Recession 2008-'09

[Yoshi King]

Today I woke up to the news that- if it wasn't painfully obvious already- we are in a full-fledged recession that will most likely last through next year. In Canada, credit card late fees have gone from around 18% to 24%. Our dollar has taken a huge hit, plummeting back down to 82 cents per 1 American dollar. (Used to be in the mid-90's). Businesses such as GM etc. are requiring bailout packages from our government. And the list goes on.

While I probably won't be seeing any sort of major hardships throughout these difficult times (unless my father loses his job, then my family's fucked), I'm interested in hearing about how this will affect each of you guys, and what your plans are regarding debt, etc.

 

[Blue Ditto]

I'm a little scared, to be honest. I believe that my mom will succeed, but I can't deny that the outlook is a bit grim. See, our specialty is art; my mom sells lacquer artwork but it's too expensive for most people to consider seriously purchasing and the state of the economy really isn't helping. On the other hand, she invests so much time in her work that it's difficult to find a price that will make it worth the weeks and still be reasonable. We're struggling to pay for the mortgage and I cringe at the thought of paying for college...at least I'm not going to Pennsylvania's art college (80,000 a year?!).

I hope she'll get the commissions and such that she's applied for. A couple of those and we can breathe a little easier.

 

[Ambitions]

I graduated college in October. Yes, my quest of a job is fucked.

We need to abolish the Federal Reserve.

 

[Dan Dan]

I was lucky to get into work while the economy was thriving, and have been promised my job throughout the next year...but you never know. My parents are barely coping as it is, so this winter is going to be tougher than usual. Batten down the hatches and start stockpiling cash under your bed.

 

[McGrrr]

Calm down kids. Recession is necessary and a positive thing in the longer term. Think of it as the rehabilitation that our false consumption driven economies need, to cure their addictions to credit. My only fear is that intervention from central banks around the world will ensure a deeper and longer recession than necessary. Well, that and the possibility of a run on the dollar and/or sterling.

Look for the silver lining; houses will be affordable in a few years. Besides, we are not the generation who will be hit worst. Think about the baby boomers who are about to retire and discover that their private pension schemes are worth nothing. We are young and able to work. Companies do not simply stop recruiting graduates when the going gets tough, because they cannot risk losing talent to the competition.

The world is not going to end. Indeed, we can look forward to good times in 15-20 years when our earning potential will be greatest. However, to enjoy the future, we must sow the seeds today. The west needs to learn to be prudent and live within its means, and that employment is a privilege; not an entitlement. Recession is the hard way to do it, but nothing else worked.

 

[Yoshi King]

Calm down kids. Recession is necessary and a positive thing in the longer term. Think of it as the rehabilitation that our false consumption driven economies need, to cure their addictions to credit. My only fear is that intervention from central banks around the world will ensure a deeper and longer recession than necessary. Well, that and the possibility of a run on the dollar and/or sterling.

Look for the silver lining; houses will be affordable in a few years. Besides, we are not the generation who will be hit worst. Think about the baby boomers who are about to retire and discover that their private pension schemes are worth nothing. We are young and able to work. Companies do not simply stop recruiting graduates when the going gets tough, because they cannot risk losing talent to the competition.

The world is not going to end. Indeed, we can look forward to good times in 15-20 years when our earning potential will be greatest. However, to enjoy the future, we must sow the seeds today. The west needs to learn to be prudent and live within its means, and that employment is a privilege; not an entitlement. Recession is the hard way to do it, but nothing else worked.

Aye, I fear the same thing as you mentioned in your first paragraph, McGraw. The banks have way too much leeway in a lot of things.

My dad's actually part of that baby boomer set. He's 57, still working (he's the head of a whole bunch of labs that work for US steel... so you can probably understand why I'm worried), but if he were to lose his job, well, he'll have little pension to go to either. Sigh.

But, you are correct. As hard as things may be right now, we'll be better for it in a few years.

... Unless it's another war that gets us out of this recession.

 

[Deck Knight]

Generally speaking, you're fine if you have a job and screwed f you don't. Gas at one local station was $1.95/gallon yesterday.

At least for now. Once The Messiah gets in and starts paying for universal health care, his freaky-deaky compulsory "volunteer" program bureaucracy, newly subsidized abortions through the Freedom of Choice Act, a bulwark for pushy union bosses in Card Check, sending boatloads of cash to the Global Poverty Fund, in all likelihood more and grander bailouts, and all his other fanciful socialist "solutions" to America's problems, here in America we'll be wishing Herbert Hoover was back for the sanity he would bring to economic policy.

