Recession risk, what is the deal?

[EstebanTrabajos 7]

Good Morning people,

These past months there has been only one topic that has caught my eye, NOT THE PRESIDENTIAL RACE, but the US economy. I've read, heard and seen how the financial situation has worsened in this country. Today, I read the following article on CNN.com and I wonder how close or how far we are actually from hitting a recession. I majored in Finance and International Business and since I don't have all the data there is not a 100% accurate way to predict what the future holds for this country's economy.

Recession possible

With everything that has happened recently; the rise in the oil prices, the war, the housing and credit crisis, China and Russia's growth and the success of the Euro among many many others, I cannot help but wonder and worry about how this is going to end. I still remember back in 2000, fresh from Mexico, when I realized how easy it was for a foreign student to get a 500 dlls credit card in this country. Naive me, arriving from a "Developing Country" as the world powers like to call Mexico, never imagined that somebody in their right mind would give a major credit card to an 18 year-old with no credit history whatsoever, no college education (yet), and no verifiable income, and who wasn't even born in this country! 500 bucks is not much nowadays but my experience tells me that for a college kid is REALLY easy to blow those 500 bucks on an ipod, and a couple of night outs, and it is REALLY difficult to pay it back. I often wondered, "if a couple of thousands default their payments, who the hell is going to pay for it" and I was amazed of this country's great power of purchase and debt absorption and of those geniuses who were handling the US finances. I guess the old tale is true, "if it is too good to be true, is not true". My friends, family and classmates used to tell me, "in this country, everybody owes money, and it's normal" I'm not quite sure if it is that beneficial these days. To top it all, each one of us (generally) will receive a gift of 600 dlls from Uncle Sam, in a couple of months, to stimulate the economy. Well ladies and gentlemen, let me tell you something, in order to stimulate the economy people have to spend it, I don't know about you but this stimulus is going straight to my credit card debt.

I hope we get out of this one. I really cannot tell if the economic recession will hit us hard or if it will just fly by and won't make a great impact but by just tightening our belts just a little bit more than usual. I really hope is the 2nd one.

So, what do you think?? have you felt a change, besides the gas prices, in your everyday life? So far, I haven't seen any difference, but maybe in a couple of months we will.

Sorry if my post was too long but I needed to get this out of my system

Edited April 2, 2008 by GueraYTavo

[AnaAndDaniel 0]

well, it is complicated. part of me feels that there are now less opportunities. i don't know if that has anything to do with the recession or not. also, pay increases are an oxymoron for most folks. but beign an optimist, whatever it is, i feel the US of A wil lget through it.

*runs off to buy lottery tix*

Daniel

[Trompe le Monde 1,107]

I'm personally not feeling it yet.

I sold all my stocks when the market started going south,

I know gas prices are going up, but then I don't drive a gas-guzzling SUV so that's, what, maybe $20 more a month?

When I win the mega millions it will all be immaterial anyway.

[w¡n9Nµ7 §£@¥€r 123]

So, what do you think?? have you felt a change, besides the gas prices, in your everyday life? So far, I haven't seen any difference, but maybe in a couple of months we will.

Depends on what you mean by 'feel'. Have I noticed a change in prices of gas and groceries? Of course. I'm not blind.

Has it crimped my style (ha!)? No. Not yet. The only thing that could have a serious impact is if I lose my job. If my wife loses hers, we'll feel the impact but it won't hurt. It'll just be like going back to the days before she worked. We'll cut down on the Charlie Brown some *shrug*.

The other thing I've noticed... is the number of IT resumes flowing in. We posted a Webpshere job late last year, we got a total of 3 or 4 prima facie qualified resumes over the course of 6 weeks. Another posting just went out (again, Websphere) and we're up to 20 resumes in 2 days. The common thread appears to be most of them are ex-Wall Street.

Oh so now they wanna come work in suburban Jersey

[EstebanTrabajos 7]

The other thing I've noticed... is the number of IT resumes flowing in. We posted a Webpshere job late last year, we got a total of 3 or 4 prima facie qualified resumes over the course of 6 weeks. Another posting just went out (again, Websphere) and we're up to 20 resumes in 2 days. The common thread appears to be most of them are ex-Wall Street.

Oh so now they wanna come work in suburban Jersey

Yeah, as long as there are layoffs, but the same people can find a position somewhere else I guess it won't be really bad. For example, a couple friends of ours from India who lives near the Bay Area just quit their jobs and found new ones because they heard there were going to be some cuts. It took them about 2 months to find another position but at the same time they were still working. A friend who used to work for the feds in Houston got laid off but found another job with Wacovia within 15 days.

We'll see how this develops

Edited April 2, 2008 by GueraYTavo

[w¡n9Nµ7 §£@¥€r 123]

Wachovia was on a bit of a hiring spree in the Philly area last summer.

