I am ready for the d(r)ecession to end

[442w30]

But I don't get fundamentally what is better right now?

More people I know with good paying are losing jobs today than 3 months ago and the unemployment #s support that.

Benefits are being cut and raises have been non-existant for most people for 18+ months for folks that have jobs.

Banks are showing profits - is it because they got billions of $$ for free maybe?
No one else is showing profits that I can see, just steady losses.
and yet the market has decoupled from reality for an extended period - the last 2+ weeks?

More people I know march to the unemployment line and no new industry is on the horizon - in fact, all of these folks that took remote jobs to "go green" and free up office space just set the playing board up to have their jobs sent to India is what I am finding today. Afterall, if you are not in an office, you could be anywhere, right? There goes "green" and the service economy. The other shoe has dropped and the catalyst is $$ savings at big corporations...

Here is the explanation of these rallies from finance.yahoo.com, when it started, there was a hint of better jobs #s for March, when that didn't pan out, it's this:
"Wall Street is extending its rally as it grows more optimistic that the economy is on the mend. The major indexes jumped more than 2 percent Thursday, and the Dow Jones industrials rose more than 200 points, as the world's finance leaders met in London to discuss efforts to fix the global economy. Bank stocks got an especially big boost when the Financial Accounting Standards Board relaxed rules forcing banks to value their assets at current prices."

I fear that it's folks doing something bracing for end of quarter results that are driving up the market.

I am glooming, but I really hope someone can just point me to a sound fundamental so that I can shut up.

-Not a political thread about any party.

[Endrik]

I watched a conspiracy theory film last week called "Obama Deception" where they show that no matter who's the president, the country(ies) are run by the same group of people who are heavily involved in Wall Street (except for JFK who wanted to do what he thought was right and got killed because of it). And they sunk the economy to buy everything cheaply and now in some time they are gonna make it rise it again so they can make even more profit.
If those conspiracy theorist film makers are right, then everything is a ok economy wise pretty soon except that everything is run by Anglo-American dictatorship organisation


btw. you can watch it here

http://video.google.com/videoplay?docid=7886780711843120756

http://www.youtube.com/watch?v=eAaQNACwaLw

[atomic charvel guy]

theories, wall street, oil, power companies, etc. it's all hucklefukked.
this country needs to start manufacturing again

[Spivonious]

Just as a balance to all the doom and gloom in the news, I recently got a 4% raise, am putting $700 a month into savings, $300 a month into a 401(k), and still have plenty of money to live comfortably.

I do not know anyone who has lost their job because of the recession.

I am actually profiting a bit from the recession, as I just refinanced the mortgage at 4.625% (from 6.875%), which will lower our payments by almost $200 a month.

The recession is what you make of it. Focus on the bad and it will drag you down.

This has nothing to do with jobs being sent overseas, but on that point, the sooner the world realizes that there is only one economy, the sooner we'll start recovering from this mess.

Stopping the wild spending of the Obama administration wouldn't hurt either. After he forced the CEO of GM out earlier this week, my co-worker (originally from China, now a US citizen) said "I thought that only happened in China". If that's not proof that Obama is a socialist, then I don't know what is.

[atomic charvel guy]

Good for you Spiv, always like to hear when someone is doing well.

[skorb]

I watched a conspiracy theory film last week called "Obama Deception" where they show that no matter who's the president, the country(ies) are run by the same group of people who are heavily involved in Wall Street (except for JFK who wanted to do what he thought was right and got killed because of it). And they sunk the economy to buy everything cheaply and now in some time they are gonna make it rise it again so they can make even more profit.
If those conspiracy theorist film makers are right, then everything is a ok economy wise pretty soon except that everything is run by Anglo-American dictatorship organisation

sheer idiocy
(the conspiracy theory there, not you)

[skorb]

I do not know anyone who has lost their job because of the recession.

yet

and yeah that's what I used to say until my wife lost hers last month. my industry is pretty steady and I do very well, but that sure put a crimp in our finances.

fortunately I also was able to just now refi into a 4.625% fixed from a 5.75% fixed and that 1.125 percentage points cut my mortgage payment by $400, that sure helps with only one income in LA.

