The Global Recession: How has it affected you?

[Netto Azure]

So anyone watching US President Barack Obama's unofficial State of the Union address, primetime on a Joint-Session of the US Congress today? (February 24, 2009)

Ok, as we all know (unless you don't pay attention to the news) the past few moths starting September 2008 has been a whirlwind of Economic news. From the Collapse of Wall St./US Financial system. (No more WaMu ;_; ) To the closing of many well known stores (in their respective countries) such as Woolworths, Circuit City, Linens and Things, Merrvyn's to name a few. And International Cooperation through interest rate cuts, the G-20 Summit. etc. Also each respective countries "Stimulus Packages" from China to the US.

Crisis claims Icelandic cabinet

An example of extremes in the impact of this recession is the Collapse of the Conservative-Social Democrat Coalition in Iceland after the Nationalization of the country's banks. (The entire Cabinet and PM resigned, Elections are scheduled for later)

Also for us here in the US:

US President Obama signs $787bn stimulus plan

US President Barack Obama has signed his hard-fought economic stimulus plan in Denver, after Congress approved the $787bn (£548bn) package last week.
At a signing ceremony in Denver, he said it was "the most sweeping recovery package in our history".
The plan is aimed at saving or creating 3.5 million jobs and boosting consumer spending and rebuilding infrastructure.

Ok now that it's been signed...I hope it does something positive. =P
Yeah I know it's not a "Silver Bullet" but hey anything that Politicians do isn't perfect.

As For Canada:
Canada unveils stimulus package

Canada's Conservative government has unveiled a multi-million dollar stimulus package that includes infrastructure spending and tax cuts.

The budget sets out spending of C$40bn ($32bn, £23bn) over five years.

There is also that Chinese Stimulus package from November 2008:
About $586bn (£370bn) is to go into housing, infrastructure and post-earthquake reconstruction in China over the next two years.

 

[Misty]

An aunt of mine lost her job, but I think she'll be okay.

I'm a bit more worried about my grandmother, who is living off Social Security and dividends from the stock market. The former is eaten up by her property taxes, and the latter is disappearing. She can get a bailout (snerk) from one of my uncles (who is in corporate real estate and has way too much money), but still, it's not a pleasant thought.

 

[American]

So anyone watching US President Barack Obama's unofficial State of the Union address, primetime on a Joint-Session of the US Congress today? (February 24, 2009)

I'll certainly be watching. I hate to get partisan, but it's nice to finally have a President that's actually doing his job. If W were still at the helm, he'd probably be in Crawford.

Ok, as we all know (unless you don't pay attention to the news) the past few moths starting September 2008 has been a whirlwind of Economic news. From the Collapse of Wall St./US Financial system. (No more WaMu ;_; ) To the closing of many well known stores (in their respective countries) such as Woolworths, Circuit City, Linens and Things, Merrvyn's to name a few. And International Cooperation through interest rate cuts, the G-20 Summit. etc. Also each respective countries "Stimulus Packages" from China to the US.

While I don't have any investments, I have to say the plunges in the Stock Market have been troubling. Far be it from me to question Capitalism but doesn't this financial mess display a fundamental problem in our economic structure? We rely on investments to compile proper capital for our retirement. If the markets are crashing when we're ready to retire, we get screwed.

It seems as if every major nation out there is going for Keynesian-style stimulus plan to reboot their respective economies. I can dig it, I just fear unsustainable debt and hyperinflation down the road.

An aunt of mine lost her job, but I think she'll be okay.

I'm a bit more worried about my grandmother, who is living off Social Security and dividends from the stock market. The former is eaten up by her property taxes, and the latter is disappearing. She can get a bailout (snerk) from one of my uncles (who is in corporate real estate and has way too much money), but still, it's not a pleasant thought.

Ouch. I hope your aunt will find something else. There are jobs out there if one searches hard enough. I had to search for a month or so to find part-time work but I can happily say I was hired just today .

Being a student I'm usually broke so I can relay how my parents are doing. My mother used to work two jobs but has been cut back to one. She's scraping by, just able to pay the mortgage. My father was also just recently laid off from a 17-year position at a partition manufaturing plant.

