If 70% of the US economy is tied to consumer spending, and 30% of all jobs created since 2001 were tied to real estate (1.4 million), and housing is in freefall, well, doesn't that seem like a recipe for disaster?
September 06, 2006
HousingPanic Stupid Question of the Day
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24 comments:
soylent green!
its more than a recipe for disaster it's a cookbook for america you're toast!
From about 2000 on I knew tons of people who were leaving their jobs in engineering to become mortgage brokers. Those jobs are now filled with little hope of giving them back. Engineers who have been out of their field for several years have a very difficult time transitioning back to work. I'm not sure what these people will do.
I think the solution, although not really - just the lesser of two evils, is to print more money or "drop them from the helicopter" but tighten lending practices and should only make it avaible to existing businesses or start-up with sound business plan.
In addition, give priority to businesses that manufactures and export product abroad.
Don't let's get started about engineering (I is one - since 1974). The profession (at least that portion of it that services the hard iron segments, as opposed to software, chips, etc.) has been in nearly monotonic decline since 1982. Lessee now that we need 'em for refineries, et al, if we can get 'em. I'm dubious.
Stuck in S.E. Pa.
Speaking of jobs. LOL. There is a current steady stream of losers coming in to apply for ANY position at the city I work at. These are the same people that quit whatever job they had...some former city employees, to go out and strike it rich in the hot real estate market....along with those that are collateral damage from the HOUSING BUST. Well now, the city was not worth your time before. we just didn't pay enough huh? Well what comes around, goes around and I just toss your application in the trash. We weren't good enough for you 6 months ago, why would we want you now?
I left my engineering job in the mid '80s when I saw the industry was going nowhere. The writing was on the wall back then and the situation has only deteriorated since. I used what I'd learned to start my own company and now live comfortably and indepedently off of the crumbs that fall from Uncle Sam's table. Our good Uncle isn't very smart, and he now pays $40 for stuff he used to buy for $1 back when this country had a manufacturing base. But he always pays his bills and I really can't complain about the rank stupidity as it has paid for my houses, my land, and my retirement.
The rest of our economy is a house of cards. When it falls, there will be some ugly times for the people who aren't prepared.
Keith! Those graphics!. . .you are the best! You forgot Ryan Family Steakhouse - same store sales down down down. . .no tips, short shifts for workers, and closing of stores. . .ditto for most "family restaurants" . . .even Cheescake and PF had declining sales. I did notice Smith and Wolinsky (home of the $40 steak) did well. . .can we say 20/80 economy???
The future loss of 'Construction Boom' related jobs is going to be huge!
Trickle down effect!
What jobs will unemployed REIC workers find next?
Female:
Sales clerk at the cosmetics counter
Waitress
Cashier
Debt collection agent
Congresswoman
Male:
Car salesman
Life insurance peddler
Cemetery plot peddler
Debt collection agent
Congressman
MY brother inlaw was let go 2 weeks ago, he was site super on a over 50 complex.
So he seen an ad in the paper site super wanted, now mind you he fell in to the postition in the first place, he was a nail banger for years.
So he built his first site and the boss said thanks nice job take care now nothing is selling so....bye bye
He called me the other day to ask if the town was looking for help..I had a nice job locked up for hin a year ago..you know what he said to me..that was not enough money..$49,500 a year..heavy equipment operator..nope not good enough.this guy does not even have a degree and he wants like $100,000 ..?? Pipe Dreamer...shame to cause it was a great opertunity to get his foot in the door and blew it.
Bork:
Nothin personal about your brother-in-law, but since you've brought it up, I say that his attitude towards salary with no degree really encompasses a bigger spectrum of the construction industry. I'm in the construction field myself, and I can relate to what you're saying, especially to project superintendents. I think "supers" have good leadership and can really move people around. However, their ability is also dependent on good project management (i.e. pre-planning) and a lot of times, the project managers, who supposedly have degrees and management training, makes less than the supers. In addition, the supers are kind of spoiled and resist changes,like learning computer skills. They just want to direct people. Truly, you can't effectively direct people what to do, if you don't have a plan and good planning should emanate from rpoject managers.
Enough of my beef, but yes, your brother-in-law should open his eyes and understand that $100k is too much for a pay.
Here the best part Anono he went for a job interview, and was throwing all kind of number at the boss who is doing the hiring, $10,00 sign on bonus, $103,000 a year..come on, I to have been doing site inspections and various other duties here in my job for 18 + years with a town goverment, and only wish they would pay me that 6 figure income.
