Amazon has whacked our affiliate account. Hosting Donations/Commitments $2063 of $1920 (Sept 13/18). In Hand $1466 (Lump sum payments minus paypal graft). Paypal Donation Link Here

How has the recent economic turmoil affected you?

Everything else!

Moderators: EvilHomer3k, Bakhtosh

Post Reply
User avatar
naednek
Posts: 8755
Joined: Tue Oct 19, 2004 9:23 pm
naednek’s avatar
Loading…

Re: How has the recent economic turmoil affected you?

Post by naednek » Wed Oct 10, 2018 6:35 pm

Exodor wrote:
Mon Sep 10, 2018 1:28 pm
I think Subway could use to reduce the number of franchisees - even now there are 3 within a ~5 mile radius of us.
That's funny that you say that, because on our way to the 49ers game from Sacramento, we were counting how many subways we came across just from the freeway. We lost count.
hepcat - "I agree with Naednek"

User avatar
Isgrimnur
Posts: 57864
Joined: Sun Oct 15, 2006 12:29 am
Location: Dallas, TX
Contact:
Isgrimnur’s avatar
Offline

Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Mon Oct 15, 2018 11:43 am

Sears
Sears, the one-time titan of American retail, filed for bankruptcy ahead of a $134 million debt payment due Monday and announced that it will close 142 stores.

For years, Sears has contended with the threat that it would become the latest big-name retailer to fall to online competition and crushing debt. The icon once known for its pristine catalogs, and more recently known for decrepit showrooms and a controversial chief executive, saw its stock price plunge last week after reports that it had hired an advisory firm to prepare a bankruptcy filing ahead of the Oct. 15 payment.

Early Monday morning, Sears announced it had filed for Chapter 11 bankruptcy -- which would allow it to reorganize and possibly reemerge from bankruptcy with some part of the business intact -- and received commitments for $300 million in debtor-in-possession financing to carry through the bankruptcy period while it restructures its debt and reorganizes its business. The company is negotiating an additional $300 million in financing from ESL Investments, a hedge fund run by Sears' former chief executive, Eddie Lampert. ESL Investments is also Sears' largest stockholder and creditor.

“The intention is to bring the company out on the other side,” a person familiar with the negotiations told The Post on Friday.
...
Sears will close 142 unprofitable stores near the end of this year, with liquidation sales at those stores expected to begin soon. It was not immediately clear where those stores are located or how many jobs would be affected. Those store closings are in addition to 46 others that were expected by next month.
Silver - 3k

People who are wrong often get mad at people who are right. (I have surprisingly never been shot.) (h/t Kevin Underhill, Lowering the Bar)

User avatar
coopasonic
Posts: 15276
Joined: Fri Mar 04, 2005 11:43 pm
Location: Dallas-ish
coopasonic’s avatar
Offline

Re: How has the recent economic turmoil affected you?

Post by coopasonic » Mon Oct 15, 2018 11:53 am

But where are we going to go for... uhhh... trying to remember the last time I considered Sears for any purchase. I think we may have bought a washer and dryer there 9 years ago. I also have a big craftsman tool chest but it is much older than that.
-Coop

User avatar
Kraken
Posts: 33117
Joined: Tue Oct 12, 2004 11:59 pm
Location: The Hub of the Universe
Contact:
Kraken’s avatar
Loading…

Re: How has the recent economic turmoil affected you?

Post by Kraken » Mon Oct 15, 2018 4:35 pm

It's kinda ironical that the former catalog giant couldn't make it in the internet era. Those businesses are not that different.

I'll miss Kenmore and Craftsman. We never shopped Sears for anything but small appliances, but they were always competitive there. Off the top of my head, we bought a Dyson vacuum, an air conditioner, an Amana gas range, a microwave oven, and a snowblower there.

User avatar
LordMortis
Posts: 59952
Joined: Tue Oct 12, 2004 11:26 pm

Re: How has the recent economic turmoil affected you?

Post by LordMortis » Mon Oct 15, 2018 4:42 pm

Kraken wrote:
Mon Oct 15, 2018 4:35 pm
It's kinda ironical that the former catalog giant couldn't make it in the internet era. Those businesses are not that different.

I'll miss Kenmore and Craftsman. We never shopped Sears for anything but small appliances, but they were always competitive there. Off the top of my head, we bought a Dyson vacuum, an air conditioner, an Amana gas range, a microwave oven, and a snowblower there.
What's new is old again. They fell prey to moving from innovator to classic to irrelevant. To their credit, they made it nearly 100 years before faltering and over 100 before before the writing was on the wall.

