what recession

[Feralpeg]

Try going out to dinner on a Friday or Saturday night. In fact, try going out mid week. If you don't call ahead, show up early, etc, you will have a long wait.

That isn't the way it is here. I went to the Olive Garden with DD on Saturday night. We walked in the door at 7pm. There were three people in the lobby. They seated us immediately. Restaurants off Disney property are dead here.

 

[ObsessedwiththeMouse]

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[ConcKahuna]

That isn't the way it is here. I went to the Olive Garden with DD on Saturday night. We walked in the door at 7pm. There were three people in the lobby. They seated us immediately. Restaurants off Disney property are dead here.

I feel bad for all the employees of the tourist/service industry. Many, many CM's I know who have 10+ years at Disney arent even getting 40 hours.

 

[mlynn]

I feel your pain.
I have been out of work since July on medical. My DH lost his job the day after we found out I have breast cancer. So things here are crazy.
My company has done 3 rounds of lay offs in the last 6 weeks. Not sure if I will have a job to go back to.

I'm so sorry. How are you feeling? I will pray you have a job to go back to and for your husband to find work. It is such a scary time right now.
God Bless!!

 

[SydneyBristow]

DH's work just laid off worker number 31 today.

Spoke too soon DH just told me they laid off 2 more additional people.

 

[Quiksilvr]

Most of my friends in DC are busy. However, I do have a couple of friends at other law firms who have very little to do and are worried about getting laid off. I think it depends on what practice group you're in. Because I do big corporate tax work, we aren't really affected by a downturn. The IRS still demands payment.

 

[SHAYMARAYSMOM]

I'm so sorry. How are you feeling? I will pray you have a job to go back to and for your husband to find work. It is such a scary time right now.
God Bless!!

I am doing good. Thank_You
I just think on lines the lines of I know it is worse for some people.

 

[mlynn]

I am doing good. Thank_You
I just think on lines the lines of I know it is worse for some people.

That is what I keep telling my husband. We could be worse.

We had a bright side with his job.Every year his health insurance would go up at least 100 a month. This year NO increase and the co pay staying the same. So we got some thing there. Things will hopefully turn around soon.

 

[Ilovemylife]

I agree and think it really depends on where you live.

We haven't felt any effects. In fact, we were able to just purchase a new car, complete with financing and no downpayment. I thought the credit market was frozen.

I live 20 mins from the OP and it's definitely hurting here...regardless of how many people seem to be buying Wii's.

The car dealers are getting desperate...and because of that, they are practically throwing cars at people ~ regardless of credit history.

You must be doing great, considering you just bought a new car and you have three trips coming up in the next year at Deluxe resorts.

Consider yourselves lucky...not everyone is as fortunate.

 

[eliza61]

last year at this time, i commented that i didn't think things were as bad as everybody was saying because of the massive lines of people waiting to buy wii consoles.

i stand by that statement. as i waited in line today with lots of other people to buy wii fits. so, i know that some are feeling the effects, but it seems that people still have plenty of discretionary income.

Ok Now it is official. The powers that be have declared we are in a recession and have been for quite a while.

http://money.cnn.com/2008/12/01/news/economy/recession/index.htm?postversion=2008120112

 

[C.Ann]

Ok Now it is official. The powers that be have declared we are in a recession and have been for quite a while.

http://money.cnn.com/2008/12/01/news/economy/recession/index.htm?postversion=2008120112

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Watch out.. Now you're going to be accused of "buying into the media hype"..

I don't even bother with the news or the newspapers - all I have to do is look around me and talk to any breathing body..

 

[eliza61]

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Watch out.. Now you're going to be accused of "buying into the media hype"..

I don't even bother with the news or the newspapers - all I have to do is look around me and talk to any breathing body..

You said a mouthful there C.Ann. I think I will scream if one more posters says it's all being caused by the media and if people would just calm down and stop looking at the news every thing would be honkey dory.

Tell that to my 401K statement.

 

[islandmum]

The mall and all of the stores parking lots were completely packed the past several days. Unless these folks were just driving to the stores to window shop, I think that a lot of commerce is taking place.

and alot of that being spent in going on credit cards - even more than the last few years. less pennies in the pocket so stick it on the CC and pay it off monthly (if ever).

