Just curious: how are you feeling about the economy?

[sniffa]

How are you feeling about job security? Has your company/industry felt the pinch yet, and if so, when and how hard?

How are you feeling about your finances/investments/retirement? Has there been any change, and if so, when and to what degree?

My company and industry started feeling it in a major way over a year ago. My company laid off well over 50% of its employees (though none of the employees with the same last name as the owner - nepotism survives any downturn) and I was lucky enough to survive that (now one of only 7 employees in my branch, which had over 50 just 5-6 years ago).

I learned a few weeks ago that most of the "small" firms are no more (and that many of the small firms were started by the layoffs of the GHWB recession).

I'm still nervous about this coming winter (typical dead time for most firms, but we've never had that until last winter) but since I'm one of the few survivors I feel "ok" about my chances.

We also have a few clients that have money to spend (though not as much as they used to) so our company "should" be able to hang on until the economy rebounds.

What say you?

[wryter2000]

1. Well...

I discovered this week that my mortgage is negative, upside-down, or under water, depending on the phrase you prefer. I was counting on being able to get a reverse mortgage in a couple of years so that I can stop making house payments and remain in the house. Unless things change drastically in about 2 years, it means I'll spend more time at the job that I've come to loathe since my old boss retired and I got a new boss.

The good news is that I still have the job I loathe. I hope that remains true.

[sniffa]

6. I'm glad you still have a job

Sorry about the rest, but I'm of mind at the time that I'm thrilled you still have your job you loathe. I hope your mortgage turns around sooner than later.

[wryter2000]

14. I'm actually very lucky in my job

The benefits are excellent. I wouldn't work anywhere else. If I had my old, much-beloved boss back, I'd be a happy camper.

I know the house will come back in value, esp. if Obama wins and the grown-ups take charge again. I absolutely shudder to think of what would have happened if I'd gone crazy with all the equity I used to have. If I'd gone into hock for home improvements and a nice car or something, I'd be in very deep doo-doo right now.

[Beregond2]

2. The paper company that my father and most of my

family have made their livelihoods from was sold to a Canadian company last year. They are in the process of paring it down to something that might make a profit, which it hasn't done in many years. The effect on the local economy has been dire. I have two jobs; one at a gym, and the other is my own massage therapy business. In the past month, the former has barely managed to cover the overhead of the latter. If this keeps up, I will have to close my office soon.

And how are you?

[sniffa]

5. Sorry to hear that

:(

Me, I'm nervous but hopeful. Like I said, I survived the MASSIVE layoff so I know I'm valued. I was also promoted and given a raise recently, so I feel even better. I also went back to school to increase my value and put me on a path to upper movement.

[mrreowwr_kittty]

3. The fundamentals are strong, sniffa.

:sarcasm:

Seriously though, I'm holding my breath until the election. With Obama in office there's at least a chance things will improve. McNutbag getting elected means either 1) more of the same tax cuts and deregulation if we don't have a strong enough majority in Congress or 2) gridlock if we do have the majority because the cheap fuck will veto any spending bill, even if it creates jobs here.

[NMDemDist2]

4. DH and I both have government jobs that are pretty damned critical

we have no CC debt and own our home outright, got a few grand in the bank in a county that has 1.8% unemployment.

we are doing OK I think. but 2001-2005 was HELL and thanks to DU and our own courage, we survived and have come out the other side in decent shape, Chapter 13 paid off a year early too.

but I realize we're the exception and have the proper gratitude for that.

What we are doing is holding off on putting much in the 401ks at work (only the minimum that that will match instead of the 15% I'd like to be stashing, but I'm saving it like mad anyway, just keeping it in our control and liquid for right now.

in January, when the outcome is settled, I'll reevaluate the retirement stash.

[barbtries]

7. i'm feeling dread

thanks to what's in the news. on a personal level, i have a good job which should be secure for at least one more year and possibly two. as for my 401K, i don't look. i've never had one before and my employer matches my contribution which is deducted from my pay pre-tax - so i just don't think about it. until i got this job less than a year ago i fully expected to be working until my dying day so this is all gravy basically.

i think i may not be as affected because i've always been poor. with this job i've been looking at a real possibility of that changing in my lifetime - so if this crisis bums me out in any way it is the fear that we'll tank so hard that no amount of money will be enough to spare us all from dire poverty. but i hate fear and determine not to kowtow to it. what will be will be. my children are healthy and so am i, so what's to fear? right?

no mortgage, no credit cards, no car payment, no worries. right?

