My question is for the people who r actually suffering from the "economic crisis"?

Question

i have heard people talking about the "economic crisis" and how people r losing assets but it have not effected me, friends, or family and i want to know how its effecting u please be specific.

Answer 1

well, I was laid off of my job which I had for 16 years. I put $200,000 down on my house 2 1/2 years ago and it is now worth $300,000 less then I paid for it. I had to rent it out to someone and move in with my 2 year old daughter's grandmother. I can only find part time work that pays me about 1/4 of my previous salary and has no benefits. I am in the red every month and going deeper and deeper in debt. My meager retirement account has lost half it's value and my daughters college fund is worth about 1/2 of what it was last year. I lost my health insurance and am being tested to see if I have cervical cancer Tuesday. I think that about sum's up my last 3 months.....

Answer 2

Yes, I'm one of the people who have been affected.



We found out in August that our home's value has dropped 30% since we bought it two years ago. In September, due to the housing crisis (thanks, Freddie and Fannie) the company that I worked for cut our hours from 42 down to 24 a week. On October 31st, they closed their doors.



I've looked for work but many local companies have "hiring freezes" and won't even take my resume. We have a DHL plant nearby that is laying off thousands of people. Our last GM plant will close Christmas week. There are a lot of us in this area looking for work.



My husband works for a small business who's been struggling with the slow economy. For the first time, they had to lay off one person in September. We all know that if their taxes go up that someone else will need to go too.



We aren't struggling as badly as some people because we've been frugal. When we bought our home, we decided to only to spend half of what the bank said we could afford. We chose an older modest home that we would be able to afford in case something happened to one of our incomes. We bought our cars used and made sure to buy cars that were reliable. We've only used credit in emergencies and have tried to save for a rainy day. Our electronics are a bit out of date and we don't have cell phones or cable. That's a choice that we made because saving for a rainy day was more important to us than these things.



Now the rainy day is here. It's tight but we'll make it through. We know that it'll probably be the beginning of the year before I'll find work again but we'll hang on. There's always hope.

Answer 3

It is affecting 90% of the populace.. Most just don't know it...



Average wages are stagnant.. How can the price of everything go up in the last 8 years? Yet the average wage stays the same? This is an effect..



I am doing a job above my paygrade.. Because my company is on a "hiring freeze".. Meaning, I get paid the same as before, even though.. I'm doing a job that should pay much more.. Think of being promoted from cashier to manager, yet getting paid the same as before..? Yea,, that suqs.. The whole country is going through the same, as a whole...

Answer 4

It affected me when back in February of this year I signed a year lease on a home, complete with a large deposit, only to get notification a mere two months later that the house had been fore-closed on. Not only did my daughter and I have to move again - just shortly after getting settled - but we were never able to get a hold of the landlord who ran off with the hefty deposits. That certainly left us in a very bad place and I am still trying to recover. The fact that I have a disablily with a very limited income has made it all the worse.

Answer 5

My parents investments have dropped dramatically in the past few months. (40%) Where I live, there are no jobs available and at least one business closes per week. There are hiring freezes and our city is ill prepared to handle any of it. I live in an area with about 300,000 people within city limits and our city government has always been out of bounds with their spending and contracts. My husband and I will probably move soon because our city shows no signs of improving any time soon.

Answer 6

You and I are both lucky - for now. And I'm just barely above middle class. I guess I only get affected a few months ago when gas was so high. Now everything's ok, so far. But I wouldn't be surprise if everything will go down the sh*thole again - Specifically, summer of '09 when gas prices will go up again.

Answer 7

First of all baby doll, "r" is not a verb. Any question is instantly rendered ignorant if you are too lazy to type out a 3 letter word.



Your question is incredibly insensitive and uninformed.



Either you still live with your parents are homeless or unemployed. Have you been on an interstate lately? Traffic is down significantly because there are fewer factory orders and fewer trucks on the road.



Commissioned sales people pay is down 35 to 75 percent or more.



A Waffle House near my house went bankrupt. Waffle Houses may not be high cuisine but they rarely, if ever go, out of business.



My parents are retired and live on their investments which are down more than 50% - both of my parents are in their 70's and may have to go back to work.



Why have you missed all of this? Are you really an American?

Answer 8

My brother-in-law just lost his job at Chrylser. He has three children (two in college) and he's worked there for twenty-five years. The State of Michigan has been in a financial crises for three years now. You have no idea about the number of people without jobs and the vast amount of suffrering going on in the State, not to mention the city of Detroit. These are not good times. You are apparently lucky...

Answer 9

The plywood mill just shut down here in Bastrop,La., it will lay off 600 people and that does not include all the loggers and suppliers connected to this mill, all and all it will probably cause lay offs in other mills, one chip mill in Arkansas , supplied 90% of the wood chips here, so they will lay off people unless they can find another source to sell their wood chips to,which is not likely to happen

It's a sad Thanksgiving here

Answer 10

We just lost about 50% of the equity in our home, which is a major investment loss.



Groceries are more expensive, while pay hasn't caught up.



My business has taken a hit, because customers just don't have the funds.

Answer 11

my hours went from 40 hrs. a week to about 11 cuz business is super slow. i'm struggling MAJORLY. never had to deal w/ bein this broke b4. me n my boyfriend are always fighting because of financial issues. he works on mainly commission and he's doin worse than ever also. we can no longer pay our bills on time. everything sucks. quality of life has definitely gone down. thank God we don't have any children cuz i would feel so bad for them. i hate EVERYTHING right now. i feel like i'm havin a crazy nightmare that i can't wake myself up from.

Answer 12

The only problem for me is the unemployment rate. It took me 5 months to find this job and I hate it but I can't seem to find another one. Oh my friend took $1000 pay cut so one of his coworkers wouldn't be laid off.

Answer 13

I'm applying to colleges and I will have to hope that my top choice schools give me good financial aid packages or else I will have to go a state school. The economy has ruined my parents retirement fund.

Answer 14

The only thing that has happened to us is that our stocks are not worth as much as they were in August. There are many many people in this country who are really hurting.

Answer 15

Well my income went down about 86 percent. Does that answer your question?

Answer 16

I lost almost twenty-five grand of my 401K. But I'll still make it if the metals market continues.

Answer 17

i'd really like to quit my job because my boss is a total idiot but i can't quit because jobs are hard to come by now days. i hate my job, it makes me unhappy but due to the poor job market, i have to stick with it

Answer 18

I've lost over half my net worth. I'm a lot poorer. I have to worry about my future. But it feels a little brighter with the GOP out of power!

Answer 19

The banks buried themselves. They want you to believe you can't live without borrowing money, but you can. Usury is how they buy the latest model yacht.



Scre* the rich class and their banks.

Answer 20

Business is so slow.