User avatar
Scuzz
Posts: 9091
Joined: Tue Jul 08, 2008 5:31 pm
Location: The Arm Pit of California

Re: How has the recent economic turmoil affected you?

Post by Scuzz » Mon Oct 15, 2018 4:48 pm

I still prefer shopping for clothing at a brick and mortar place, and Sears has been one of those places. We also have bought a couple appliances there. But Sears, like many other stores have problems keeping their store "neat and orderly". This leads to the inventory being a mess and making it hard to find things.

Another casualty around here has been Blast Gyms. I have belonged to a gym in the same building for almost 20 years, but they closed two weeks ago and my membership was transferred (thankfully) to Planet Fitness. I don't know if Blast has closed everywhere but they shut down 5 gyms here.

User avatar
Fitzy
Posts: 2030
Joined: Wed Oct 13, 2004 4:15 pm
Location: Rockville, MD

Re: How has the recent economic turmoil affected you?

Post by Fitzy » Mon Oct 15, 2018 9:29 pm

Kraken wrote:
Mon Oct 15, 2018 4:35 pm
I'll miss Kenmore and Craftsman.
Craftsman at least was sold off. So you can still get tools!

User avatar
GreenGoo
Posts: 39121
Joined: Thu Oct 14, 2004 10:46 pm
Location: Ottawa, ON

Re: How has the recent economic turmoil affected you?

Post by GreenGoo » Mon Oct 15, 2018 9:58 pm

A couple of nukes in the right places and we're all gonna be shopping at our local mom and pop again. Assuming we have enough bottle caps.

User avatar
Z-Corn
Posts: 3685
Joined: Mon Oct 18, 2004 4:16 pm
Location: GR, MI

Re: How has the recent economic turmoil affected you?

Post by Z-Corn » Tue Oct 16, 2018 5:48 pm

I always thought it would be cool to buy a house from Sears.

User avatar
Isgrimnur
Posts: 57864
Joined: Sun Oct 15, 2006 12:29 am
Location: Dallas, TX
Contact:
Isgrimnur’s avatar
Offline

Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Tue Oct 23, 2018 9:51 am

WaPo
U.S. markets opened in a steep slide on one of the busiest earnings days of the year as a global sell-off and a disappointing report by 3M — a major industrial company that is a window into the U.S. economy — had nervous investors fleeing stocks.

The Dow Jones industrial average dropped more than 400 points, or 1.7 percent, as trading opened Tuesday. The Standard & Poor’s 500-stock index was down 1.6 percent, its fourth decline in as many days. The tech-heavy Nasdaq, which has been whacked in recent weeks from the sell-off in the so-called FAANG shares — Facebook, Amazon.com, Apple, Netflix and Alphabet’s Google, Alphabet — was off 1.8 percent.

“Politics and earnings,” said Sam Stovall, chief investment strategist of U.S. Equity Strategy at CFRA. “Both 3M and Caterpillar appear to be spinning their wheels and showing the true effects of global tensions.”

3M and Caterpillar, another benchmark, dropped more than 6 percent in Tuesday’s pre-market trading as the companies failed to project robust outlooks for the rest of 2018. Caterpillar warned dealers worldwide that it would raise prices because of the growing cost of steel. The companies are closely followed because they have huge international sales and are seen as economic crystal balls.
...
U.S. markets were roiled in early morning hours from the steep decline across the board in Asia, reversing a slight Monday rally overseas. The Japanese Nikkei 225, China’s wheezing Shanghai Composite and Hong Kong’s Hang Seng all fell more than 2 percent.

Europe was down, too, with the London FTSE 100 down nearly 1 percent, the German DAX down 1.8 percent and teh Frech CAC 40 dropping slight more than 1 percent.

Markets are being hit from many sides: fears that the Chinese economy is slowing; uncertaintly over an upcoming U.S. election; rising interest rates in the United States; and worries that the long U.S. bull market is on its last legs.

Rising tensions between the United States and Saudi Arabia, a major world oil supplier, over the death of a Washington Post columnist Jamal Khashoggi has also put markets on edge. Saudi’s ability to temper oil prices makes it a huge player in the global economy.
Silver - 3k

People who are wrong often get mad at people who are right. (I have surprisingly never been shot.) (h/t Kevin Underhill, Lowering the Bar)

User avatar
em2nought
Posts: 3032
Joined: Fri Oct 15, 2004 5:48 am

Re: How has the recent economic turmoil affected you?

