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Author Topic: Has the downturn in the economy affected you (yet)?  (Read 5911 times)

Offline Debbie

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Has the downturn in the economy affected you (yet)?
« on: January 27, 2008, 10:23:38 PM »
Has the downturn in the economy affected you?  I am in Miami for business and just met with some real estate people (high end projects).  It is scary down here.  There is a large Condo development where 100% of the buyers thus far are from overseas.  The person I met with today is a multi millionaire developer who is running scared!  I figure if he's scared, what's going to happen to us?  Has anyone been affected by this yet?

Offline paratactical

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Re: Has the downturn in the economy affected you (yet)?
« Reply #1 on: January 28, 2008, 08:20:04 AM »
Thankfully, my soulless position at a law firm specializing in corporate bankruptcy will provide job security for the moment.

Offline odenhal

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Re: Has the downturn in the economy affected you (yet)?
« Reply #2 on: January 28, 2008, 09:15:42 AM »
the economic downturn killed my baby
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Offline Astoria Luv

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Re: Has the downturn in the economy affected you (yet)?
« Reply #3 on: January 28, 2008, 09:19:08 AM »
No, but I can really empathasize with the people it's affecting. 


Offline daisy

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Re: Has the downturn in the economy affected you (yet)?
« Reply #4 on: January 28, 2008, 09:37:32 AM »
I work in the animation industry which is always freelance.  I also work in NYC, which means that the amount of work is a lot lower than say in LA, or in the many countries we (unfortunately) outsource animation to : Canada, Korea, India, etc.  So us artists are pretty used to breaks in employment.  The writer's strike is affecting the entertainment industry in a big way, and that is trickling down to animation deals.  I learned a long time ago to spend wisely, and save wisely, for the inevitable periods of unemployment.  It also means I will have a hard time buying a place to live (especially here), finding good affordable health insurance, and saving for retirement.  It's definitely the life of the starving artist.  I do empathize with everyone, especially those with children and families who depend on them.   I have no one to support but myself and no loans to pay off, so my situation is not as dire as others. 

Offline roy

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Re: Has the downturn in the economy affected you (yet)?
« Reply #5 on: January 28, 2008, 09:47:08 AM »
I work for a bank and have had one person cut from my group so far. I happen to work in an access control group, so I have a general idea of how many people have left the bank recently. I'll just say that number is larger than regular attrition.

Offline urrisgirl

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Re: Has the downturn in the economy affected you (yet)?
« Reply #6 on: January 28, 2008, 09:49:08 AM »
No not yet. But I must admit I am a little bit nervous over job security. My husband and I are pretty close to our goal of buying a house. We are both hesitant to make any type of large purchase- for various reasons. One of the reasons for me is fear of one of us losing are job and having to carry a large mortgage on one salary which would be near to impossible. Our only option would be to move out of NY state where housing would be cheaper but neither of us particularly like this option. So we will just have to wait and see.




Offline caouchin44

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Re: Has the downturn in the economy affected you (yet)?
« Reply #7 on: January 28, 2008, 09:55:57 AM »
I worked for an educational company who offered after-school tutoring services for kids.  I was laid off due to a series of center closings.  So I'm doing something I never envisioned myself doing - collecting unemployment. It helps but its nowhere enough money to really get by, especially in NYC (the max is $405/wk) .  I used to live in Albany where $405 would go a lot farther.  So I suspect if this economic downturn continues to get worse, we'll see people around here more affected.

Offline Hrmph

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Re: Has the downturn in the economy affected you (yet)?
« Reply #8 on: January 28, 2008, 10:42:42 AM »
Well i work for a big investment bank. i have a ton of my company's stock in my 401k...lets just say I am down a very significant portion, and my partner was laid off so i now do the work of 2...more with less.....

