Ready for recession, US?

[Ludi]

I'm not!:flush:

http://wallstreetexaminer.com/?itemid=1406

[bstutzma]

I've been just waiting. People are spending like maniacs, especially around here (Boston), on housing, plasma TVs, etc. I've been sitting back and watching them with disgust. Whats going to happen when they all need help at the same time? "Smart" people like my husband and I will foot the bill.

Maybe we should have jumped in the fire with everyone else after all - I just can't stomach the gluttony.

[das_nut]

Due to a bad job awhile back, I ate through a lot of my savings. :(

But I'm back to saving a decent percentage of my salary (14%) and I'll be saving more in the future.

Savings are good. (Hmmm, we should have a financial planning thread one of these days.)

[Ramona]

can someone give me a brief overview of what recession is? I know it sounds dumb that I don't know what it is, but i would like to be enlightened.

[Rene]

From dictionary.com

"An extended decline in general business activity, typically three consecutive quarters of falling real gross national product."

Basically for the public it means increased interest rates/taxes, increased unemployent etc. Translates to financial difficulties for the public so that the government can get back on top of things and start earning some money again (or at leaset stop going backwards).

Someone enlighten me if I'm wrong...

[Ludi]

"The United States can expect major economic disruption which will ripple worldwide after Hurricane Katrina's furious winds and rain shut down ports and hammered oil production, analysts say."

http://tvnz.co.nz/view/page/411749/607892

"As Hurricane Katrina plowed through the Mississippi River basin, shutting down ports, flooding cities and cutting power lines, economists warned that it was likely to leave a deeper mark on the national economy than previous hurricanes because of its profound disruption to the Gulf of Mexico's complex energy supply network."

http://www.nytimes.com/2005/08/31/business/31econ.html?pagewanted=print

[angiedawn404]

Ready for $4 a gallon gas, US?

[Ludi]

It's over $5 in Atlanta.

[benkees]

I'm buying a bike.

[MOMO17]

i'm just waiting for the revolution

[Ludi]

What revolution is that, MOMO17?

[Trent Steele]

Hrmm...

recession-tolerant job........ check.
inflated mortgage payments........ none.
car payments........ none.
oil dependency.......... minimal.
long-term savings plan..............................

Okay, for out of five ain't bad, right?

[Sokara]

It's over $5 in Atlanta.

Are you SERIOUS? It's not even $3 here. I'm glad I'm getting my bike fixed, bus fare is probably going to go up. Jeez!

[bstutzma]

Hrmm...

recession-tolerant job........ check.
inflated mortgage payments........ none.
car payments........ none.
oil dependency.......... minimal.
long-term savings plan..............................

Okay, for out of five ain't bad, right?

You don't heat your home? You don't buy food that gets shipped from out of town, or clothes, or any other products, the price of which is sure to go up? This isn't just about driving.

[Trent Steele]

You don't heat your home? You don't buy food that gets shipped from out of town, or clothes, or any other products, the price of which is sure to go up? This isn't just about driving.
Yeah, I KNOW. That is precisely why I said MINIMAL. I'm not particularly concerned about getting the latest shipment of J. Crew Fall Attire anyway.

[goettling]

My next door neighbor is in the heating and cooling bussiness. He has already notice some decrease in his bussiness. He is kinda freaking out a little though. Thinking that this is the end of the world and our economy.

I notice gas prices her was 2.85 today. It is not so much to say like spend an extra like 5 or 10 on gas a week, but the effect that it will bring to everything. Like groceries, trash service, people spending so much less.

I think it will be interesting what will happen in a few months though.