IMO President Obama needs to do one thing with tonight's address: establish confidence. While today the Dow saw a nice rebound (+236.16), Obama's message lately has been hindered by daily market drops. While I can respect him telling us like it is, we need a level of "we will get out of this". He shouldn't go Bush 43 and tell us everything is sunshine and roses, but a Clinton-esque pep talk would be nice.

 

[ImJessieTR]

The only reason I voted No is that I am unemployed because I can't do nursing school and work at the same time. It's not like I'm making A's and can afford to spend some time at work. (I'm not flunking, either.) So, really, until I apply for externship and don't get a response, I can't say it's affected me much.

 

[Shinx3000]

I am not 100% sure, but all I know is that after September, I'll have to look for a job and its not going to be easy for me since many places have been going under. I wanted to work for myself creating databases for companies, but they way many companies are going, its not looking such a good idea.

Well ddatabases to me are the best thing I am good at, besides photography and unless I get enough experience and start earning something with it, photography will only be good as a hobby until I can afford to do it full time.

 

[Misty]

The only reason I voted No is that I am unemployed because I can't do nursing school and work at the same time. It's not like I'm making A's and can afford to spend some time at work. (I'm not flunking, either.) So, really, until I apply for externship and don't get a response, I can't say it's affected me much.

I'm in the same position - I don't graduate until summer 2010, when (fingers crossed) this recession will already be a distant memory and we'll be on to the next big "bubble".

 

[DerMißingno]

How has the recession effected me? Gas prices are lower then they have been since I started driving.

 

[Snake Bandage]

Well, I've been trying to look for a job in the last three months and found nothing. Everyone who's hiring is looking for very specific people, and I can't even babysit because anyone who needs a babysitter is looking for one with a driver's license.

So much for my pre-uni trip. :disgust:

 

[Netto Azure]

Determined Obama vows to renew US

US President Barack Obama has addressed a joint session of Congress for the first time, warning that the nation faces a "day of reckoning".

Stressing the severity of the economic crisis, Mr Obama told lawmakers the US would emerge stronger when it ended.

"We will rebuild, we will recover," Mr Obama said, adding: "Now is the time to act boldly and wisely."

Well I managed to tape most of the speech before the VHS ran out. =P

It's quite a great speech. Optimistic yet with balanced realism. Not really over the top Rose-tinted talk. ^__^

 

[TTEchidna]

Tape?! They still make that?!


As for how it's affected me, let's just say that all the money that my family invested towards my education essentially died.

 

[Netto Azure]

Tape?! They still make that?!


As for how it's affected me, let's just say that all the money that my family invested towards my education essentially died.

They still sell it in the 99c Store. =P
Still an easy way to record stuff when you don't have cable. :<

That's sad...What about your College Fund? Now you HAVE to file for FAFSA!

Obama unveils his $3.6tn budget

President Barack Obama has unveiled a $3.6tn (£2.5tn) budget for 2010, aiming to pull the US out of financial crisis. He has predicted the budget deficit for the current year will be $1.75tn, which is 12.3% of annual output and the biggest since World War II.
Planned spending includes $634bn to pay for healthcare reform and an extra $250bn to be set aside, in case it is needed to bail out US banks.

 

[JB88]

I'm in the same position - I don't graduate until summer 2010, when (fingers crossed) this recession will already be a distant memory and we'll be on to the next big "bubble".

Yep. That counts me too. I was supposed to be on an internship this fall and winter, but couldn't get a job. So I had to go through classes straight to graduation, and hope by then it's better.

I am glad Obama's speeches contain not a notion that Bush had--that everything is okay and undenying the real facts. His real talk gives a good impression, and even warns that it'll go bad, not good, in the months to come. That's how it should go.

It's hard to hear from a leader his realtime statistics, when the previous administration would give some false data on how everything will go peachy clean soon.

I wonder, if you talk negatively about the future, but the actual result is positive, what should the response be, happy or unhappy? Because I see in the previous case if you talk positive when everything around you is bad, people get upset because you're denying all the facts.

