So has our countries economic disaster effect you personally, or your Pool playing
- Thread starter CocoboloCowboy
- Start date
CocoboloCowboy said:
I have been in the process of selling my house for a couple of months. The housing market up here in Washington State has suffered, but not nearly as much as the rest of the country. Today, I was contacted by my Realtor and told that the buyer could not get financed for their loan. Now normally this would not be very surprising with the economy like it is but this buyer was putting down $160,000 / 50% of the closing amount. This seemed kinda strange at first, but it became clear this afternoon, when I was informed that the Buyer was Canadian. It appears that US. Banks will not finance anyone who is not a US citizen, and that Canadian Banks are only currently financing loans on Canadian soil:shrug: The buyer owns a business in Canada and has good credit in Canada. But it appears that that fear has set into banks to the point that they are starting to circle the wagons and only support their host counties.
Now this is only an inconvenience for me and my family, we have been very fortunate. My business is doing very well, to date we have not really felt the effect of the disaster that is happening world wide, except for the above. While like I said my business is going good, one thing I do feel bad about is the additional alcohol I am selling. Now that may sound condescending, but I am serious, it appears with things going to hell in a hand basket people are choosing to drink more and more to drown their pain and suffering. I really hate to see this too, many of these people have been customers since I opened my Pool Room and I even know some of their families.
While my business is better than last year at this time, I still have to feel bad for all the suffering around me, I suppose that makes me a bad business man.
Well I just looked at the Sunday, Arizona Republic Classified for my Nephew, the ads look like a bad deli sandwich with not much of jobs. Last year this time it was 16-20 pages of jobs, today it looks like maybe 6 pages of jobs.
Was out running some errands yesterday, and when by two of the Bar that had large money add tournaments, one was 500 Guaranteed. They only drew like maybe 30 players, as year ago they would have had 50-60.
People are either watching their money, or have no money for extras, as Job are gone, House they live in have Deprecated 20-30% this past years, or the 401 have slid in value.
I predict the closing of many Bar with Pool Tables, and Pool rooms in the Valley of the Sun, if our economy don't turn around FAST!!!!
Was out running some errands yesterday, and when by two of the Bar that had large money add tournaments, one was 500 Guaranteed. They only drew like maybe 30 players, as year ago they would have had 50-60.
People are either watching their money, or have no money for extras, as Job are gone, House they live in have Deprecated 20-30% this past years, or the 401 have slid in value.
I predict the closing of many Bar with Pool Tables, and Pool rooms in the Valley of the Sun, if our economy don't turn around FAST!!!!
Like many, I was riding the high of having a house that rocketed in value, now reality is setting in...
I'm still ahead in terms of house value, however. My partner and I purchased our primary residence in 2002, it maxed at almost 80% above purchase price about 2 years ago but now it's only up about 40% above our purchase price. This is in suburban DC which is somewhat insulated from other parts of the country due to the abundance of somewhat secure government jobs.
I've been trying to sell my mom's residence in West Virginia (www.bobwhitelane.com) and just lowered the price to 80% of its appraised value since I was getting no traffic. I'm in trouble with that one since it's in a resort consisting mostly of second homes (weekend getaways, summer homes, etc.). I think this market has really been hammered. People are struggling to afford one house, let alone 2 or more (McCain excepted).
My "familial unit's" combined retirement TSP has lost $250k in about 1 year, so my aspirations of retiring in 8 years were premature, to say the least.
In terms of job security, I'm lucky that I work for a government lab and part of my job is (loosely) involved in biosecurity. Our laboratory funding has been stripped to the bone, but it is unlikely any senior scientists' jobs will be cut.
I'm still ahead in terms of house value, however. My partner and I purchased our primary residence in 2002, it maxed at almost 80% above purchase price about 2 years ago but now it's only up about 40% above our purchase price. This is in suburban DC which is somewhat insulated from other parts of the country due to the abundance of somewhat secure government jobs.
I've been trying to sell my mom's residence in West Virginia (www.bobwhitelane.com) and just lowered the price to 80% of its appraised value since I was getting no traffic. I'm in trouble with that one since it's in a resort consisting mostly of second homes (weekend getaways, summer homes, etc.). I think this market has really been hammered. People are struggling to afford one house, let alone 2 or more (McCain excepted).
My "familial unit's" combined retirement TSP has lost $250k in about 1 year, so my aspirations of retiring in 8 years were premature, to say the least.
In terms of job security, I'm lucky that I work for a government lab and part of my job is (loosely) involved in biosecurity. Our laboratory funding has been stripped to the bone, but it is unlikely any senior scientists' jobs will be cut.
