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Where do you see the recession
Old 07-24-2009, 02:33 PM   #1
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Where do you see the recession

My hometown is a shipping town where coal, limestone, grain, and other items are moved from the plains throughout the world. Taconite is trained to Duluth from the mines in the northern part of the state and then shipped to steel producers.

Shipping is down this year to the lowest level since 1938.

Unemployment on our iron range is pushing 20%.

Where do you see the recession?
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Old 07-24-2009, 02:37 PM   #2
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The local Ford dealer shut its doors a few months ago. Also, a couple of boutique style businesses on the courthouse square closed down, but it's fairly common for them to come and go.

The local paper's help wanted section, which used to have 15-20 classifieds in a typical week, is now typically down to 5 or less.

For us personally, the recession has (at least temporarily) ended now that my wife has a job lined up.
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Old 07-24-2009, 02:42 PM   #3
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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.
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Old 07-24-2009, 02:53 PM   #4
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I haven't noticed any businesses closing down in my city. Office buildings and homes are still being built.

However there is a greater need now for clothing and food donations. Our jail and the county jail are getting full because people can't afford to pay the fines.
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Old 07-24-2009, 02:56 PM   #5
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Our jail and the county jail are getting full because people can't afford to pay the fines.
And the cruel irony is that the cost of court proceedings and incarceration probably exceed the unpaid fines by a factor of ten or more in many cases...
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Old 07-24-2009, 03:10 PM   #6
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Yesterday we ran into a couple of my SO's old coworkers having lunch. We hadn't seen them during our years of traveling, so it was good to catch up. It wasn't so good to hear that almost every one of my SO's coworkers (from a small, now failed software startup) is in serious trouble. One of the two we met is now working at McDonald's and selling stuff on eBay to get by. The other is a sys-admin for a tiny local business.
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Old 07-24-2009, 03:19 PM   #7
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Don't see much of a recession around here (Northern AL). A few dealerships and national retailers have gone bankrupt (circuit city, compusa, S&K Menswarehouse, etc...). But they were all concentrated in an area of town I never go to, so I hardly notice those things.

The RE market seemed to come to a stand still in late 2008/early 2009 but houses are selling again with minimal price cuts. I haven't seen a foreclosure/auction sign in months.

I went to Europe a few weeks ago. The airports and airplanes were packed. I found very few visible signs of a deep recession in Europe either.

But I must not be going to the right places because, as I read internet postings, it is clear that a lot of people are hurting right now. People seem angry. They blame capitalism, socialism, the rich, the poor and anything in between. I am taken aback by the virulence and absolute gloominess of the posts quite frankly. And it's not only in America. I read similar posts in Europe. I find the trend quite worrisome.
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Old 07-24-2009, 03:26 PM   #8
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We've lost a lot of blue-collar manufacturing jobs and it's not over yet. One of the largest employers in the area will likely close the only plant in my state affecting around 2000 people in a city of approx. 40,000.
I've noticed no personal effects from the recession. My company is busy, growing, and hiring regularly.
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Old 07-24-2009, 03:34 PM   #9
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Phoenix area has lots of empty spaces in the strip malls, commercial projects shut down half built as well, there are new and older cars for sale on every corner, craigslist has tons of tools and house items for sale dirt cheap, eat in restaurants parking lots have lots of spaces at lunch and dinner hour (I am never out at breakfast time), grocery carts have a lot more of the bargain house brand of food, builders have walked away from half built homes in partially filled subdivisions, BANK OWNED seems to be on about 20% of the homes for sale that I see. When I fill the gas tank, I may see 2 or 3 others only putting in $10 or $20. Lifetime Fitness has a lot less cars in the lot than 12 months ago and it is a fantastic new facility.
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Old 07-24-2009, 04:00 PM   #10
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Waikiki's a lot quieter and airfare's a lot cheaper...
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Old 07-24-2009, 04:03 PM   #11
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I live near Dayton Ohio. This used to be GM town. Most of the auto industry has left.

NCR is leaving, DHL closed today.

Dayton (and other government entities) cutting back on police, firefighters, education...

Many foreclosed and abandoned buildings, often burning down because of arson/homeless people/teenagers.

Without the Air Force Base and the universities, not sure there would be a city here.
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Old 07-24-2009, 04:54 PM   #12
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The recession/housing bust has been relatively mild in my part of Silicon Valley compared to many other parts of CA (e.g. San Diego and the Central Valley) and the US but we have had layoffs and shutdowns.

It looks like the NUMMI plant (a joint Toyota/GM venture that employs 4700 and is the last auto plant in CA) will be shutdown.

