by Katie Scarlett(Proud Mom of a successful Son) O.
Member since:
July 20, 2007

The Bail Out Was Passed............Welcome To The Recession

October 06, 2008 02:19 PM UTC
views: 0 | comments: 35

Coming over the internet now...........

 

GE is selling at an 11 yr. low for about $20./share..................glad I sold mine in May;

The CEO of Lehman Bros. testified before Congress that he took home over $300 Million in salary and bonuses while at the same time asked the Federal Government for a bail out for his company;

The CEO of Estee Lauder visited the Denver mall and found it EMPTY.  Where are all the early Christmas shoppers?

The Russian stock exchanged closed today AGAIN, for the second day in a row (since the bail out);

Hewlett Packard is laying off 25,000 employees;

E-Bay is laying off 1,000 employees;

159,000 jobs were lost in September

Ford stock is selling for $3.42/share;   GM $8.34/share

 

And it's going to get worse.

Comments: 35

☃ Shannon K. Wendt Oct 6, 2008, 2:23pm UTC
*sigh*

No surprise to me.
☃ Shannon K. Wendt Oct 6, 2008, 2:24pm UTC
I'm just keeping my fingers crossed that Matt doesn't lose his job. His customers sure aren't spending money this year. It hurts us badly.
Joe and I were just talking about that this morning. I know the work he does and his main customers are feeling the pain and certainly not in the market for his products. I figured you guys are feeling it already also. We'll all hang in there somehow, we have no choice.
C A. Oct 6, 2008, 2:34pm UTC
I hate to sound blase, but we just aren't feeling this in Texas. Apparently, the state is very wealthy and can easily self-sustain.

I was a bit worried about my hubby's job, since it is so closely tied to the aircraft industry, but his boss rounded up the troops last week and told them they are solvent, and do not owe any creditors. They've also got work out till at least this time next year.

I work in the utility industry, another area insulated from recession. We make electricity, here, so there's little chance of our services not being needed anytime soon.

I feel for anyone suffering during these times. I lived in Missouri in the 70's and remember the policies of Carter and how bad the economy tanked. We had lots of friends and family that struggled during those times.
C A. Oct 6, 2008, 2:35pm UTC
I shouldn't say Texas isn't feeling any effects, I meant Texas isn't getting slammed as hard as the rest of the country on this.
juley g. Oct 6, 2008, 2:36pm UTC
This is all such a mess! I know people who have lost nearly 40% of their retirement in the past 6 months.
☃ Shannon K. Wendt Oct 6, 2008, 2:38pm UTC
Juley, my dad lost 5K in just TWO WEEKS. I cannot imagine!
I thank GOD, and I mean that literally, that our major source of income is Joe's Federal Pension, my MIL has my FIL's Federal Pension (widows share) and a bit of Social Security. We can get by, better than most around us, but it doesn't mean it doesn't hurt. It's very very hard to also watch those we care about looking at the edge of the abyss. I'm very worried about a lot of people.
Ariel Storm Oct 6, 2008, 2:50pm UTC
Right now the Dow is down 757 for the day. This crisis isn't just ours, its world wide. The only question is how long and how deep a recession we are in for. Until housing stabilizes the bailout does nothing. This morning the Fed announced it would start paying commercial banks interest on their reserves. Looks like a hard road ahead for everyone.
Yes, you're right Ariel. And it IS worldwide, has been for quite sometime. I do, unfortunately, think we're looking at a Depression ahead. Just how bad is to be seen.
Chelsea R. Oct 6, 2008, 3:45pm UTC
ahh...america...dont ya love it
Yeah, bail out the SOB's who, even if they go to jail, their families will be just fine. Sucks.
barbara b. Oct 6, 2008, 6:15pm UTC
we all know it will get worse
Lol, barbara, we were just talking about all of you up there and what's bound to be. Sorry, I really am, but I've given all the financial advise to y'all that i can. I haven't been wrong yet for the past 4 years on the economic turn this country is taking and we all make our choices. That's why I'm where I am, and you need to secure yourselves very soon. It is going to be much much worse. I already picture all of you down here camping out on my lawn, lol. Let's hope not.
Bob B. Oct 6, 2008, 7:16pm UTC
This shouldn't surprise anyone.
It really shouldn't Bob, but I think a lot of people are! They look to the government like they would a parent, not realizing that even parents make mistakes, and sooner or later, one MUST grow up and take over the thing we call living and prospering for themselves.
Valerie Roars Oct 6, 2008, 8:46pm UTC
We've been feeling these effects in SoCal for awhile already.... :(
Heather M. Oct 6, 2008, 11:45pm UTC
We've been in a recession for a while.

The area I am currently living in has been economically depressed for a long, long time, so there really isn't much of a difference here.
Truth Always Oct 7, 2008, 6:30am UTC
This worries me, cause I fear that its going to get worse before it gets better... I hope I am wrong..
I'm afraid that I do agree with you vickey. Negative spending by consumers is already occuring, no growth and you have recession. That's where we are right now......it will be worse. Even my teen is growing concerned and talks non-stop about this.
Jeff S. Oct 7, 2008, 7:20am UTC
I'm going to be a contrarian here..
Look at the bright side. This is a good time to BUY!!! My portfolio is still in the positive territory YTD. Right now, I am buying stocks on fire sale! Mutual funds are at a bargain basement price. My grandfather used to tell me "Buy low - sell high." It's really low now. I can add: "buy on bad news - sell on good news." Gas will be below $3 a gallon. Real estate can be had at a good price now. Here is a better guaranteed investment that will net you 19% immediately. Pay off your credit card with a rate at 19%. Thank you bailout bill... I can be rich...!!!