Post by em2nought » Tue Oct 23, 2018 10:13 am

Kraken wrote:
Mon Oct 15, 2018 4:35 pm
It's kinda ironic that the former catalog giant couldn't make it in the internet era.
It's amazing how badly their website works. Lowes and Home Depot aren't any better in that regard. At least that's my experience over my subpar internet connection.

Amazon is light years ahead in website functionality compared to those guys.
webuildthewall.us

User avatar
Isgrimnur
Posts: 57864
Joined: Sun Oct 15, 2006 12:29 am
Location: Dallas, TX
Contact:
Isgrimnur’s avatar
Offline

Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Wed Dec 19, 2018 5:39 pm

November Unemployment - 3.7% (0.0%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma5.40.30.4
High school graduates, no college3.30.50.9
Some college or associate degree3.00.10.5
Bachelor's degree and higher2.10.10.2

Table A-1 - Unemployment Rate Ages 16-19 - 12.0% (0.4, 3.7 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs1.6
Job leavers0.4
Reentrants1.1
New entrants0.3

Table A-12 - Unemployed persons by duration of unemployment
WeeksChangeYOY Change
Average Duration22.71.13.7
Median Duration8.91.00.8
Silver - 3k

People who are wrong often get mad at people who are right. (I have surprisingly never been shot.) (h/t Kevin Underhill, Lowering the Bar)

User avatar
Isgrimnur
Posts: 57864
Joined: Sun Oct 15, 2006 12:29 am
Location: Dallas, TX
Contact:
Isgrimnur’s avatar
Offline

Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Fri Dec 28, 2018 2:33 pm

Sears
Sears, the 125-year-old icon, has 24 hours to survive.

The employer of more than 68,000 filed for bankruptcy in October. Its last shot at survival is a $4.6 billion proposal put forward by its chairman, Eddie Lampert, to buy the company out of bankruptcy through his hedge fund, ESL Investments. ESL is the only party offering to buy Sears as a whole, people familiar with the situation tell CNBC. Without that bid or another like it, liquidators will break the company up into pieces.

But as Lampert stares down a deadline of Dec. 28 to submit his offer, he is quickly running out of time. As of Thursday afternoon, Lampert had neither submitted his bid, nor rounded up financing, the people familiar said. Should Lampert submit a bid, Sears' advisors would have until Jan. 4 to decide whether he is a "qualified bidder." Only then, could ESL take part in an auction against liquidation bids on Jan. 14.

It is possible Lampert, Sears' largest investor, secures financing in time to meet the deadline, these people said. The hedge fund manager turned retailer has managed last-minute feats before. Due to requirements by the Securities and Exchange Commission, Lampert will be required to make his bid public. That stipulation that could sway him to prolong the filing until its exact deadline of 4:00 p.m. ET Friday.
Silver - 3k

People who are wrong often get mad at people who are right. (I have surprisingly never been shot.) (h/t Kevin Underhill, Lowering the Bar)

User avatar
Grifman
Posts: 17845
Joined: Wed Oct 13, 2004 7:17 pm

Re: How has the recent economic turmoil affected you?

Post by Grifman » Fri Dec 28, 2018 3:06 pm

Isn’t this thread pretty much obsolete? After all the economy is doing pretty well, and there isn’t any economic turmoil of the type that started this’(stock market swings not withstanding). Or are we just hanging around waiting for the next recession?
Tolerance is the virtue of the man without convictions. – G.K. Chesterton

User avatar
Isgrimnur
Posts: 57864
Joined: Sun Oct 15, 2006 12:29 am
Location: Dallas, TX
Contact:
Isgrimnur’s avatar
Offline

Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Fri Dec 28, 2018 4:30 pm

The economy as a whole might be doing well, but those gains haven't been seen by most outside of Wall Street. Affordable housing remains an issue, infrastructure is still creaky, wage growth is stagnant, there's no exuberance, irrational or otherwise, about the future, and the youngest members trying to contribute to society remain too poor to do the things that they've grown up being told that they should do.
Silver - 3k

People who are wrong often get mad at people who are right. (I have surprisingly never been shot.) (h/t Kevin Underhill, Lowering the Bar)

User avatar
Isgrimnur
Posts: 57864
Joined: Sun Oct 15, 2006 12:29 am
Location: Dallas, TX
Contact:
Isgrimnur’s avatar
Offline

Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Fri Dec 28, 2018 5:09 pm

WaPo
And while unemployment is at the lowest rate in almost 50 years, the percentage of people in the labor force has remained mysteriously low relative to other developed countries. Experts say part of that trend can be explained by demographics as baby boomers retire, but U.S. participation rates also lag for people of working age. One analysis from this summer found that if the United States had the same working-age participation as Britain, we’d have to factor another 11 million people into the unemployment rate.

