Credit Crunch

Anything on your mind that isn't about RLS? It's nice to realize that there is life beyond this disease and have an opportunity to get to know our online family in a different context.
Polar Bear
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Credit Crunch

Post by Polar Bear »

Well... the credit crunch is getting closer.

I have felt fortunate cos we have no debt and can live reasonably comfortably. The credit crunch so far has been not too unkind to us. OK, our nest egg for retirement has been badly affected, but we have tried not to worry cos what can we do?? When we see younger friends putting their mortgages onto 'holidays' we worry for them.

6 months ago my work put us onto a 3 day week. House sales are not moving and so solicitor's offices have lost a great deal of their turnover affecting cash flow, even tho there is other litigation and family law work. It is the purchase and sale of property that brings in the quickest cash.

Yesterday the boss was reduced to tears. 4 staff are to be made redundant out of a staff of 9. We will hear who will go in a few days. Everyone loves their job, it is a local family concern, staff turnover is minimal. Thos who go will get good references and will be called back if and when there is a turnup in the economy.

No-one can speak, staff were sitting in the carpark in tears. Young mums with families and mortgages.

My own situation is not so dire. I will get state pension from June, which is not a lot of money. So I had planned to still work maybe 3 days each week.

Well.... who knows, I may not have the option to work at all. And certainly there are not many jobs about. Especially at 60 years.

However, I will not be desperate, bills will still get paid, just not so much cream on the cake.!!

There are many who are so much worse off.

We haven't yet heard who will be made redundant but we are all feeling vulnerable, and each of us feels that they will be one of the 4 that will be going.

I have worked all of my life...... things could be about to change, and I don't quite know how I feel about it.
Betty
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Neco
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Post by Neco »

:(

I made.. $23 this week :?

Polar Bear
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Post by Polar Bear »

Yes, Zach, I do know that I have been fortunate in my working life.

I wish the best for you. :)
Betty
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Neco
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Post by Neco »

I'll be going back to work on Saturdays at the least.. hopefully that will net me another $50 or more.. I would be happy at this point to pull in $100 a week, so I guess we'll see..

A good deal of that money will come from driving time, the farthest store is a good hour to hour and a half away, and I might spend at least an hour there most days as its supposed to be real busy.. I have two other stores which are probably gonna take 30 minutes or so each, they are a little closer at around 30 - 45m away. So hopefully I'll get about 4 - 5 hours of work on Saturdays..

I think its just a tomporary thing tho, not sure for how long.. It could be a couple of weeks, a few months, or whatever.. I guess we'll see, but I will appreciate the money in the meantime.

My sister got a job doing pre-opening cleaning for JC Pennies, and they were looking for more people so I turned in an app too, but haven't heard back.. been almost a week, but the guy gave her the full employment packet vs some standard 1 page thing, so I'm not sure what the deal is or if that's just the application they give everyone.. Was hoping to get 3 or 4 days of work out of that during the week. Decent money even though the shift is only 3 hours or something like that.

mackjergens
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Post by mackjergens »

I watched Oprah yesterday and actually cried. The show was about middle class folks with young children who have lost their home and then lost their jobs, both husband and wife. One lady was carrying around a black trash bag with the family belongings. she had to carry this with her all day long and her 3 children now went to a homeless school, after school they were allowed to go back to the homeless shelter and sign in for another night.

The other was about people in this Great country of America living in tents,the first place was San Clemente CA.. Subdivisions of homes were shown with nothing but for sale signs all up and down each street, they were like ghost towns, but with beautiful homes.

Also showed homes that were left full of belongings, because people had just left their belongings when their homes went into foreclosurer, because they didnt have the money to more or store their belongings, Charities were notified by the banks, to be able to go out and get things for those in need, but there are so many foreclosurers that even Chartities do not have the time or man power to go get the things such as clothes, toys, TV, furniture and etc. So they are just cleared out of homes and taken to the dumps. This one company was clearing out as many as 17 homes a day in this one area.

As I said I am still in a state of shock, I knew things were bad and getting worse, but folks it is alot worse than most of us know!!!!

Neco
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Post by Neco »

I know.. We are a very charitable country, but no one ever gives us aid, and you never see Feed the Children, or all these supposedly humanitarian celebrities on TV talking about feeding and helping the homeless in their OWN country.

Maybe its a side effect of Hollywood, I don't know.. Everyone sees nothing but spoiled rich people around them and assume America is just like that everywhere? No normal person would come to this conclusion, but these are celebrities we're talking about.. The down to earth ones are far outnumbered by the shallow political ones.

