How is the economy doing for YOU? - Page 3

AMosely · 04-22-2008, 01:42 PM

Quote:

Originally Posted by War.mongeR1

The reason so many Americans are panicking is because they swamped in debt while inflation is rising. That's what we get as a society for getting so darn greedy, impatient, and wanting things we can't afford.

My understanding is that the current economic situation does indeed have this behavior/mentality to blame. Making matters worse, banks got into the game by selling mortgages to people who could not afford them but either didn't realize it or didn't care. This, obviously, was a big mistake.

I think anyone with debt problems (prior to or as a result of this downturn/recession) is going to feel this. Those of us who have our ducks in a row will just see some added short-term expenses. Statistically, though, most of America has serious debt problems, and they are mounting.

leejo · 04-22-2008, 01:49 PM

I think business schools will be studying the CDOs for a long time. Personally I think the ratings agencies are the ones who need a trip to the woodshed.

**Rincewind** · 04-22-2008, 01:53 PM

Quote:

Originally Posted by leejo

I think business schools will be studying the CDOs for a long time. Personally I think the ratings agencies are the ones who need a trip to the woodshed.

You mean wood chipper right?

**Tempus** · 04-22-2008, 03:48 PM

On a macro level, debtors benefit from inflation. As a nation, the US is effectively reducing the size of its debts by inflating the currency. Today's $10 trillion of debt will look small after 20 years of high inflation..

It is also said that the devaluation of the dollar these past few years could be considered the largest 'default' of debt in the history of the world. An example would be if you were a European nation who lent the US $100 billion dollars (via bond purchases) 5 years ago, you have effectively lost 33% of your loan -- $33 billion dollars.

**RGM-79N_GM_CUstom** · 04-22-2008, 04:03 PM

My position is ummm stable. My mom got a raise from her day job and has good security. Mainly because she has been working there for so long. Things aren't as good at her night job. The company was in bankruptcy and has sold the company to the bank. Less pay, less hours, less everything. OT is basically dead, weeks will vary between 36-40 hours per week, 12 hour work days, and lower pay by about 1-2 dollars.

I am happy to say that I have found work with Verizon. 15.45 an hour and 20 hours a week based on a 6 day 8am-8pm schedule. Pretty decent.

Things seem bad though and could easily tip over. I haven't gone out much but there is one foreclosed house on my block. The county government is broke (and I think the same goes for the state) so the Sheriif's department has taken a major hit. Disappointing since I want to work there as soon as I pass my test. For example Sheriff's used to be the security at my mom's job but now Paterson PD and private security handles it. Hopefully state corrections/Paterson PD will be hiring. I don't mind if they aren't though gonna take me some time to heal.

leejo · 04-22-2008, 04:05 PM

Quote:

Originally Posted by Tempus

It is also said that the devaluation of the dollar these past few years could be considered the largest 'default' of debt in the history of the world. An example would be if you were a European nation who lent the US $100 billion dollars (via bond purchases) 5 years ago, you have effectively lost 33% of your loan -- $33 billion dollars.

Just our little way of saying thanks for all the support in Iraq.

Conventional wisdom on wall street is that the Fed is just about ready to stop cutting rates. The expectation is another .25% cut on the 30th, and that's pretty much that. Once the Fed signals that it's done, I expect to see a flood of money into the US markets and the commodities to tank as the dollar rebounds.

How to tell when things are improving? When the story you see in the press is no longer sagging Bank revenues but how competition is forcing already distressed banks to drop interest rates, squeezing their margins. More tales of woe and doom but what it's actually saying is the market is working its magic once again.

xTYBALTx · 04-22-2008, 05:32 PM

Quote:

Originally Posted by Tempus

...debtors benefit from inflation.

You beat me to it.

**TheFatKidDeath** · 04-22-2008, 05:36 PM

Speaking personally, things are going very well. However, my situation has less to do with the state of the economy than an opportunity I was given. I'm now the night manager for my apartment building. It's really a perfect job (if one could call it that) that will allow me to invest a tremendous amount of cash into my 401K and IRA as well add to my overall cash savings. I calculated it's like getting a $12,000 raise at work.

