Honest opinion - Off topic (E38 community only)

[m3studio]

Well, after talking to some people and by no means am I conspiracy person but some of their views makes total sense. Any how Im getting a lot of talk of the economy and market on a soon to be collapse and depression. This worries me. A lot. I mean think about it, a modern day depression would be much worse than the times then. Majority of people are still paying mortgage, loans, and financing so if they lose their jobs.. What happens?

You couldn't sell you car, cause well no one would by a 7er because it wouldn't make sense. Whats worse is if the gas prices jump up but shouldn't because no one talked about that, but I thought higher prices comes with a depression. Also if food shortages happen, get ready to stock up on food and defend your stuff as they warned of people going nuts. So what do you guys think.. Worst of it is over or yet to come? I wanted to limit this just to the E38 group, later I'll make it public but as for now idc for everyone elses view.

So? Is the worst gone or yet to come? And if it does happen what are you going to do?

[randomdude]

If there is one thing I have learned by watching the news and "experts" over the last few years, there is one thing I have learned...nobody knows what they are talking about. That being said, I think the "recovery" we have been seeing is an empty bubble. People are still out of work at very high rates, homes aren't selling now that they are not giving the rebates, and people aren't spending as you can see in companies quarterly reports. The market is also swinging wildly because of what can only be called emotion, that could be the biggest problem of all. Just my .02

[CLDean]

Go read the book entitled "America's Bubble Economy" published in 2006. If that isn't sobering enough as to the accuracy of what the men who wrote it predicted, the go read their follow up book published in 2009, "Aftershock" -- make sure all the sharp objects are locked away safely when you read these books...

[m3studio]

I think its going to come down to a world collapse being that if America goes down, the world goes too. Actually what I learned was the Europe or European Union was the only umm country idk wtf to call this union crap so United States of Europe was the only one who kinda did better during the economy down like 1-3 years ago (still current) only makes me wonder what would happen now

[sanco]

i think the worst is yet to come but not by much. if you talk to the people in the industry and manufacturing field, they will tell you the economic condition here in the states. as of right now, companies are still loosing sales however there are signs of slight improvements here and there. i think we are starting to level off on the bottom but i think things are going to get a little worse before getting better.

the american economy is cruical to world market though, if there are any issues here, its going to be a lot worse everywhere else. that being said, Chinese economic power is something that cant be under-estimated and its gaining ground every day. Also we are seeing the Ruskis starting to recover from their slump. now you have two other major players fighting for the same share of the world market that can offer better prices. sooooooooooooooo i think its gonna get really interesting.

[nah2323]

Worry about the small scale, and the large scale will fix itself. I've had records months this year, and its looking like my 3rd most profitable years since in business. The key is, to be indispensable while offering value. If I land a project i just submitted a bid on, it will take first place.

[spazzboy]

I am not too worried.
Canada has fared pretty well so far (thanks in part to our conservative banking practices) and we are still largely a commodity based economy.

Yes, the USA is our largest trading partner, however, China is increasing its demand for commodities. By increasing the number of partners, we are less dependant on the activities of a singular, fragile partner.

We still have new housing constructions, inflation is in check, and everything is stable. Are investors jittery? Absolutely. A perfect indication is the increase in households that are now (finally) devoting a portion of their income to saving; a concept easily lost in a world of easy credit.

The economy is fragile, and as nah2323 mentioned. Think locally, and everything will fall into place.

[AwesomeIsLuke]

I think the worst is over. The Dow Jones Industrial has been pretty consistently staying above 10000, unlike last year where it dropped below 8000. Gas prices didn't skyrocket this past summer like it has the 3 previous. I like to ask business owners when I meet them how business is going currently and many have been saying lately that things have definitely improved.

[xtreme1]

I believe the worse is still yet to come. A lot of local business owners are struggling, as is our local city and schools. My wife works in human resources for the city and has not had a pay raise in the whole department for 3 years running. The people that get cut (budget) or retire are not being replaced (more work for the remaining employees). The same applies for the school system here. I was informed this week that I still have a job (thankful) because two co-workers retired, and one other transferred to another high school. The military, school board, and city are the three largest employment agencies in the county. My oldest daughter lives in s.c. and the principal and assistant principal took a pay cut to keep her; this year she has 174 students to teach.. her largest since she has been there. I'm not complaining as we are thankful for everything we have; just being honest :)

[Edwin NL]

Simple solution, stop spending $ that you don't have, that will save the US if all people would do that.

Just my 2ct

[01740ISP]

Simple solution, stop spending $ that you don't have, that will save the US if all people would do that.

Just my 2ct

Agreed... We would not have this problem if we focused on saving money instead of getting in debt. The rule used to be: Only spend what you can afford and save some for rainy days.
The new rule is: spend as much as you can borrow and when the rainy days come, borrow some more.
Now is the time to change our habits. Sometimes, I wonder what the percentage of people in debt in the US vs other similar developped countries actually is?
The reason why this recession hit us so hard is because we were not prepared. Very little or no savings and huge amount of debt.


Don't flame, this is just my opinion. You would be wasting your time since I don't know anything.

-Messan

[Bimmmer740iL]

I don't know about short term but in long term I think that the worst is still to come. I mean just look at the national debt, it is growing every second.... ridiculous! Last time I checked U.S National Debt was something like $13,315,000,000. To tell you the truth, I blame the banking system. Federal Reserve is useless. It is as "Federal" as FedEx. The way financial system works here is really a joke. Even Henry Ford said, "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. "

There are a bunch of ways to reduce national debt. Most effective are inflation and major wars. "You and I" don't benefit from either.