ViewsAskew
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Post by ViewsAskew »

Actually, I was surprised to hear that American donations to US aid far outweighs donations to other countries.

Not sure how true that is, but I heard it on a reputable local radio show on a NPR channel.
Ann - Take what you need, leave the rest

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Neco
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Post by Neco »

I'm not sure I'm reading your comment the right way.. but I'll say this..

It's been a long standing Myth that Americans don't donate jack to other countries, but the problem arises with the way they calculate these donations.

Most of these charts that say we donate far less than other countries do, are calculating donations made by GNP of each country, and I think government donations as well (if not one in the same).

They do not take into account private donations by Americans made to the hundreds of privately run charities and organizations out there. If they used those numbers (if the numbers exist) we would most likely put other countries to shame in a big way

Here is a link that explains the hatchet job we tend to get.

http://www.america.gov/st/washfile-engl ... 97553.html

SquirmingSusan
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Post by SquirmingSusan »

Where I live there is an insane amount of affluence and wealth. People are always tearing down reasonable size houses to build "starter castles" and "McMansions" that are 5000 square feet at a minimum. My humble little neighborhood is surrounded by these developments. Which always begs the question, "what do these people do that they have so much money?" And some of the larger houses are 2nd and 3rd vacation homes... So yeah, there are a lot of "spoiled rich people" living in the US. And they don't share well.

And in my part of town, people who lose their jobs and then lose their homes are not visible at all. They just quietly disappear, probably to some tent city in California. But there are so many houses for sale, and so many jobs that are in peril. My dh loses his job regularly, and just picks up another one doing the same thing somewhere else. But right now I think it would be tough for him to find something. It's really scary. (Although there are lots and lots of low-paying minister jobs around, and it wouldn't be such a bad thing if I had to go back to work, although with my health issues it would be difficult.) And it seems like it's worldwide, although there must be some countries that are doing well. (Will China be sending aid to the rest of the world in the future?)

I've got to wonder where the bottom is. It just seems like our economy is way too dependent upon people buying too much stuff to keep it going, and there has to be a way to correct for that somehow. But my brain starts to sizzle when economic issues are discussed...

It's all so complicated. I'm just going to try to be grateful every day that my family has more than what we need to live.
Susan

ViewsAskew
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Post by ViewsAskew »

SquirmingSusan wrote:. But my brain starts to sizzle when economic issues are discussed...

It's all so complicated. I'm just going to try to be grateful every day that my family has more than what we need to live.


I think that's the problem in general. Even if we all had finance or accounting or economics degrees...we'd not agree on what to do.

It is highly political, it has a lot to do with how you see the world and who has responsibility for whom, etc.

MODERATOR NOTE: Please do be careful in this thread. It's easy to start bringing in political beliefs and then to start arguing. As Zach pointed out earlier, there are always multiple ways to look at things and people don't usually agree on which one is the right one....and more arguments ensue. I know none of the three of us like locking posts or moderating arguments - that's not why we want to be here.
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mackjergens
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Post by mackjergens »

As for the Oprah show Wed. she was only trying to show how badly this country is going down hill. As someone said most of us never really have the chance to see what is happening beyond our own communities. That is why I was so shocked about seeing those living in Tent Cities across this country. Most who were interview were just middle class folks like so many of us and most lost everything in 60-90 days after losing their jobs.

When ask what they would do different, almost All said they would SAVE more, IF they could go back to where they were.

I honestly blame most of our personal problems on each individual because in the last 20 or so years, our country has become a ME society. Let ME have what I want when I want it. Most people live way beyound their means and it has finally caught up with them.

I just know that in all my 62 years I have never seen this country in the financial mess its in. While talking to my 90 yr old neighbor the other day, he also said that in his 90 yrs he has never seen things in such a mess and as you can imagine he has seen lots more than most of us on this message board, having lived thru the depression and etc.
While my spouse and myself are pretty conservative financially, I can also see where we could have actually saved more along the way.

Polar Bear,
I was also shocked to see just how wide spread this financial mess is around this world. Your story is exactly what is going on in America, people losing jobs, homes and etc. I hope that things remain stable for you and your family!

We are retired so do not have to worry about losing a job, house is paid for, so will have a roof over my head, but that still does not leave me without worry. Anyone who has investments have certainly lost a great deal, and can do nothing but sit back and hope it will come back.

Many might not take this situation as deeply as I do, but I am cutting back each day, simply because I do not see a light at the end of this tunnel. its not just in the USA, but around the world!! I just never thought that America the GREAT would become so troubled financially, and the shocked for me is seeing working class people, who all said all they wanted was a JOB having to live in tents, with no running water or other basics of life.