Long story short, the long time night manager passed away from cancer and I was asked to take his place. The duties are light and it is really is a perfect second job (though it's not a job and I really did not need a second one) that's flexible, great tenants, excellent management and allows me to play video games while I'm on the "job"

Perhaps the greatest perk of all comes in a reduction in my rent. I was paying $1137, which was a bargain as I've lived in the building for almost 14 years, now I'm paying $437

a month and after the 90 trial period of me and management, that amount will go down further. The money is not taxed as it is taken right off my rent.

Keep in mind one block away I can overlook the Pacific Ocean and Santa Monica Mountains, beach the SM Pier and Venice. I can walk/ride my bike everywhere. The famous 3rd Street Promenade is two blocks away. Home prices average $1M in the city and finding a even affordable place in Santa Monica is next to impossible. LA County average rental runs around $1500 for what could be in a dumpy souless building. If I can't to afford to buy a home this is the next closest.

Here's a bit of story on the building:

http://images.google.com/imgres?imgu...%3Den%26sa%3DX

If this opportunity was not presented to me I would be saving ALOT less not doubt. I've started to put $1000 a month into my 401K and plan to increase that too $1400. I don't have any credit card debt nor a car payment, wife or children. My only vice is playing video games.

So this was not a by product of the economy but rather someone passing away and me taking the position. As I look over the remaining year looking at my profession I believe I will see a reduction in my overall salary. Without being the night manager I simply could not make up that difference in my current occupation. I really feel lucky and honored to have been asked to take over the responibility. Plus, I get free cable

War.mongeR1 · 04-22-2008, 05:43 PM

Quote:

Originally Posted by TheFatKidDeath

I was paying $1137, which was a bargain as I've lived in the building for almost 14 years, now I'm paying $437

a month and after the 90 trial period of me and management, that amount will go down further. The money is not taxed as it is taken right off my rent.

$437 for rent in Santa Monica???!!!! You lucky dog! That is the sweetest deal I've ever heard of! Hang on to that sucker for as long as you can.

**TheFatKidDeath** · 04-22-2008, 06:02 PM

Quote:

Originally Posted by War.mongeR1

$437 for rent in Santa Monica???!!!! You lucky dog! That is the sweetest deal I've ever heard of! Hang on to that sucker for as long as you can.

The $437 in rent is BEFORE I have my 90 day "review" which determines if the building manager and myself think I'm right for the "job". So far so good, I was just given a master key to all the rooms so I'm trusted. My goal after the 90 days is to have my rent reduced to sub $300 a month.

PhoenixxFire · 04-22-2008, 07:53 PM

Quote:

Originally Posted by TheFatKidDeath

The $437 in rent is BEFORE I have my 90 day "review" which determines if the building manager and myself think I'm right for the "job". So far so good, I was just given a master key to all the rooms so I'm trusted. My goal after the 90 days is to have my rent reduced to sub $300 a month.

You looking for a roommate?

ScratchMonkey · 04-22-2008, 08:41 PM

Quote:

Originally Posted by War.mongeR1

You make a VERY valid point! I sometimes forget that we're a bit more cerebrally gifted than the general public. Not saying we're better than anyone else, but I'd say we are a lil' bit smarter than your average citizen. Probably why the majority of us are doing well. Good observation.

Careful. Obama got in a lot of hot water for saying something like that about small town denizens.

I'd favor a simple voting test: Here's a VCR and manual. Make the 12:00 stop flashing without breaking it or unplugging it.

(Even the worst VCR manual is easier to follow than the voter's guide. Esp. if you read the proposed legislation.)

**RGM-79N_GM_CUstom** · 04-23-2008, 01:27 AM

^^^I don't really think he comment had any effect.

leejo · 04-23-2008, 07:45 AM

Well I don't live in PA and I don't vote in Dem primaries, but it certainly had an effect on me, and I think it will have an effect in the general election.

