ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX

gmh1013 · 21 August 2009, 07:35 AM

Three/four months ago I would have said no....but now I starting to think that part
2 or even a part 3 to this recession is going to be worse than the past 18 months....and unemployment will hit 11/12 percent or higher next year.
I wonder what Q3 will shape up as when the numbers hit in Oct.
I really hope Im wrong this time.

figbo · 21 August 2009, 07:45 AM

Quote:

Originally Posted by gmh1013

Three/four months ago I would have said no....but now I starting to think that part
2 or even a part 3 to this recession is going to be worse than the past 18 months....and unemployment will hit 11/12 percent or higher next year.
I wonder what Q3 will shape up as when the numbers hit in Oct.
I really hope Im wrong this time.

Happy thoughts Greg,things can't get worst,we are at the bottom!

gmh1013 · 21 August 2009, 07:58 AM

Quote:

Originally Posted by figbo

Happy thoughts Greg,things can't get worst,we are at the bottom!

At one time I was paid ...lots...to be Mr. Negativity....to look for bad stuff
to happen before it would at IBM when selling servers to clients
and to keep the clients by looking for SHTF problems.
I would always tell things like I saw them and would never blow sunshine up anybodys Ahole and was not popular at IBM but its a job that has to be done

I really dont like what I see 6 months down the road....Started today with cash for crap program ending....new car dealers will come down off the Vicodin
next month and will be right back where they were 3/4 months ago.....with a lot
of cars unsold on the lot.

Lowflight · 21 August 2009, 08:02 AM

Wait until the inflation from all of the current mistakes come back to bite us...you ain't seen nothin yet

gmh1013 · 21 August 2009, 08:05 AM

Quote:

Originally Posted by Lowflight

Wait until the inflation from all of the current mistakes come back to bite us...you ain't seen nothin yet

Thats 12 to 18 months out IMHO....but you are 100 correct that will be a SHTF
experience to all who live through it.

2careless · 21 August 2009, 08:07 AM

It is highly likely. A lot of the current pickup in economic activities are due to govn't stimuli and once the money is used up things will go pear shape again.

P.S. what's SHTF? :D

boa2 · 21 August 2009, 08:40 AM

Quote:

Originally Posted by 2careless

P.S. what's SHTF? :D

Doo Doo Hits The Fan.

Jeff in Florida · 21 August 2009, 01:27 PM

I don't think we are anywhere near the end. People keep losing jobs, which means less people are buying stuff, which again leads to more job loss. Its even worse here in Florida, where we are being gouged for basic necessities such as insurance and electricity. Most regular jobs here pay less than 15 an hour, I really don't know how those folks make it.

Launch Mini · 21 August 2009, 01:53 PM

Or just wait until round 2 of the credit crunch happens. ie corporate debt, REVERSE MORTGAGES will be huge.
Poor elderly people with reverse mortgages were the value of the home doesn't cover the mortgage will be an interesting one.

ZakBlak · 21 August 2009, 02:36 PM

Here you go guys http://www.marketwatch.com/story/eco...ays-2009-08-10

Art 1 · 21 August 2009, 05:51 PM

Quote:

Originally Posted by gmh1013

Three/four months ago I would have said no....but now I starting to think that part
2 or even a part 3 to this recession is going to be worse than the past 18 months....and unemployment will hit 11/12 percent or higher next year.
I wonder what Q3 will shape up as when the numbers hit in Oct.
I really hope Im wrong this time.

I don't think that you are wrong.

Jeff in Florida · 21 August 2009, 08:54 PM

I am in a pretty recession-proof industry and do not expect any significant cuts in my company, however, I am not about to plop down 10k on a new Rolex anytime soon in this environment. I don't see anyone in the middle class making any significant purchases anytime soon, especially if inflation hits. Even if they can get credit, a lot of people may refuse to be victimized by the bogus interest rates being offered.

And lord forbid we have a significant tax hike...

