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homebroker@sbcgl
3435 Posts |
 Posted - 08/22/2008 : 10:47:41 PM
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A year into the financial crisis, the news is grim and there are signs of even worse troubles ahead. The mortgage bust continues and has begun to spread to loans for construction and commercial property, as well as credit cards and auto loans.
here may soon be more bank failures and a spate of corporate bankruptcies. That means that unemployment will almost certainly rise — employers have shed nearly half a million jobs this year — and those who keep their jobs will have to cope with fewer hours, measlier raises and evaporating bonuses.....
(FULL STORY)
http://www.nytimes.com/2008/08/20/opinion/20wed1.html?_r=2&oref=slogin&oref=slogin |
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powwow
385 Posts |
Posted - 08/22/2008 : 10:57:15 PM
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quote:
Originally posted by homebroker@sbcglobal.net
A year into the financial crisis, the news is grim and there are signs of even worse troubles ahead. The mortgage bust continues and has begun to spread to loans for construction and commercial property, as well as credit cards and auto loans.
here may soon be more bank failures and a spate of corporate bankruptcies. That means that unemployment will almost certainly rise — employers have shed nearly half a million jobs this year — and those who keep their jobs will have to cope with fewer hours, measlier raises and evaporating bonuses.....
(FULL STORY)
http://www.nytimes.com/2008/08/20/opinion/20wed1.html?_r=2&oref=slogin&oref=slogin
Yep the next President is going to have his hands full. I hope he doesn't plan on raising taxes. |
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propertylender.c
1276 Posts |
Posted - 08/22/2008 : 11:11:41 PM
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This thing is just starting to hit the Los Angeles area.
We are currently experiencing major slow downs in all industries, including auto and restaurants.
My brother is a jeweler in Downtown, Los Angeles, and a lot of these people are hurting big time.
This is a cycle that occurs every 5 to 10 years and since the 2001 recession was shallow, we will have to make up for it.
This will last a minimum of 5 years in opinion. |
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peter
4543 Posts |
Posted - 08/22/2008 : 11:40:03 PM
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Accounting for the POA recasts in 2011 when 1.4 million
California homeowners (per an article in this week's The Economist)
will face the recasts of their option arm loans, the housing
recession will be enduring until 2012 which is 4-5 years from
now at least in California where the POA loans were originated
the most.
I agree that almost all industries are hurting big time.
What more with luxuary items like jewelry and furniture?
When people are struggling to make ends meet with high gas
prices and high food costs, the luxuary items are bound to
be left behind. Exceptions are reported in the paper though,
especially on Rodeo Drive, Beverly Hills, where a handful
of entertainers and the rich are still shopping and spending
money like water. They are not hurting, just like the medical
care people like the doctors and medical specialists, and they all
have good business taking care of a teeming population of
patients needing health care.
Divorce attorneys are probably having good business though,
as I see more divorces being filed by my customers who lost
their homes and their spouses too during the current housing
recession.
Peter |
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David Wimpelberg
118 Posts |
Posted - 08/23/2008 : 06:04:50 AM
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quote:
Originally posted by powwow
Yep the next President is going to have his hands full. I hope he doesn't plan on raising taxes.
Constitutionally, it's not the president that raises taxes. However, both houses of Congress are Democratic. Throw in a Democratic president on top of that, and you are guaranteed tax increases. |
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darkstar
18087 Posts |
Posted - 08/23/2008 : 06:06:34 AM
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| Time to open a pawn shop!!!! |
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CoolMtgGuy
3658 Posts |
Posted - 08/23/2008 : 06:39:50 AM
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You know .... I think you got something there.
I have been shopping around for a cheap car for my wife to use just to get around locally. I instinctively pulled into a local Mazda dealer and ran into the manager, who I though was a salesman. Anyway, I had a chat with him about how his shop plans to continue selling cars to people with bad credit and can't qualify for financing through traditional auto-loan sources. He told me that the family that owns his shop also owns 7 others and they own a strong consumer credit company as well. The bulk of their sales is coming from the fact that the are able to guarantee financing for just about anyone and they are doing very well.
Businesses that focus on catering to the credit-challenged consumer, just like sub-prime did, will make good money in the coming years. Pawn shops included!
quote:
Originally posted by darkstar
Time to open a pawn shop!!!!
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