 

[Barb]

I still have a job, and this year I got a 4% raise (go me!) but I've cut back on a lot of things, including no more cable television. It's going to be a very lean year.

 

[Netto Azure]

US banks 'safe from insolvency'

No US bank being screened by regulators is at risk of insolvency, US Treasury Secretary Timothy Geithner has said.

The eagerly awaited results of "stress tests" on the financial health of 19 US banks are to be released after US financial markets close at 2200 BST.

The tests are expected to show that tens of billions of dollars are needed to bolster some banks' finances.

Citigroup and Bank of America are widely expected to need to raise the biggest amounts of cash.

Reports said that Citigroup may need more than $50bn (£33bn), while Bank of America may require an extra $34bn.

Shares in the two firms have rallied ahead of the release of the tests, with Bank of America gaining 10%, and Citigroup adding 5%, as analysts said investors hoped it would mark the final conclusion of their recent financial woes.

US banks will now be divided into those who have "passed" the stress tests and those who have "failed" and need to raise new capital. The question is - where will they get it?
Greg Wood, BBC North America business correspondent

Wells Fargo and GMAC, the financial arm of General Motors, may also be required to raise extra cash, but the New York Times said that the 19 banks will need less than $100bn in total - less than some had feared.

Bunch of BS if you ask me. Of course the banks will be "solvent" after receiving more than a Trillion Dollars in capital infusions from the Government. >.>

Why not send them through an FDIC receivership? That's why the FDIC is there right?
Shows how entrenched the Financial Industry is to the Government...=/

 

[Netto Azure]

US unveils banking reform plans

The US government has announced a major reform of banking regulation to prevent future financial crises.

The overhaul will require big banks to put more money aside against future losses to curb excessive risk taking.

Consumers will get a special agency to protect their interests and regulate mortgages and credit cards.

In outlining the reforms, President Barack Obama described them as the biggest shake-up of the US system of financial regulation since the 1930s.

The US central bank, the Federal Reserve, will be given the authority to monitor major financial institutions.

The US President said the lack of oversight among finance firms prompted systemic abuse causing risks for both companies and individuals.

"We are working hard to build a new foundation for sustained economic growth. This will not be easy" he said.

"We know that this recession is not a result of one failure but of many. And many of the toughest challenges we face are the product of a cascade of mistakes and missed opportunities which took place over a course of decades."

Pshaw...It's not as tough at it should be....but even then Congress is controlled by the financial services sector.

Economists see end to US downturn

he US economy should emerge from recession by the late summer, according to economists from some of the country's top banks.

The American Bankers Association's Economic Advisory Committee has said it expects economic activity to increase by 0.5% between July and September.

But committee head Bruce Kasman said the economy would "return to growth [in the quarter] but not to health".

The bankers also said US unemployment would hit 10% early next year.

Separately, the secretary-general of the Organisation for Economic Co-operation and Development (OECD) has said that economic recovery within the group's 30 countries will begin at the end of this year.

Speaking in Mexico, Angel Gurria added that the US would be one of the first countries to come out of recession.

Orly?

While I hope that this is true...we still are intervening in the Private Sector right now no?

 

[shining-Celebi]

That's great news!

I was affected by the recession through money loss.
Other than that I was ok.

 

[Eredar Warlock]

Not as much as other areas. Nevada's problems are concentrated in the urban areas (I.E. Reno and especially Las Vegas). The local economy here is driven by the gold mines, and they're actually hiring.

 

[Terra Force]

It's one of many reasons I'm Communist. I blame Bush for this crap!

 

[Dorothy LaRouge]

It's one of many reasons I'm Communist. I blame Bush for this crap!

And i blame bush for me not having a cat!

We can't go around blaming presidents, especially since they have NO FUCKING CONTROL OVER THE ECONOMY!!!!!!!

 

[Netto Azure]

And i blame bush for me not having a cat!

We can't go around blaming presidents, especially since they have NO FUCKING CONTROL OVER THE ECONOMY!!!!!!!

Orly?

Not necessarily true. Policies that come out of the government affects us all if you haven't noticed. What will it take until people realize that?

I mean we were at the edge of the abyss~