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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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What are your predictions on what is going to happen to the economy?
Do you think we have hit rock bottom yet? I don't. I think it is only going to get worse.  I think it's rough for everyone right now, except for the rich of course  but I feel bad for the people who really work their butts off to give their family a roof over their heads and food on their table and now some people can't even do that.
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Posted 5/9/08 8:16 PM  |
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Long Island Weddings
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: What are your predictions on what is going to happen to the economy?
Honestly, I would not be surprised if we had another depression in the next few years.
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| Posted 5/9/08 8:17 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What are your predictions on what is going to happen to the economy?
I dunno... I can't picture myself as being one of those "sky is falling" type of people.
There are still some positives with this economy.
The Long Island real estate market hasn't taken the hit that many other areas in the country has.
The stock market DOW is still well above 12k.
People are still going to be spending money. Like another poster said, people are still going out to eat. People are still going out to the bars.
The economy will be fine in the long run.
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| Posted 5/9/08 8:19 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: What are your predictions on what is going to happen to the economy?
Honestly, I would not be surprised if we had another depression in the next few years.
I was thinking the same thing earlier. It's really scary.
The price of gas is going to keep going up. Eventually, people aren't going to be able to afford to put gas in their cars to drive in work.
The cost of electric and oil has gone up. People can barely afford to heat and light their homes.
People are losing their houses left and right and huge percent of people are at least 60 days late on mortgage payments (I saw this on the news).
Many people are living off credit cards to buy the basics like food and pay utility bills.
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| Posted 5/9/08 8:22 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: What are your predictions on what is going to happen to the economy?
People are still going to be spending money. Like another poster said, people are still going out to eat. People are still going out to the bars.
The problem with this is that I think most people are using credit cards to go out to eat, shopping, movies, etc. That's partially why we're in a credit crisis right now. I think I read that the average family has $15-20k credit card debt 
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| Posted 5/9/08 8:24 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: What are your predictions on what is going to happen to the economy?
Posted by MissJones
Honestly, I would not be surprised if we had another depression in the next few years.
I agree.
I read an article that said economists think we're headed toward the worst economic crisis since WWII.
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| Posted 5/9/08 8:27 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What are your predictions on what is going to happen to the economy?
Posted by jellybean1420
Honestly, I would not be surprised if we had another depression in the next few years.
I was thinking the same thing earlier. It's really scary.
The price of gas is going to keep going up. Eventually, people aren't going to be able to afford to put gas in their cars to drive in work.
The cost of electric and oil has gone up. People can barely afford to heat and light their homes.
People are losing their houses left and right and huge percent of people are at least 60 days late on mortgage payments (I saw this on the news).
Many people are living off credit cards to buy the basics like food and pay utility bills.
Things would have to get MUCH worse in order to trigger a depression. I really think people tend to listen to all the "bad news" by the media and get all worked up over it. Lets face it the media loves to blow things out of proportion.
Think about what happened during the great depression of 1929.
The stock market lost 12% on black tuesday (that would be the equivalent of the DOW droping 1524 points based on today's standards). This is not happening.
The unemployment rate went as high as 25%. (the current rate is 5.5% and its been like that for a LONG time).
I don't think either of these two things will be happening anytime soon.
While the US is in a slump, many other countries are doing quite well. The Great Depression was a worldwide event. Since other countries are doing well, tourism in the US (and in NYC in particular) is reaching all-time highs. This bring more revenue in for businesses.
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| Posted 5/9/08 8:33 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: What are your predictions on what is going to happen to the economy?
I try to stay positive, I do not predict things to be that terrible for my own future, I would hope people begin to leave within their means, i think this is why our economy is so bad, as for myself, this terrible economy is actually helping DH and I as far as real estate goes
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| Posted 5/9/08 8:35 PM |
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Re: What are your predictions on what is going to happen to the economy?
I predict the rest of the year is going to pretty much suck, with gas prices getting higher for a little while longer before leveling out, the dollar regaining strength and gas prices lowering, things starting to get better by 2009... Maybe like Jan 20, 2009...