As for what that means to Canada? Well, lets just say if you thought your health care options were horrible before, once we clone your health care system you'll be even more screwed.

I have no confidence in Obama to lead. He is a starry-eyed idealist with a pragmatist facade. He's already pulled some stalinist tactics be eradicating his extensive agenda pages at change.gov with a two paragraph fluff. The most interesting section, urban policy, seems to have had its cache altered. Oh well, This page has links to the caches.

So while it's only tangentially related to the economy, the next US President has serious implications for ours, yours, and Mexico's. Obama cannot even be honest with his policy aims. He will be a disaster and New Deal II will be just like New Deal I, sinking us and probably the entire global economy into the dirt, all in the name of "fairness."

 

[Syberia]

Invest now or soon, in a company that's too big to fail (and not named GM).

 

[McGrrr]

Please do not turn this into a political thread Deck Knight, because there is nothing worth debating about politics. Politicians look after their own interests. McCain is no different and would be no better than Obama. Neither of their economic policies were likely to improve matters. The only candidate that represented "change" was Ron Paul (fortunately his interests are the promotion of liberty and the free market). End of.

 

[Vineon]

Today I woke up to the news that- if it wasn't painfully obvious already- we are in a full-fledged recession that will most likely last through next year. In Canada, credit card late fees have gone from around 18% to 24%. Our dollar has taken a huge hit, plummeting back down to 82 cents per 1 American dollar. (Used to be in the mid-90's). Businesses such as GM etc. are requiring bailout packages from our government. And the list goes on.

While I probably won't be seeing any sort of major hardships throughout these difficult times (unless my father loses his job, then my family's fucked), I'm interested in hearing about how this will affect each of you guys, and what your plans are regarding debt, etc.

Speaking for Canada, it is one of the rare occidental countries not expected to officially hit recession (although it will and has in certain provinces, like Ontario).

A lower dollar is not necessairly a bad sign, especially not considering it should stimulate exportations and somewhat make up a bit for the gap that we would get otherwise because the United States will likely buy less from us in this time of crisis.

You say it used to be in the mid 90s, thats what it has been last year. Go back three years and the dollar was pretty much exactly where it is now and that was a time of economical thrive for Canada.

The automobile industry is a complete mess right now and the crisis just accentuated it. It was already in pretty bad shape beforehand. That does not mean all sectors are suffering, not yet anyway.

Really, its not as bad here as it is in Europe or even America.

 

[DM]

I have a good job right now and I'm currently applying to law schools (who are never really in trouble), so I'm going to be secure for at least a few more years. I hope that by the time I graduate from law school the economy will have picked back up enough so that finding a job as an attorney won't be so difficult.

Look for the silver lining; houses will be affordable in a few years.

Lucky for me I'm in the Buffalo/Rochester area: our housing market was already dogshit for years, so we're sitting pretty during this bubble burst.

And DK, like he said, don't make this political, or so help me god you won't be posting anymore.

 

[akuchi]

I don't know yet.
I currently have a job, but it's on a three month contract and due to the climate layoffs are being made, and I'm a damn sight easier to fire than everyone on a permanent contract. I'm a bit worried, to be honest; but not so much so because there'll always be someone wanting their shelves stacked, so it's all good.
I've not been affected so badly. My on/off/on/off/on/off partner on the other hand now has a house in negative equity, which has kind of fucked him over a lot..

 

[Havak]

I've had difficulty finding a job all year, so I very much doubt that this is going to help me in any way whatsoever haha. I'm fucked.

My dad has no job at the moment per say, but luckily, he's still being payed as he's been with the company for like 26 years or so. I'm not fully sure what is happening but he'll be having interviews and whatnot until he gets a new position. We're lucky he's still on the same pay though, and it's cool that he's got a lot of time off work for once. But it could be terrible if nothign comes up and they have to let him go.

I'm seriously contemplating going back to education now, since I have a place at University I can re-claim, though it will require a whole re-application process. The reason I think I'll do this is because finding a job is too hard at the moment. So I'll be able to get a Student Loan, and Grant for living local which should solve money problems for the majority of the next three years, especially if I can find a part-time job once this "recession" is over, or during it if possible.

It'll also hopefully allow me to get a better job once I leave Uni, but at the moment I'm really undecided and I need to sort my life out lol.