Here's what I don't get. How does a man who claims to have attended a church for 20 years refer to people as "clinging to God"? What's in THAT guy's head?

**RGM-79N_GM_CUstom** · 04-23-2008, 02:49 PM

The truth hurts.

04-22-2008, 01:49 PM	#32 (permalink)
leejo Join Date: Sep 2003 Age: 39 Posts: 7,421	Re: How is the economy doing for YOU? I think business schools will be studying the CDOs for a long time. Personally I think the ratings agencies are the ones who need a trip to the woodshed.

04-22-2008, 03:48 PM	#34 (permalink)
Tempus Join Date: May 2003 Location: Miami, FL Age: 38 Posts: 7,981	Re: How is the economy doing for YOU? On a macro level, debtors benefit from inflation. As a nation, the US is effectively reducing the size of its debts by inflating the currency. Today's $10 trillion of debt will look small after 20 years of high inflation.. It is also said that the devaluation of the dollar these past few years could be considered the largest 'default' of debt in the history of the world. An example would be if you were a European nation who lent the US $100 billion dollars (via bond purchases) 5 years ago, you have effectively lost 33% of your loan -- $33 billion dollars. __________________ Battlefield 2/2142 Game Officer Contact me with server/player/admin issues. -- Suits are what you wear when doing things you shouldn’t want to do anyway. FROM THE TACTICAL GAMER PRIMER. 3) Support game play in a near-simulation environment. Where the focus of play would not be solely on doing what it takes to win, but doing so utilizing real-world combat strategy and tactics rather than leveraging exploits provided to players by the design of the game engine.

04-22-2008, 04:03 PM	#35 (permalink)
RGM-79N_GM_CUstom Join Date: Aug 2003 Location: Paterson, New Jersey Age: 22 Posts: 2,131	Re: How is the economy doing for YOU? My position is ummm stable. My mom got a raise from her day job and has good security. Mainly because she has been working there for so long. Things aren't as good at her night job. The company was in bankruptcy and has sold the company to the bank. Less pay, less hours, less everything. OT is basically dead, weeks will vary between 36-40 hours per week, 12 hour work days, and lower pay by about 1-2 dollars. I am happy to say that I have found work with Verizon. 15.45 an hour and 20 hours a week based on a 6 day 8am-8pm schedule. Pretty decent. Things seem bad though and could easily tip over. I haven't gone out much but there is one foreclosed house on my block. The county government is broke (and I think the same goes for the state) so the Sheriif's department has taken a major hit. Disappointing since I want to work there as soon as I pass my test. For example Sheriff's used to be the security at my mom's job but now Paterson PD and private security handles it. Hopefully state corrections/Paterson PD will be hiring. I don't mind if they aren't though gonna take me some time to heal. __________________ RX-78-2 Gundam EFSF Protoype Close Combat Mobile Suit Armor: Luna Titanium Armament: 2x Beam Sabers, 2x 60mm Head vulcan guns 380mm Hyper bazooka, Beam Rifle, Beam Javelin, Hyper Hammer, Gundam Hammer, shield TG Natural Selection admin. Need anything PM me. 7th Infantry FTW!!!!! "Snob? Nah...I consider myself more of a PC Evangelist...converting the heathens to The Way." Prophaniti "Windows is like Pokemon you gotta catch'em all." kenshinsama1