Also, check this out:

http://www.usdebtclock.org/

[m3studio]

Haha nice debt-clock, but we'll see. Conspiracy theorists are saying the worst is yet to come as Obama and "Bilderberg" people are collapsing the US Dollar to make a world currency. Its funny how they tie in every events into dropping the dollar (e.g Gulf Oil Leak) so it's something to watch out for, while they make it seem over dramatic its still not something to over look.

No ones opinion is something to over look, as they could be right and have some kinda insight. In the news I am hearing we're out of the recession and recovering. Which is good news and people feel more secure. I still believe its all done and over with just due to the fact of tensions everywhere. Idk if you guys know but America is gearing up for war with Iran in alliance with Israel and they are standing ready against North Korea in alliance with Japan and South Korea. And usually gas prices and markets take a look into events. Like recently when violence in Afgan raised, the market went down.. So we'll see

[Pedro Rabie]

We Chileans just came back to bussines in 3 months after the third largest earthquake in history and we are only a small but very disciplined country (May I mention that the first earthquake in recorded history one is also ours?).

You North Americans are the largest economy in the world and own one of the best industrial systems. I'm sure you will figure it out.

Pedro

[DriftGirl]

The sky is not falling folks....

I find it amazing that people expect the economy to turn around in a year or two. It took many years to dig the hole and will take a few to dig out. One thing u do not want is an overnight turn around that leads to a bubble. Slow and steady is the way to a full and stable recovery.

We are on the "up" on this roller coaster ride. This is the same roller coaster that runs the world from day one. It just dipped a lil more than we'd like...nothing new here folks.



Those that understand the economy are making a brighter future for themselves.

those who are not educated (in regards to the market/economy) would expect a miracle...simply doesnt work that way.

Ive spent the last few years investing for the next decade ;)

We have the best country in the world...Period. This is nothing for us to get thru to hold our spot on top...just gotta remember we're all in this together and keep grindin' :buttrock






Simple solution, stop spending $ that you don't have, that will save the US if all people would do that.

Just my 2ct


We dont need "saving" LoL!! We'll be just fine ;)

[AwesomeIsLuke]

You also have to realize that soon the baby boomer generation will be retiring, which means job markets will explode. Once that happens, the economy will strengthen a ton. It's only a matter of time.

[tommyb2b]

If anyone has felt this economy its my family. My mother and father and myself were laid off last month and it hurts. But I believe within 2 years will start to pick up again. As Luke said a lot of people are retiring which means there jobs are now available, and jobs will be created because there will be a lot more seniors. We will recover but it wont happen overnight.

[m3studio]

I sure hope so.. That saying "Gets worse before it gets Better" is a possibility unless we already went thru worse and now getting better. But, let's hope people start spending more as that is what kinda helps a recovery and lets hope its not through credit haha..

I seriously think the media is also one to blame.. They make the situtation worse and people get scared and start like keeping to themselves. Saving money. Which is good but bad at the same time. People dont spend and stores are closing out and losing jobs for the workers. Workers cant pay houses and forclosures go up.. It's a domino affect, but as soon as one starts working out everyone else starts benefiting and opening up again. I've seen a few stores open back up that closed so could be a good sign.

[voodoomelon]

The loan I got to buy my E38 two years ago, I should not have been given it based on my income at the time. Irish banks were just throwing the money at people for the last few years. Ireland had the fastest growing economy in Europe for that last 10 years and a lot of people made a LOT of money. But we are also being hit hardest by the recession, its pure doom and gloom over here every single day, people just turn off the radio when the news comes on as the first 20 minutes is all about how poorly everything is performing, from the economy, to pay cuts, job losses, bank bailouts etc etc.

We are loosing a lot of our young people to emigration at the moment, its incredibly hard to get a job and there are close to 250,000 on social welfare out of a population of 4 million.

Add to that massive pay cuts, increases in tax and introduction of new taxes (€1.33 for a litre of gas), corrupt politicians, IMPOSSIBLY ridiculous amounts of money to bail out banks, tens of thousands of new homes lying empty, banks unwilling to now lend to anyone and you have an incredibly depressing country to live in.

I'll leave you with one statistic that completely boggles the mind. For every €1 that the Irish goverment collects in tax from ALL sources, 85c is being used to bail out the government owned bank, Anglo Irish Bank, after they have become crippled by the property crash here.

Sometimes I really feel priviliged to be able to drive my E38, a car that costs me €610 a month to run.

[spazzboy]

hang in there Voodoo

[dophineh]

if a food shortage happens im walking to the nearest field to start my new business given the obvious demand of myself and others

[voodoomelon]

hang in there Voodoo

Thank the lord my business is doing well, very well in fact. But its an utter shite country to live in at the moment. If you like cars, you're so much better off not living in this country. Imagine paying nearly $800 a month in gas, tax, insurance and repayments (and repayments are small)? Madness.

[544iE39er]

Markets crash Aug 3rd.

Dow - Down 512 points
NASDAQ - Down 4%
S&P - Down 5%

Same numbers since 2008. Expect worse tomorrow if job numbers aren't good. So save some money people!

[voodoomelon]

Wow, this is a year on already. I see I posted gas was €1.33 a litre and I was complaining, its €1.50 a litre now. :D

[pizzaman09]

Simple solution, stop spending $ that you don't have, that will save the US if all people would do that.

Just my 2ct

My family has always lived by this idea. We never spend more than we make.
As long as IBM doesn't go bankrupt, we don't care what the economy does.