected. |
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