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Slump Moves From Wall St. to Main St »

Posted by: engineer 1 year, 8 months ago

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The forces assailing the economy are now spreading beyond areas hit hardest by the boom-turned-bust in real estate like California, Florida and Nevada. Now, the downturn is seeping into new parts of the country, to communities that seemed insulated only months ago.

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engineer

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My background is Biomedical engineering with an MBA As you know from all my comments where I almost stand politically. I have loads of ...

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engineer
March 21, 2008, 10:08 a.m.
Some economists fear it will last longer and inflict more bite on workers and businesses than the last two recessions, which gripped the economy in 2001 and for eight months straddling 1990 and 1991. This time, these experts say, a recession in which economic activity falls over a sustained period and joblessness rises across the board could even persist into next year.
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engineer
March 21, 2008, 5:13 p.m.
I figured Wolfie2007 would neg this story
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Goppy
March 21, 2008, 5:20 p.m.
I guess I should let you libbies in on a little seecret.
We have a ready made answer for this economic mess we got here.
Ready?
Its all CLINTONS FAULT!!
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nostalgia
March 22, 2008, 4:31 a.m.
"Households have borrowed against the increased value of their property to buy cars, send their children to college and add home theater systems." Using your home as a piggy bank is never a good idea
It won't simply be subprime borrowers who are in trouble if owners have to sell.
Many people with conventional loans are in a negative equity situation
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william_j_ny
March 22, 2008, 8:26 a.m.
Poor Nevada
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canadianrancher57
March 22, 2008, 9:29 a.m.
There is another part of this that seems to be overlooked in gereral and that is that many baby boomers are right at retirement, many have hoped that life muight be simpler once they retired, with the downturn in house prices and also stock markets heading lower plus interest rates at low levels the big kick that many economists were hoping for from retiring people might not happen. Some of the value that is disappearing is money in peoples retirement funds, which makes me wonder if the wealthy has not decided to cash in now and leave the average joe holding onto whats left. For those who sunk this I hope your bank account is really large because likely a year from now your house, business and pension fund may be worth far less than it is now, and if we get hit with hyper-inflation even a decent back account might not help.
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MajJohn
March 22, 2008, 9:39 a.m.
It's more like the slump on Main St has now hit Wall Street.