OT: Depression vs. Recession
TRUE STORY:
When I was a freshman in college in my first business class, the professor asked the question: "What is the difference in a recession and a depression?" Several astute students said the textbook defination of the words. The professor shook his head and said, "Recession is when your neighbor loses his house. Depression is when you lose yours!"
On our small street alone, two houses have foreclosed in the past six months, one house is up for rent as the family could not afford to hold on to it but don't want to sell it for less than the value was two years ago. We live in a very modest, middle class residential area-no high priced, mega homes here, just average, raise your family in and grow old, kind of homes.
I really thing this recession the American leaders are trying to avoid is here already. What kind of recessional things are you all seeing in your area?
Nanci
When I was a freshman in college in my first business class, the professor asked the question: "What is the difference in a recession and a depression?" Several astute students said the textbook defination of the words. The professor shook his head and said, "Recession is when your neighbor loses his house. Depression is when you lose yours!"
On our small street alone, two houses have foreclosed in the past six months, one house is up for rent as the family could not afford to hold on to it but don't want to sell it for less than the value was two years ago. We live in a very modest, middle class residential area-no high priced, mega homes here, just average, raise your family in and grow old, kind of homes.
I really thing this recession the American leaders are trying to avoid is here already. What kind of recessional things are you all seeing in your area?
Nanci
I totally 100% agree with you that the recession has already begun... We too live in a middle class residential area... and there are so many houses around us going up for sale/ rent... I know I haven't had a pay raise in over 2 years now.. with me working in the pharmaceutical industry.. you'd think the money would be there for us small peeps...and my DH works for a Valley Recycling business now for almost 20 years... that's fixing to possibly shut the doors or sell out.. worry worry worry....
One question that I would like to ask the President is what is he going to do about these gas prices?? His speach last night didn't involve that topic!!
One question that I would like to ask the President is what is he going to do about these gas prices?? His speach last night didn't involve that topic!!
I have had to watch 2 different friends of mine shut there small business doors, my DH and I own our own business and it is beginning to look like the same thing is gonna happen to us, I hope and pray not, but GOD knows what he is doing and if it is his will we shut the doors then let it be. I know GOD is good and ever faithful to us.
Love ya all..
Love ya all..
Thank you both for writing. It seems like we are all in the same boat paddling with different oars. I agree with the comment about the gas situation. WHAT GIVES?? It is way too costly to go to work much less run a business and imburse the employees with a decent salary. It is like a vortex of things.
I think the saddest story I have heard so far from the difficult times involves someone I know who is a single parent. He is trying to raise two children but has now lost his home in foreclosure. He is so far behind in utilties, etc. and now has such terrible credit, getting an apartment seems bleek. He called to tell me that he was placing his children in foster care until he can get on his feet. He is taking them this weekend.
I am afraid things are going to get a lot worse too. Thank you for sharing your responses and I will be thinking of you both.
Nanci
I think the saddest story I have heard so far from the difficult times involves someone I know who is a single parent. He is trying to raise two children but has now lost his home in foreclosure. He is so far behind in utilties, etc. and now has such terrible credit, getting an apartment seems bleek. He called to tell me that he was placing his children in foster care until he can get on his feet. He is taking them this weekend.
I am afraid things are going to get a lot worse too. Thank you for sharing your responses and I will be thinking of you both.
Nanci
Most Active
Recent Topics