Consider, also, that despite persistent economic growth, the number of people receiving food-stamp benefits remains more than 50 percent higher than the number before the beginning of the Great Recession. Or that homelessness in the United States ticked up for a second year in a row. Or that child homelessness is surging in some parts of the country.

And if another recession is actually the horizon, as many forecasters predict, it is clear many Americans aren’t prepared for it. A Federal Reserve survey from earlier this year found that 40 percent of adults don’t have the savings to cover a $400 emergency and that more than a quarter skipped a medical treatment because of the cost in 2017. And, once again, financial well-being is even worse for people of color.
...
There are many things contributing to these trends, but if we pull one takeaway from 2018, it’s that rising inequality is deepening fissures within American society. This divide has afforded those doing well to sail forth in the booming economy and escape the headwinds facing our country, but the rest of America — especially low-income households and minorities — haven’t been so lucky.

This is the new gilded age — to borrow insight from Mark Twain. It appears gold from the outside, complete with stunning economic growth and opportunity. But beneath that shimmering layer are social problems that are only getting worse. Until we address that underlying inequality, it’s tough to see the coming years getting any better.
Silver - 3k

People who are wrong often get mad at people who are right. (I have surprisingly never been shot.) (h/t Kevin Underhill, Lowering the Bar)

User avatar
Kraken
Posts: 33117
Joined: Tue Oct 12, 2004 11:59 pm
Location: The Hub of the Universe
Contact:
Kraken’s avatar
Loading…

Re: How has the recent economic turmoil affected you?

Post by Kraken » Fri Dec 28, 2018 7:18 pm

The economy is creating high-paying, highly-skilled jobs in biotech and computers and robotics and healthcare; employers have trouble filling them because the skills needed are specialized and ever-changing. It's also creating a lot of low-paying service jobs with few or no benefits; employers have trouble filling those because nobody can make a decent living working in warehouses or delivery or food service or yard care. The kinds of decent-paying semi-skilled jobs that built the middle class are perpetually endangered. The economy's great if you're in the investor class or a technical professional. Jobs are also plentiful near the bottom, but those don't draw anyone into the workforce who's found another way to survive.

In semi-related news, the minimum wage in MA goes up to $12/hr next week, tying us with two other states for the highest minimum in the country. Many employers are already paying $15, which is where the law will take us by 2024, because that's the de facto minimum to attract and retain decent workers. It astonishes me that the $7.25 federal wage (which hasn't been raised in nearly 10 years) is still the floor in 20+ states. Income inequality is growing not just between social classes; it's also growing between rich states and poor states. (Granted, the cost of living is commensurately higher here, so our minimum-wage workers are not twice as well-off as those in the poor states.)

User avatar
hitbyambulance
Posts: 5712
Joined: Wed Oct 13, 2004 3:51 am
Location: Map Ref 47.6°N 122.35°W
Contact:

Re: How has the recent economic turmoil affected you?

Post by hitbyambulance » Sat Dec 29, 2018 4:29 am

https://www.propublica.org/article/olde ... retirement

"A new data analysis by ProPublica and the Urban Institute shows more than half of older U.S. workers are pushed out of longtime jobs before they choose to retire, suffering financial damage that is often irreversible."

User avatar
dbt1949
Posts: 20238
Joined: Wed Oct 13, 2004 12:34 am
Location: Hogeye Arkansas

Re: How has the recent economic turmoil affected you?

Post by dbt1949 » Sat Dec 29, 2018 3:41 pm

I'm sure that if I had stayed in the workforce I'd have been working at McDonald's by the time I retired.
I repaired electronic devices but they were getting so cheap as to not be repairable. The last company I worked (repairing lasers) for went out of business in 2002.
Ye Olde Farte
Double Ought Forty
aka dbt1949

User avatar
Grifman
Posts: 17845
Joined: Wed Oct 13, 2004 7:17 pm

Re: How has the recent economic turmoil affected you?