But for me i am comfortable been here almost 19 years have a sweet state pention going and i am only 39 so yes more money helps for sure, but i also like the security of knowing my job is there tomorrow morning.
Ye could i wake tomorrow to a pink slip "yup" like anyone else, but the great thing is I am the only one who does what i do here so I am secure in that fact.
Besides lay me off, ill take my six figure pention, pay the tax, and knowing what i have learned here off of you kind folks, ill let my money make me money...ahh yes the american dream.
this is a must read
http://tinyurl.com/psq39
Frocco, I'm one of those people.
I build bathrooms and basements. When the work dried up last year I knew something was up, So I started surfing the web and ran across this site in sept/05. The work stopped suddenly last summer and I sold my house immediatly. The phone still isnt ringing.
Agree frocco, i to am a jack of all trades, and have noticed the side work is lamed out. I was doing Hardwood floor installs as well as ceramic tile and that has all but dried up these days.
I also build and repair (trouble shoot) computers which has been dead as of late..
did i live on this income NO! Funny money in my book, i live on my 40+ hour work week. I now clean a library at night 3 hours a night 4 days a week.
( I am one of those who has to keep moving or ill die, like an old american car LOL!)
that is my side work..but I seen the writing on the wall this is why I chose the library gig, besides the library money pays my health care benifits so it is like i am getting them for free. It works for me and if they are paying me, I am here to do what ever needs to be done, no shame here I dont work for a personality contest, after all its all about the "cake" , "The Mola", "The Paper". 'The PAYCHECK"
Oh and it also lets my wife stay at home with my 2 daughters, that is what is important to me, my wife home with my kids, Ill work 80 hours a week if i have to.
No Debt, And no credit cards, sure we scarifice me an my wife, but my children apreciate what they have and that is what counts, do they have glut ? sure they do are they spolied little brats, give me give me give me, no they are not..they may wait a week or 2 to get what they ask for but they understand when I say no not this week, and the subject is dropped, then i will surprise them with what they ask for.
Point well taken about folks should expect a 6 figure salary only if they have some demonstrable skill (other than pounding nails that is) - on the other hand there's many in and out of my family that do that kind of money with absolutely no credentials whatsoever. I shoulda abandoned engineering as a prior poster did in the 80's. Why worry about pressure drops, pipe codes, ASME codes, and on and on ad nauseaum when you could just as easily peddle whole life to the masses? Kunstler's psychology of previous investment is a b*tch.
Stuck in S.E. PA
Significant US recession in 2007!
I am the average joe trying to make ends meet, please dont pray for me, I will go to work, and earn my living, like i have been doing since i was 15.
The person you need to pray for is the Hummer driving over consumption fool who lived off of borrowed money, and now is living on borrowed time.
sure it is sad, but like many have said you should have read the doc's before you signed them.
we reep what we sew.
"I don't work for a personality contest...The paycheck."
Yeah Bork, construction guys like us are like whores, we go where the money is.
I suggest to all construction people out there, leave residential and go public works. There's a lot of work out there.
I here you noodles, I to have been there paycheck to paycheck, for sure, it is tuff trying to make ends meet, I see it and feel it, here in massachusetts .
and yes it is going to get worse for some i have family in this situation.
I have spent the last five years getting ready for this meltdown - I have no debt - 200k in the bank and I own my place outright in San Diego right on the bay. I live on my Social Security and my Investments (hard cash loaned to the US Govt at 5.5%) I get by on the interest and my social security just fine. sure hope people do not go Postal and start killing each other. The last 10 years people just went looney. They want everything just handed to them - they have no respect for anyone elses rights - America treates is Elders worse than any other developed country in the world. The Laws are for everyone else except Me is everyones motto these days. The X and Y Generations scare the Hell out of me. they just don't get it, they are going to go down wondering what the hell happined. I have a front row seat for the Festivities. Lets get the SHOW Started Folks. SEE YA WHEN THE SMOKE CLEARS...
Alot of People just never learned the Basics (WORK HARD - BE HONEST) Save for the Future - Always live below your Means - Do you really need that Beamer or Mercedes so your neighbor thinks your shit don't stink - with this meltdown alot of youngsters will learn the hardway. To bad for them - better them than me.
with this meltdown alot of youngsters will learn the hardway. To bad for them - better them than me.
Yup prime example i was watching a show tonight, and one of the contestants was a young girl, and one of the judges asked her.." if you win what are you going to do with the money"?
Her answer..go to the mall..$10,000 and she is going shopping for more chinese made crap..man I tell you..we deserve what we get.
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