Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-26-2009, 03:25 PM   #41
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 10,146
To report on my own (former) industry -- the major national/international law firms (including my former NYC firm) have been regularly laying off associates and support staff for the last 8 or 9 months, and reducing salaries for those remaining. In many cases, recent law school grads who were expecting to start as first-year associates in September will not start until 2010, if at all.

Another observation -- the young wife and I just returned from our annual two weeks' sojourn in Maine. It seemed far less crowded than in years past. I think more people are enjoying a "staycation" this year due to financial fears.
__________________

__________________
Living an analog life in the Digital Age.
Gumby is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-26-2009, 08:04 PM   #42
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,887
Quote:
Originally Posted by Want2retire View Post
New Orleans really hasn't experienced many effects of the recession.

The tourist industry (hotels, restaurants, etc) is not having problems:
New Orleans CityBusiness -- The Business Newspaper of Metropolitan New Orleans

And, we had no decline in Mardi Gras business either:
Recession Doesn't Keep Away Mardi Gras Revelers - New Orleans News Story - WDSU New Orleans

With the efforts to (slowly) rebuild New Orleans, we have had less of an unemployment problem than most areas.

To me it seems like we were so bad off before (due to Katrina) that even the recession is a big improvement.
I spoke too soon. Today this article states that the Port of New Orleans is closing at noon on Tuesdays and Fridays, instead of closing at 5 PM, because there has been less cargo to handle due to the recession.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 07-28-2009, 01:48 PM   #43
Moderator Emeritus
CuppaJoe's Avatar
 
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,866
Interesting geography lesson, Martha. The St. Lawrence Seaway has lots of room for retiree yachts? As a recent retiree I feel well off, income more than covers expenses.

The neighborhood I live in has many apartment buildings; the residents skew young and many appear to be law or grad students; most commute to the financial district, some to a nearby tech-land. I can see a lot of empty apartments but this is summer, a better test will be October. They say you can get a 10% reduction in asking rents but the rents here are outrageous.

A recent puzzling phenomenon is that there has been an increase in the number of coffee shops and a downgrading of restaurants to coffee shop/restaurant combos where people can hang out all day with their laptops. I believe this is because there may be more people around during the day. Besides students, maybe unemployed office workers are hanging out during the day? Maybe it just reflects the trend to work at home some or all workdays? My neighbor is moving after a couple of years here, she did not find a job in her field so is going for more education elsewhere. I can tell that two people I see around are like me, recently retired.

We haven’t been eating as out much lately but when we do, the lines aren’t there anymore except for those coffee shop/lunch combo places at lunch time. New Year’s Eve, we got right in, to a good view table. But with summer here, the tourists seem to be back. I resorted to buying theater/opera tickets in advance because they were selling out. People seek out more entertainment during a recession or maybe the venues do fewer performances (like the airlines)?? Went to a couple of movies on opening day, they were uncrowded, even “Up!.” Pet peeve: one theater is assigning seating which is really annoying when there are only a few of handfuls of ticket holders and they all want to sit in the same row, texting. We had to move, having our choice of about 200 seats.

----

Went into today’s newspaper to search on “recession” but there was no need to hit the search button because on the front page was this story. The link is titled, “Reefer-growing madness.”

Quote:
Cartels' pot cultivation explodes in state parks as the gov't cuts jobs, services.
Mexican growers having big pot year in state

Searched again for something more local. This is of some interest because the area has a tourist-based economy:

City Insider

Quote:
Opponents say the fee to generate about $3 million a year is a burden in a recession, will force them to pay for some services they already handle and will be ineffective in dealing with homeless panhandlers.
__________________
CuppaJoe is offline   Reply With Quote
Old 07-28-2009, 02:48 PM   #44
Thinks s/he gets paid by the post
Leonidas's Avatar
 
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
The New York Fed recently did a write up on the Yield Curve as a leading indicator for recession. Yield Curve as a Leading Indicator - Federal Reserve Bank of New York Several different groups have looked at this as far back as the big bad recession of 1858 and found the model to be accurate.

If you believe what they're saying, the recession will be a thing of the past by 2010 and the economic recovery is already underway.


Seems like a case of cheerleading, because they didn't release this information back in 2007 to confirm that we were nosediving off into recession land. But we all know the recession will end, they always do, it's just the when that would be nice to know. So, the when in this case seems like not too far away.
__________________
There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
Leonidas is offline   Reply With Quote
Old 07-28-2009, 02:58 PM   #45
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by Leonidas View Post
If you believe what they're saying, the recession will be a thing of the past by 2010 and the economic recovery is already underway.
I think the recession might well be over, at least technically, though I don't see any catalyst for strong growth. And without that, even if a recession is technically over, it may still feel like one with unemployment in the 10% range for a while. That would be the so-called "L-shaped" recovery and one I have to think is the most likely.
__________________
"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)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 07-29-2009, 09:08 PM   #46
Thinks s/he gets paid by the post
 
Join Date: Feb 2006
Posts: 1,183
We all see it in the news. Here is a hidden one that I almost missed. A few years ago I did a search on what assistance was available for a very dear friend who has passed on now. She was in her 80's and just getting by and her ability to stay independant was why I did the search. At that time the only thing she qualified for was charity food boxes from the religious groups or by lack of income food stamps. As she ate like a bird and I cooked most of her meals I scrapped that idea. But last week I read about the American Red Cross and it's declining revenues. It got me to thinking about the charities in general. Well, over the weekend I searched for food programs again. In Phoenix most are now getting USDA support and require financial application and records for emergency food.