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| Posted 5/9/08 8:52 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: What are your predictions on what is going to happen to the economy?
IMO there is more trouble to come, we've got a mad cowboy in the white house spending TRILLIONS of dollars that we don't have fighting a "war" we can never win. At some point when he is gone we are going to have to face the financial repercussions of that.
We are on the brink of another major energy crisis with no real plan break our country's addiction to oil.
Russia is gearing up to fight, basically to show the rest of the world that they are powerful again.
We haven't heard a peep out of that nutjob in Korea but I highly doubt he gave up on all of his ideas.
Isreal is a warzone everyday & it doesn't even make the paper here anymore that journalists, women & children are getting killed there daily.
Our dollar is becoming the new Peso(even with its glimmer of hope lately).
We are still love buying cheap crap from China even though we know its covered in lead or whatever else, all while their country becomes more powerful & our manufacturing industry fades away.
Its a friggin mess and it will take a little more than people here getting bailed out of their mortgages or paying off their debt to solve our problems.
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| Posted 5/9/08 9:05 PM |
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Tany
Becoming a different woman
Member since 5/05 24460 total posts
Name:
Tania
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Re: What are your predictions on what is going to happen to the economy?
i cant make predictions but im really scared, i have been looking for an entry level job for the past two weeks and no one has called me, im truly afraid what the future will bring.
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| Posted 5/9/08 9:09 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: What are your predictions on what is going to happen to the economy?
if the unemployment rate stays in the same area, we will be fine.
Yes, it's expensive, but I think people are making different choices about how they spend their money. It will come back. I still think we will have no growth for at least 4 more quarters.
Employment is key.
Maybe it's a wake up call for those who thought our economy would just continue to grow.
It's 2001 again. It will get better again.
Message edited 5/9/2008 9:37:04 PM.
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| Posted 5/9/08 9:36 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: What are your predictions on what is going to happen to the economy?
Posted by ave1024
Things would have to get MUCH worse in order to trigger a depression. I really think people tend to listen to all the "bad news" by the media and get all worked up over it. Lets face it the media loves to blow things out of proportion.
Think about what happened during the great depression of 1929.
The stock market lost 12% on black tuesday (that would be the equivalent of the DOW droping 1524 points based on today's standards). This is not happening.
The unemployment rate went as high as 25%. (the current rate is 5.5% and its been like that for a LONG time).
I don't think either of these two things will be happening anytime soon.
While the US is in a slump, many other countries are doing quite well. The Great Depression was a worldwide event. Since other countries are doing well, tourism in the US (and in NYC in particular) is reaching all-time highs. This bring more revenue in for businesses.
I completely agree with this. the economy has cycles and corrects itself every so often. that's what is happening now.
and about other countries - some of them are feeling this much worse than we are. people here are worrying about $4 a gallon, people in other countries can't afford to eat. yes it's harder now, but 95% of the US population is able to make their mortgage payment (according to something I read recently) and unemployment isn't any worse now than a year or 2 ago.
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| Posted 5/9/08 10:40 PM |
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create
LIF Infant
Member since 4/07 233 total posts
Name:
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Re: What are your predictions on what is going to happen to the economy?
Posted by jellybean1420
Honestly, I would not be surprised if we had another depression in the next few years.
I was thinking the same thing earlier. It's really scary.
The price of gas is going to keep going up. Eventually, people aren't going to be able to afford to put gas in their cars to drive in work.
The cost of electric and oil has gone up. People can barely afford to heat and light their homes.
People are losing their houses left and right and huge percent of people are at least 60 days late on mortgage payments (I saw this on the news).
Many people are living off credit cards to buy the basics like food and pay utility bills.
I have to agree. The middle class is finding it harder and harder to survive. The candidates have no plans for positive economic growth. More jobs are being outsourced or eliminated.
I hate to say it but I am afraid the overall picture does not look to good.Let's hope I am way off base
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| Posted 5/10/08 7:25 AM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: What are your predictions on what is going to happen to the economy?