One more thing: Stop watching commercial news! You will not feel bad. If you start thinking about your positive goals years from now, and focus on them now, you'll succeed. Read a non-fiction book a month, save for a rainy day, cut up your credit card, pay off your debt, and you will feel better. I did, and I do.
Lol, too bad I already own my home outright, not looking to buy.......don't watch the news and even my teen this morning told me he understands why I don't watch it as he did last night and only got aggitated. Paying off debt is easier said than done for a lot of people when the economy makes it difficult to buy food. A lot of people are going to have a hard time.
Denise B. Oct 7, 2008, 8:15am UTC
we can't afford to live forget about paying off debt... it is good advice it's just not doable for some of us.
Jeff S. Oct 7, 2008, 8:50am UTC
Sounds like some you you are losing hope. I am very aware of that fact that some people are living paycvheck to paycheck, and are not in a position to be wealthy today. I teach a Bible based class called Financial Peace University (FPU) at my church to help people get out of debt and build wealth, so that people don't need to depend on "government handouts" to retire comfortably. Go to www.daveramsey.com and Dave can show you how. I personal do not profit from it except to receive lots of good feedback from people being helped. Many hundreds of thousands have graduated from this class at thousands of locations and are becoming debt-free even now. I promise you that you'll like it. But if you don't like it, you can always go back to being in debt. It's a program for anyone with an income. You will regain hope as never before.
You don't understand something Jeff, I AM RETIRED and live in a paid up home, have a pension coming in and will probably fare better than most. It's many others who I worry about, not myself. Losing hope, let's just say that I always hope for the best, but prepare for the worst. Thanks anyway.
It is possible that some people here on Gather could benefit from your classes, but that would be for them to decide. I will tell you, however, that for many people, once you mention that it is Bible based, it will turn them off. Not myself, but many. I have been through what looked like possible financial ruin in the past and He did help me. Again, that's me.
☃ Shannon K. Wendt Oct 7, 2008, 9:05am UTC
This is a good time to BUY!!!"

With what?
Yes Shannon, it seems a lot of people don't understand that. For months many people even here on gather have had to decide whether or not to make that extra trip and use gasoline to purchase food.....heating bills are coming for many.....it's not good.
Jeff S. Oct 7, 2008, 2:21pm UTC
With 6% of the people unemployed, that means more than 90% have jobs. With less than 3% of households facing foreclosure or have foreclosed, 97% of homeowners are still able to make mortgage somehow. We tend to focus way too much in negative news because that's what our stupid pedia are feeding us. I'm not Polyanna, but I'm not Chicken Little either. Most of us have jobs/income and we need to hang on to our earning power. Turn off that commercial TV news spewing nothing but bad new (bad news sells and it robs your focus), and read an inspiring biographical book or two. Go get a part time job or work OT and get rid of that stupid student loan/credit card debt around your neck. There's too much gnashing of teeth in this thread.
I personally know people who CANNOT find work, even part time. You many not be a pollyanna, but you don't see the REALITY that some people are facing. I'm Sorry, really Jeff, but there are some things you don't see. You don't seem to understand that it's a difficult decision for some people when they would love to pay down their debt, but their kids are hungry too. Lovely ideals, but not realistically applicable.
@**Phyllis**@ @ Mom of 2 boys@ Oct 7, 2008, 4:57pm UTC
The housing market here in Boston has been slow for sometime. This state is really not much of a factory state so we do not see too many places shut down due to lack of work. The only big move we have seen is Reebox will be moving their production plant down south because they can pay people 8.00 an hour versus the 20.00 an hour they have to pay them here.
@**Phyllis**@ @ Mom of 2 boys@ Oct 7, 2008, 4:59pm UTC
Oh ya and in 6 months they are going to be asking for another couple hundred million.. Because as we know it will never be enough..
Where down south Phyllis? Maybe I can get a real job, lol. It's shameful, but $8/hr down here is decent money.
I do have to say Jeff, you're starting to sound like a Scientologist to me. The "I'll teach you how to make your life good" (pass the plate) always sets off my personal alarms, even though you say your classes are Bible based.
Jeff S. Oct 7, 2008, 7:21pm UTC
With all due respect to your supposition, I don't have a clue what a Scientologist is, or what they believe in. I am an unpaid faith based financial counselor who helps many families who are in distressed financial crisis, and I try my best to get them out of deep financial as well as emotional turmoil. I do understand that some people are facing severe financial crises. But this is nothing new for me.
I am sorry that your alarm went off, but I would appreciate if you don't assume who I am and what I know. I am deep in the midst of huge emotional gut wrenching scenario and financial turmoil that these families are facing. These are the people that I help to turn their lives around over weeks and months and move in the direction of financial freedom. I have seen many miracles happen.

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