What is it with people and avoiding the truth?? Why can't we just own up to the fact that we are in a recession?
Yes, I said it...We are in a recession.
The dollar is at its lowest in 14 years. The stock market is dropping like a stone. Oil is up to $112 a barrel thanks to that weak dollar. The economy has lost jobs for 2 straight months in a row. Consumer confidence is lower than it has been in years. The Fed is slashing interest rates everywhere possible. The government is giving away money to people in the hopes they will spend it on big purchase items when the reality of the situation is that most American households will use the money to pay for gas and groceries...
All of this is happening now after devistating markets related to housing (no one on this forum or anyone related to this industry needs a further lecture on this topic) and the over-all credit crunch that has insued...
And, Mr. Bush is quoted as calling it "slow economic growth"... Slow economic growth??? How about NO economic growth...Not only that...BACKWARDS economic growth. To me, thats a recession. Let just call a spade a spade, for our own sakes. Quit beating around this bush...its a recession.
UPDATE --- Watching CNN this morning, there are sun belt states that are pulling funding from 'gift' programs like free clinics for the needy and food programs...even schools...as a result of the current economic crisis. Also, watching Glen Beck last night, he stated that this country has not seen such an economic decrease since WWII.
Now tell me were not in a recession.
UPDATE AGAIN -- See comments at bottom of blog...
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You can't have a recession the year of the election:-)
Barbara -- You and I cant be the only ones that agree on this! But no one is willing to just come out and say it. Figured I'd be the maverick. :-)
Judi -- That is an excellent point...Well, you CAN have one because we are...you just cant call it one. :-)
In fact, I agree with Gary..its less of a recession and more of a depression for me. :-)
The numbers are probably a lot worste then what has been reported. But since its an election year they dont want us to know how bad it really is.
Will Someone Please Just Call A Spade A Spade???
We have been in the trough of this cycle for a while now. And the recession? We are dead center in a recession everyone. The media usually informs us as we are past the middle or near the end of the recessionary cycle. This is not to panic the masses causing hysteria! When it is done and said, they will all say it was short lived.'
Steve Snyder
Senior Loan Consultant
www.SFBayAreaLoans.com
Lindsey -- No kidding! :-) It surely can not be our fault...right?
Steve -- Exactly...We wont know for months that we were offically in a recession. But, if you pay attention to everything as a whole, we are smack dab in the middle of one. Im in complete agreeance with you.
I agree!
In San Diego many homes are down in value over 20% since the top in 2005. Yet, I think no real bottom will be in place until mid2009 to 2010.
Naturally, I hope I'm wrong on this and San Diego home values head up from here.
Bob
San Diego real estate blog
I think Chuck say this coming a long time ago!
In real estate we have been in a recession for sometime now. Our industry does not want to acknowledge this on any level! The numbers speak for themselves. Real estate offices that close will also leave a clear and loud message. Foreclosures leave a message, and the politicians are also in election mode!
If you really want to call a spade a spade, then call it a DEPRESSION!
I think this 3-year period, 2007, 2008 & 2009, will be known as "The Housing Depression." 2003, 2004 & 2005 were "The Housing Boom."
I didn't graduate with a degree in Economics, but doesn't a depression usually follow a boom?
Bob -- Only 20%? I have heard higher...that sucks. Hopefully the worst is behind us....I think you are right though...but, Im keeping my fingers crossed for you.
D. Bass -- Thank you!! Yes, I have very good friends of mine that closed up shop here in town because of it...its sad all the way around.
Sandra -- A prognosticator like that would make big money now-a-days. :-)
Jim -- You hit the nail on the head...No one can use the 'R' word during an election.
Karen -- You are correct, my dear. WWI was followed by the great depression...WWII was followed by one in the late 40's....etc. And I think you have a valid point. The boom that hit in the early 2000's burst and caused a shockwave that leveled the market.
Susan -- Of course there are always exceptions to the rule. That happens from location to location. Personally, my office has never been busier than it has in the last 3 months. But, the reality of the situation is that AS A WHOLE, the areas that are hit hardest outweigh those that are thriving. Im glad your office is doing well. And, thanks for your comments.