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Is the Economy realy in this bad of shape?

Discussion in 'The Powder Keg' started by Doglips, May 17, 2002.

  1. Doglips

    Doglips G&G Newbie

    Ok we all live in diffrent places and have diffrent lines of work. This news story had me questioning the true state of the economy. I generaly dont pay attention to news reports of unemployment rates and the like as they seem to be too inaccurate. Personaly Im fairly well insalated from economic fluxes and the like, so I dont realy pay attention to the economy. I know localy several compinies are in dire finical state but I figured it was just poor management and missed oppertunities. I also know that almost all local compnies includeing THE STATE OF FLORIDA layed off a lot of workers. Ill paste the story...but the question is how good/bad/indreffrent do you see our countries economic helath...and what inpacts do you see it haveing?

    Personal bankruptcies soar

    Consumers spent so freely during the recession that record numbers found themselves in heavy debt and filed for bankruptcy. Personal bankruptcy filings rose 15.2 percent to a total of 1.47 million in the 12 months that ended March 31, the Administrative Office of the U.S. Courts reported Thursday. Filings by businesses rose 10.7 percent to 39,845, including Enron's on Dec. 2. Individuals account for about 97 percent of all bankruptcy filings. The majority of consumer bankruptcy filings are filed under Chapter 7 of the U.S. Bankruptcy Code, which allows people to dissolve their credit-card and other debts.
    :confused: :confused: :fuss:
     
  2. Fred Vetter

    Fred Vetter G&G Newbie

    The economy is realy in this bad a shape.I think it will get worse,before it gets better.There are a lot of big businesses
    that are laying off in Tennessee.How do you spend freely in
    a recession.No flame intended.I thought we were in a recession now.I will have to look into that chapter 7.I tried to file bankruptcy.LMAO, in Tennessee you can file one of two ways
    chapter 13,or 11. If I remember correctly under 13 you give all your belonging back, under 11 they restructor your payments.
    The lawyer to me to find a job.I thought this was very funny,so I
    told him,if I had a job I wouldn't need him.Things will get better as so as we win the war or is it a police action? Fred
     

  3. NRAJOE

    NRAJOE YOU TALKIN' TO ME!? Forum Contributor

    I'M DOING ALRIGHT AND EVERYONE I KNOW IS DOING ALRIGHT. DON'T KNOW ONE UNEMPLOYED PERSON AT ALL! AND I BUY A GUN OR TWO EVERY MONTH! NO PROBLEMS HERE.
     
  4. wes

    wes G&G Newbie

    It's worse than we think,watch the Dow roller-coaster,see all the big companies laying people off or closing. Zero percent interest for a car? Why? They can't sell them any other way. Go shopping for a pair of shoes,find any made in the USA? We are a nation of consumers,manufacturing is gone,almost everything is made overseas,but owned by US companies. They show big profits,but Americans don't work there. Gold and silver SHOULD be going up,but it's not. I'm planning for some hard times. BUY BULLETS! I'll put my soapbox away now.
     
  5. Oxford

    Oxford G&G Evangelist

    A little conservativism should be practiced for those rainy days.

    Doglips:

    In the "Heart of America" area, in the breadbasket of America along the Missouri and Kansas Rivers, things aren't so great in the private sector of our economy.

    Prices of livestock are terribly low for farmers and ranchers. Agri-related businesses are in a depression.

    The aviation industry has had such a big shakedown that thousands of longtime hardworking people have been laid off or retired early with low pensions, if any.

    Even with these things happening It's hard to understand how many people are borrowing funds to buy $200,000 to $500,000 homes and vehicles commonly costing $35,000 to $50,000 upwards.

    It's no wonder that some people get in trouble when they borrow money unwisely. Too many people want it "all" right now instead of being patient with their purchases.

    I definitely sympathize with people, though, who through no fault of their own get laid off, or the company folds, or something out of their control. Never-the-less, a little conservativism should be practiced at all times for those rainly days.

    Oxford
     
  6. 7mmag6

    7mmag6 G&G Newbie

    6,049
    10
    I work at a national lab, and buisness is booming, in defense and nuclear defense, GW is pouring money into cutting edge defense systems to our national long term goals, and will give our country,and our boys on the frontline better weapons
     
  7. It's doing better now than after Sept 11, but it is still shaky. Manufacturing has had a very long downturn period due to lowered consumer confidence and spending, but certain sectors are up slightly. This is not only in the U.S. but globally, a lot of the European and Asian economies have been suffering as well which have affected overseas sales.
     
  8. Shaun

    Shaun G&G Evangelist

    It simple everyone is competing with the Joneses. I have found that eliminating credit in my life has reduced my stress level and is showing me that in a short time I can be fairly well off and still buy all the toys I want. The trick is paying cash and not using the credit shark's. Did you know if you hold an average car payment over your life time it will cost you nearly 4 million dollars