[EstebanTrabajos 7]

Wachovia was on a bit of a hiring spree in the Philly area last summer.

As long as I won't be writing on this forum from home is alright. Moreover, Wacovia cannot save me 'cause there isn't any branch in this god forsaken city.

[w¡n9Nµ7 §£@¥€r 123]

Not willing to move, if that's what it takes to put food on the table?

[EstebanTrabajos 7]

We want to move as a matter of fact, to San Antonio or Austin but we still gotta save some money to buy a house My current job is alright I guess but won't last forever, i give it 1 or 2 yrs until we'd have enough to buy a decent white picket fenced house for 2 cars, 2.5 children and a dog.

Counting on the fact of course that the economy doesn't go to hell -fingers crossed-

Edited April 2, 2008 by GueraYTavo

[w¡n9Nµ7 §£@¥€r 123]

hahaha.... my wife wants the same thing, a house with a yard in the back... right now we're in a townhouse... which is about all i can afford in these parts (central nj)... either i will have to get a huge raise (like 50%) OR we move too.... not now maybe in a few yrs....

[EstebanTrabajos 7]

hahaha.... my wife wants the same thing, a house with a yard in the back... right now we're in a townhouse... which is about all i can afford in these parts (central nj)... either i will have to get a huge raise (like 50%) OR we move too.... not now maybe in a few yrs....

Right now we live in a decent 1 story house (rent) but according to my wife, she never wants to go back to live in an apartment EVER. I'm fine, I really dont care. As long as there is an LCD screen and no grass to cut I'm in heaven. But I gotta make the wife happy

[w¡n9Nµ7 §£@¥€r 123]

hahaha.... my wife wants the same thing, a house with a yard in the back... right now we're in a townhouse... which is about all i can afford in these parts (central nj)... either i will have to get a huge raise (like 50%) OR we move too.... not now maybe in a few yrs....

Right now we live in a decent 1 story house (rent) but according to my wife, she never wants to go back to live in an apartment EVER. I'm fine, I really dont care. As long as there is an LCD screen and no grass to cut I'm in heaven. But I gotta make the wife happy

Right. I've actually brought up downgrading with her. I suggested, let's sell this place and buy a smaller place and pocket the money... she looked at me like I was crazy...

[Heracles 417]

So, what do you think?? have you felt a change, besides the gas prices, in your everyday life? So far, I haven't seen any difference, but maybe in a couple of months we will.

Depends on what you mean by 'feel'. Have I noticed a change in prices of gas and groceries? Of course. I'm not blind.

Has it crimped my style (ha!)? No. Not yet. The only thing that could have a serious impact is if I lose my job. If my wife loses hers, we'll feel the impact but it won't hurt. It'll just be like going back to the days before she worked. We'll cut down on the Charlie Brown some *shrug*.

The other thing I've noticed... is the number of IT resumes flowing in. We posted a Webpshere job late last year, we got a total of 3 or 4 prima facie qualified resumes over the course of 6 weeks. Another posting just went out (again, Websphere) and we're up to 20 resumes in 2 days. The common thread appears to be most of them are ex-Wall Street.

Oh so now they wanna come work in suburban Jersey

What would some idiot from wall street know about IT.

[w¡n9Nµ7 §£@¥€r 123]

So, what do you think?? have you felt a change, besides the gas prices, in your everyday life? So far, I haven't seen any difference, but maybe in a couple of months we will.

Depends on what you mean by 'feel'. Have I noticed a change in prices of gas and groceries? Of course. I'm not blind.

Has it crimped my style (ha!)? No. Not yet. The only thing that could have a serious impact is if I lose my job. If my wife loses hers, we'll feel the impact but it won't hurt. It'll just be like going back to the days before she worked. We'll cut down on the Charlie Brown some *shrug*.

The other thing I've noticed... is the number of IT resumes flowing in. We posted a Webpshere job late last year, we got a total of 3 or 4 prima facie qualified resumes over the course of 6 weeks. Another posting just went out (again, Websphere) and we're up to 20 resumes in 2 days. The common thread appears to be most of them are ex-Wall Street.

Oh so now they wanna come work in suburban Jersey

What would some idiot from wall street know about IT.

There's a lot of IT talent on Wall Street. You don't think bankers and MBA's write the code for all those systems, do you?

In point of fact... at goldman... they use a unix kernel written in-house... there are some talented people there...

[EstebanTrabajos 7]

For the price of a house over there in NJ, i'm pretty sure you can buy a huge one here in the southwest. Here you can find a 3 BR, 3 BathR house, 2500 sq ft + with front and backyard for around 250Ks but still this city is too calm, retirees are heading this way for the warmer weather and there is not a lot of opportunities to grow.