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In 2008, 2,100,000 American jobs were lost - nearly all of them permanently. The expected loss in 2009 is ten times that figure.



A sampling of last weeks newspaper headlines:



Scientific American: Could Food Shortages Crash Modern Civilization?

Market Watch: "Cult of Finance" Has Stranglehold Over U.S. Economy

The Atlantic Monthly: The Federal Reserve's Secret Money Machine

Economist: "It would be a mistake to assume the worst is over"

NY Times: Global Economy in Worst Shape Since End of World War II

Bloomberg: U.S. Initial Jobless Claims Rose to 640,000 Last Week

Market Watch: Gold Back Up Over $900 on U.S. Jobless Claims Report

Business Week: Option ARM Business Loans Turning Into Nightmares

Sixty Minutes: Retirement Dreams Disappear with Vanishing 401(k)s

UK Independent: Britain Faces Massive Losses as Crunch Costs Spiral

Globe and Mail: Real Unemployment Rate Much Higher than Reported

L.A. Times: Record Number of Californian's Miss Mortgage Payments

Wall Street Journal: General Motors to Idle most Plants This Summer

NY Times: U.S. Government Preparing Bankruptcy Filing for Chrysler

CNN Money: Time Running out for Chrysler to Avoid Bankruptcy Filing

CNN Money: Profits at American Express Tumble by More Than Half

CNN Money: Microsoft Sales Fall for First Time, Profits Down by 32%

NY Times: Reported Suicide of CFO Is Latest Shock at Freddie Mac

BBC News: One in Five People Now Has a Phobia Of Banks, Finance



If we are not unemployed ourselves, most of us know several people who are, and there are now ten people for every job available - not good as these things go.

Now that the housing bubble has left thousands of FAMILIES homeless and living in tent cities - mostly in the sunbelt - the next step in America's collapse is the huge number of defaults on credit card debt that the banks know is coming. Almost everyone is receiving letters saying, in effect, that for the good of the economy their credit limit had been reduced, oftentimes drastically (e.g. from $21,000 to $5,000), and this is happening to people with a triple A credit rating!!!

American Express is seeking to limit its losses another way, it's offering customers who hold more than one credit card $300 to close their account. The banks are panicking, as are many Americans.

How is the global financial and environmental collapse affecting you, your neighbors, and your geographical area?

TruthBringer;1184319 wrote: In 2008, 2,100,000 American jobs were lost - nearly all of them permanently. The expected loss in 2009 is ten times that figure.






Why do you assume that the jobs are lost permanently?

Where do you get your expected losses for 2009?

Tell you what, I'll make it a little easier for you guys by starting out myself.

I live in a community that is having problems with housing in general. Many people's homes are being foreclosed daily, and I have noticed that there are more and more empty business buildings everyday. In fact, I tried to go to one of my favorite computer stores yesterday for some accessories that I haven't been to in months and to my surprise the store was empty and shut down. And here I thought it would never close!! My first thought when I read the sign was that they must have had problems with their mortgage/rent. I was very upset, but that's the way things are going at the moment. I can't even tell you how weird it is to see all these empty buildings when I drive down the road that look like they are very nice on the outside but are completely empty on the inside. Just going to waste because businesses can't afford to open up in them.

As far as for friends and family, I know personally about 5 people who are barely hanging onto their jobs, and a few who are out of work and still seeking. On my girlfriends side of the family, she has at least 6 cousins who can't seem to find a job for the life of them, and even some of her uncles who have resorted to looking for jobs at fast food places aren't even being hired, and they are about to lose their homes.

Everyone I talk to in my community is either out of work, about to lose their job, or totally confused about whether their position will be around in the next 6 months or so.

It's crazy over here. That's all I can say. I have been studying the trend here since this crisis first started, and I can honestly say that it appears to be a downward spiral at the moment.

Bryn Mawr;1184487 wrote: Why do you assume that the jobs are lost permanently?

Where do you get your expected losses for 2009?


Well because they may not be coming back any time soon in my opinion.

As for the expected job losses, that is a figure that some people are discussing. However, it could be over-exaggerated.

Had to cut the HD channels from the cable tier we had.

I dont want sympathy but just another example of how real the crisis is.

Nomad;1184575 wrote: Had to cut the HD channels from the cable tier we had.

I dont want sympathy but just another example of how real the crisis is.


I know where you are coming from Nomad. My girls Dad has Direct TV and used to have all the channels like Cinemax, Showtime, HBO, and a whole bunch of other ones. He never said why he did it, but I noticed he cut out the cinemax channels and alot of other channels that they didn't use. I know he did it to save money though which was a smart move.

TruthBringer;1184573 wrote: Well because they may not be coming back any time soon in my opinion.

As for the expected job losses, that is a figure that some people are discussing. However, it could be over-exaggerated.


Massively so - it's assuming a total meltdown in the economy and there are no grounds for believing that to be immanent.

Also, may not be coming back is a long way from will not be coming back which is also an exaggeration.

TruthBringer;1184578 wrote: I know where you are coming from Nomad. My girls Dad has Direct TV and used to have all the channels like Cinemax, Showtime, HBO, and a whole bunch of other ones. He never said why he did it, but I noticed he cut out the cinemax channels and alot of other channels that they didn't use. I know he did it to save money though which was a smart move.


Youre a girl ?

Had no idea.

Anyway yea when the cable goes theres really no where to go but up.

I mean whats next...canned beefaroni ?

Shrugs ...............it's not. We're prettty okay here at the moment.

Poor is poor baby, it doesnt change my life style:yh_rotfl

POsitives for me.....



Mortgage rate low but paying same amount as before therefore loan will be paid off quicker.





Negatives for all...........



Several shops now closed on the high street leaving staff jobless.

Hitting me between the eyes and carving a deep notch. :-5 Barely able to hold on to things but not ready to throw in the towel as yet.

I have a job but doesn't come anywhere close to what I need to have to keep up. I am behind on everything except the mortgage. I send out as much as I can when I have it. Best I can do.

In my industry, I am not effected, but i know many who have been. Its nice if people have money it seems. Buying big ticket items is cheaper then ever, and Apartments (in Arizona) are basically begging for you to rent. Lowering standards, and even giving money to you to move in (kind of odd).



I guess it depends on what you do for a living. Some people who make the same as they did last year, decide - Im not taking Cinemax for 12.99 mo... because i dont ever watch it. Which is a smart move.

Makes me think if i didnt pay for it when it was good, i could have saved hundred of dollars over the year. I dunno.

Just my two cents.