Offline Sweeper

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Re: Has the downturn in the economy affected you (yet)?
« Reply #9 on: January 28, 2008, 09:48:46 PM »
Quote
Well i work for a big investment bank. i have a ton of my company's stock in my 401k
Come on, you know better than to double down on your career and 401K.
Quote
The person I met with today is a multi millionaire developer who is running scared! 
This may be a sign of correction. We've done this high wire act with real estate for too long. The speculation is not healthy because it denies the laws of economics.
We are currently at a 5% unemployment. Historically that is considered full employment. As of yet the downturn in the economy is only theoretical, the worst thing the we can do is overreact.

Offline FZ

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Re: Has the downturn in the economy affected you (yet)?
« Reply #10 on: January 28, 2008, 11:27:44 PM »
My  'downturn' started  a year  before  9/11, the economy was already in the  skids and 9/11  destroyed the airline industry I was working at for 12 years. In addition, 'health problems' I aquired  after  9/11  with no job and/or insurance  nearly made me homeless. No, what is  happening now, is  just another normal  cycle of the economy and I have learned  my lesson, never again put all eggs  in one basket, as  the old cliche says.  I think in the  next two years, provided  we do the correct thing and keep  our boot ,on those who want us dead, throat, not nearly  enough  now, the economy tends  to bounce back.

Offline RedSoxfanNYC

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Re: Has the downturn in the economy affected you (yet)?
« Reply #11 on: January 28, 2008, 11:30:50 PM »
I work in RE as an appraiser, although on the commercial side. I put in an 11hr day today and look pretty damn busy for the next month at least. So the slowdown hasn't effected me yet (knock on wood).

Offline demifess

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Re: Has the downturn in the economy affected you (yet)?
« Reply #12 on: January 30, 2009, 08:09:51 PM »
I work in the animation industry which is always freelance.  I also work in NYC, which means that the amount of work is a lot lower than say in LA, or in the many countries we (unfortunately) outsource animation to : Canada, Korea, India, etc.  So us artists are pretty used to breaks in employment.  The writer's strike is affecting the entertainment industry in a big way, and that is trickling down to animation deals.  I learned a long time ago to spend wisely, and save wisely, for the inevitable periods of unemployment.  It also means I will have a hard time buying a place to live (especially here), finding good affordable health insurance, and saving for retirement.  It's definitely the life of the starving artist.  I do empathize with everyone, especially those with children and families who depend on them.   I have no one to support but myself and no loans to pay off, so my situation is not as dire as others. 

My boyfriend and I also work(ed) in the animation industry. We worked at separate companies, I got laid off first and he got laid off second. I've wanted to be an animator since I was very small, and I worked very hard to get that first job I had, where I got laid off. I was rejected by unemployment for some reason, and now he and I are picking up the pieces and trying to figure out what to do. I'm thinking about going into another career. I dunno, or ride it out, and try to figure out where to go from here. Does anyone know of any like unemployment support groups? Or any suggestions for extra income?

Offline Harlan

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Re: Has the downturn in the economy affected you (yet)?
« Reply #13 on: January 30, 2009, 08:14:50 PM »
I applied for 19 academic jobs this cycle. So far, three of those institutions have written me letters saying "we apologize, but due to the economic situation, we're canceling our job search." (Including Stanford and CMU! Which are not exactly poor universities!) Looks like I'm getting exactly one interview, which means probably no more than a 1/3 chance of an offer.

Offline CW

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Re: Has the downturn in the economy affected you (yet)?
« Reply #14 on: January 30, 2009, 09:08:43 PM »
Quote
We are currently at a 5% unemployment. Historically that is considered full employment. As of yet the downturn in the economy is only theoretical, the worst thing the we can do is overreact.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajyQfLEU77e4

According to this article we're up to 7.2 percent and climbing. I think the climbing part is what makes it scary.

Offline Debbie

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Re: Has the downturn in the economy affected you (yet)?
« Reply #15 on: February 02, 2009, 11:07:47 AM »
So, since I started this thread a year ago -

My brother, a 20-year veteran VP with Citigroup has been out of a job since June.  He is giving up on the corporate world and going into the private sector.

