Recession? I didn't see it this weekend. What's your take?

restrangled

I'm just wondering if everyone has been holding back until the shopping season for Christmas. It was like everyone one was pent up waiting to shop. (maybe paying off credit cards for months and worrying about the future)

I was at Marshalls today and the line was a 15 minute wait with 5 check out stations....carts were full.

At the mall the day before, I had to wait 20 minutes to get someone to show me watches at the jewlery counter, the parking lot was full, and I parked at the end of the lot.

Is America in general really in recession or just the big banks and car companies. Are consumers just getting smarter, and these big companies are griping that they are not earning their usual excessive profits.

I live near a major mall, plus great restaurants, and many small shops. Every where I went things were packed. So is this economic disaster for real or inflated?

Whats your take what do you see? How will you spend this season?

r.

purplesofa

Maybe where you live people are not worried about their income.

I just read online today a local dept store is doing away with 500 jobs, already many stores are out of business.

The unemployment rate is already at or over recession level.

Food is up 6%, and that was due to high gas prices, that we have seen already go down,

but the food prices have not gone down.

I doubt there are many that have gotten a 6% cost of living raise.

purps

restrangled

Purps, I really don't get it. How could all these people be out shopping with full carts, parking spaces full and a 20 minute wait at the check out counter?

This is Florida, with everyone losing their homes?

It was very strange.

r.

purplesofa

DENIAL maybe

PrimateDave

I have often said to friends that "it isn't a recession as long as you still have your job." Where I live, everything looks normal enough. I try to avoid the malls this time of the year as a general rule.

Dave

Junction-Guy

Restrangled, to answer your question, I think it is mostly over inflated.

The media tries to portray everything as so bleak (kinda like the watchtower does)

Everywhere I go the stores are packed, the restaurants are packed, the roadways are packed.

The trucking companies are booming, the railroads are running day and night.

Everyone I know has a job, I don't know one person who has lost their home over the mortgage crisis.

Sure there are businesses that are shutting down, and the media loves to play that to the hilt, what they don't show you is all of the new businesses that are popping up.

The media seems bent on giving people a pessimistic attitude about the world. They make their money on the idea that "the sky is falling"

Warlock

I just read online today a local dept store is doing away with 500 jobs, already many stores are out of business.

Purpi,

That's why she had to wait in line for so long.

Warlock

IP_SEC

I have yet to see this recession. All of the restraunts, bars, pubs and clubs are packed. Rush hour traffic still sucks with everyone going to work at the same time. New car sales are in a bit of a slump, but new houses are going up everywhere. I've never been better off financially in my whole life. Maybe its just where I live, I dunno.

If I were about to retire I'd prolly be a little worried right now. All in all though its thumbs up.

restrangled

JG....I agree, things seem to be heating up here. Home prices are still very low, but if you intend to stay in your home and are not looking to sell and make a profit whats the difference? Is this entire home priced thing based on investors who were looking to turn homes at a huge profit and lost? Thats what I see. Those who sold, got inflated prices, and the greedy bankers backed it all.

Now too bad, they approved loans to first time owners who could never afford what they bought.

When my husband and I were first married and bought our first home, we managed to get a loan for 75,000.00 with 5000.00 down. We had no outstanding credit. and the loan was at 13 percent....we refinanced a few years later, when rates dropped. That was in 1984...our payment was almost 900 a month with taxes and Insurance.

Right now we have 6 percent loan on our FL home, the payment is not much different from l984 plus taxes and insurance.

r.

F

beksbks

The housing problem, is not just a matter of people buying houses they could not afford. They were approved with sub prime loans. All's well, but in 3-5 years, the payment is going to go WAY up. The original idea, was that you would refinance your home at that point, your pay would likely increase, as would the value of your home. Then the bubble burst. Now you need a loan for more than your home is worth. And people are losing jobs at an alarming rate. Seriously, look at the numbers.

This recession is definitely real. Just because people are out filling thier carts, does not mean that cart is worth as much as it was last year. Businesses are closing stores or going bankrupt all over the place, and the stock market has been at it's lowest point in years.

Recession? I didn't see it this weekend. What's your take?

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