A friend that was just laid off is a Stanford grad so it is affecting all parts of the economic spectrum.
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Old 07-24-2009, 05:11 PM   #13
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Florida has tons of bank owned houses and developments that are on hold . Every day I read about a business that is closing . Restaurants are offering great deals and some of the car dealerships are closing .
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Old 07-24-2009, 05:14 PM   #14
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Originally Posted by ziggy29 View Post
And the cruel irony is that the cost of court proceedings and incarceration probably exceed the unpaid fines by a factor of ten or more in many cases...
The time spent in our city jail fluctuates. There are times when 12 hours served will give the inmate a $50 credit...other times they'll get a $100 credit. We only hold inmates that are charged with minor offenses. The rest go to county...I have no idea what their system is.
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Old 07-24-2009, 06:32 PM   #15
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It hasn't been all the obvious in the little (30K) berg I live in. A few small businesses that really weren't all the healthy to begin with have gone under, but no major business has. Jobs are harder to find, DW has been essentially unemployed since Jan. Everyone I know is demonstrably more careful in their spending now - I know DW and I are. And everything I read suggests that 2010 will be a little better as will 2011 and 2012, but nothing gangbusters. Hopefully the worst is largely over.
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Old 07-24-2009, 06:46 PM   #16
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Some formerly desireable new condos have not sold here in my CO neighborhood. They have dropped their prices quite a bit.

When I visited Berkeley this month to see my oldest son, I felt that the town seemed even more decrepit with lots of homeless on the streets. There were two trash can fires that we encountered while walking around downtown. I had the sense of a societal breakdown. But my son said "It's just like that."

Two of my friends who had been unemployed got new jobs!! But unfortunately many others cannot find work. My son, an electrician, and my brother, a printer, are laid off.

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!
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Old 07-24-2009, 06:49 PM   #17
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Biggest impact we've seen is the foreclosures. A good friend of my son lost thier home. Everyone tried to help - with 2 weeks notice - but they kept it well hidden until it was too late. Now thier in a 1 bedroom apartment.

Hard to watch. But I think they living beyond thier means.
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Old 07-24-2009, 06:54 PM   #18
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Things are not too bad here in Southeast Texas. But the timing of our booms and busts have been on a different schedule from the rest of the country for at least a couple of decades.

I would call the situation mixed at the moment. Plenty of good new jobs available as some companies expand, but other companies are contracting and that means job losses. I would say that a lot of the contraction is due to consumers being more careful about how they spend their money. Local job sites are running about 1500-2000 new listings each week. There are a lot of out of state license plates running around which seems to indicate people moving here for jobs.

We have had a steady housing market for 10-15 years now - no big run up in prices like many other places. The new housing sales seems to be steady with some signs of weakness in the higher end, and used home sales are, I think, a little slower. A few houses in my neighborhood have been up for sale for a while without any action, but a neighbor recently sold her house in a couple of weeks. The price was cheaper than the market, but it was discounted due to serious maintenance issues and she was motivated to move (divorce). Talked with a house flipper a few weeks ago and he said there are a good number of foreclosures coming up in auctions (mostly in neighborhoods where a lot of subprime was sold in the past few years) but there are so many rookie flippers in the market that he hasn't been able to make a purchase in a while.

Anecdotal-wise, my oldest got laid off from his summer job teaching Tae Kwon Do because they lost contracts due to students parents' losing jobs. A neighbor's construction sales job went to strictly commission and he quit because there was no new business. He's having a hard time finding a new job, but that may be partly due to his age (early 60's), and trying to find exactly what he is looking for rather than something close enough. On the other hand one of my nieces is making money hand over fist selling photocopy equipment, and her dad (an engineer) is up to his neck in new projects.
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There's a recession?
Old 07-24-2009, 06:59 PM   #19
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There's a recession?

Recession over, Bank of Canada says

I am fortunate to live in a part of Canada that has seen little effect of the current (recent?) recession. We have a diversified economy and the government stimulus, focused on home renovation tax credits and infrastructure, is injecting a nice buzz in construction. Housing and car sales have been strong, the latter driven by great deals. Retail sales are up. Nevertheless I do expect unemployment to rise over the next year.

To be frank, the biggest economic impact I see is on delayed retirements by people with stricken portfolios, and young people less likely to leave employment on a whim.

But then, I do not live in Ontario....
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Old 07-24-2009, 07:27 PM   #20
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I live near Dayton Ohio. This used to be GM town. Most of the auto industry has left.

NCR is leaving, DHL closed today.

Dayton (and other government entities) cutting back on police, firefighters, education...

Many foreclosed and abandoned buildings, often burning down because of arson/homeless people/teenagers.

Without the Air Force Base and the universities, not sure there would be a city here.
Kahn, I'm originally from the Dayton area, about 50 miles north. Lot of relatives in Dayton worked for either National Cash Register or the big one you didn't mention, Frigidaire. Of course Frigidaire was part of GM and when that left it took a couple years but then GM refurbished that facility and built cars. Now that is gone as I understand and so are my relatives. The only thing for certain is change.
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