Lion · 21 August 2009, 10:31 PM

My policy is to not buy on credit and have a debt. I'm currently debt free and plan on keeping it this way. I do without until I can pay with cash and I buy quality over quantity. I know this is old school thinking but it works for me!!!

redshirt1957 · 21 August 2009, 10:57 PM

Quote:

Originally Posted by Lion

My policy is to not buy on credit and have a debt. I'm currently debt free and plan on keeping it this way. I do without until I can pay with cash and I buy quality over quantity. I know this is old school thinking but it works for me!!!

I thought I was debt free then I was reminded that I have three ex-wives, a current wife, three kids not yet in college, and that ole' RedHead76 is moving in with us. Man, I am financial toast.

Jimbits76 · 21 August 2009, 11:00 PM

Quote:

Originally Posted by redshirt1957

I thought I was debt free then I was reminded that I have three ex-wives, a current wife, three kids not yet in college, and that ole' RedHead76 is moving in with us. Man, I am financial toast.

I'm fairly cheap. I take payment in kind!!!!

J

Lion · 21 August 2009, 11:03 PM

Quote:

Originally Posted by Jimbits76

I'm fairly cheap. I take payment in kind!!!!

J

Joe, don't believe him he has ulterior motives!!!
Just thought I'd give you a caution.....

Jimbits76 · 21 August 2009, 11:12 PM

Quote:

Originally Posted by Lion

Joe, don't believe him he has ulterior motives!!!
Just thought I'd give you a caution.....

Not when it comes to old Bubbs.

Although I'm not sure whether I trust that old git!!!!

J

mfer · 22 August 2009, 12:50 AM

Yup, my future sister-in-law just got laid off from a major consumer products company. Basically, they have to cut back to maintain profit.

Gov't money is drying up too. Credit is gone. I used to get a credit card offer each day in the mail. Now, I get nothing. Also AMEX and Citi both upped my % for NO reason. I'm kind of ticked by it, but it doesn't affect me as I never carry a balance.

The twinkle in all of this is that maybe (just maybe) the American population as a whole will decide that they DO need savings and that they shouldn't spend every dime they make. Maybe they'll also decide that they shouldn't carry all this debt, or limit their debt to a % of their take home. I mean maybe (just maybe) this will teach some Americans to live within their means.

The "celebritization" of America needs to end. Not everyone should be driving $30k cars, live in McMansions and have luxury after luxury after luxury (all while eating out every night).

I hope some people will learn.

shandy · 22 August 2009, 01:13 AM

I have a feeling we are just at the begining and not the end as many of the pundits are predicting.

I have long since stopped listening to a great many of the so-called experts in the finacial sector, those same experts keep on making mistakes and when they do the dissapear of the radar till all has blown over.They use the assumption no one remembers what they said..And it works!

I just really feel for those who bought into the dream they were told to buy into by the people who will never be affected by the downturn!

21 August 2009, 07:35 AM	#1
gmh1013 Banned Join Date: Jun 2008 Real Name: greg Location: Tempe AZ Watch: GMT Posts: 5,703	Double Dip Recession? Three/four months ago I would have said no....but now I starting to think that part 2 or even a part 3 to this recession is going to be worse than the past 18 months....and unemployment will hit 11/12 percent or higher next year. I wonder what Q3 will shape up as when the numbers hit in Oct. I really hope Im wrong this time.

21 August 2009, 01:53 PM	#9
Launch Mini "TRF" Member Join Date: Jan 2006 Real Name: John Location: Canada, eh Watch: can I? Posts: 6,240	Or just wait until round 2 of the credit crunch happens. ie corporate debt, REVERSE MORTGAGES will be huge. Poor elderly people with reverse mortgages were the value of the home doesn't cover the mortgage will be an interesting one. __________________ Something witty to go here. Member # 293

21 August 2009, 02:36 PM	#10
ZakBlak Member Join Date: Jul 2009 Location: Miami Watch: GMT II Posts: 52	Blue Chip Economic Indicators Here you go guys http://www.marketwatch.com/story/eco...ays-2009-08-10