Posted by ave1024
Things would have to get MUCH worse in order to trigger a depression. I really think people tend to listen to all the "bad news" by the media and get all worked up over it. Lets face it the media loves to blow things out of proportion.
Think about what happened during the great depression of 1929.
The stock market lost 12% on black tuesday (that would be the equivalent of the DOW droping 1524 points based on today's standards). This is not happening.
The unemployment rate went as high as 25%. (the current rate is 5.5% and its been like that for a LONG time).
I don't think either of these two things will be happening anytime soon.
While the US is in a slump, many other countries are doing quite well. The Great Depression was a worldwide event. Since other countries are doing well, tourism in the US (and in NYC in particular) is reaching all-time highs. This bring more revenue in for businesses.
I agree.
Call me Pollyanna but I refuse to have a negative mindset when it comes to the future of our country. I don't think we are headed for a depression. I think we are in a pretty bad slump and we are all hurting from a recession - but we will come out of it!
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| Posted 5/10/08 9:01 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: What are your predictions on what is going to happen to the economy?
Posted by ave1024
Posted by jellybean1420
Honestly, I would not be surprised if we had another depression in the next few years.
Things would have to get MUCH worse in order to trigger a depression. I really think people tend to listen to all the "bad news" by the media and get all worked up over it. Lets face it the media loves to blow things out of proportion.
Think about what happened during the great depression of 1929.
The stock market lost 12% on black tuesday (that would be the equivalent of the DOW droping 1524 points based on today's standards). This is not happening.
The unemployment rate went as high as 25%. (the current rate is 5.5% and its been like that for a LONG time).
I don't think either of these two things will be happening anytime soon.
While the US is in a slump, many other countries are doing quite well. The Great Depression was a worldwide event. Since other countries are doing well, tourism in the US (and in NYC in particular) is reaching all-time highs. This bring more revenue in for businesses.
I agree. The economy always has it's ups and downs. It's just that our generation has become so used to "extra" things in life at an early age, that when money becomes tighter and they cannot go on their big, luxury vacations, they feel that the economy is headed for a significant downfall. We live in the greatest , most opportunistic country in the world people....thnk positive...there's always someone out there that has it worse than you do!
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| Posted 5/10/08 9:23 AM |
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HelenZ
So worth the wait :)
Member since 10/07 2862 total posts
Name:
Helen
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Re: What are your predictions on what is going to happen to the economy?
I'm trying to remain positive, I think it will take a little more time but the US will be back on its feet. I think the election in November (and ouster in January) will usher in new times. At least I'm hopeful it will!!
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| Posted 5/10/08 9:25 AM |
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Candy Girl
Candy girl- you are so sweet!
Member since 11/07 6349 total posts
Name:
erin
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Re: What are your predictions on what is going to happen to the economy?
Posted by KellyFG
IMO there is more trouble to come, we've got a mad cowboy in the white house spending TRILLIONS of dollars that we don't have fighting a "war" we can never win. At some point when he is gone we are going to have to face the financial repercussions of that.
We are on the brink of another major energy crisis with no real plan break our country's addiction to oil.
Russia is gearing up to fight, basically to show the rest of the world that they are powerful again.
We haven't heard a peep out of that nutjob in Korea but I highly doubt he gave up on all of his ideas.
Isreal is a warzone everyday & it doesn't even make the paper here anymore that journalists, women & children are getting killed there daily.
Our dollar is becoming the new Peso(even with its glimmer of hope lately).
We are still love buying cheap crap from China even though we know its covered in lead or whatever else, all while their country becomes more powerful & our manufacturing industry fades away.
Its a friggin mess and it will take a little more than people here getting bailed out of their mortgages or paying off their debt to solve our problems.
My DH could have written this! He really thinks that people are putting on their blinders and refusing to see the reality of our collapsing economy--though he tends to get a bit on the dark side sometimes. One thing is true, if we keep buying our stuff from other countries, our manufacturing industry will simply fade away. US companies outsource jobs at such a high rate it is incredible. Ever wonder why those customer service reps. can't speak English well? They're not even located in the US, your 1-800 calll gets transferred to somewhere overseas where the corporation can pay them a fraction of what an American worker would get. Sad.