The hotel industry (I work in this industry) is suffering and has not seen the likes of this since 9/11.  Many lay offs, no new hires, no one making any money in those tipped positions, like bellmen.

In the restaurant business - it is down, down, down.

Stimulus or no stimulus, I think we are in for a long and slow climb out of this.

Offline TRX

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Re: Has the downturn in the economy affected you
« Reply #16 on: February 24, 2009, 12:26:39 PM »
Is it too late to panic. Doubt that would help.


But I did not realize that it could be that bad so soon. Usually NYC has guests searching with difficulty for available hotel rooms. Now nearly 1/3 of hotel rooms are vacant?
This may be in part because of the previous hotel construction boom, but when has hotel vacancy been so low?


Wall Street was a bigger and still is a big engine of NYC's economy. But tourism is very important as well.




Quote

7.2 percent and climbing. I think the climbing part is what makes it scary.
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Offline wasabisam

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Re: Has the downturn in the economy affected you (yet)?
« Reply #17 on: February 24, 2009, 01:29:40 PM »
So far we've been mostly affected by rising food prices. It's insane how much everything now costs, but we are trying to make more of what we eat from scratch to compensate (plus it's just more healthy).

The NPO industry has been hit hard, but so far my org has not seen layoffs. Everyone is paranoid though, and just waiting for it to hit. When it does, and if I'm part of it, I'll take a much needed break and then join the rest of the job seekers. :(

I think it will be a while yet before the economy recovers, but I can't allow myself to worry too much about it. I see too many people paralyzed by their fears of what-if. If it gets too bad we can always move back in with our parents. ;)
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Offline essen

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Re: Has the downturn in the economy affected you (yet)?
« Reply #18 on: February 24, 2009, 02:12:23 PM »
The food price thing bugs me. The reason originally presented for most food prices going up was fuel prices. Well, fuel prices have been pretty low for a while now, and I don't see food prices going back to what they were before. On the same token I wonder about airline prices and services, and if they'll start to either lower the ticket prices or start to bring back some services (like peanuts on planes and not charging per checked bag). Guessing not.

Offline paratactical

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Re: Has the downturn in the economy affected you (yet)?
« Reply #19 on: February 24, 2009, 02:13:50 PM »
I haven't noticed the price of food really going up. What kinds of things are more expensive now?

Offline TRX

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Re: Has the downturn in the economy affected you (yet)?
« Reply #20 on: February 24, 2009, 02:37:38 PM »
I did ask one nonprofit about budgets so far. While they have cut some extended services, thankfully their core budget is maintained.


I am thankful that many donors appreciate that the need is even greater now than it had been when givers were more flush.

***
As for food, some price spikes have settled a bit.

However:  http://www.time.com/time/world/article/0,8599,1717572,00.html
We are still so fortunate in our country. Food is still a greater concern for many parts of the world.


***
Agreed about airline service and pricing changes.
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Offline essen

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Re: Has the downturn in the economy affected you (yet)?
« Reply #21 on: February 24, 2009, 07:31:10 PM »
I haven't noticed the price of food really going up. What kinds of things are more expensive now?

Of what I buy, I've noticed milk and cereal have gotten more expensive.

Offline daisy

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Re: Has the downturn in the economy affected you (yet)?
« Reply #22 on: February 24, 2009, 08:32:27 PM »
Just about all the food I buy has gone up at Key Food.  I now shop bases on sales at drugstores and grocery, and use coupons extensively.

It's not easy but I don't have student loans, kids, or a house to pay off, so I'm better off than most folks.  Many people I know have it much worse than I do. 

The recession has definitely affected everyone, but because I'm an artist and work in the entertainment fields, I'm used to saving money and bargain hunting.  It's a freelance life, and you learn to live within your means.  And ever since I quit drinking, I've been saving a pretty penny and feeling all the better for it, health and penny wise.  I don't miss it one bit, and I still go out and have fun.   I just drink water or ginger ale.   