[sniffa]

9. I have no morgage, CC's, car payment, and also no 401k

I'm just worried about losing my job. If we have some work (which we currently do) I should be fine. If we lose more of the little work we have I may be replaced by a member of the owner's family.

[MichiganVote]

8. Are you kidding? I live in Michigan. I barely survived a layoff this year. Next year, I'll be toast.

[WhaTHellsgoingonhere]

17. I hit the superfecta!

I bought my first home in July 2007 (gee, I don't want to be accused of being part of the problem: I put 45% down, have a reasonable, fixed interest rate, no car payment, no credit card debt)...

1. got laid-off at the end of 2007
2. couldn't afford my $435/mo COBRA premium after June
3. have been denied health insurance because I have a pre-existing condition
4. and just took out $18,000 in student loans

I'm going back to school because there are no jobs (not even temp). I'm "betting" that there will be jobs by the start of 2010. What do you think, good bet or should I put my home on the market now? (he said as he gasped for air...)


Ooops! Didn't realize I was responding to you, Michigan. I meant to reply to the topic :)

[MichiganVote]

24. Ok well...I already took out the Tarot cards so now you'll just have to hear the prediction

I see a for sale sign in your yard for your house but the vision is cloudy and I can't see a SOLD sign on it. You will find yourself in a new land in 2010. People will be smiling again, jobs will be plentiful and women (or men)...well never mind.

Dusty dried up old fart white men in gov't gone....let's hope we forget em'.

[NNN0LHI]

10. I am personally OK but I am terrified for the less fortunate right now

I can tell many people have just lost all hope. This really concerns me a lot.

Son

[stray cat]

11. I have job security for a couple of years but it looks bleak after that with the gov debt load

My job is dependent on obtaining government funds for medical research - no government money no job.

[barbtries]

13. vote obama

that's one area that he should be able to turn around in his time.

[colorado thinker]

12. We talked about this in the family earlier today

The consensus was that we can't shake a feeling of impending doom.

I'm a year into a new job that is light years better in every way than the job I left last November. However, budgets have been suddenly squeezed to death, projects cancelled and people will be laid off next month. I'm confident that I'm ok for now, but with the economy in the state it is in, that may not last long.

I'm afraid that between the economy and impending critical issues with the oil supply, things will not get better for a long long time. I feel this urge to contact old friends I have lost touch with, to finalize projects that have gone uncompleted, and to make one last trip to see parts of the country I love but haven't been to for a long time.

I suspect that all our lives will soon become very small, meaning that we will be focused on a narrow set of daily problems and won't have the ability to live or dream big anymore.

[dixiegrrrrl]

15. Well, I am going to miss the economy.

Past half century or so, I gotta used to having one.
But hey, they say Americans are overweight anyhow, and can stand to lose a few pounds.

But, I take heart from our glorious President, because he has taught me there are a lot of things we can live with out.
Fer instance, brains. Turns out they are highly overrated.
Which explains why we can also live without schools, seeing as how you evidently can go all the way thru collage and still not be able to read a book right side up.

And of course that leads to not needing critically thinking skills, which is real good since there are so many people in Congress who don't have to use them. I know about that, because I watch C-span, and see it every day.

Apparently one of the few things you do need is a whole bunch of very very very rich people willing to do your thinking for you.
I am working on that. I watch Sarah Palin real close, picking up hints.
Learnin to drop my g's now.

[Tierra_y_Libertad]

16. We're OK. Retired. But, the food bank where my wife volunteers has tripled in output.

And, the donations have dropped.

I rather doubt that any of the $700bn bailout of the bankers will trickle down to the food bank.

[NNN0LHI]

19. Same at the food bank my mother works at. Numbers of needy is way up

Numbers of donations way down.

Its terrible.

Don

[OhioChick]

18. Job Security?

:rofl: I'm in the IT field, need I say more?

My company has handed out pink slips to half the company over the past few years. I've taken at least 7 pay cuts, yet work 20-40 more hours per week.

