SURPRISE! We're in a Recession...

Surprise Surprise lol I'm sure in a few years they will come out and say, Oh, we were in a depression we just came to the conclusion after we were out of it lol I'm glad to see they are paid so much to be flakes!

There was an announcement on the news just a couple of minutes ago, saying that we're in a recession. Who didn't know that, months or even a couple of years ago? A lot of commentators have said they think it's going to get a whole lot worse. I find that unimagineble! I'm already overdrawn and waiting for a paycheck to come Friday. What's next? I hate being so poor, but it is the way it is. I quit smoking and having luches out with friends o the weekends. I won't buy any more books -- library's directly across the street. No new anything!!! This stinks!

Funny how they took so long to let the cat out of the bag. People are struggling to pay bills and buy food. Personally, we are getting ready to pare back our spending. But, where to start that is the question.

Wow they have finally admitted it. Everyone has known this for months but they hate using the R word, let alone the D word. I think we could well be in a depression as bad as the 1930's one but I hope not. As for being affected by it well I am on a pension with a house I own outright and one old car owned outright. So as long as I can keep paying my rates and bills I am ok. Food has certainly gone up heaps though and that hurts. We try not to use the car much so we can keep our petrol costs down. Also I saw it coming and moved my super out of shares and into cash. It does not pay much above the inflation rate but I did not lose money. Had I not moved it I would have lost thousands.

Lol, it's nice that they confirm now what we have been saying for several months. It wasn't even spring yet when people were saying we are in a recession. They are really fast with their analysis.. they just have to look at salary and wage development compared to price increases... my money isn't going that far anymore. Don't have to be a hot shot economist to figure that one out;) Personally affected? Well, not as much probably as those who lost their homes and jobs, but yes, we had to make major cuts in expenditures and cut non-essentials. My husband's job is relatively secure. At least I don't have to worry for him to be out of a job tomorrow.

I find it weird that we have been in a recession for a year and have only really worried about it the last month or so. Does that stike you as odd? I mean to that is just weird. But no my family has not been affected by it other than my father who is a real estate agent. He has been agent for over 20 years and makes 150+. This year has been so bad that he has only make about 25K. However he says that it is now starting to pick up again. He said that he has seen this cycle before. However he does believe that ultimately the US economy will fail as we believe what is prophesied in the Bible and now is a good time since other countries are failing also. I really hope that no one really has to feel the affects of this recession it is so sad that we have all these greedy people that can't be happy making a million dollars a year they keep wanting more and more and more. We make it by on 100K and live very nicely why cant all those corporate scum bags do the same. It is just insane.

*bursts out laughing* I saw them talking about this on Bloomberg and I thought it was hilarious then too. And it...what only took the news anchors til Midsummer to ask "maybe we ARE in a recession?"...then Autumn-winter for the government and economists to catch up. I wanna ask 'em if they just suck at their jobs or; "Dense, much?" I don't know a single person who hasn't been affected by the economy as it's gone downward. A few friends of ours have experienced foreclosures due to tough times paying bills because of sudden medical expenses...the gas prices nearly flattened us here in rural Ohio. The food prices added a second whammy to that for alot of us. ...because this is a buyer's market and no longer a seller's market fo houses, we got to flat out trade our old burnt out place for this one so we could get out from under rent in the city so that we wouldn't go into debt like nearly everyone else around here. My family is extremely lucky, in this respect. It's changed my entire plan for my future. College is outta the picture unless someone wants me at a career college and'll let me learn there for free -- which I doubt will happen. This whole thing has opened my eyes about cars and how we travel in this country in general and I've turned my back on cars entirely; I'm working toward getting a scooter. As for houses, now I've decided that if I don't rent this one from my parents (like if they don't manage to do okay enough to buy a better patch of countrythan ths one)...then I'll work toward buying me a scrap of land and working on a mobile sort of living -- like a yurt. My career that I'm working toward has changed. I'm moving toward farming now, since food is crisis proof. It's rocked my world. Of course it's affected me, lol.