Offline neo11

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Re: Has the downturn in the economy affected you (yet)?
« Reply #23 on: February 26, 2009, 05:03:28 AM »
Produce prices have really gone up...I've actually seen lemons at some supermarket as high as 99 cents each.  Not organic either, and not out of season.  Or apples at close to three dollars a pound!  Again, not organic, and not out of season.

Prices of wheat products have really gone up now...some breads can run close to 4-5 dollars now....hardly specialty or organic breads either.

It wasn't too long ago that one could get a couple of boxes of pasta for a dollar.  Now the lowest price I can find is 99 cents on sale.

Not exactly food, but paper products (napkins, paper towels, etc.) also seen to have gone up greatly.

It amazes me how there's always an excuse ready when the prices are going up (higher fuel prices, for instance) but no one in the media seems to ask the obvious questions, such as why food and other commodity prices have not gone back down, as fuel prices have plummeted.  I guess that question just makes too much sense and is too far on point for the "fair" and "unbiased" media to ask.

Offline Sweeper

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Re: Has the downturn in the economy affected you (yet)?
« Reply #24 on: February 26, 2009, 06:21:49 AM »
Quote
It amazes me how there's always an excuse ready when the prices are going up (higher fuel prices, for instance) but no one in the media seems to ask the obvious questions, such as why food and other commodity prices have not gone back down, as fuel prices have plummeted.  I guess that question just makes too much sense and is too far on point for the "fair" and "unbiased" media to ask.

What is your theory on this? I don't see any reason for an increased demand. Nor any reason for unnatural scarcity. To me that just means the inflation is being caused by the drop in the value of the dollar. I may be wrong about changes in demand and/or scarcity, but I do feel the dollar is going to go significantly lower still.

Offline TRX

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Re: Has the downturn in the economy affected you (yet)?
« Reply #25 on: February 26, 2009, 11:16:37 AM »
Every Thanksgiving isnt there a report on what the cost of a meal is.

I'd be curious to see a time vault of regular expenses.
On Fresh Direct, they have a quart of OJ found for $1.50 but that is bulk.

As for airline pricing, I never understand that. Has supply gone down greatly?


And for inflation, the Feds are looking to see when or if inflation would hit near 2% again.
If the dollar would be weaker, would you see other currencies increase? Which ones - the Euro or Japanese Yen?
There are many economies struggling and many countries are pushing their own stimulus.
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Offline Harlan

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Re: Has the downturn in the economy affected you (yet)?
« Reply #26 on: March 03, 2009, 02:08:41 PM »
It amazes me how there's always an excuse ready when the prices are going up (higher fuel prices, for instance) but no one in the media seems to ask the obvious questions, such as why food and other commodity prices have not gone back down, as fuel prices have plummeted.  I guess that question just makes too much sense and is too far on point for the "fair" and "unbiased" media to ask.

Just saw something that reminded me of this thread. As you requested, the LA Times just asked exactly this question, and here's the Consumerist blog's report on what they found:

Key quotes from the blog:
Quote
With the the cost of ingredients, gas prices, and interest rates dropping, why are food manufacturers continuing to hike prices and shrink products? ...Supermarkets don't know, but they're as pissed as we are.

...Manufacturers blame the price increases on futures contracts they unwisely bought, and now they're paying too much for cheapened ingredients. Bad speculation strikes again!


Offline Debbie

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Re: Has the downturn in the economy affected you (yet)?
« Reply #27 on: March 04, 2009, 05:16:05 PM »
I have to lay more people off the end of this week.  I am dreading it. 

Offline paratactical

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Re: Has the downturn in the economy affected you (yet)?
« Reply #28 on: March 04, 2009, 05:40:07 PM »
I have to lay more people off the end of this week.  I am dreading it. 

That's awful, Debbie. I know we don't get agree very often, but I imagine that being in the unfortunate position of having to lay people off would be very difficult. I hope that everything turns around for your business soon and that you can call those people back.

Offline Christine

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Re: Has the downturn in the economy affected you (yet)?
« Reply #29 on: March 04, 2009, 09:14:23 PM »
As much as I love this city, when I think about raising a family here on a normal (even above-average) income, it's aggrivating.