Post by Grifman » Sun Dec 30, 2018 2:22 am

Isgrimnur wrote:
Fri Dec 28, 2018 4:30 pm
The economy as a whole might be doing well, but those gains haven't been seen by most outside of Wall Street. Affordable housing remains an issue, infrastructure is still creaky, wage growth is stagnant, there's no exuberance, irrational or otherwise, about the future, and the youngest members trying to contribute to society remain too poor to do the things that they've grown up being told that they should do.
Perhaps so, but none of that is due to any “recent economic turmoil” but longer term economic trends and issues.
Tolerance is the virtue of the man without convictions. – G.K. Chesterton

User avatar
coopasonic
Posts: 15276
Joined: Fri Mar 04, 2005 11:43 pm
Location: Dallas-ish
coopasonic’s avatar
Offline

Re: How has the recent economic turmoil affected you?

Post by coopasonic » Sun Dec 30, 2018 11:41 am

How has the on-going socio-economic turmoil affected you?
-Coop

User avatar
Isgrimnur
Posts: 57864
Joined: Sun Oct 15, 2006 12:29 am
Location: Dallas, TX
Contact:
Isgrimnur’s avatar
Offline

Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Thu Jan 10, 2019 12:30 pm

December Unemployment - 3.9% (0.2%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma6.41.00.4
High school graduates, no college3.80.50.4
Some college or associate degree3.20.20.2
Bachelor's degree and higher2.00.10.0

Table A-1 - Unemployment Rate Ages 16-19 - 11.0% (1.0, 0.9 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs1.8
Job leavers0.1
Reentrants1.1
New entrants0.3

Table A-12 - Unemployed persons by duration of unemployment
WeeksChangeYOY Change
Average Duration21.51.22.0
Median Duration8.90.00.1
Silver - 3k

People who are wrong often get mad at people who are right. (I have surprisingly never been shot.) (h/t Kevin Underhill, Lowering the Bar)

User avatar
Isgrimnur
Posts: 57864
Joined: Sun Oct 15, 2006 12:29 am
Location: Dallas, TX
Contact:
Isgrimnur’s avatar
Offline

Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Thu Jan 10, 2019 2:50 pm

Labor participation
The rate of labor-force participation for prime-age adults (25-54) rose more in the fourth quarter of 2018 than in any quarter since 1994, part of a turnaround that started about three years ago. The rate climbed 1.1 percentage points from the end of 2015, reaching a 12-month average of 82 percent.

The participation rate among working-age women, described by Labor Secretary Alexander Acosta as “particularly strong,” has climbed 1.6 percentage points since December 2015, based on the 12-month average. The equivalent rate for men rose only 0.7 points.

The trend is muted for white men and women, but black men and women, as well as Hispanic and Asian women, are reentering the workforce at higher rates than at any other point in the recovery, suggesting the benefits of the expansion are finally reaching most corners of the economy.

Separate Labor Department figures showed more job openings than unemployed people in November, the most recent month for which data was available, continuing a trend that started in early 2018.

Breaking down the data by education, we see a trend that has surfaced many times: The groups who have historically faced the highest unemployment and worst job prospects are returning — in this case, workers who didn’t finish high school. That group has typically been unemployed at nearly twice the national rate.
Silver - 3k

People who are wrong often get mad at people who are right. (I have surprisingly never been shot.) (h/t Kevin Underhill, Lowering the Bar)

User avatar
Isgrimnur
Posts: 57864
Joined: Sun Oct 15, 2006 12:29 am
Location: Dallas, TX
Contact:
Isgrimnur’s avatar
Offline

Re: How has the recent economic turmoil affected you?

Post by Isgrimnur » Wed Jan 16, 2019 4:43 pm

Sears
Sears and ESL finally reached a deal. ESL agreed to boost its offer by about $150 million, putting the full bid slightly over $5.2 billion, the people said, and keeping the company from shutting about 400 stores.
...
Neither Sears nor ESL are out of the woods yet. Sears unsecured creditors are opposed to the bid, people familiar with situation said. They have said there may be claims against Sears for deals done under Lampert's tenure as CEO and its largest shareholder, which include Sears' spinoff of Lands' End in 2014 and transactions with Seritage Growth Properties, a real estate investment trust Lampert created through some Sears' properties a year later.

If the unsecured creditors formally object to the bid, the bankruptcy judge will need to assess the merits of their claim at a hearing Feb. 1 at the Southern District of New York Bankruptcy Court in White Plains. Lampert needs Drain's approval for the bid to be official.
Silver - 3k

People who are wrong often get mad at people who are right. (I have surprisingly never been shot.) (h/t Kevin Underhill, Lowering the Bar)

Post Reply