The coming step of the financial trickle down. First home prices drop.
2. Mortgage loans start to disapear.
3. Banks fall.
4. credit card companies start falling.
5. Auto sales fall and manufacturers start thinking of bk.
6. Boat maker cut back and start to fold.
soon,
RV, ATV, heavy and light equipment...basically anything involving credit to purchase has signifigant sales drop and workforces and jobs in all these industries cut.

Sooo.. That is alot of middle management and execs. lower middle management on there way out the door looking for employment and soon to be your competition at the next job interview or your roadblock to a promotion. Not a doomsday forcast but it may be something to start thinking proactively about. Not to mention the often uneducated field off sales (i say that because i am one)employers, instead of taking anything they can get now have a line of 30 unemployed salesmen looking for 1 job, instead of 1 saleman sifting through 30 offers.

anything else to add to the list, thoughts.

IMO

Yep, same thing was said during the 1970s, 1980s, early 1990s, early 2000s. Never happened. In about a year or two, things will be as usual and people will be hyping themselves up for the next recession.

The 1970s were a mirror of today's problems - soaring gas prices and soaring inflation (12% mortgage rates, anyone)? Every recession someone wants to claim that "this time is different" and that "seriously, this is the end now."

It doesn't really matter either way. The economy is evolving, it always is. We don't need to experience the same thing every recession in order to ensure we don't all meet our economic doom. It can be something new every recession period and unless something about the fundamentals change, its just a recession.

Am I the only one who sees the humor in a thread that's titled "Better get educated" containing numerous spelling errors?

[ Not to mention the often uneducated field off sales (i say that because i am one)

Getting tired of first having to write thank you's in word to do spell check before writing them out on a card.

[ Not to mention the often uneducated field off sales (i say that because i am one)

Getting tired of first having to write thank you's in word to do spell check before writing them out on a card.

It's actually not as bad as it was during previous recessions because of the falling value of the US$ against world currencies. This is causing exports to rise which mitigates the effects of the shrinkage in other sectors.

So, while housing shrinks, manufacturing (except auto, of course) should rise (or at least remain steady) and so I don't think this recession will be all that bad.



[edit on 24-7-2008 by TheComte]

So now that we have made it to #5 in 2.5 months, Am i still fear mongering.

Another heads up, IMO if you are waiting to downsize and rent a home for awhile get on it soon. The Home rental market is going to dip sharplely and soon (6-12 months). Based on the fact of a high number of rentals out there right now are homeowners trying to avoid foreclosure when they were forced to move or downsized and cannot sell there home. The problem is they are a lost job or any other personal concern from just stopping payments sending the home into foreclosure.

Banks and the gov. are not in the business of renting homes so the inventory IMO will soon plummett. Driving home rental prices soaring for those who were able to hang on. And the trickle down will be apartment rental prices soaring as well.

I dont mean to sound dire, but are people seeing the huge impacts that are coming and I dont think avoidable even with 700 billion.

What can you do....
1. Dont be afraid or believe the media on how hard it is to get a home loan. Look into it it's not as bad as they make you believe.
2. If you are going to rent a home, it's not all about you anymore. Research the landlord, pull there credit or get a mortgage pay history report from there lender to see if they are current on there payments.
3. If you are already renting and enjoy your home, extend your lease. When your landlord figures out they can make double guess what your options become.

Again just my opinion.

If u guys don't think were in a recession your wrong. This is only the begining. Wait until u loose you job and you'll really be panicking.

In California 10% of the jobs were mortgage/real estate related. Now, all those people are out of a job. The last time I went for a interview for a loan processing position. I was up against 150 other applicants for one position. I was stunned and got into a accounting instead, they don't pay much. Tried of the bs.

This problem will evertually effect all businesses if it hasn't already. The credit system will be no more. People houses are upside down whether its a bad loan or not, they will stop paying for a house that they owe more than it's worth. The remaining banks will feel the disparity. Then credit will mean jack, it would be too risky for anyone. Why lend for a house, when in a month it's going to drop down in value. Investors are not stupid.

Just be prepare to be an expert at interviews u will need it. I did.