what now?

[yukookoo]

Those who weren't freaking yet are you starting too?

I just think we are living in such an interesting time.

What is going to happen guys? What will the government do? Will there be stimulus plans?

How is it going to get better or worse?

I know there's the long E thread but that situation seemed so extreme to me.

What are we going to see in the next year?

I've heard a lot of experts say that it will take until the end of next year for the economy to get better or back to normal.

How will the elections effect the situation?

[Jessie D]

I was wondering the same thing yesterday (even started research on living in the depression) and today I hear about the stock market.

I'm scared, I admit it. Thankfully we'll have the last of the CCs pd off this month, Just the car and house left. $3k on the car and our monthly mortgage is around $650, not too terrible. DH works for the Gov't so his job isn't going anywhere.

[yukookoo]

DH is freaking out. He is in real estate. He called after he heard the stock market news and told me to get ready to get a job

[nadia105]

I'm concerned, but not freaking out. We have an ARM (wasn't planning on still being in the house and we could afford the adjustment, it wasn't a subprime loan), so I am really thinking about locking in now b/c it seems like things could get crazy after the election.

I'd love to move to a house that fit our family better (not bigger, but laid out different) and get a different car, but the economy is making me stop. I don't want to push and get us close to the edge, I'd rather suck it up for a few more years and make the changes when things are more stable. The car could happen before then, but that is b/c we would buy used through my dad who can buy at auction and we only pay his cost. My concern there is getting a decent amount for our van.

I'm interested to see what others say, we have some very economy savvy mamas on here!

[Tradd]

Get your news from good sources - NPR's Marketplace show (www.marketplace.org) is a good one.

I'm very glad I got my cc debt paid off more than 2 years ago. Car loan is a little less than $3K. I'm very, VERY glad I moved to an apartment MUCH closer to work 2 weeks ago. I'm now 20 minutes from work and using much less gas. Used to take me 90 minutes to get home from work many days - I have a Focus and was spending $175 a month in gas, plus tolls and higher insurance since I lived in Chicago. Even though my rent is $125 a month more, plus I'm paying for gas and electric, I will come out even or even a little ahead.

Also able to be more frugal in new place - I have my own W/D in the unit, so I can hang dry everything but bedding and towels. The dishwasher (I HATED doing dishes) makes it so much easier to cook at home. Plus, I'm not stressed out from the long drive so I rarely hit the fast food any more, and I eat breakfast at home, too!

I'm just trying to get the car paid off, some money in savings, use the library more (new town in the burbs has a great library), keep my head down and stay home. I pretty much go to work and church (I'm very active and where a lot of friends are) - it's a very supportive community and a lot of us are trying to tighten our belts, while we're doing a lot of charitable work (homeless shelter and food pantry in our township) at the same time.

I'd be concerned, but not too caught up in hysteria.

[Garden~Lover]

what now? >>??

I must have missed something I havent watched the news or anything in a few days did something eles plumet?

[mamamelia]

lehman brothers collapsed.

[phatchristy]

With relatives in bankruptcy/foreclosure law it's interesting to have their perspective. While before they were thinking it would be a boom (in their field) for 2-3 years they're thinking more like 7-10 at this point. Many people apparently believe after everything is said and done there will only be a few banks left. And, with that being the case those banks will all have to be guaranteed by the gov't.

What was the joke I heard the other day..."the US is headed towards socializing the losses and privatizing the profits." Oh wait...it wasn't a joke...it was an observation...

I'm glad that we're in a place (location wise) that I am fine living in for a long time. I wouldn't doubt that the housing market will go farther south as people find it more difficult to get loans, and that in the short term especially we're going to have problems.

I can't help but think...the excessive life of "extras" that our part of the world has experienced for decades is going to end in our lifetime. We already knew that it was non-sustainable long term, but I think the end is going to start sooner rather than later.

[llamalluv]

I'm not freaking out. But DH has a very secure union job in public works (water/sewer/street maintenance) with seniority. They would have to lay off 3 other people before he would lose his job, but the village is actually thinking about adding another guy to the shop and buying more equipment and building a new building. I work part time, and we are in a place with our debt snowball that I could actually quit and stay home and run the house off of DH's income only. I know not everyone is in such a position. DH worked very hard to get a job he loved with such good security.

I think these are exciting times. We are making history with this election (either way it goes, right?)

The economy is evolving again. People are inspecting their lives and determining what is REALLY important to them, and shedding the things that don't give them value for their money.

Real estate is coming to down to prices that are more reasonable, and eventually more people will be able to buy. This is a great opportunity for those with cash to get into RE investing, and this down turn is going to churn out a whole new batch of "overnight" millionaires.

Personally, I would like to see interest rates go UP, to get more interest on our savings. But, I don't think that's going to happen. There is talk of a Fed rate decrease this week or next.