21 August 2009, 10:31 PM	#13
Lion "TRF" Member Join Date: Jan 2009 Real Name: Leo Location: Midwest Watch: GMT-II 16710 PEPSI Posts: 21,461	My policy is to not buy on credit and have a debt. I'm currently debt free and plan on keeping it this way. I do without until I can pay with cash and I buy quality over quantity. I know this is old school thinking but it works for me!!! __________________ SS GMT-II 16710 PEPSI(Z-serial#) THE ONLY DIFFERENCE BETWEEN MEN AND BOYS IS THE PRICE OF THE TOYS!!! MontBlanc Meisterstuck Doue Silver Barley MontBlanc Meisterstuck Solitaire Doue Signum Proud Card Carrying Member of the Curmudgeons.....Yikes!!!

22 August 2009, 12:50 AM	#18
mfer "TRF" Member Join Date: Mar 2007 Real Name: Mik Location: USA Posts: 13,724	Yup, my future sister-in-law just got laid off from a major consumer products company. Basically, they have to cut back to maintain profit. Gov't money is drying up too. Credit is gone. I used to get a credit card offer each day in the mail. Now, I get nothing. Also AMEX and Citi both upped my % for NO reason. I'm kind of ticked by it, but it doesn't affect me as I never carry a balance. The twinkle in all of this is that maybe (just maybe) the American population as a whole will decide that they DO need savings and that they shouldn't spend every dime they make. Maybe they'll also decide that they shouldn't carry all this debt, or limit their debt to a % of their take home. I mean maybe (just maybe) this will teach some Americans to live within their means. The "celebritization" of America needs to end. Not everyone should be driving $30k cars, live in McMansions and have luxury after luxury after luxury (all while eating out every night). I hope some people will learn. __________________ member#3242

21 August 2009, 08:02 AM	#4
Lowflight Banned Join Date: Jan 2008 Real Name: Harold Location: On The Far Right Posts: 1,106	Wait until the inflation from all of the current mistakes come back to bite us...you ain't seen nothin yet

21 August 2009, 08:07 AM	#6
2careless "TRF" Member Join Date: Dec 2007 Location: Melbourne, AU Watch: Pepsi Posts: 4,370	It is highly likely. A lot of the current pickup in economic activities are due to govn't stimuli and once the money is used up things will go pear shape again. P.S. what's SHTF? :D

21 August 2009, 01:27 PM	#8
Jeff in Florida Member Join Date: Apr 2009 Real Name: Jeff Location: Florida Watch: Sub LV M series Posts: 86	I don't think we are anywhere near the end. People keep losing jobs, which means less people are buying stuff, which again leads to more job loss. Its even worse here in Florida, where we are being gouged for basic necessities such as insurance and electricity. Most regular jobs here pay less than 15 an hour, I really don't know how those folks make it.

21 August 2009, 08:54 PM	#12
Jeff in Florida Member Join Date: Apr 2009 Real Name: Jeff Location: Florida Watch: Sub LV M series Posts: 86	I am in a pretty recession-proof industry and do not expect any significant cuts in my company, however, I am not about to plop down 10k on a new Rolex anytime soon in this environment. I don't see anyone in the middle class making any significant purchases anytime soon, especially if inflation hits. Even if they can get credit, a lot of people may refuse to be victimized by the bogus interest rates being offered. And lord forbid we have a significant tax hike...

22 August 2009, 01:13 AM	#19
shandy Banned Join Date: Dec 2008 Real Name: Ian Location: canada Posts: 1,724	I have a feeling we are just at the begining and not the end as many of the pundits are predicting. I have long since stopped listening to a great many of the so-called experts in the finacial sector, those same experts keep on making mistakes and when they do the dissapear of the radar till all has blown over.They use the assumption no one remembers what they said..And it works! I just really feel for those who bought into the dream they were told to buy into by the people who will never be affected by the downturn!

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)