[blitz]

Well I worked at BMW and lost my job my wife is/was a dental assistant and lost her job. I have a new house to pay for @ 6% so i cant refinance even if I wanted to b/c of no job. We also have a baby on the way and I have a truck to pay for. Maybe if everyone who was rich would spread the money around to ppl like me who have worked there ass off to get what they have and have to pay monthly just to keep it, then loose your job and have it all taken away. If I loose everything then what will I do, I have no idea myself but I hope for my wife and I it dosent come to that.

[DonP]

The prior company I worked for went belly-up completely last week. Used to be about 400 people.

My current company shut down the Cleveland branch and moved everything to Nashville.

Lot of layoffs.

I think it's pretty rare if you don't know anyone who has lost a job.

[Bert]

I took this week's rally to sell a bunch of stock. I don't think we've hit bottom yet... things are way too fucked for us to be coming out of it this fast.

[Jason1212]

I work for a major electronics manufacturer where sales are way down. Currently I am doing my work and the work of guy that got laid off in Sept of 08. We have more desks than people there now. I havent gotten a raise in a year and this year doesnt look good. I am looking and have sumitted resumes, but have yet to get an offer. Two coworkers I am somewhat close to have spouses that were laid off with in the last month. Both places they worked at just closed the doors and shut down. My dad's company is closing up shop and moving to Juarez. His gig ends after 36 years this summer. Last year when they announced the closing his 401k and other other accounts were at a point where he would be okay just retiring. Now he is talking about being a greeter at Walmart. Depending on your area and line of work you may see none of the signs. In DFW some people are getting hit hard.

[Jason1212]

Maybe if everyone who was rich would spread the money around to ppl like me who have worked there ass off to get what they have and have to pay monthly just to keep it, then loose your job and have it all taken away.

This is true. Someone can probably find a more accurate number, but the major wealth of the world is controlled by something like less than 5% of the population.

[Ben...]

This is true. Someone can probably find a more accurate number, but the major wealth of the world is controlled by something like less than 5% of the population.

I think it's something like 2-3%.

[442w30]

It is very true that it is rare to not know someone that has been affected.

A few things and I'll try to quit glooming:
1) I really believed this was isolated to markets away from here that had HUGE real estate bubbles, were in financial industry, or Autos until about 6 weeks ago
2) No one I knew had trouble getting car loans until about 3-4 weeks ago around here. A friend in the industry told me the faucet just turned off in this mkt - down to about 30% approval from 80% weeks before.
3) Companies have accelerated moving jobs away or reducing costs (people/benefits) in order to stay alive. Start cutting from the bottom.

I am glad to hear some business in PA has not been affected (yet) and hope it stays that way for you.

Any other "ray of light"?
What's going to turn this around for everyman?

Here are some theories - some not plausible but these are the only ways out as I see it. Any others?

1) Values for real estate, etc bottoming with a big reset on wages and expenses. Bringing jobs back to america in manufacturing at lower wages to compete overseas?
2) Protectionism - legislation to control import/export to grow industry@ home?
3) Nothing, it will magically all get better with no change in taxes to the working man
4) Nothing, the government will think of something amazing or is already doing it and propel us back to where we were a few years ago. Maybe some new taxes on the working folks, but nothing too bad.
5) Revolution
6) New World Order and a new "fair" economic system that ensures this will never happen again
7) New industry and services will bring america and the world economy back (Green Industry, new car companies, mass transit, Polar Bear Milk dairies, etc)

[RacerX]

It's continuing to hit me right in the wallet: you may remember I posted last month that everybody in my company was given a 5 % pay cut and all OT was cut....this just in, after having enjoyed 100% paid health care for years, all employees must now contribute 26 % of health care costs - starting next month I will have an additional $ 190 taken out of my paycheck each month. How does that compare with you guys?