I guess this revelation is nothing new to many people, nor will it rattle the stock markets anything more than the constant slew of bad company performance forecasts, poor performance results, collapse of big institutions and foreclosure problems. Technically, more and more countries are finding themselves in some form of recession, my country included. Almost as far back as a year ago, US citizens were already feeling the strain of recession in their daily lives, but usually when the economists and politicians make such announcements, they go by the economic indicators as the official gauge, and that is that countries are only in technical recession when they suffer at least two consecutive quarters of growth decline compared to the same period a year back. So by the time such news are officially confirmed and announced, it will be old news to those on the ground who have for months been suffering the effects of such a recession.

This time next year they'll be telling us that we've been in a depression since December 2008!

Oh, yes, we are affected. My husband and I are in our second full year of retirement. One year ago, we had a comfortable, well-diversifed nest egg in the charge of a qualified financial adviser. Today, we are looking for jobs--in an economy with unemployment is rising. Thank you to the incumbent administration, which assured us until the very last moment that our economy was basically sound. Oy . . .

We the public could have told them that! And to think they call that news! Funny thing is that Wall Street took a plunge at the announcment...go figure.

I'm in debt up the wazoo, but it has nothing to do with the economy. The fault is in my own improper use of credit cards. Isn't that what has caused this country's financial problems, improper use of credit? I still have a job, I'm still making as much money as before, but I'm trying to be more careful with my money. I think before the politicians start passing out all sorts of money to those that want, they should ask themselves, if the money was coming out of my pocket, would I support this project? It also wouldn't hurt for the politicians to talk with economist before being so free with other people's money.

Its not recession just over there. In India here, its the same thing. Most recession is seen in IT feilds. There are more than lackhs of IT professionals fired from their jobs and every year, more of them are just adding to it by passing out.

that's really funny. did anyone know this until we were actually told we were?

It seems to me that the rest of the world has been aware of the situation for a very long time now or certainly some months. I am not an American and nor do I live in the U.S. but I can read the newspapers and listen to the news, so have been aware of the situation for a long time. In fact if these people, i.e. the politicians, their advisors and the bureaucrats were not the ones who make the decisions, releasing this information at this late date could be funny. Instead it is rather scary if we think about it. At this time here in Australia we are not in recession but it could still happen all the same. We are lucky that our previous Liberal government amassed a substantial surplus which the current Labor government are busy spending or maybe better to say a lot of it is being given to pensioners. low income earners and families with dependant children. The hope is that when this money is given out in the next week or so that people will go out and spend it to stimulate the economy. Only time will tell of course whether this is the best strategy for the government to adopt. Also interest rates are dropping considerably in recent months which should help many of those who have a mortgage to pay. AS in many other countries though is the risk that some comopanies might have to retrench employees or possibly go out of business. Our unemployment was very low until the end of 2007 when we got a change of government but it has risen a bit since then. All we can really do is hoope that the situation doesn't worsen and in fact things start to improve in the near future. I think that thse who will be worst affected are the self-funded retirees who will now have seen a huge drop in their income.

My family hasn't really been affected by the recession. But then we have always been responsible, lived within our means and saved money.

I saved more money last year than I ever have in my life. I am richer now than I've ever been.

We are in recession and I think it would not be easy for the economy to recover. I am not affected by recession but I know that a lot of people are losing their job. Recession is a short term problem. I think it will recover when the finance industry recover.

This recession hasn't effected me, but my one financial stupidity has.

I think a lot of people didn't worry about the recession for a number of reason. #1 was that the major housing downturn was localized. If you didn't live in one of those areas that went crazy for a few years and then popped you didn't really notice the housing thing. If a person wasn't fired they didn't change their habbits because they had the same income stream, and if they moved and were stuck with two houses it is easy to see that as a bad situation for an individual rather than a wide spread problem. It was only really the gas spike followed by an huge hit on savings accounts that threw people for a loop and they started to cut back on spending significantly. That spending cutback puts us into the downward spiral we see now.