 

[BlueDWarrior]

Prospective Graduate

Well, I'm looking at coming out of university within the next calendar year with a BS in Comp Sci... and quite frankly I'm as nervous as anyone else coming out of college in these times. Right now I'm saved by the fact I went to college locally so I can room with relatives, but what I'm going to do about student loans and whatever else, I don't know anymore.

I'm not looking for any handouts (not like I wouldn't refuse them though). I just want the system to work itself out so that it operates under some more logical rules than "Make a bunch of imaginary money and hope everyone doesn't come to collect at the same time"

 

[Dan Dan]

I'm seriously contemplating going back to education now, since I have a place at University I can re-claim, though it will require a whole re-application process. The reason I think I'll do this is because finding a job is too hard at the moment. So I'll be able to get a Student Loan, and Grant for living local which should solve money problems for the majority of the next three years, especially if I can find a part-time job once this "recession" is over, or during it if possible.

It'll also hopefully allow me to get a better job once I leave Uni, but at the moment I'm really undecided and I need to sort my life out lol.

I think you should seriously consider it Chris. At least being in education will give you time, and a lot of courses now have placement schemes within the them that you can at least get a summer job. Plus a degree at the end of it all will greatly increase your chances of getting work in any profession.

 

[Misty]

Well, I'm looking at coming out of university within the next calendar year with a BS in Comp Sci... and quite frankly I'm as nervous as anyone else coming out of college in these times. Right now I'm saved by the fact I went to college locally so I can room with relatives, but what I'm going to do about student loans and whatever else, I don't know anymore.

I'm not looking for any handouts (not like I wouldn't refuse them though). I just want the system to work itself out so that it operates under some more logical rules than "Make a bunch of imaginary money and hope everyone doesn't come to collect at the same time"

CS is one of the more recession-proof degrees. You'll be fine.

 

[HotPocket]

Lucky for me I'm in the Buffalo/Rochester area: our housing market was already dogshit for years, so we're sitting pretty during this bubble burst.

And DK, like he said, don't make this political, or so help me god you won't be posting anymore.

Oh, wow, I must be close to you. (I live in a well-off suburban neighborhood where our housing prices continue to rise no matter what because of schooling)

Luckily for me, my dad works at a University so his job is safe and my mom is a business consultant so she sorta benefits at times like this when everyone wants guidance. I would really hate to be living on my own now though.

 

[Ancien Régime]

Eh

My family's employment are pretty much "recessionproof" so that's no problem...as for me, I think legal careers are fairly recession-proof as well.

If we're lucky this thing will be winding down by Fall 2009, if we're not (lol central banking) it will be winding down by sometime 2014. I suppose I'll be fine

My biggest fear, as McGraw said, pertains to the currency, hyperinflation/dollar runs/overall devaluation.

 

[IcyMan28]

I graduate from high school this year, so I really don't know what to expect. Modesty and everything aside, I actually have a chance of getting into Yale, but without student loans around thanks to the credit crunch, paying for that seems increasingly less likely. I just hope that when I'm done with my education, this whole thing has moved on.

 

[Layell]

My dad works for a rather large company that gives out loans, he recently joined the health board to ensure he stays with the company if worst comes to worst.

I'm still in high school and I've been toying around with accounting as a backup career, as I plan on doing something in the arts. At least accountants are always needed.

 

[jamespicone]

I'm reasonably safe, thank Eris. Australia shouldn't be hit too hard - our biggest trading partners are Asian countries. And both my parents are in government jobs - one works for a defence science organisation (And thus is /very/ safe), and one works for the public health department. So we're good there. And I've already got a job for when I finish uni - I'm starting a cadetship at BAE Systems next year, and will almost certainly be getting a graduate position the year after. So yeah, big Defence-connected engineering company, I'll have no problems.

 

[Evisu]

My family had large investments into Wachovia, $40,000+ that has already dropped around $25,000.

I have been unable to find a job myself but I still have hope! However chances are I'll just be a broke ass college student.

 

[Captain Falcon]

Well my family's jobs are pretty steady so i'm hopefull that they wont get made redundant. As for myself, I'm fairly young so i should escape the worst of it.

 

[Colloquy]

My parents jobs are "teacher" and "tax consultant".

I don't think those are really going anywhere. : /

 

[SynysterCola]

Eh I wish my dad's job has been stable. He lost his job in 2007 working at an assisted living center as an associate executive director,...and then now we're getting by (barely) with him being an adjunct professor.

but once the economy gets better...things will look up.