I dream of being able to move someplace more affordable, maybe near a college town where you can find some culture and variety, and actually GET someplace, even on less money.

Pennsylvania, for example- great natural beauty, affordable property, history and culture not too far away, cheap car insurance, etc.

My friend in NC tells me that if she works there a certain number of years and retires there, she gets something like $20k as a bonus or something. Maybe b/c she works for the county, not sure. She's got an enormous house on a nice piece of property for less than $200k. Not very exciting, but great for raising kids.

Guess you could say that the economy has me thinking about moving away that much more seriously, not that any one region is less affected than another- just cheaper.
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Offline paratactical

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Re: Has the downturn in the economy affected you (yet)?
« Reply #30 on: March 05, 2009, 07:58:58 AM »
Christine--

In the rural PA town I grew up in, my friends are renting a two story, three bedroom beautiful old Victorian house with a lawn and garage for $300 a month.  :-o  I don't know if I could stand living in that town at this point in my life, but maybe when/if I decide to have children, it will be something that I seriously consider.

I'm doing pretty okay despite the economy, but my boyfriend's restaurant (which is a hoity toity place that's been around for more than 20 years) has three nights this week with no dinner reservations. We'll be okay because we can take care of each other, but if that goes on for much longer, he's going to have to look for other work--which I'm sure will not be easy in this climate.

Offline Debbie

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Re: Has the downturn in the economy affected you (yet)?
« Reply #31 on: March 11, 2009, 05:25:26 PM »
That's awful, Debbie. I know we don't get agree very often, but I imagine that being in the unfortunate position of having to lay people off would be very difficult. I hope that everything turns around for your business soon and that you can call those people back.

Thank you so much.  I have had to lay off about 30% of our staff and the last one on Friday sent me into a tailspin.  She was like my right hand and was perfect for the job.  Without her, I am not sure how we will manage.  I went home on Friday and crawled into my bed and felt that way on Saturday too.  I am so sorry for those people who were laid off.  If they do not get jobs and unemployment runs out, what happens to them?  Some of my Libertarian friends who were laid off now feel very grateful for the temporary safety net and wish they could get more assistance!

Offline EddieStjohns

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Re: Has the downturn in the economy affected you (yet)?
« Reply #32 on: March 13, 2009, 09:59:14 PM »
I lost well over 100K from my retirement savings and that has me nervous about my retirement (I turned 50 in 2008).  But I feel very fortunate to have my job.  I think people will reevaluate how much they spend and how little they save when this economic downturn is over.  I know several people who lost their jobs and had no emergency fund.  You should have six months of living expenses saved for times like this.  I don't mean six months of income but multiply your rent/mortgage, utilities ( don't include your cable, cell phone etc) and food expenses and you should save that much ASAP if you can for an emergency.

One of my unemployed friends laments that he was too busy eating out several times a week and  buying every new electronic gadget to save anything ( he actually has credit card debt in addition to zero savings).  He now realizes he was living well beyond his means.  My other friend who lost his job still doesn't get it and is now blaming the economy for this woes.  He is still eating out most nights (on his credit card) driving a two year old car that he purchased with no money down (of course he can't sell the car now he has no equity in it!).  he is in for tougher times in the future.

People need to realize if you have to buy things on credit you can't afford it.  The only exceptions to this are a home and student loans.  You also don't need to buy a car on credit!  Buy an older car - you don't need a new car every three years!  People who make 35K a year are buying 35K cars on credit!   People need to understand what they can and can't afford or they will never have financial freedom.

Offline essen

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Re: Has the downturn in the economy affected you (yet)?
« Reply #33 on: March 13, 2009, 11:11:58 PM »
One of my unemployed friends laments that he was too busy eating out several times a week and  buying every new electronic gadget to save anything ( he actually has credit card debt in addition to zero savings).  He now realizes he was living well beyond his means.  My other friend who lost his job still doesn't get it and is now blaming the economy for this woes.  He is still eating out most nights (on his credit card) driving a two year old car that he purchased with no money down (of course he can't sell the car now he has no equity in it!).  he is in for tougher times in the future.

