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JimF
USA
1014 Posts |
 Posted - 02/07/2003 : 18:51:49
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While much attention in the press is focused on the Middle East and terrorism, little is being said about the US Economy and what has been happening with the financial and stock markets.
What's your opinion on the directions the economy seems to be taking?
How is the economy affecting your life?
What are the economic conditions like where you live? Are employers laying off personnel or hiring? Are jobs available?
Please share your thoughts on what lies ahead with our wallets and income. |
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Ghostbuster
476 Posts |
Posted - 02/07/2003 : 20:59:21
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Excellent thread, Jim.
I'm getting the distinct impression that it is 1974 all over again with a few interesting twists. First, gasoline costs are purely outrageous and in no way in touch with the reality that the tank farms and refiners are bursting at the seams with excess inventory. This is just a plain ol' conspiracy to overprice fuel. Second, I believe that the government and Federal Reserve system is lying about the true rate of inflation. I suspect to prevent panic in the general public. Everything from haircuts, (up 20%), to bread, (up 25%), is on the rise. At the same time tho, the banks continue their 1-2% rate on our dwindleing accounts. At least in the 1970's, bank interest kept going up with the inflation rate.
As for the Bushies, and this is slightly off topic tho related, their bully boy tactics to start a war of imperialism based solely on settling an old family feud with Iraq will cost the taxpayer dearly. If Bush wants to settle an old score, he needs to confront Saddam man to man out in the parking lot and leave the rest of us alone and do it on his own nickle, not ours.
In conclusion, I'm very uneasy and NOT optimistic about the economy. I fear the house of cards is tottering. I think that the economic model of transfering factories out of the country and then selling those products back to us is capitalistic high treason. I think that having such a huge disparity twixt the salaries of the lowest paid worker and the highly paid CEO is wrong. I think the corporate concept of focusing on short term profits to the exclusion of all else is demented. I'm to the point where a school district job is looking pretty good. |
Edited by - Ghostbuster on 02/07/2003 21:04:19 |
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olderthendirt
USA
370 Posts |
Posted - 02/07/2003 : 21:25:57
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| The econimy is easy to fix all we need are tax cuts for the rich. |
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KileAnderson
USA
875 Posts |
Posted - 02/07/2003 : 21:36:52
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I'll weigh in here. I think the economy is recovering from a long hangover caused by the excess of the 1994-2000 time frame. Before you guys start jumping to conclusions, no I am not blaming this on the administration of that era. Think long and hard about what was going on in that period.
High tech was born, grew, flourished, thrived and died. All in less than a decade. Everyone was pouring money into the stock market. Everyone had a job, life was great. But the whole time tech stocks were zooming off the charts, no one bothered to point out that the emperor was au naturale. No body was making a profit, and no one cared. They didn't think it was important. We'll worry about profits later. Then in 2000 the tech stocks went poof.
Today the economy hasn't affected me that much. It did help when I bought my new truck a couple of weeks ago, they charged me practically nothing for the loan and gave me a great big rebate. The economy may hurt me in a couple of months if we don't get a strong spring and I have to look for another line of work to pay the bills. (C'mon El Nino)
My step-father, who worked for GE for 24 years as his dad did for 40 years, was laid off in November. His 401K which is packed with GE stock is 40% of what it once was and he can't start collecting his pension for another 14 years. He actually talked to me about getting into this crazy line of work. I said he could carry my ladder for 10% but I really don't need the competition.
The economy where I live isn't that bad as far as I can tell. But then again, it wasn't that great before. Louisiana never really benefited from the high-tech boom and with oil over $30 a barrel we are doing pretty good. Everyone around here that I know has a job, except the local colony of cat adjusters. We have begun watching the weather channel as a group. "What was that, did someone say thunderstorm? Did you hear that?"
The economy is waiting for the war to begin and end before spring is over so it can surge from May thru September, stumble in October out of respect for history and then surge again into 2004. That's just my 2 cents. Who knows?