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| Posted 5/10/08 9:33 AM |
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klingklang77
kraftwerk!
Member since 7/06 11487 total posts
Name:
Völlig losgelöst
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Re: What are your predictions on what is going to happen to the economy?
I think it will get worse, but not as bad as the Great Depression. Someone said that it isn't that bad in other countries, and that is true, but here in Australia we are starting to feel it. The price is going up on everything but salaries aren't . The war has to be paid for and whether you like it or not America is the biggest market and has a big effect on the rest of the world. Maybe this is the end for the US and maybe they won't be the biggest economy; it had to happen sometime. I do have to say I am enjoying the American dollar falling, it makes things cheaper and it makes travel cheaper on the Australian dollar. But it is really affecting the housing over in Sydney, but we are having a housing problem and rent is increasing steadily where I live by at least 10% every six months. They predict housing to go up by 50% in the next 5 years. We are leaving next year to England to earn the pound, so we won't feel it.
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| Posted 5/10/08 9:40 AM |
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Goldi0218
My miracles!
Member since 12/05 23902 total posts
Name:
Leslie
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Re: What are your predictions on what is going to happen to the economy?
The country and the economy goes in repeated cycles - always has.
Honestly, it feels like the late 70s again. And yes, I do remember it. Gas is an issue and we aren't getting along with the Middle East. It got better. It will again. We just have to hang in there and not be hot-headed and stupid. There is a lot more at stake now with a lot more weapons.
It took a strong person to get us out of it and though I was never a fan of Reagan, he did work it out for a significant period of time. I hope America votes and votes with great care and thought this fall.
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| Posted 5/10/08 10:08 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: What are your predictions on what is going to happen to the economy?
I think it will get worse - the housing crisis isn't over, but I do think having such a weak dollar could possibly pull us out. The weak dollar will mean increased demand for American goods - that will mean reinvestment into companies and more jobs once again.
Like PP mentioned - economics is cyclical, we have tons of checks in place to stop what happened in the 20's.
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| Posted 5/10/08 10:31 AM |
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Re: What are your predictions on what is going to happen to the economy?
Posted by MissJones
Honestly, I would not be surprised if we had another depression in the next few years.
I just got finished telling that to DH - he doesn't think so - "just" a MAJOR recession
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| Posted 5/10/08 10:35 AM |
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joenick
Us
Member since 6/06 9370 total posts
Name:
Valerie...aka...Do Me A Favor?
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Re: What are your predictions on what is going to happen to the economy?
I don't know.
Still takes me forever to find a parking spot at Roosevelt Field.
We still have to wait 2 hours to eat at Cheesecake Factory on Saturday night.
And I STILL had to wait for slot machines in Atlantic City.
You'd never know our economy is sinking by the looks of things.
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| Posted 5/10/08 10:40 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: What are your predictions on what is going to happen to the economy?
Posted by Erica
I think it will get worse - the housing crisis isn't over, but I do think having such a weak dollar could possibly pull us out. The weak dollar will mean increased demand for American goods - that will mean reinvestment into companies and more jobs once again.
Like PP mentioned - economics is cyclical, we have tons of checks in place to stop what happened in the 20's.
ITA. I dont think it is going to get much worse though.
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| Posted 5/10/08 10:40 AM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: What are your predictions on what is going to happen to the economy?
Posted by Blu-ize
if the unemployment rate stays in the same area, we will be fine.
Yes, it's expensive, but I think people are making different choices about how they spend their money. It will come back. I still think we will have no growth for at least 4 more quarters.
Employment is key.
Maybe it's a wake up call for those who thought our economy would just continue to grow.
It's 2001 again. It will get better again.
I'm with you, I also agree that employment is key. But, the one wrinkle is that this crisis is really predicated on housing/poor lending. I'm just not completely sure how all that will play out.
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| Posted 5/10/08 1:00 PM |
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