People need to realize if you have to buy things on credit you can't afford it.  The only exceptions to this are a home and student loans.  You also don't need to buy a car on credit!  Buy an older car - you don't need a new car every three years!  People who make 35K a year are buying 35K cars on credit!   People need to understand what they can and can't afford or they will never have financial freedom.

What bugs me, aside from that, is that a lot of the news media and especially politicians aren't focusing on this aspect of the story, instead focusing on those poor folks who spent well beyond their means and now can't afford what they have or can't buy anymore. They're afraid of a backlash from the public and they don't want to piss off their viewers/constituents- but you start actually talking to people, and you find a lot who feel exactly the same way. Average citizens don't want to think that their overspending and debt has anything to do with our current economic problems, but that's just another part of the picture. One person with a few thousand dollars of credit card debt isn't a big deal, but when you have millions of people with thousands of dollars in debt that isn't effectively being paid off, that's a problem.

SNL dealt with this before all this economy stuff even happened: http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php

Offline Christine

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Re: Has the downturn in the economy affected you (yet)?
« Reply #34 on: March 15, 2009, 09:01:18 AM »
The gov't encourages debt through consumerism: www.thestoryofstuff.com It's the American way. And the media are simply propaganda outlets for the gov't (the news isn't as impartial as we'd like to think.)

It must be amazing to go through life without constantly worrying about finances. I just rarely shop, to the point where people think I'm nuts. And my car is that sorry-looking crumpled up thing that is sure to make people laugh. Oh well! At least my credit card is paid off every month.

Come to think of it, with all the sales, it's nice to have a little extra money in the bank about now....I just might dust off the piggy bank....
« Last Edit: March 15, 2009, 09:08:57 AM by Christine »
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Offline CW

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Re: Has the downturn in the economy affected you (yet)?
« Reply #35 on: March 23, 2009, 10:29:44 PM »
The media are propaganda outlets for the advertisers even more so than the government. While the media occasionally stands up to the government, they never stand up to its advertisers. This is because media companies that badmouth their advertisers usually don't last long.

Offline essen

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Re: Has the downturn in the economy affected you (yet)?
« Reply #36 on: March 23, 2009, 11:26:32 PM »
The media are propaganda outlets for the advertisers even more so than the government. While the media occasionally stands up to the government, they never stand up to its advertisers. This is because media companies that badmouth their advertisers usually don't last long.

Well, it depends on what those advertisers are. In the case of things like the Snuggie and Vermont Teddy Bear, I'm not sure what there is to stand up against.

Offline johnny4evah!

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Re: Has the downturn in the economy affected you (yet)?
« Reply #37 on: March 24, 2009, 12:50:31 PM »
Or Debbie Meyer Greenbags. Just bought a box of 'em at BB&B. Anybody use them? Was tempted to pick up some ShamWows...

Williams Sonoma 4th quarter profits down by 90%:
http://www.marketwatch.com/news/story/Williams-Sonoma-net-tumbles-90/story.aspx?guid=%7BA4A8B7F6%2D3242%2D4A0D%2D9CF7%2D954B416BCEFB%7D

The readers' comments are funny.

Offline johnny4evah!

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Re: Has the downturn in the economy affected you (yet)?
« Reply #38 on: March 24, 2009, 01:49:53 PM »
Seems like the economic downturn has made Americans crave more candy. Not the hoity-toity, expensive,  gourmet stuff, but the good old cheapie brands from our childhood. I guess short of rolling up into fetal positions and sucking our thumbs, or lynching the rich, this new addiction should pacify us proletarians. Mmmm... Necco wafers, Milk Duds, Now-Laters, Goldberg Bars. Must--go--to--Economy--Candy!

http://www.nytimes.com/2009/03/24/nyregion/24candy.html


 

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