[karne]

Not freaking out exactly, but I am definitely concerned. We don't really have debt aside from mortgage and finishing up some grad. student loans, but the COL is pretty high right now. DH has a good job, but commutes a long way, so gas is a huge issue for us. We are going to have him supplement his work to try to sock away into savings more. Frankly I feel lucky to have our home, health insurance, transportation. We are grateful for the basics because I see some who are without that at this point. I don't mean in general, I mean friends IRL who were doing ok, but are not now.

I have a friend who just declared bankruptcy and has just set back the foreclosure date on her home by doing this. I wonder with this week's financial events whether this will affect her ability to negotiate with the bank on her home loan? OT, but I am scared for her and her child.

[sillygrl]

I am very worried. I think much more worried than my SO. Neither one of us is very financially sound, but I'd like to make some changes that can't happen w/o his cooperation, and he is really not willing. I don't know what we're going to do if we don't get things squared away soon.

[Juvysen]

subbing

[CameronsMama]

I'm not freaking out, yet, but I'm concered for sure. DH isn't bringing home as much as he used too (he's paid by the job), but we're still doing ok. Now I hear one of the places we have accounts with isn't doing so well, so now I have to figure out how I'm going to handle that.

Overall though, we are in an ok place to face whatever happens. We live in a town that is set up well to weather economic hardships, and dh and I have some back up plans that we can turn to if need be. I'm worried about the possibilities, but I'm cautiously optimistic that we'll be ok.

[Norasmomma]

I'm not freaking out-DH is an electrician and while yes he is a residential electrician he could easily go with his boss and get in the union and have tons of work-although it would be about 2 hours away from here. That's if things really got bad-we have already discussed it. His boss's friend runs a huge electrical outfit south of us and has already offered them jobs, all good paying prevailing wage jobs. Dh would only be home on the weekends though.

I am a little concerned about the banks though.

The real estate market where I live though is still a total rip off, it's all freakin second homes, that are empty except for Christmas and a couple weeks in the summer. The building has slowed a bit which is good and bad in a way, I hate it its a double edged sword.

I am glad I live in the country though-I'm sure our neighbors would band together if things really hit the fan.

[karne]

Originally Posted by Norasmomma

I'm not freaking out-DH is an electrician and while yes he is a residential electrician he could easily go with his boss and get in the union and have tons of work-although it would be about 2 hours away from here. That's if things really got bad-we have already discussed it. His boss's friend runs a huge electrical outfit south of us and has already offered them jobs, all good paying prevailing wage jobs. Dh would only be home on the weekends though.


I am glad I live in the country though-I'm sure our neighbors would band together if things really hit the fan.

Not to hijack, but your post has me wondering-do you think that those employed in a skilled trade like your DH are more immune to downturns than perhaps others are? It seems that those for whom union work or trade work (Is this the right term?) is an option are always in demand for their services. Maybe I am wrong, but I just wondered what you thought.

BTW, I'm glad I live in the country too, except when i have to buy gas!

[MilkTrance]

I'm freaked out, and I'm Canadian.



We BARELY make ends meet as it is, and if we sell this house, we may lose money because we put $60k worth of renos in it and we owe $30k in debt.

IDK.

*sigh*

[jennlyn]

How secure a trade is would depend on what kind of business they're doing. If you do strictly repairs and do well at it, I'd say not to worry. If much of the business is based on new construction, well, that's another story. P.S- I heard this from my plumber.

[onlyboys]

I am worried.

I work in education and so does my husband. I never, ever thought for even a second that there would be issues with teachers finding jobs. I quit teaching in 2002. Fast forward to 2008 and guess what? Hundreds of teachers in the area laid off. Not my husband, thankfully, but I couldn't get a teaching position right now. (And I tried).

I'm very worried.

[quelindo]

I'm VERY worried. Of course I'm a Long Emergency believer, though.

[llamalluv]

Originally Posted by karne

Not to hijack, but your post has me wondering-do you think that those employed in a skilled trade like your DH are more immune to downturns than perhaps others are? It seems that those for whom union work or trade work (Is this the right term?) is an option are always in demand for their services. Maybe I am wrong, but I just wondered what you thought.

BTW, I'm glad I live in the country too, except when i have to buy gas!

Not the person you asked, but my DH is a skilled tradesman/union man, and DEFINITELY it is a plus in a down economy to have an occupation that requires state and/or federal licensing and/or certification. DH has state and federal licenses for his current job, plus two others that he is certified for. The municipality can't just hire someone off the street to cut out and weld damaged sewer mains or to spray for mosquitoes. Just marking out utility locates requires TONS of training and know-how. (30 hours of classes in our muni.)

The union isn't necessarily a plus, but he is required to be union for his current job. In exchange for the fees for the collective bargaining union, we get health insurance, access to the Operators credit union, and a COLA that outpaces inflation.

Though, the one is an electrician has an advantage - a lot of cities and counties legally REQUIRE property owners to have an electrician sign off on work performed, and electricians can refuse to sign off on work they haven't done.