Of course most all of us have children who are out there working, the concern for me, is IF they lose their jobs will they end up losing all they have worked for in their young life. I have a daughter and son in law they have a nice home, but do NOT live beyound their means, very conservative couple. They have savings, but just how long will that last if they lose their jobs.

Well I guess I should hush, but for me its a very very scary world at present!!!! Sorry for going on and on about this.

Polar Bear
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Post by Polar Bear »

Mack, you are feeling exactly as I do. And I reckon our positions are pretty much the same.

thanks everyone for your comments.

6 months ago all of our working staff was cut to a 3 day week.
Today, 4 were made redundant.

I was one of them. There were many tears all around. The boss/owner was in pieces, he broke down. Says he'll give me a reference that would get me into heaven. I appreciate that, but no good when there are no jobs about...

4 legal secretaries and 2 assistants have gone down to 1 secretary on a 3 day week, and another on 3 half day week. I was let go cos I do litigation and matrimonial. The 2 who stayed can also do house conveyancing. It was a case of they had a broader skills base. Boss said this was one of the hardest things he has had to do and at the first sign of an upturn will be making contact with me. I don't reckon it will upturn quickly enough. Another 2 years will see me at 62, and I reckon I'll have found my new routine and lifestyle.

Fortunately like Mack, we have no mortgage, no debts, and things could be worse even tho our nest egg has lost so much.

I was in shock... the solicitor I work for is devastated to lose me (She is also an employee). My husband is wonderful and very supportive.
Betty
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ViewsAskew
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Post by ViewsAskew »

Polar Bear, my heart goes out to you. That is a position none of us ever want to be in....it is so devastating.

You sound as if it was very hard, but that you have wonderful support and are doing as well as you can, given what you have been handed. It is lovely to be cared about as deeply as they obviously care for you. That is a blessing.
Ann - Take what you need, leave the rest

Managing Your RLS

Opinions presented by Discussion Board Moderators are personal in nature and do not, in any way, represent the opinion of the RLS Foundation, and are not medical advice.

ViewsAskew
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Post by ViewsAskew »

This may sound crazy....and I hope it doesn't come across as insensitive, because I in no way intend that.

After the last 15 years, it's hard to remember that in recent history in the US we actually had higher unemployment than we have now: 9% in 1975, for example and general high levels throughout much of the 70's. That's now to say that the current situation won't worsen and surpass that, but just to say that we see things from the perspective of a world who was on a money high for a long time. It seems incredibly shocking, but in some ways it's not much different that where we were then.

What is different is how we got here and that the whole world is both affected, and involved. What is different is that the change is so drastic and sudden. We weren't expecting it (well, some people were, but most of us weren't hearing them) and it seems as if the world as we know it is ending.

It will be hard. It IS hard for many, including people here on this message board. We will get through it. We always do. We will have to save, to cut back, to potentially lose our physical stuff, much of it important to us. Many of us, not all, will have family and friends to help us.

What I hope is that we learn from it, that each nation that is affected remembers why this happened and identifies ways to ensure it doesn't happen again. I am not blaming any one person, administration, or group - many were guilty, including countries who seem not to be involved but who fueled the credit problems by wanting cheap money. (For excellent info on this, please listen to the archived This American Life produced piece on how this housing collapse led to the lending crisis, or the current piece that airs tonight about the collapse of the banking system)

I also hope that those in charge have the courage to take action - we will never agree on what action is right, and maybe there is no perfect way out, no one great solution.

In the end, we will be poorer in some ways, and hopefully richer in others. Maybe this will be one of those lessons that launches humankind into a new era where we move on to the next lesson that needs to be learned, but have this one safely under our belts.

I can hope.
Ann - Take what you need, leave the rest

Managing Your RLS

Opinions presented by Discussion Board Moderators are personal in nature and do not, in any way, represent the opinion of the RLS Foundation, and are not medical advice.

Neco
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Post by Neco »

I hope you can find another job soon..

I received a call today from the guy at J.C Pennies, and will be going in Monday afternoon for my interview.

I'm only looking for 3 days a week of extra income, so hopefully that will fit in well with what he needs. I'm not sure I want to be stuck cleaning a store every single day I'm not doing Merchandising for Nabisco.. I guess we'll see.

Funny thing is, I had a temporary job when Perry Publishing still had their plant open here in town, had just moved into the new house and it was the summer.. It was mostly cleanup crap but I really had a lot of fun.. I didn't mind getting my hands dirty and whatnot, and I worked with a couple of folks who were great. Got stuck with an older gentlemen, real funny guy, think we had the same sense of humor. Made the day go a lot easier.

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