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[kydisneyfans]

According to an article on CNBC right now, the market pulled back on the rally right after Obama had his press conference today. I'm not sure the other thread was blaming Obama for the problems, but obviously what he is saying is not helping things either.

 

[Nik's Mom]

We have already felt the recession. DH's company that he works for closed it's California office. Only 6 employees were offered to relocate to Kansas, and thankfully, dh was one of them. Everyone else was let go. It's all so sad.

I agree that people not spending money is making things worse. But when you are worried about losing your job, it's hard to keep spending. It's a vicious cycle.

 

[eliza61]

No, CAnn, not according to all the naysayers on the DIS. There's no recession here! Everything's fine!

And they say I was drinking "kool-aide" for daring to believe some one could do a better job.

 

[Anewman]

According to an article on CNBC right now, the market pulled back on the rally right after Obama had his press conference today. I'm not sure the other thread was blaming Obama for the problems, but obviously what he is saying is not helping things either.

Dow is up 250 on the day, but it is his fault it did not go higher...Despite dreadful news on jobs and the state of the auto industry, It is still his fault.

 

[S. C.]

Detroit made their own bed and now they are sleeping in it. For years they have blocked attempts to make more fuel efficient cars and instead hitched their wagon to giant gas guzzling SUVs and trucks because they made huge profits off of them. Did they try to make those giant vehicles more fuel efficient? No, not really. Now they are begging the government to bail them out when if they had been less greedy in the recent past with a better eye to the future they wouldn't need any bailing out at all.

And I work in an industry closely tied to the automotive and people in my company might lose jobs because of their greed and narrow-minded focus on profit today without regard for the future. Shame on them. They were just as bad or worse than Fannie Mae or AGI or anyone else.

In all fairness it seems the auto compaines were giving the people what they wanted. Had the big trucks and SUVs not been hot sellers for many years than the auto compainies would of been forced to do something about it earlier. Big trucks and SUVs quit being big sellers when the gasoline prices shot up.

 

[stacyp9]

Lets see...

Highest unemployment in 14 years
October retail sales down bigtime from last year.
GM and Ford posting HUGE losses
Circuit City closing 150 stores
Foreclosures still mounting.
Home Prices still falling.
I could go on.


But I still see some genius posting that the stock market fell yesterday cuz Obama won the election.

My FIL told me today that the rise in gas prices is Obama's fault. Finally, Clinton gets a break.

 

[Golf4food]

In all fairness it seems the auto compaines were giving the people what they wanted. Had the big trucks and SUVs not been hot sellers for many years than the auto compainies would of been forced to do something about it earlier. Big trucks and SUVs quit being big sellers when the gasoline prices shot up.

People want big - gas mileage was irrelevant. The companies could have increased fuel efficiency easily and chose to do nothing and just kept on with the low mileage monsters. They killed electric cars in the mid-90s, only recently have really tried to advance hybrid technology, etc. There is little reason they couldn't have kept the size while also improving the mileage.

I will always maintain that if high school kids every year can create engines that run on water that Detroit has no excuse for still relying on gas engines. We put people on the moon 40 years ago and yet we still run basically the same style engines in our cars that Henry Ford was rolling out 100 years ago.

Even if we get to a point where ever car on the road gets 100 mpg people will still be buying a new car on average every 3 years just like today because they want new things, new styles, new colors, new interior options. Better mileage won't change that - the car companies will still make money on new car sales, we'd just all be better off on top of it.

 

[DawnCt1]

One thing to remember is that 93.5% of Americans have jobs, which is not too far from the average employment rate of the last 50 years. Not too long ago 6.5% unemployment was good. We have been spoiled by a great economy for the past several years, now that things have slowed it seems really bad. We just got used to the 5% unemployment, record stock prices, and spending freely. Now things have changed.

My area has many job openings, but family supporting jobs are less in number. Careerbuilder and Monster have hundreds of thousands of jobs nationwide posted right now, I had to move to get a job in the strong economy of 2003. Others now will need to do the same to survive.

Why not send the illegals back and give the American citizens that need the work those jobs now?

ITA. Very often during a recession, those with secure jobs tend to "participate" in the recession which only prolongs it. I think we will see a turn around by the second quarter of 2009 . Employment will be the last thing to improve. It usually works that way.

 

[Planogirl]

A lot of people certainly do still have jobs and those who feel secure should get out there and spend. But can they make up for those whose wages are frozen or those who are underemployed or those who are seeing their coworkers lose their jobs and are just plain worried? Quite a few businesses are struggling right now and I don't see how those with money to burn can save all of that.

 

[Kathi OD]

I just looked out my window and the sky was falling.

Not really. I had the best sales week of 2008 this week, October was my best month of the year to date. It took over an hour to do a normal 25 minute drive due to traffic today. People are out, people are spending. Some big ticket items are starting to be hit around here, but the hammers are still being pounded on the new homes out my back door as I type this. If anything, business and traffic have increased around here in the past month.

Glad to hear that everything is hunky-dory in your neck of the country. Can't say the sky is falling here either......Oh yeah, that's right, it's because it has already fallen!!!

DH has been out of work since June. He's got 30 years experience as a construction manager. No one is hiring. Commercial and residential builders can't get financing for their projects. Over 200 resumes sent out and absolutely zilch, as in zero......nada.

I hope things continue to hum right along in Georgetown.

 

[DisMN]

Took 8 short weeks for the sky to fall where I'm from.
Early Sept DH's company signed the best contract they've ever had......now, 8 weeks later, all overtime has been cut and the workforce is being put on a 4 day work week. In effect this has cut their paychecks in half.

This is NOT good. I'm not entirely sure which bills NOT to pay and for how long can I not pay things? Yeesh.

Yep...the economy is in the pits. You get my confirmation on that fact for sure!

 

[yeartolate]

I think the unemployment rate is awful, bit it is not my primary concern.

I remember during some town hall type situation a woman told her story of working three jobs to barely make ends meet for herself and three kids (one handicapped). President Bush told her something like it was "uniquely American".

I guess my point is that it is one thing to be employed, it is another thing to have three jobs and barely make it. It is not just about having a job. It is about having a job with a living wage and benifits so you can afford to support your family in at least a minimal way.

Uniquely American

 

[LuvDuke]

Dow is up 250 on the day, but it is his fault it did not go higher...Despite dreadful news on jobs and the state of the auto industry, It is still his fault.

Isn't it amazing.

You really can't make this stuff up.