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The economy and its effects on Charlotte

Charlotte_native

By Charlotte_native
in Charlotte

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HopHead City

HopHead

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Ben Bernanke is at the uptown Marriott today to give a speech on the economy. I believe there is some bankers conference in town this week. I would be interested in hearing what he has to say and if any of it relates to Charlotte, but I think it's more of a national focus.

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monsoon Gigalopolis

monsoon

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Percentages are only meaningful if one understands direction and history. For example if you have something priced $10 (house, stock, etc) and it drops to $1 then the media will report that as a 90% drop. So later this thing starts to increase in price. Say it goes back up 90% as reported by the media. We are only talking about a total of $1.90. i.e. On the way down 90% = $9. On the way up 90% is only equal to 90 cents.

This is the reason for much confusion related to economic reporting.

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If the observer numbers are correct, the two things that catch my eye are the 45,000 people listed as unemployed in the county, and close to 6000 unemployment claims being filed/month. Remember these numbers do not include people who have given up looking, are not eligible for unemployment assistance, the underemployed, and anyone else who loses a job from a place too small to have to report it and doesn't file claims. It also doesn't include those still covered by severance pay. This is known as the U6 version of unemployment which the FBLS no longer reports in detail.

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Charlotte_native City

Charlotte_native

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Last night while working out at our gym every news station (national) had stories about positive signs in the economy. Today on the cover of the Observer there is a story 'Signs show recession easing, but fears linger'. Stocks have done better in the last few weeks than in many weeks past, housing has picked up in many markets, jobless claims have improved, and big banks are hinting that they'll post profits.

Obviously there are counter points to everything, but it appears that the days of only bad news coming out have changed. Is it going to be long lasting? None of us know, but perhaps when so many small factors show signs of change, change just might be coming. Consumer confidence is a large factor that can change things as well and all of this can only help.

I'll note that none of the stories try to imply that things are definitely better, only that there are signs of improvement where, for many months, those type of signs weren't present.

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New Name Burg

New Name

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I play on a co-ed recreational sports team (interlink), and it seems that many teams have abruptly ceased to exist due to the fact that they were co-workers or company-sponsored and have either lost their job or gone out of business. It's an unexpected byproduct of the recession.

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HopHead City

HopHead

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I play on a co-ed recreational sports team (interlink), and it seems that many teams have abruptly ceased to exist due to the fact that they were co-workers or company-sponsored and have either lost their job or gone out of business. It's an unexpected byproduct of the recession.
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palmetto75 Whistle-Stop

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I won't argue whether things are improving or not. The problem I see is that the govmt and media are all jumping at even the slightest signs of recovery knowing full well they could be mirages in the desert. I also see that "improving" is coming to mean to at least some that we will be back to the go go days of 2 years ago in no time. "Improving" may only mean we are no longer falling off a cliff, and times will still be very tough for many many people. I know 4 people that have lost their jobs in the past 3 mnths locally. 3 of the 4 I would rate as very skilled and desirable employees. However, none of them have found jobs yet. This is a very sobering reality to a generation of job hoppers who always thought they could make $80K somewhere with the snap of a finger.

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Charlotte_native City

Charlotte_native

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I won't argue whether things are improving or not. The problem I see is that the govmt and media are all jumping at even the slightest signs of recovery knowing full well they could be mirages in the desert. I also see that "improving" is coming to mean to at least some that we will be back to the go go days of 2 years ago in no time. "Improving" may only mean we are no longer falling off a cliff, and times will still be very tough for many many people.
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Charlotte_native City

Charlotte_native

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I guess we'll all just have to wait and see what happens over the next few months and next few years. You can find people who will support both scenarios -- doom and gloom, and slight recovery. Many are pointing to indicators that show that things aren't declining as bad, and might be improving a little, from the last year or two. They are all opinions and it just depends on one's perspective and how one defines improvement. If peoples lives get better, they stop feeling like they are losing everything, jobs quit being shed, and financial situations get better -- mamy will consider that an improvement. Hopefully this will happen -- no guarantees, but at least the news of the last couple weeks hasn't shown continued economic free fall. I know quite a few folks that are seeing improvement in their various businesses (salon, furniture store, restaurants, real estate, etc) and hope that it continues. I'm happy that those I know are doing better and feeling better.

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monsoon Gigalopolis

monsoon

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^8 months ago, one of the Presidental candidates, the Treasury, the Administration, Wall Street, CNBC and everyone in the local Charlotte business establishment said the economy was doing fantastic. They said that we were experiencing our biggest economic boom of all times. The point is just because people say it, doesn't mean it is true. If you are going to simply brush off what I said as nothing more than doom and gloom scenarios and want to believe that rolling the money printing presses is going to fix our issues, that is your business.

This is usually the response to what I and others have posted about why we are were we are, and why it will get worse. I started a topic here years ago that said all of the condo projects that were being proposed in Charlotte and being built in Charlotte was not sustainable and while that was also met with widespread derision, catcalls at my idiocy , and so forth, it turned out to be absolutely true. If you don't believe me, go back and read through that topic. "who is going to buy all the condos?"

Again common sense. People not working /= economic recovery.

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Charlotte_native City

Charlotte_native

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^Why is everything always taken so personally? It really isn't intended to be. My opinions of the economy and condo sales and anything else really don't have anything to do with any individual, you included. You have a different opinion, no problem, I'm sure there are lots of varied opinions on the subject. That's why I always try and point out that it is just that -- opinion and only time will tell. I don't think seeing actual stats, actual sales, actual economic factors can be counted as just taking someone's word for it. I also don't believe we are about to be out of this big mess, but there are signs whether you choose to believe them or not that there have been some improvements in certain areas. It's almost like you don't want to acknowledge any of them. So be it. Regardless of your, or my, current opinion we'll have to wait and see and if things get better or worse I won't feel like I was wrong, right, or vindicated -- just that these things happened.

This isn't personal and shouldn't be taken so. What is written by me and others really isn't intended to rebut or respond to YOU but to discuss what we see and hear. Open discussion for everyone. That's all. In terms of this topic what I post is what I read, see, and hear from people. Simple. :)

Again common sense. People not working /= economic recovery.
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Charlotte_native City

Charlotte_native

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Whole other side note that is funny to me -- at our gym Faux News is played on a couple of the TV monitors. Twice now I've seen stories that essentially say that there are signs in a few sectors that show moderate improvement, and that if it happens now and continues to improve that the stimulus package and bailouts weren't necessary. At least someone there thinks there is a chance that there might be something positive going on and they need to go ahead and paint the picture that it has nothing to do with the current administration or anything they are doing. Again, not saying whether I agree with them or disagree, just found it hilarious that they felt the need to plant the seed that IF there is a recovery any time soon that we can't believe it was Obama or anything they've done, it would have happened on its own!

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tozmervo Metropolis

tozmervo

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Arg, so frustrating :(

That's a location that should have been making a killing. I really hope another grocery operator takes it and runs with it. (Food Lion? Publix? Wishful thinking.) I hate that Teeter is the only store around that area now.

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monsoon Gigalopolis

monsoon

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Somebody I know went to one of the recycling centers to get a load of mulch. He was surprised in that there wasn't much there. The lady said that because practically all construction had stopped, they were not getting waste wood from construction sites nor any thing from cleared land. No pallet mulch either.

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Eastman Whistle-Stop

Eastman

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Somebody I know went to one of the recycling centers to get a load of mulch. He was surprised in that there wasn't much there. The lady said that because practically all construction had stopped, they were not getting waste wood from construction sites nor any thing from cleared land. No pallet mulch either.
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