I am probably bleeding money out of my 401k as fast as I am putting it in, and 15% of my income goes into it. I did make a minor adjustment in my future investments towards the bond side of things (maybe a 20% shift in how I allocate the funds) and changed the % going into the different stock mutual funds I hold. I have not sold anything or pulled back at all. I am going to ride this baby all the way to the bottom and back up the other side. I've got in aminimum of 14 1/2 yrs before I can start to draw on it and 21 yrs before I intend to use it. I'm going to ride this thing out and come out on the other side sitting pretty.
My day to day situation hasn't changed. I refinanced my house before the crash, consolidated my debt and put some money in the bank (credit union). I play pool whenever I feel like it, which is to say I play almost every day.
I just put a 14 x 24 garage in for the express purpose of being a pool room. I'll have room for a 7' table and a bar. I've got the building in (used a local company) and am getting electric run to it this week, again using a local contractor. I have patronized the mom and pop hardware store in town as well as both big box suppliers (Lowe and Home De' Pot) and will most like likely purchase the paneling, insulation and light fixtures from them. The pool table, bar and all the acoutriments will be purchased locally. I am paying cash for everything.
I figured that I have it to spend and I might as well do my part to fuel the economy. In reality I really just wanted a pool room, and the benefit to society and my community is just a byproduct of capitalism. I am after all a stone cold capitalist. I believe in the free market and I do everything I can to encourage it in my community.
From an employment standpoint, I feel very secure. Even if severe cuts are required I am confident that I will survive them. There are 19 guys in my region doing the same job that I am. I am located in a key position to cover a lot more territory than I do now and I am in the top 5 in my region in terms of job performance. My boss told me that if we got down to 5 people I'd be one of them. Of course my job would change dramatically, but that's something I am willing to deal with.
Short answer: The only change that has effected me personally is the slide to socialism that took place. I am not living in a representative republic anymore, I am living in a socialist state.
:angry:
My day to day situation hasn't changed. I refinanced my house before the crash, consolidated my debt and put some money in the bank (credit union). I play pool whenever I feel like it, which is to say I play almost every day.
I just put a 14 x 24 garage in for the express purpose of being a pool room. I'll have room for a 7' table and a bar. I've got the building in (used a local company) and am getting electric run to it this week, again using a local contractor. I have patronized the mom and pop hardware store in town as well as both big box suppliers (Lowe and Home De' Pot) and will most like likely purchase the paneling, insulation and light fixtures from them. The pool table, bar and all the acoutriments will be purchased locally. I am paying cash for everything.
I figured that I have it to spend and I might as well do my part to fuel the economy. In reality I really just wanted a pool room, and the benefit to society and my community is just a byproduct of capitalism. I am after all a stone cold capitalist. I believe in the free market and I do everything I can to encourage it in my community.
From an employment standpoint, I feel very secure. Even if severe cuts are required I am confident that I will survive them. There are 19 guys in my region doing the same job that I am. I am located in a key position to cover a lot more territory than I do now and I am in the top 5 in my region in terms of job performance. My boss told me that if we got down to 5 people I'd be one of them. Of course my job would change dramatically, but that's something I am willing to deal with.
Short answer: The only change that has effected me personally is the slide to socialism that took place. I am not living in a representative republic anymore, I am living in a socialist state.
:angry:
Our company's stock is down more than 80% from its high this year. Capital expenditures are tight. Personally, I am the newest member of upper management, but I feel my job is fairly secure (there is a lot of dead weight to skim before me).
I own a house in my home town which I intended to keep, but the economy has me worried that I will not be able to rent it out. The current rentor is 2 1/2 months behind in rent (has only been there 3 months) and has just made current on bills.
Times are getting tight, which I am trying to relay to my employees so that we will be proactive. Almost all economies are cyclical and this is our time to lull. Taking money from the productive to reward those who have faltered already will do nothing but damage. We will be paying for these mistakes until the ebb and flow of our economy is at high tide once again.
I own a house in my home town which I intended to keep, but the economy has me worried that I will not be able to rent it out. The current rentor is 2 1/2 months behind in rent (has only been there 3 months) and has just made current on bills.
Times are getting tight, which I am trying to relay to my employees so that we will be proactive. Almost all economies are cyclical and this is our time to lull. Taking money from the productive to reward those who have faltered already will do nothing but damage. We will be paying for these mistakes until the ebb and flow of our economy is at high tide once again.
It has effected me in any day-to-day way (yet), but it has beat the hell out of my 401K. It makes my retirement at 66 (4 more years), which was questionable to begin with, out ot the question.
It could effect me in the here and now before long. I work for a company in the financial sector and I expect it may greatly effect our bonuses this year. Hopefully the market will turn around and I'll not have to worry about layoffs rearing their ugly head.
It could effect me in the here and now before long. I work for a company in the financial sector and I expect it may greatly effect our bonuses this year. Hopefully the market will turn around and I'll not have to worry about layoffs rearing their ugly head.