An Economic Query

I'm curious to hear from readers on what kind of effects they have seen from the recent financial market chaos.

I already know that things have worked out badly for some people who work in the financial sector. I know the US auto makers have seen a great reduction in sales and are laying off workers, but I think that began some time ago as a result of inflated fuel prices, rather than being directly tied to the recent crash.

I ask because I hear and read every day that the sky is falling, that things are getting worse and worse, that we're looking at a long recession and the economy is in horrible shape. And yet, I drive to work every day and nothing has changed. The stores still have plenty of everything, the lights stay on. If not for the dire news stories, I would never be able to tell anything had changed at all.

The only difference I have personally seen is that gas is a heck of a lot cheaper which, honestly, doesn't tend to make me feel panicky or depressed. On the contrary,there has been a distinct lightening of my mood lately when I stop to fill my tank.

Just curious.

Comments

[Devin Rose]

Gratefully, I have not been affected by the crisis in any significant way, and the same is true of most to all of my friends at work whom I have spoken to about it.

[Sleeping Beastly]

My brother-in-law lost his job last week when it was shipped overseas. However, I suspect that his employers were planning that move for some time. Those kinds of things don't get planned and executed in the space of a couple of months. And it's not as if shipping American engineering jobs to China is something new.

Apart from that, I can't really tell that we're in a recession. Business seems a bit slower in some areas, but not alarmingly so.

This is another reason I don't read the news. I figure that, whether or not he recession is real, I have nothing to gain by dwelling on it.

[Adam D]

business in the cafe I work is hopping, wholesale of coffee to other cafes and restaurants is going strong and slowly, steadily growing, sales of coffee over our webstore are also doing great by our small business standards. My boss saw his kids' college fund (largely in stock portfolios) basically evaporate. But, no signs of the great depression yet.

[J.R. Stoodley]

I havn't noticed anything, beyond the election talk and newspaper headlines and such of course, but then I'm not the best noticer.

[Tim A Troutman]

I work for a non profit. Last year was a record breaking year for us as far as fund raising goes - shattering goals beyond we could have even hoped for.

This year is shattering last year's records.

[c matt]

Only place I really noticed is in my 401k (which has become my "401 eh?"). Other than that bit of ugliness, haven't noticed much.

[Dominic]

Michigan was already in a recession so I haven't noticed any recent changes around here. I'm not sure if that has anything to do with it or not.

[Bill]

I think unless you were in specific market segments, you're probably OK. However, credit is going to get tight and taking out a loan might be a little more difficult.

Personally, the only thing I have noticed are a few "foreclosed" properties. However, nearly everyone of them is a marginal house, on a busy street, leading me to suspect that they are not the most marketable houses and thus most tempting to people entering the market with marginal incomes.

[J.R. Stoodley]

Actually, come to think of it the only practical affect I've seen is a friend with more money than me getting all excited and rapidly buying up stocks, convinced that the market will recover and he will get lots of money out of it. I'm not very enthusiastic about that strategy for making money though, on principle.

I'm reminded of my grandfather who insisted it was immoral to own stocks since you were benefiting from the labor of others wile not doing anything yourself for the company. I think his idea was that employees in the company should be the ones to own its stocks. Interesting philosophy. Sounds distributist to me.

Of course, I'm sure there really are tons of people suffering from the forclosures that sparked all this, but here in Syracuse, NY there was no housing bubble to burst (Syracuse being a very undesirable place to live, especially back then), so we've been immune and right now property values are going up and things are looking hopeful, by Syracuse standards, for the city.

[J.R. Stoodley]

*effect.

Whoever invented the English language should be brought up on charges for such grammar shenanigans.

[Mary]

The company I work for may go out of business very soon.

No, I don't work in the financial sector.

[Mary]

Please pray for me and the other employees.

[Tim J.]

You certainly have my prayers there, Mary.

I wonder every day about my own job. I know manufacturing operations can't function without credit, and I may become a luxury (an in-house illustrator) they decide they can do without.