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Old 08-23-2010, 09:26 AM   #21
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Originally Posted by Carnage View Post
I have had similar thoughts. People that are established with a job and savings will be okay, but younger and less-educated will struggle.
Yeah, cause the "educated" are not struggling now -- they all have high paying jobs... particularly the older ones.

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Old 08-23-2010, 10:34 AM   #22
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I thought my area was doing OK until recently.
I drove to the place I buy by livestock/animal feed from over the weekend.
To my surprise they were selling every fixture, tool etc. and were closing the business. All the feed already gone. This place rented equipment for construction, gardening & basically a feed & seed store. I thought they had enough different strategies going to keep things moving. The owner told me they had been losing money since the market crash & construction work dried up.
Anyway, this morning I'm calling around trying to find a good place to get the bags of feed I need, I'm totally out at this point.

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Old 08-23-2010, 10:48 AM   #23
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Originally Posted by meierlde View Post
If you look at the bls statistics on unemployment by education its like 15% for hs dropouts about 9.8 for hs grads and 5.4 for 4 year college grads, and lower for advanced degrees.
Yes, but this is largely because underemployed and "overqualified" folks with degrees are crowding out those who don't, even for jobs that don't historically require them.

Just another symptom of the educational arms race we're seeing today.
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 08-23-2010, 10:55 AM   #24
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Milwaukee seems to be doing great; still condos shooting up, packed restaurants. Some car dealerships are even coming back already. Real Estate isn't doing the best. On the unemployment note; I just took a 2nd job / part time work and I'm still being hounded. You have to be skilled labor; scraping through high school partying isn't going to cut it anymore.
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Old 08-23-2010, 11:00 AM   #25
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Originally Posted by ziggy29 View Post
Yes, but this is largely because underemployed and "overqualified" folks with degrees are crowding out those who don't, even for jobs that don't historically require them.

Just another symptom of the educational arms race we're seeing today.
Yes, and the "Education Bubble" is the next one to burst. More and more students are being produced with college degrees (of varying quality and low demand specialties) and a large debt. The next wave of news stories will be about college graduates who will say 'I was told, a college degree was the ticket to the middle class, now I'm unemployed with ever increasing college debts.'

I remember news stories during the '70s recession about college grads pumping gas and driving taxis.
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
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local economies
Old 08-23-2010, 11:04 AM   #26
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local economies

I live half the week in Lufkin, TX and the other half in Bossier City, LA. I don't see anything that jumps out at me in either place. In Lufkin, where I work, it seems like houses are selling, people are working, restaurants are pretty busy, shoppers in the mall etc. I don't have numbers or stats, but just my observation is that things are generally healthy. The government contractor where I'm assigned (Lockheed Martin) just completed an expansion and is looking towards another one. I realize it's a government-related thing, but means jobs for locals.

As far as Bossier City/Shreveport LA, things look to me like they're doing pretty good there as well. With a major military base that's currently getting a new additional command along with all of the personnel associated, as well as other large local employers, things seem to be moving right along. The real estate market seems healthy, only took me 30 days to sell my house last year, and I got very close to my full asking price. All my kids have jobs, wife has a job, I don't know anybody unemployed but I'm sure there are a few out there. I think I recently heard on the news that Louisiana's unemployment rate was around 6.9% overall, but I'll have to research to see if that's still true. I don't think it's that high for the Shreveport/Bossier City area. The 5 casinos sure seem to still be drawing crowds. I dunno, just my observations...
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Old 08-23-2010, 11:26 AM   #27
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"Packed restaurants" is often used as an informal way to determine the general health of the economy. I see packed restaurants at times, but I also see alot of "I'll just have water" and "we'll be splitting....", both growing trends, I believe. Places that have self-serve beverages and no need to tip also seem popular. Not sure you can draw any conclusions from that, but it's interesting.
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Old 08-23-2010, 11:35 AM   #28
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Things over all seem fine. Before he retired DH's received a large bonus from Megacorp early in the year for last years work/results. Businesses here seem much the same. However, I don't think you can discount the possibility that people may be spending less. That is, they go to Target for X that they need and just buy X rather than spending a lot extra as they might in the past.

Real estate here seems deceptively fine. There are a lot of sales, inventory is not that high. Yet, prices aren't great for sellers. We've had our house on the market for 4 months. We have dropped the price 10% (and we started out with what we thought was a low price!). We are currently priced just barely above what we paid a few years ago. If we sell, we will be writing a check at closing. Sold houses in our area (we are high end at the $500k to $600k range -- know that isn't true everywhere) take a very long time to sell. Average is over a year and most houses sell for 20% or less from their original listing price.

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