http://biz.yahoo.com/ap/071129/economy.html?.v=35
2007-11-29 03:59:59 · 20 answers · asked by Uncle Pennybags 7 in Politics & Government ➔ Politics
Having worked within the new home and new construction industry in N. California for the past several years, I have seen numerous layoffs and hard times in the last year or, so, but I haven't complained because the market was so due for correction.
It is good to see home sales are up and the stock market taking the biggest two day gain in 50 years this week. I do believe things may be working themselves out and our economy is recovery.
Will we be lucky enough to see another technological boob as we did in the 90's? Probably not/
2007-11-29 20:00:03 · answer #1 · answered by wider scope 7 · 0⤊ 1⤋
Yes, I feel the economy is in deep trouble. I got there by looking around when I’m driving at all the homes for sale, by listening to my friends and family telling me how hard it is to find a job that will pay the bills. Wal-Mart is NOT an income to live off of and many try to do it. I see more women retirement age waiting on table now then ever before and the men are greeters at Wal-Mart. The cost of gas, milk, utilities keep going up and the paycheck stays the same if you’re luck and have a full time job. My friends tell me about their hours getting cut back. I’m sure some places are doing better then Michigan, but even in the Yahoo mom’s group I belong to they are from all over and say the same thing. Prices are going up and it’s getting harder and harder to find the money to pay for it.
When people with college degrees are working at Wal-Mart, retired folks are coming out of retirement, and more young adults are moving back in with mom, you know there’s trouble.
Don't trust the stats, trust your eyes and ears.
2007-11-29 04:35:19 · answer #2 · answered by justmythoughts 3 · 0⤊ 0⤋
From the article you cited--“New-home sales edged up in October but sales activity still hovered near an 11-year low.”
Sales of existing homes fell to a record low in October.
Also, from the article—The economic performance “isn't expected to last through the current quarter amid the housing slump and credit crunch.”
The economy is not in good shape.
2007-11-29 04:09:47 · answer #3 · answered by tribeca_belle 7 · 1⤊ 0⤋
The economy isn't the problem. A possible credit squeeze is the problem. We are facing the exact same circumstances in the banking industry that led to the Great Depression.
If the problems in the financial sector continue, it will effect the economy in the near future.
2007-11-29 04:26:41 · answer #4 · answered by Perplexed Bob 5 · 0⤊ 0⤋
That's great, maybe we could use some of that money to buy a house for cheaper than the one you currently own since new home prices suffered their worst drop in 37 years.
Foreclosures are also up over 90% from last year.
2007-11-29 04:10:34 · answer #5 · answered by Alex G 6 · 3⤊ 0⤋
New Home Sales Up!!! Are you joking? With every Developer cutting their price to dump some of these houses shows you the huge profit in new development and the suckers who think they are buying built in equity.
2007-11-29 04:06:07 · answer #6 · answered by skycat 5 · 3⤊ 1⤋
According to almost every economist I hear talking yes it is in trouble. I wouldn't exactly call that article you sited as a rosy outlook either.
2007-11-29 04:24:44 · answer #7 · answered by mrlebowski99 6 · 0⤊ 0⤋
I hope not, but it could be.
What truly amazes me is the number of people cheer leading for, and hoping and praying for a recession, simply out of partisan spite.
I can't believe these morons.
2007-11-29 05:01:39 · answer #8 · answered by Time to Shrug, Atlas 6 · 0⤊ 0⤋
Maybe if all our money quit somehow leaking out of the country through our southern border the economy would be better.
2007-11-29 04:04:36 · answer #9 · answered by Free Thinker A.R.T. ††† 6 · 3⤊ 1⤋
Larry Kudlow? Listening to him you would realize he'll be the first person to a pick a handfull of dog crap and try to tell you it's gold!
2007-11-29 04:31:32 · answer #10 · answered by cjgt2 6 · 0⤊ 1⤋