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KileAnderson
USA
875 Posts |
Posted - 02/07/2003 : 21:48:15
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Mark, get over this whole idea of Bush wanting to go to war to settle a score. If you believe that you need to be listening to Art Bell. I think Colin Powell laid it out pretty good on Wednesday and if you don't believe him you need to be sucking snails with the French.
Please lay off the class warfare being hyped by the Democrats. Bush has proposed tax cuts for EVERYONE who pays taxes. You can't give a tax cut to the poor, they don't pay taxes. If you pay $1000 in taxes and I pay $100 in taxes and we both get a 10% tax cut, you'll get $100 and I get $10, do you thinnk that's unfair? I don't. I don't think you can get any more fair than that. |
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JimF
USA
1014 Posts |
Posted - 02/07/2003 : 21:53:50
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Remember this is a thread about the economy. There is a thread entitled 'Partisan Politics' if you guys want to discuss politics.
Just a friendly reminder. |
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KileAnderson
USA
875 Posts |
Posted - 02/07/2003 : 23:10:16
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Wow, we all jumped on that pretty quick. Check out my posts on the bulletin board, one as a response to the original message and one on the bulletin board itself.
It just goes to show you, never believe anything that is forwarded to you. Think about it for just one second and you should realize that if it was something so simple that you knew the file name and you could simply search for that file, Norton will already have it and if you have a subscription to Norton or McAfee you'll get a notice for it.
If you want to know more about this hoax go to this url http://www.symantec.com/avcenter/venc/data/jdbgmgr.exe.file.hoax.html |
Edited by - KileAnderson on 02/07/2003 23:12:00 |
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JimF
USA
1014 Posts |
Posted - 02/07/2003 : 23:14:19
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Well it is not the Economy but the Economy thread which has gone to hell, and just in the last hour.
This whole episode just goes to show how very quickly a thread can veer off topic and into an out of control mode.
Justin, if you had merely typed in the name of the virus which you had received, on Google or one of the other search engines, you would have immediately have been in possession of the Facts as opposed to the rumors, and saved yourself and others a lot of trouble. You might want to remember that and try it next time: IT WORKS!
Would the Moderators please remove this and all other off-topic posts or move to other more appropriate threads.
Thanks. |
Edited by - JimF on 02/07/2003 23:25:18 |
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ChuckDeaton
USA
373 Posts |
Posted - 02/08/2003 : 07:05:34
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As thoughts of "the economy" move thru your noggin, I suppose most would define "the economy" as the US economy, I would suggest that you look east toward China. My best analogy to describe my perception of the Chinese economy at the moment would be the US at the time of inception of the TVA and the burst of dam building and spread of electrical power throughout the United State.
The next big economic boom with be in China. |
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Newt
USA
657 Posts |
Posted - 02/08/2003 : 07:50:07
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They have the core in Hong Kong, this will and is spreading throughout China. I think you are right, and we aint seen nothing yet. They have the people to accomplish anything provided they allow them the freedom, which is in a flux. They are discovering money, and how to make it.
Freedom is only a matter of time. The wheeler dealers can buy it like they do in this country.
That doesn't mean all people will have freedom, only those who can afford it. That is the Far Eastern way. |
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KileAnderson
USA
875 Posts |
Posted - 02/08/2003 : 09:54:33
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| I would tend to look at Russia before China because Russia has at least a little freedom. China is still a communist country and no communist country will ever flourish and become wealthy for one simple reason, human nature. People and communism do not mix because people like to be rewarded for their efforts. I could be wrong, China is different. Maybe because their culture is more community oriented and more deferential to authority, it just may work. But I still say keep your eye on the Ruskies. If they can get their act together, they will once again be a force to be reckonned with. |
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JimF
USA
1014 Posts |
Posted - 02/08/2003 : 10:13:55
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The new Russian system of economic freedom is diminshed by their on going problems with graft, corruption and the unbridled havoc wrecked on their economy by the new Russian Mafia. It's not a pretty scene over there right now.
