What's really happening with the economy?

[sasguru]

If you read the press and listen to the TV/radio it seems we are in an apocalyptic situation with regard to the economy. Yet no one I know (lawyers, engineers, programmers, people who work in banks (not bankers)) has yet been made redundant and their companies seem to be surviving if not thriving.

So what gives? Is the Murdoch media (and CBI etc.) exagerrating because low interest rates are in their interest? Are most parts of the economy really doing fine?

[realityhack]

If you read the press and listen to the TV/radio it seems we are in an apocalyptic situation with regard to the economy. Yet no one I know (lawyers, engineers, programmers, people who work in banks (not bankers)) has yet been made redundant and their companies seem to be surviving if not thriving.

So what gives? Is the Murdoch media (and CBI etc.) exagerrating because low interest rates are in their interest? Are most parts of the economy really doing fine?

Make it a poll: Have you seen any evidence of the doom?

Personally, yes.

Project I was on has been canned, 250 contractors given their marching orders, PMs made redundant, friends having problems finding work, small business owners unable to get loans for solid business cases, taxi drivers scraping by etc.

[Jubber]

F.E.A.R

That's what's happening (IMHO for my industry)

Everyone has been told to cut back - first to go is flexible resource - e.g. contractors. Few are being renewed, lots are being canned.

On old client of mine summed it up. "We've been told to manage on what we've got" Non-essential projects postponed.

Time for plan B until the F.E.A.R subsides.

I'm OK (no debt) but I do feel for those who have eye watering debt obligations, but I suppose it was their decision to take it out.

Happy Days.

[Cyberman]

It's always the same in a recession. Those in work just carry on as normal, oblivious to the dire situation for many folk, until stark reality hits them when they also lose their job.

[expat]

FDR: The only thing we have to fear is fear itself.

UK press: The only thing we have to report is fear itself.

[xoggoth]

Yes, couple acquaintances laid off that I know of. Some others in the village I don't know but they seem to be around a lot more in the day than before christmas.

[DieScum]

I can't think of anyone close who is currently unemployed.

I know two people at my current company who were made redundant out of 5% world wide.

I have a mate who is a lawyer and he still has his job but some of his colleagues were made redundant.

Most things still seem to be ticking over though. Money being earned, money being spent.

[sasguru]

It's always the same in a recession. Those in work just carry on as normal, oblivious to the dire situation for many folk, until stark reality hits them when they also lose their job.

Actually in most recessions and depressions, MOST people (who are any good) keep their jobs.
That (being any good) probably doesn't apply to you though, judging by your lack of judgement.

[expat]

In all recessions and most depressions, most people keep their jobs. It is genuinely hard for those who lose them, and frightening for many others.

In the Great Depression, US unemployment reached about 25%; in the UK it peaked about 15%. But it fell much harder on some parts of the country than others.

I'd like to think that society is better, welfare provision more established, and the country more united and more caring than then (not to mention the government more involved), so no-one should starve this time; though I'd guess there are a few here who'd tell the Jarrow boys to get on their bike as long as it kept the value of their house up.

[Cliphead]

I'd like to think that society is better, welfare provision more established, and the country more united and more caring than then (not to mention the government more involved)