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Economy - where are you?

Discussion in 'Off Topic Threads' started by Bisi, Feb 25, 2010.

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  1. Bisi

    Bisi TS Member

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    I was just wondering what you guys/gals think about the economy? I keep hearing on the news how things are picking up, but I'm beginning to wonder whom they are trying to convince, us or themselves?

    I know for my business the first 2 months of this year is the worst ever. I do work for other businesses, my customers are either gone or are buying nothing. Business for 2009 was down 40% from 2008 and 08 was down 20% from 07, and now nothing in 2010. My accountant told me I've got a lot of company, every small business that has came across his desk is down.

    I'm in Indiana and supposedly we are a lot better off than our neighbors in Michigan, Ohio, Ill and KY. Ouch!! Any place left to run to????

    Drudge was reporting that January new homes sales were the lowest on record, ever. The number of Americans filing for initial unemployment insurance have climbed more than 12% over the past two weeks, the government said Thursday.

    The pretty boy and girl talking heads on the news media are blaming all that on the weather, and everything will be robust come spring they say.

    It's weird though, drive through town at night and all the restaurants seem to be full, the same day the paper is full of foreclousures!

    Maybe it is government workers eating in the restaurants because they seem to be the only ones hiring and the only ones who haven't taken a cut.

    So, how are things in your area?
     
  2. grnberetcj

    grnberetcj Active Member

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    For the 2009 year, my 401(k) did 21.66%.

    Curt
     
  3. shannon391

    shannon391 Active Member

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    Check it again in two years. And how much was it down before the increase?
     
  4. skeezix

    skeezix Member

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    Well, my co. is waaay down. last year we were about 1/3 of the average of the 2005, 2006, and 2007. This year is worse. We started slowing in late '08 and the trend continued through 09. We averaged about 30 ironworkers in 05-07, we have 5 now, and they run out of work in about a weeks.

    The community in general is struggling - One of the largest private employers (Stone Container) closed its doors in Jan. and laid off over 400, The outfall from that is not fully realized yet (trucking co's, logging co's, support contractors, etc.) Macy's closes next month, a long time brick and mortar sporting goods store is liquidating, The last lumber mill in the immediate area closed last year, one of the 2 hospitals laid off 60, Montana Rail Link laid off several folks. There are a lot of houses on the market. not many sales. Arch and Eng firms are laying off.

    Our bank sees no relief this year, maybe not next.

    jh
     
  5. Setterman

    Setterman Well-Known Member

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    Shannon's right. We're on a fake stock bubble right now. Scares the hell out of me, and what's in store for the next 2-3 years. Commercial construction sucks. If not for some school projects that were funded 5 years ago (not Stymulus) we'd be awefull slow. We do work in Ohio, Mich, and Indiana.

    Tell me...where are the jobs coming from that will employ 7 million workers that are without jobs right now. Unemployment bennies running out for many.

    Credit card debt and commercial property debt still to come. 401K's will take a dump too.
     
  6. Bisi

    Bisi TS Member

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    skeezix, where are you at? You mentioned Montana Rail Link, so I'm guessing the Big Sky Country?
     
  7. skeezix

    skeezix Member

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    yes, montana

    jh
     
  8. Bisi

    Bisi TS Member

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    skeezix, that's unfortunate! Montana was one of the places I was thinking about running/hiding to, if things don't change in the upcoming months.
     
  9. kiv-c

    kiv-c Member

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    Take a look at the article titled "The Great Recession of 2011-2012" at the link above. It'll give you a warm feeling all over - Kinda like what you get when you've thrown up on yourself!

    Kiv
     
  10. skeezix

    skeezix Member

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    great place to hide, if you don't need a job. I think if I were ever to relocate out of western mt, I'd look real hard at Lewistown, MT. not so much because they have work there, but because it is still "old MT". Bozeman, Ennis, Whitefish have all become playgrounds for the rich and famous. Missoula is pretty left-centric, city government can't quite grasp the fact that they get paid by tax dollars and it takes busines to employ people that then pay taxes.

    jh
     
  11. rlmims

    rlmims TS Member

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    For me, in my area (north Alabama) not real good. First my company moved all our work to Mexico and Saginaw, Mi. Then they closed our plants and forced me into retirement at age 58. Just before retirement they did away with our health insurance for retirees,then did away with our pension (turned it over to the PBGC & between them and Obamas automotive task force, it was cut apx 45%) So counting lost pension funds & insurance payments I lose apx $30,000/year. Not so rosy
     
  12. Big Heap

    Big Heap TS Member

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    Hard times in the BIG SKY - -

    MISSOULA, Mont. — A down-on-his-luck billionaire and a banking giant with a soiled name sparred Wednesday in bankruptcy court, each blaming the other for fleecing the ritzy Yellowstone Club of nearly $300 million.

    Dirty laundry from the world of international finance and the divorce of club founders Tim and Edra Blixseth remained on display in the ongoing bankruptcy saga of the ultra-exclusive alpine getaway for millionaires.

    Lawyers for club founder Tim Blixseth argued that Credit Suisse has seized control of the club's bankruptcy trust and crafted a deal that stands to enrich the trustee who wants to force Blixseth to repay a $286 million loan Credit Suisse arranged for the club in 2005.

    Creditors, captained by trustee Marc Kirschner, counter that Blixseth intended to defraud the Yellowstone Club by lining up big loans to bankroll a lifestyle of luxury estates, personal jets and luxury cars. The creditors want to collect even though the club emerged last year from its 2008 bankruptcy filing.

    The creditors say Blixseth knew bankruptcy loomed, looted club assets and sought to hide them amid a myriad of other investments.

    Blixseth argues he was the victim of a predatory lending scheme by Credit Suisse and was given the loan without regard for whether the club could repay the money.