The Chinese are not as burdened with ethnic and cultural differences within their own country and I too look to China being an economic force to be reckoned with, and militarily, they are our greatest threat in the long run. |
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ckleisch
USA
46 Posts |
Posted - 02/08/2003 : 12:19:03
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On the subject of the economy I look around my community in NE North Carolina and see trouble on the horizon coming fast. People are grumbling as money is extremely short. Historicaly the areas highest employement is the Coast Guard and Local/State govt. Industry is almost non-existant. State funds are in short supply. The Friskies plant is laying off so is Adelphia cable about to go belly up. Gas is $1.65 a gallon. Marajuana(sp) crops will be up this year as Farmers traditional Tobacco base is deminishing. Foreclosures and repos are all over the paper. Car sales are down/house sales are down. Kids graduating have no jobs to go to and no funds for college. Those working cant do jobs properly, cant even get an order right at the McDonalds. Driving on a highway is a study in fear due to potholes which can not be repaired. Jr High School has been condemned requiring $14 million in repairs due to mold, asbestos and roach infestation. No money for at least 4 years. Children continue to go to that school. Reason 168 of 500 students sick last week hmmm who knows. Cops being investigated for bribary. Kmart closing. Thank god for a healthy Walmart. Influx of mexican and chinese immigrants and guess what? We have (2) new mexican and (4) new Chinese restauraunts. They as families work 24/7 including Holidays and Xmas. When your family is sick for Xmas General Tzou chicken is so good.
Bottom line yes there are economic problems. The cause of which i dont know. Situations like Emron and Morgan Stanley do not bolster confidence in the stock market. How many of those stock firms are shells like Emron, Adelphia Cable, Kmart etc. Stocks I had went down 40% so I sold them. Easier to make money on Ebay( just kidding).
My business is fair always could use more if more companies would write east of the Interstate( darn Hurricane zones imagine that lol). Luckily I learned a new word its called Risk Inspector. I too hope EL Nino comes through this year and that those hurricanes that keep coming to within 100 miles of Hatteras dont turn right. Gets quite frustrating but it does make for a joke among my local friends who while placing plywood on their windows are wondering if im praying for a direct hit and are getting the boat ready for the flood claims.
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Newt
USA
657 Posts |
Posted - 02/08/2003 : 12:38:12
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Empolyment is up in Alabama, with three new Auto Plants, and one Austrailian ship builder.
The Mercedes plant is planning an expansion after just opening. Honda is just starting up and Hundai is under construction. All the parts companies are buying up land and starting construction.
The Russell Corp, that make most athletic uniforms for the leagues and colleges are moving some of their plants to Mexico. They still employ about 7,000 people. The Jerzees plant is still going strong because the quality is good and WalMart is a big buyer. Every one works that wants a job, some don't and wouldn't if they had one. Thats a given factor that doesn't change the world over. |
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KileAnderson
USA
875 Posts |
Posted - 02/08/2003 : 13:53:14
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Just from reading the last couple of comments I think we can see that even regionally things are vastly different from state to state. Newt says things in his neck of the woods are booming, Ckleisch sees doom and gloom in the mid atlantic and down here in the bayou country it's status quo. All of us live in the south and all of us have a different view of what's going on.
Is the information age entering the mature stage of it's evolution? If you look at the economy in real terms it is leaps and bounds ahead of mid 70's to early 80's. We have 5.7% unemployment which isn't good compared to 4% 3 years ago, but if I remember from my economics classes in college, it wasn't that long ago that no one thought it was possible to get below 5% unemployment because they thought the job market would become inelastic beyond that point and when that happens economic growth is stifled and a retraction will occur...hey, wait a minute...maybe economists do know what they are talking about. |
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CCarr
Canada
1200 Posts |
Posted - 02/20/2003 : 21:05:02
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The economy doesn't seem to be very good in 'Vendorland', considering the article in the link regarding Lindsey Morden; and their deteriorating results.
www.canadianunderwriter.ca/article.asp?id=15776 |
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What's your take on The ECONOMY?
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