Stop and think, anyone can have a financial short fall. It used to be you could get a weeks groceries with no questions asked. Now, you have to justify the need.

With the charities all running short what will a Natural Disaster look like? How long till we as a nation can refuel the Red Cross, Salvation Army, Toys for Tots?
__________________
crazy connie is offline   Reply With Quote
Old 07-29-2009, 09:14 PM   #47
Thinks s/he gets paid by the post
 
Join Date: Mar 2006
Location: Houston
Posts: 2,155
Two of my friends are out of work because their company went out of business. One hi-tech in Houston, one manufacturing in Santa Ana.

Sam
__________________
Sam is offline   Reply With Quote
Old 07-30-2009, 11:27 PM   #48
Full time employment: Posting here.
Ronnieboy's Avatar
 
Join Date: Feb 2008
Posts: 646
I read more about the recession than see evidence around here. Local restaurants are crowded, new ones opening up. Stores always busy, maybe a little less so but still lines.
DW and I have been looking for a house (since prices are 50% or more off) and there seems to be multiple bids on homes when they get down in our price range.
__________________
I don't want to spend my entire life at work. I deserve more. - Want2retire aka W2R
Ronnieboy is offline   Reply With Quote
Old 07-31-2009, 12:27 AM   #49
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,385
Quote:
Originally Posted by Oldbabe View Post
This year I've had more work than usual at my part-time gig though. Hope it continues, but I have felt somewhat worried about future financial security since the crash and am now applying to a graduate certificate program. No more ER for me!
What are you studying?

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 07-31-2009, 12:29 AM   #50
gone traveling
 
Join Date: May 2008
Posts: 3,864
Quote:
Originally Posted by Khan View Post

Without the Air Force Base and the universities, not sure there would be a city here.
Khan, I grew up in Huber Heights, many fond memories from my childhood there. Was back in Dayton a couple of months ago on business and couldn't believe the changes. Dayton used to be a thriving middle class manufacturing town, now it is becoming a mini-Detroit. Sad to see.

Like Springsteen sang:'' ...These jobs are going, boys and they ain't coming back..."
__________________
Westernskies is offline   Reply With Quote
Old 07-31-2009, 05:38 AM   #51
Thinks s/he gets paid by the post
BUM's Avatar
 
Join Date: Feb 2004
Location: Mid Hudson Valley
Posts: 1,778
Our little beach town is packed with summer vacationers as usual, but the number of in-state license plates is noticeably higher. Also the number of day trippers is higher. People are still partying vacationing, but they're doing it closer to home.


All in all, Martha the economy's in the wood chippah.
ps. Did Norm make you eggs?
__________________
In a panamax down by the river.
BUM is offline   Reply With Quote
Old 07-31-2009, 06:42 AM   #52
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by . . . Yrs to Go View Post
I work in NYC in finance. I'm shocked at how few unemployed people I know. While I know many, many people who've lost their jobs, nearly all of them have been reemployed. A surprising number of new companies have been created by displaced Wall-Street professionals. We're actually seeing an exodus from the large institutions to smaller shops as people flee the "loving embrace" in which Uncle Sam clasps the larger firms. Creative destruction, indeed.

Locally there are more empty store fronts and "For Sale" signs. But from my limited vantage point, it doesn't look like the worst economic downturn since the Great Depression.

Interesting to hear that. I know one person in finance that is still unemployed (last I heard, anyway), but everyone else including me seems to have found a place to land. Yet I can tell you that it isn't that hard to attract a flood of resumes for an open position, since my employer has been hiring pretty aggressively and soetimes it seems like HR gets overwhelmed.

I see two obvious local signs. Last night we went out to a local restaurant for dinner. Its easily the best Mexican food for many miles around and the food is inventive, so not just the same old staples. Consequently, it is a bit more expensive. There were 3 tables there, including us. A year or two ago, Thursday night would have been busy. The other thing I notice is the campogrounds. More tents but fewer campers overall due to the huge drop off in RV campers. Even the county park-run campground (which is excellent) is advertising in the papers to drum up business.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 07-31-2009, 11:24 AM   #53
Thinks s/he gets paid by the post
DangerMouse's Avatar
 
Join Date: Jan 2007
Location: Silicon Valley
Posts: 1,812
Oddly enough for me the biggest change seems to be US Immigration. In previous years, any application you put in would be approved on the last day they had to make a decision. My recent renewal of my work permit came thru in 5 weeks versus the usual 90 days and they did not even call me in for fingerprints like they normally do. We know of people getting their green cards approved in 6 months whereas before it would be 2+ years.
__________________