    Just last year, the bankruptcy court admonished the Swiss bank for "overreaching and predatory lending practices" meant to "line its pockets" with loan fees from resorts like the Yellowstone Club, which counts Microsoft Corp. co-founder Bill Gates and former Vice President Dan Quayle as members.

    "Those are the same lenders who have a majority interest on the trust board," said Blixseth lawyer Tom Banducci.

    Blixseth's lawyers said Kirschner stands to gain millions if he can collect a full $286 million from Blixseth and it's lawyers with ties to Credit Suisse that are trying to recoup the money.

    But creditors seeking a civil fraud judgment against the real estate tycoon said Credit Suisse has little to do with the trust's pursuit of Blixseth. Kirschner beat back an assertion that Credit Suisse hand-picked the board he reports to.

    "Definitely not," he told the court.

    The Blixseth divorce, with its $9-million-a-year housing maintenance payments and contentious legal battles, again was a key issue.

    Tim Blixseth's lawyers argued that ex-wife Edra Blixseth, who took control of the club right before its bankruptcy filing, also assumed the club's debts. She later sold the club in an insider deal to its creditors.

    U.S. Bankruptcy Judge Ralph Kirscher will have to sort through the intrigue to determine whether the transfers of money from the club to Tim Blixseth were fraudulent. The judge said he has the power to void them and force repayment.

    Kirschner noted that the bankruptcy court has already admonished Credit Suisse for its behavior in granting the loan. Now its Blixseth's turn.

    "I feel quite confident in our case, but the judge will have to make the decision based on the facts presented in the next several days," he said.
     
  13. WoodsonEnt

    WoodsonEnt Active Member

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    So far this year, business has been good. The good Lord has really blessed me! I live close to Mayfield, KY. The town has a population of 12,000 people. There are now 10 of those payday loan businesses. That seems to be the good market!

    Matt Woodson
     
  14. recurvyarcher

    recurvyarcher Well-Known Member

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    Martin and I are trying to figure out why the restaurants in Salina are always full (every night). The economy here is down, so we don't understand it. It's not just the buffets. I was expecting THOSE to increase their business, but all of the other restaurants are always full.

    I am making half of what I was making just last year. Martin's business is down some, too, but he seems to be doing ok. I find that employers are starting to treat their workers like crap, because they know that they don't have many options.
     
  15. DTrykow

    DTrykow Active Member

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    Hi guys:
    My business had a great year in 2009 and made money. We're in full production with 100% staff. I'm in the railraod tie sector and we lived off a merger which gave us tons of work refurbishing old lines.
    We are looking at another great year this year. Weird, but we've never followed the housing markets. Other mills are hurting cause they rely on flooring and furniture which flows with the housing. Dave T.
     
  16. Setterman

    Setterman Well-Known Member

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    The retaurant thing is weird. I have been to overnight meetings in Detroit, Ft.Wayne, and Toledo over the past 2 months, and the retaurants are full, even on week nights! And I'm not talking about McDonalds.

    All three of these towns are hurting for jobs and money, but the restaurants are full. Is it that the 80-85% that still have work are making good money, or do they not know how to cook? Or don't they know how to save money?
     
  17. chuckles

    chuckles Member

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    Curvy, Filled resturants are the continuation of Credit card debt and refusal to accept impending hard times....a whole lot of denial going on....

    I eat out at least once a week... useing discount cupons, etc and then again I'm retired without debt.....

    The hard times are just around the corner, it will get ugly, real ugly...

    prepare yourself by eliminating as much of your debt as possible and definately do not take on any new debt....

    USA Middle Class will come out of it by 2018 or 2020 but with a vastly reduced Standard of Living....

    just my opinion of course but I've been around the block 3 or 4 times and I've seen a lot, world wide.....

    Look to Western Europe for examples of lifestyle and living.......

    regards
     
  18. Catpower

    Catpower Molon Labe TS Supporters

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    Been tough times here also we own a HVAC/R company, we contract, fab, design/build, and all sectors are dead

    We used to bid jobs against 2-3 contractors, now it's 15-20, and they are to the bone, just for cash flow, but I'm glad we were wise and have everything paid off, I feel for the troops that we have to sent home, but if there isn't any work, there isn't any money to pay them

    I guess we're all waiting for the hope and change, but it looks like is the only thing we're going to get is some off the wall health plan, probably they will send each family a box of bandaids and some asprin and a good luck note if that fails, along with a big bill
     
  19. OGC Director

    OGC Director TS Member

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    I had to leave my wife and kids at home and go 600 miles to take a job in Indiana so that I can pay my mortgage and have health care for my family.

    When I go to the mall on the weekend it is hard to find a place to park. Going out for dinner is no better, they are all packed. Where the money is coming from, I have no idea.

    I went from being on layoff to working 10hr shifts every day with some Sat hrs as well. How long this will last is anybodies guess.

    Rich in Indiana

    PS Just saying hi to all the good people at Oxford Gun Club, West CHester GUn CLub, Wilmington Trap CLub, and Quarryville.
     
  20. Shooter R

    Shooter R Active Member

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    Why can't we make ANYTHING in the good ole US of A. After a discussion at a Local Gun Club I checked out where the stuff I had on was made: My Gander Mountain boots are made in China, my Bob Allen Winter Coat is made in China, my Levis Jeans are made in Mexico, my Micheal Jordan approved Hanes Underwear is made in Dominican Republic, my Dou Fold Long Johns are made in India, my Bob Allen Shell pouch is made in China. I didn't check my sox, but I don't think anything I had on was made in USA!!!

    What the Hell is going on. How are Americans going to have jobs if everything for sale is made in a foriegn country?
     
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