Darn economy!

Powertec · #1 01-30-2009, 02:57 AM

Quote:

Originally Posted by Electric eel

If people would just stop watching the news there would be no economic meltdown! Its all caused by media hype.

Really?
I have to disagree with you along with i am sure everyone else that has lost there job in the last couple months.This is far from media hype.

Lydia · #2 01-30-2009, 03:05 AM

Quote:

Originally Posted by Powertec

Really?
I have to disagree with you along with i am sure everyone else that has lost there job in the last couple months.This is far from media hype.

I think the media is contributing, though. People hear times are bad, so they don't buy things in the store or go out for dinner. Stores and restaurants lose money, so lay off staff... I've read a few 'survey' stories now where people are asked if they plan to stop spending. When the majority say they will, I can't help but feel that will make others think twice about spending money, too....

whatcaneyedo · #3 01-30-2009, 04:03 AM

I'm laid off at the moment as well. I have a BComm and I'm a second year Carpenter apprentice but there just isn't any work here.

Doug · #4 01-30-2009, 01:36 PM

Quote:

Originally Posted by whatcaneyedo

I'm laid off at the moment as well. I have a BComm and I'm a second year Carpenter apprentice but there just isn't any work here.

You could have your choice of places to use your trade out here.

Whatigot · #5 01-30-2009, 02:27 PM

Sfunny...
I got a raise last month.
Guess thats what happens when you lose half your business due to market conditions and your boss is afraid you'll lose the other half if you leave.

I work in the financial industry, sort of on the frontline of all this b.s. and while the media does play it's part in market manipulation, they are merely doing exactly what the talking heads expected and planned for them to do.

I also have a few friends who aren't drunk who have lost their jobs, one of them an insulator, just thought that comment was a little ignorant, especially to those who have been laid off and are not "drunks".

anyone in the stock market at all here?
I'm looking around now and thinking this is the greatest opportunity of my life to create wealth, at least as far as canadian public companies go (like talisman and suncor for that matter)

The fallout from american overspending and the "aaa" mortgage backed paper that got us all into this mess will be long lasting, but the fed and governments all over the world are taking larger and swifter steps to combat it then ever before in history.

This recession has affected the service industries so far, it'll be the retail, tourism and small businesses that will have to watch the bottom line now as the layoffs trickle their way down through the economy

Take it as a good sign that since lehman brothers, we haven't seen any other major financial institutions crack and falter YET.
this should have been much worse, and it seems that the unprecedented steps being taken by those that allowed this all to occur under their noses is working, so far....

phreezee · #6 01-30-2009, 03:52 PM

Sorry about your job

My company just laid off 10% of the office, despite exceeding Q4 expectations and buying a another company for 3/4 of a billion. I hate when companies see their employees as liabilities and not assets. Makes we want to quit.

You see tighter purse strings everywhere and more big brother spending watching.

Pier Pressure · #7 01-30-2009, 04:27 PM

Really sorry to hear about this.

Unfortunately business is booming where I work - which is in a lawfirm. Insolvency, foreclosure and litigation are booming right now so I do not think this is all media hype.

Some of you might want to watch who you name and what you say on this public forum -with all the new privacy legislation you could get into some hot water. Just saying...

mike31154 · #8 01-30-2009, 05:09 PM

Quote:

Originally Posted by Whatigot

Sfunny...
I got a raise last month.

anyone in the stock market at all here?
I'm looking around now and thinking this is the greatest opportunity of my life to create wealth, at least as far as canadian public companies go (like talisman and suncor for that matter)

...

Yes, losing one's job is definitely a time of stress. Sorry to hear about anyone's misfortune in that regard. I'm on a fixed income, but it is an income so I'm lucky not to have to rely on full time employment...yet.

I guess I could say I'm in the market with my RRSP Mutual Fund portfolio. It's bleeding red big time at the moment and really too late to do anything about it. Just have to wait and ride it out. I certainly don't have the cash to take advantage of the low market prices right now. I'm in no position to take out a loan to buy stuff, especially stocks. And there aren't any gov't programs that are going to get me pulling any money out of my RRSP at a loss and start spending it to help get the economy going again.... even though the 'renovation' package recently announced sounds very tempting. My old house is in need of some upgrades.

Hang in there everyone, Canada is and will remain the best place to be, no matter what. The Okanagan valley offers everything I need to enjoy life, ski in the winter, the odd trip into the backcountry, motorcycle/canoe in the summer. No need for high priced vacations to the tropics for me.

Whatigot · #9 01-30-2009, 05:40 PM

Quote:

Originally Posted by mike31154

Yes, losing one's job is definitely a time of stress. Sorry to hear about anyone's misfortune in that regard. I'm on a fixed income, but it is an income so I'm lucky not to have to rely on full time employment...yet.

I guess I could say I'm in the market with my RRSP Mutual Fund portfolio. It's bleeding red big time at the moment and really too late to do anything about it. Just have to wait and ride it out. I certainly don't have the cash to take advantage of the low market prices right now. I'm in no position to take out a loan to buy stuff, especially stocks. And there aren't any gov't programs that are going to get me pulling any money out of my RRSP at a loss and start spending it to help get the economy going again.... even though the 'renovation' package recently announced sounds very tempting. My old house is in need of some upgrades.

Hang in there everyone, Canada is and will remain the best place to be, no matter what. The Okanagan valley offers everything I need to enjoy life, ski in the winter, the odd trip into the backcountry, motorcycle/canoe in the summer. No need for high priced vacations to the tropics for me.

Oh man, I feel for ya mike.
Some of those rrsp fund managers really blew it without doing due diligence on what they were buying.
Others, they made all the safe calls, but just got pulled down with the rest of us in the panic sell off of EVERYTHING in October.
Good point on Canada, our banks were much smarter than just about everyone elses and we are exceptionally rich in resources compared to 90% of the world.

Trigger Man · #10 01-30-2009, 04:18 AM

media does affect peoples decisions, but in this case I think it is a good thing they are pointing out the downturn. If they were not then people would spend more and probably worry about paying it later, without realizing the whole worlds economies have slowed down. This in turn would cause these people to get hit even harder when the slowdown affects them.
I run my own business lending out money to people who can't get it from the bank or need it really quickly, since September I've had to reposess on properties, which I've been lucky enough to never have had to do in years. Some of the people you feel bad for, but others just continued to travel, eat lavish dinners, buy new cars, and then when money is not coming in for them anymore they don't know what happened, or how it happened.
There is a fine line between enjoying life and living within ones means (tend to get through these times), and just blowing money believing that nothing will affect them.