As of late, they discontinued paying for my health care. I've had to take out a COBRA policy which is approximately $1500/month. I can't by-pass the insurance, as I have a sick kid and "with insurance" usually pay anywhere between $10-20K out of pocket/per year.

"finances/investments/retirement?"
:rofl: Yeah, right. I'm one paycheck away from being toast.

[Greyhound]

20. I'm in (was?) IT. You're kidding right? n/t

:kick:

[GoesTo11]

21. Plugging along here.

Job is secure. Investments and home equity are way down, and if they stay down in a number of years I'll retire later than I thought I would. Like a lot of people. But I think as long as you still have a job now, it's not that discouraging. If Obama wins, the country will work its way out although it might take a couple of years and the future won't be as bright as we once expected. The damage of the last 8 years is substantial, but I guess the country still has enough strengths that it'll be ok. If McCain / Palin win, all bets are way off.

[ddeclue]

22. Personally things are turning up finally...

This year has generally sucked since April but I finally started a new job with a lot of potential for growth in an upstart company.

Doug D.

[Eric J in MN]

23. I believe that there isn't going to be a worldwide Depression between now...

...and January, regardless of whether Congress passes a bailout bill.

I want them to wait for President Obama before passing any major legislation.

[SmokingJacket]

25. I've been on the edge of losing my job for most of the year.

If my employer keeps the business going through the next year, I'll be shocked.

My husband's job seems fairly recession-proof, if there is such a thing, so I'm not panicking.

However, I've made some real moves toward self-sufficiency (huge garden with deep freezer, poultry) and have subconsciously been doing lots of things to save money: not going out, putting off home repair, etc. There's a definite feeling in the air.

[blues90]

26. No offense but WHAT economy?

It has been falling apart rapidly since the bush admin took the office. We have been raped and robbed by these freakish HMO's since the late 80's as well as who knows how long wall street has been in their game of robbery.

This has not been an economy for many years the evidence is the country called China stamped on just about every product you can buy.

It's not an economy , it is a sick joke and an illusion.

[AlCzervik]

27. not good, are unemployment rate is up and the foreclosures, we're leading the nation

and our state is broke.

a feeling on insecurity for sure, seeing your neighbors lose their homes is sobering.

[sniffa]

30. It's scary

How are you feeling for your family? :hug:

I was just reading that my state is doing awesome compared to the rest of the country but that's due to a few industries I have no part in, and never will. x(

I'm so panicked some days I feel I should give in to my dad and go work for NSTAR (he's a union laborer and has been badgering me for years to come work there as a non-union engineer) before I'm forced to look for work. x(

[AlCzervik]

32. well i worry about my husband losing his job because the demand for what

they make will fall so much so that he won't be needed, i think about that a lot more now. I used to think if he lost his job we'd just sell the house but now that's much harder to do. I'm always worried, my husband says he never has to worry cause i do enough of it for the whole family but the past six months or so i'm way more stressed out and am trying only to buy what we need.

I'm glad you've your got Dad, that's a big thing you know, union jobs, we need more of them and i totally get your panic, it sucks feeling like this all the time.




:toast: :loveya:

[lib2DaBone]

28. We have been "Shot in the Back" by the very people we elected

Our CONgress and Senate no longer have a vested interest in doing "What is right" for America. They only bow down to Big Corporate Lobbyists. They have whored the system so bad.. that they have basically, soiled their own nest. Now they want us to pay their travel expenses as they flee to all parts of the globe. (Cayman Islands, Paraguay, Dubai) I'm afraid it's going to take people in the streets with Pitch forks to change anything. The vision of Mel Gibson and 'Thunderdome' becomes a very real possibility.

[etherealtruth]

29. Horrid

I work in environmental consulting. Largely performing due diligence on commercial properties prior to financial transactions. business essentially came to a halt this week.

[DemoRabbit]

31. Lots of bad things at the company I work for

Been getting worse and worse over the last year.

We've had at least five rounds of layoffs.

Most departments are working with skeleton crews.

Salaried/Exempt employees are now required to work 50-hour work weeks (that includes me).

Sales drop as credit freezes up. Our product in the type of thing people buy with large loans, not cash.

We are closing two weeks around the holidays, WITHOUT PAY.

I am ALSO nervous about the winter... a slow time for us... we are budgeted into 2009 for now, but I'm sure that doesn't account for a severe financial collapse.