I be a girl, he's a boy. Think I maybe FIRED since July 08. Mid 40s, no kidlets. Actually am totally clueless as to what is going on with DH.
DangerMouse is offline   Reply With Quote
Old 07-31-2009, 01:49 PM   #54
Full time employment: Posting here.
NYEXPAT's Avatar
 
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 880
Quote:
Originally Posted by DangerMouse View Post
Oddly enough for me the biggest change seems to be US Immigration. In previous years, any application you put in would be approved on the last day they had to make a decision. My recent renewal of my work permit came thru in 5 weeks versus the usual 90 days and they did not even call me in for fingerprints like they normally do. We know of people getting their green cards approved in 6 months whereas before it would be 2+ years.
In 2008, I think the first time since the Vietnam war, there were more Americans (I know, technically North Americans) emigrating to Canada then Canadians coming to the USA!

On the Expat forums I follow, membership is increasing and nary a day goes by without somebody else announcing plans to relocate.

Interesting about the USA! There is Canadian who married young Peruvian about 6 mos. ago. He claims that the wait is about two years, to bring her up. Last week he decided to move himself and his family to Peru and wait it out.
__________________
NYEXPAT is offline   Reply With Quote
Old 07-31-2009, 01:52 PM   #55
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Fine, we get it -- life in the USA sucks and anyone who chooses to remain is an idiot.
__________________
"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)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 07-31-2009, 02:35 PM   #56
Full time employment: Posting here.
NYEXPAT's Avatar
 
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 880
Your words, not mine!
__________________
NYEXPAT is offline   Reply With Quote
Old 07-31-2009, 04:47 PM   #57
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,035
The one thing I have noticed this year is all the restaurants are lowering their prices and offering specials . It used to be that some of the restaurants would have summer specials but this year it is almost all of them . At the gym today they had two for one coupons to a popular Beachfront Restaurant . So if you want some good cheap meals come to Florida. It is Lobster season .
__________________
Moemg is offline   Reply With Quote
Old 08-01-2009, 01:12 AM   #58
Thinks s/he gets paid by the post
 
Join Date: Mar 2006
Location: Houston
Posts: 2,155
At least 1 out of 3 highway rest areas are closed in Cali. About 1 out of 2 in Arizona. None in Texas that I know of.

Sam
__________________
Sam is offline   Reply With Quote
Old 08-01-2009, 06:35 AM   #59
Thinks s/he gets paid by the post
BunsGettingFirm's Avatar
 
Join Date: Jan 2004
Posts: 1,502
Quote:
Originally Posted by brewer12345 View Post
Interesting to hear that. I know one person in finance that is still unemployed (last I heard, anyway), but everyone else including me seems to have found a place to land. Yet I can tell you that it isn't that hard to attract a flood of resumes for an open position, since my employer has been hiring pretty aggressively and soetimes it seems like HR gets overwhelmed.
Speaking of which, did my CV ever bubble up to the top of the pile?
__________________
BunsGettingFirm is offline   Reply With Quote
Old 08-01-2009, 01:13 PM   #60
Thinks s/he gets paid by the post
IndependentlyPoor's Avatar
 
Join Date: Jul 2009
Location: Austin
Posts: 1,142
Today, we toured two new complexes in Austin with condos up for auction. These are stylish new developments that didn't sell at $250 to $300 per sq.ft.

The Sage is near downtown but the development has no guest parking at all, and you would have to be insane to park on the freeway-like street.
The Sage
The units are all three stories, with a utility room and garage on the first floor, bedrooms on the second, and main living area (with the view) on the third. A little odd, but OK except that the main entrance opens onto the utility room. I'm not kidding.


The Bel Air is on Congress (Austin's main street), but several miles south of downtown, out in the burbs.
The Bel Air - Austin Texas Rooftop Living, Modern Living, Green Living at the Edge of the Urban Core
These are "lofts" (realtor-speak for unfinished looking), with floorplans similar to the Sage. Many units featured their unique "exhibitionist" bathroom, with a nearly floor to ceiling window next to the toilet.
sage.jpg

Does this sound like sour grapes from a retired couple priced-out of the Austin condo market? Nah, we are way beyond sour grapes and even past vinegar. Think glacial acetic acid.

A couple of years ago, even problematic developments like these would have had no trouble selling out. Now, not so much.
__________________

__________________
IndependentlyPoor is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
what recovers from recession first? lazygood4nothinbum FIRE and Money 13 10-25-2008 11:52 AM
Recession is going to be a V shape? Orchidflower FIRE and Money 27 10-23-2008 10:19 AM
Recession Looming chinaco FIRE and Money 6 01-10-2008 01:12 PM
Fear During a Recession camberiu FIRE and Money 65 01-09-2007 01:33 PM
Possible Recession? runnerr FIRE and Money 4 06-11-2006 03:04 PM

 

 
All times are GMT -6. The time now is 10:56 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.