What Can I Expect During Recession?

Job loss !!

Collapsing housing bubbles !!

Weakening gold market !!

Loss of consumer confidence !!

mac4720 the recession is different for different people. just stay strong, you will be okay.

I know it is easier said than done...being strong! Guess I worry because I never went through any of this. When do you think the economy will turn around?

There are so many conflicting reports on when the economy will turn around. A few days ago I read that economists feel the tide is beginning to turn but I'm skeptical. All a person can do is get up every day and put one foot in front of the other.

i agree, shazzers

The year 2008-2009 was not good in terms of two high profile banks filing for bankruptcy. Current financial year looks dicey and things are going haywire. Hope things will settle down soon for all of us.

I do know that it has led to my income being cut from 20% to 50% depending on how sales are for the month. I am thankful to still have a job, but if homebuilding does not pick up again soon, then that may not be true for much longer. And the unemployment rate where I am at in Florida is almost 13%. This is not like anythng that I have seen before.

i agree, i have been broke for years now, well before the recession :) so i am more or less used to it.
but before i could easily find a second job and now i cannot, i am lucky to have my job as my place of employment has laid off and i am worried i might be laid off next, i will not get a raise, i have little to no chance of being promoted even though it is well above time to do so, things are hard, times are tough..
staying strong is all i can do, which is why i mentioned it. :(

Well, at least I can say that I have worked four days for 4 weeks now, so I guess things might be looking up. I have a review next week, but I am not expecting much. Probably just a great job, but... At least I still have my job. The only one with more seniority than me is the owner. Just getting through each day, and hoping for the next.

Yes, that's what I'm telling myself: that I'm lucky to have any job at all, especially with benefits. And I was before the recession and am still broke, and just trying to take it one day at a time. I know that there is pressure on the current administration to fix it ASAP, but I don't think this is going to happen. It took a long time to get here and it's going to take a long time to recover. Just mho...

I wish that the government would come to this site and spend a few days reading, they could educate themselves on how to better the economy. The problem is that Americans have grown so used to instant gratification and we want it fixed yesterday. The recession had it's start in the early 90's when the housing market went huge. It grew so fast that supply evenutually outgrew demand and the banks and wallstreet were so caught up in subprime lending that the bottom would eventually fall out. There won't be a fast fix, but it will take a lot of retraining for the American people to learn not to "bite off more than you can chew" in terms of borrowing-banks aren't going to ever be as loose with lending as they once were (IMO) and I think that we are going to see tough times for a few years before it gets better. Just tighten you belts and keep working hard, chin up and look into getting back to the basics a bit.

Chrissy

Chrissy,

If you take the time to read thru the posts, 95%+ of the issues that people have with PDL's are due to unlicensed lenders on the internet. There is no way for the govt to control them because they "live" in anonymity. The legitmate businesses that take the time to get licensed, pay thier taxes and follow the rules are the one that will ultimately pay the price. The bigger loss of eliminating the legitamate lenders will be the millions of people across the country that need the option to survive be it by borrowing, the investment or the paycheck.

You will never eliminate the need or the supply of lenders, only the ability to regulate the lenders and protect the borrowers.

Trust me, I know all about PDL's-am in a mess with one right now. I was pertaining to regular banking institutions and credit cards. Sorry if it came across wrong :wink:

I had to write a friggin 10 page research paper on the recession and what caused it in May, and it was one of the things that lit the spark under my butt to begin fighting with creditors. Unfortunately so much of American's wealth is tied up in the top 3% of the country who unwisely gambled away the past ten years of hard work that the rest of us have been doing. It sucks. What I learned from my research was that a lot of the recession was forcast as early as 1995 and banks and government kept lending at crazy rates, even when they knew that people couldn't afford it...look at my husband and self as examples.

The thing that is tempting about pdl's is that the money is quick and it does provide a temporary relief. I had several small pdl's in the past for 250-300 to cover emergencies and pif the next payday and they were great, but as money got tighter we got more desparate for the funds.

BTW, I really enjoy your posts, because you really give good insight and advise-I know not all pdls are preditory just as not all CA are turds...sometimes it is hard to express yourself in writing when the mind is going much faster than the fingers can type.

Chrissy

I did not take your message wrong, but I enjoy an open and honest discussion about the issues with open-minded individuals.

Thanks for kind words and I would love to discuss further until someone jumps in and spins the facts. If you look back to last fall, I believe, I tried to have a spirited discussion and the flamers came out in full force!

I believe you. I found a post where someone went nuts not long ago... :P it happens alot. I am always loving a good discussion. I think that the only way to make good informed decisions is to educate yourself to the upteenth, kwim? I am always looking for answers and information. And learning more every day...wish I knew the stuff I know now when I was 20.

Chrissy

Wow. It just got worse. Today without any warning, Taylor, Bean and Whitaker ceased operations. That's about 1500 jobs here today, and there was not warning at all. Looks like it was because they wanted to playt games with morgtages and hide things from the government. Unemployment was as 12.6% before this.

That stinks. It is scary not knowing from day to day.

Chrissy

That stinks. It is scary not knowing from day to day.

Chrissy

What I find really interesting about the TBW story is that mainstream media is not picking up on it at all. The couple of small articles I have found on it say 1500 lost thier jobs in FL at the headquarters and across the country including title co. & ins co. that worked with TBW 3500 have lost thier jobs. Plus this is definetly going to affect mortgage origination which is already a problem area in this economy and you can barely find one word about it mentioned in the media.

Unfortunately, I believe that it is another area that our govt will "need" to step in and streamline the product....

Yep. TBW seems to be unimportant to CNN or MSNBC. You would think that would be a major story. Not just because of the job losses, but TBW was a major player in the mortgage business. I guess that the Ocala Star Banner is now a major media outlet?? Still, I know several people who worked there who have no immediate prospects now.