04-22-2008, 05:36 PM	#38 (permalink)
TheFatKidDeath Join Date: Jun 2005 Location: Santa Monica, CA Age: 39 Posts: 2,526	Re: How is the economy doing for YOU? Speaking personally, things are going very well. However, my situation has less to do with the state of the economy than an opportunity I was given. I'm now the night manager for my apartment building. It's really a perfect job (if one could call it that) that will allow me to invest a tremendous amount of cash into my 401K and IRA as well add to my overall cash savings. I calculated it's like getting a $12,000 raise at work. Long story short, the long time night manager passed away from cancer and I was asked to take his place. The duties are light and it is really is a perfect second job (though it's not a job and I really did not need a second one) that's flexible, great tenants, excellent management and allows me to play video games while I'm on the "job" Perhaps the greatest perk of all comes in a reduction in my rent. I was paying $1137, which was a bargain as I've lived in the building for almost 14 years, now I'm paying $437 a month and after the 90 trial period of me and management, that amount will go down further. The money is not taxed as it is taken right off my rent. Keep in mind one block away I can overlook the Pacific Ocean and Santa Monica Mountains, beach the SM Pier and Venice. I can walk/ride my bike everywhere. The famous 3rd Street Promenade is two blocks away. Home prices average $1M in the city and finding a even affordable place in Santa Monica is next to impossible. LA County average rental runs around $1500 for what could be in a dumpy souless building. If I can't to afford to buy a home this is the next closest. Here's a bit of story on the building: http://images.google.com/imgres?imgu...%3Den%26sa%3DX If this opportunity was not presented to me I would be saving ALOT less not doubt. I've started to put $1000 a month into my 401K and plan to increase that too $1400. I don't have any credit card debt nor a car payment, wife or children. My only vice is playing video games. So this was not a by product of the economy but rather someone passing away and me taking the position. As I look over the remaining year looking at my profession I believe I will see a reduction in my overall salary. Without being the night manager I simply could not make up that difference in my current occupation. I really feel lucky and honored to have been asked to take over the responibility. Plus, I get free cable __________________ \|TG-9th\| TheFatKidDeath "Born to Party, Forced to Work." http://www.theonion.com/content/node/55640 - Check me out on The Onion http://www.theonion.com/content/vide...ssfully_avoids - I'm on the local news!

04-23-2008, 01:27 AM	#43 (permalink)
RGM-79N_GM_CUstom Join Date: Aug 2003 Location: Paterson, New Jersey Age: 22 Posts: 2,131	Re: How is the economy doing for YOU? ^^^I don't really think he comment had any effect. __________________ RX-78-2 Gundam EFSF Protoype Close Combat Mobile Suit Armor: Luna Titanium Armament: 2x Beam Sabers, 2x 60mm Head vulcan guns 380mm Hyper bazooka, Beam Rifle, Beam Javelin, Hyper Hammer, Gundam Hammer, shield TG Natural Selection admin. Need anything PM me. 7th Infantry FTW!!!!! "Snob? Nah...I consider myself more of a PC Evangelist...converting the heathens to The Way." Prophaniti "Windows is like Pokemon you gotta catch'em all." kenshinsama1

04-23-2008, 07:45 AM	#44 (permalink)
leejo Join Date: Sep 2003 Age: 39 Posts: 7,421	Re: How is the economy doing for YOU? Well I don't live in PA and I don't vote in Dem primaries, but it certainly had an effect on me, and I think it will have an effect in the general election. Here's what I don't get. How does a man who claims to have attended a church for 20 years refer to people as "clinging to God"? What's in THAT guy's head?

04-23-2008, 02:49 PM	#45 (permalink)
RGM-79N_GM_CUstom Join Date: Aug 2003 Location: Paterson, New Jersey Age: 22 Posts: 2,131	Re: How is the economy doing for YOU? The truth hurts. __________________ RX-78-2 Gundam EFSF Protoype Close Combat Mobile Suit Armor: Luna Titanium Armament: 2x Beam Sabers, 2x 60mm Head vulcan guns 380mm Hyper bazooka, Beam Rifle, Beam Javelin, Hyper Hammer, Gundam Hammer, shield TG Natural Selection admin. Need anything PM me. 7th Infantry FTW!!!!! "Snob? Nah...I consider myself more of a PC Evangelist...converting the heathens to The Way." Prophaniti "Windows is like Pokemon you gotta catch'em all." kenshinsama1

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