Recession is hitting the big companies with entrentched debt first - all it takes is a little downturn in spending from the consumer and that tips them over the edge :

for example Woolworths in the UK - had a stable cash flow, about 200 million debts but that is quite usual for the big companies - even when they post multi million dollar profits- , in about Feb when the oil prices started to really escalate the spend started to drop, they went to the banks to help with a little refinance ..... but the banks had stopped lending, had to try and protect their investments as the stock market was starting to drop ....

cashflow started to become a problem, the debt increased, but then oil prices and assosciated costs went back down but it was too late - the debt was now 400 million and even though the folks are back spending the defecit is too big .... and bang, company went under, taking over 800 stores down.

It only took a little drop in the spend from the customer to nail them. Add to that then the layoffs, global stock market meltdowns, mortgage crisis, home repossesions, bank foreclosures, leisure industry collapse, anyone who thinks this is not a big recession is living in coockoo land.

 

[ObsessedwiththeMouse]

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[islandmum]

I feel bad for all the employees of the tourist/service industry. Many, many CM's I know who have 10+ years at Disney arent even getting 40 hours.

my dh works as a Director in a large resort company, the outlook for the tourist market is DIRE right now. Every major hotel chain is really feeling the pinch. Huge numbers of top level staff have gone, not to be replaced. Local layoffs happening everywhere, pretty much all building projects halted, places like Cape Cana have already gone under. Paycuts look like they will be enforced, all business trips cancelled and expenditure has been stopped unless essential to the facilities operation.

Jobwise we are secure as his job has to be maintained but for others .... it doesnt look so good.

 

[C.Ann]

and alot of that being spent in going on credit cards - even more than the last few years. less pennies in the pocket so stick it on the CC and pay it off monthly (if ever)..

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That's it in a nutshell and I'm amazed that so many people can't seem to make that connection.. Anyone can "spend" - as long as they have that piece of plastic in their hands.. Doesn't mean the economy is fine - or they are fine.. They're just willing to run up credit card debt with no idea of how they are going to pay it off..

People standing in line to make purchases - and malls being full - means less than nothing in terms of determining how well the economy is doing..

 

[SHAYMARAYSMOM]

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That's it in a nutshell and I'm amazed that so many people can't seem to make that connection.. Anyone can "spend" - as long as they have that piece of plastic in their hands.. Doesn't mean the economy is fine - or they are fine.. They're just willing to run up credit card debt with no idea of how they are going to pay it off..

People standing in line to make purchases - and malls being full - means less than nothing in terms of determining how well the economy is doing..

how true this is.
I have a friend who has the idea that if she puts Christmas on her credit cards it will be okay. I have no idea why she would want to carry a debt that will take her years to pay off.
But for all those still spending I hope that if things get bad for them they can still pay all thier bills.
My house payment and all my bill come first over any gifts.

 

[C.Ann]

But for all those still spending I hope that if things get bad for them they can still pay all thier bills.
My house payment and all my bill come first over any gifts.

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Exactly.. I am living on a fixed income - with no way of increasing that income due to the way it's structured - and more than one person here has lectured me on how I should be spending money in order to stimulate the economy.. They have not however, offered to pay my bills or given me the green light to just blow all of my money and go on government assistance so they can support me..

My first priority is to be able to take care of myself and get all of my bills paid on time.. If I feel comfortable spending a few bucks after that, fine - if not, well then someone else is going to have to stimulate the economy - unless they want to adopt me or marry me..

 

[islandmum]

how true this is.
I have a friend who has the idea that if she puts Christmas on her credit cards it will be okay. I have no idea why she would want to carry a debt that will take her years to pay off.
But for all those still spending I hope that if things get bad for them they can still pay all thier bills.
My house payment and all my bill come first over any gifts.

there is a statistic somewhere - dont quote me on these figures but they're in the ball park) - that if you owe $3000 plus dollars on a CC and the interest is above 15% and you just pay the minimum payment each month .... you will NEVER pay it off!

And over 80% of CC holders - I think its nearer 90 actually - pay the minimum amounts each month.

 

[CPT Tripss]

there is a statistic somewhere - dont quote me on these figures but they're in the ball park) - that if you owe $3000 plus dollars on a CC and the interest is above 15% and you just pay the minimum payment each month .... you will NEVER pay it off!

And over 80% of CC holders - I think its nearer 90 actually - pay the minimum amounts each month.

That's a big number . . . where did you get it?