recovery is months away -- 100+.
DEPRESSION! This is not a "recession". It doesn't take rocket science to see
If a housing contractions last five years, we still have three or four more
years to go. The housing market was going gangbusters in Utah until 2007 -
2008. In 2007 and 2008, everyone kept repeating the same mantra, "But Utah is
Let's hope things finally turn around by next year, but I highly doubt we've
seen the bottom. Is this a depression or recession, depends on who you ask.
Those who still have jobs, or those who lost theirs and can't even get one a
Target.Let's not forget about students that just graduated and can't
get a job that have student loans to start paying on too.
We've been spoiled by two unprecedented periods of growth to the point that
we've forgotten what a business cycle is like. This is a recession. People who
call the current downturn a depression are not old enough or not educated enough
to understand what the Great Despression was truly like--or even recognize a bad
recession. And, even though the residential housing market may take a long time
to recover, that doesn't mean other portions of the economy won't improve far
earlier. Economists date the end of a recession by when contraction stops--not
when growth appears. By that measure, the first-into-the-recession areas of the
country have already hit bottom.
Thredgold's most recently published book is titled "Why the American Economy is
Alive and Well". Opps! I guess he pulled this one on the shelf? Or is he willing
to say what ever makes him a buck?
"Like a timid swimmer watching for drop-offs on the pool bottom." Say what???
Japan is still mired in their 10-year (and growing) recession. Government
interference compounds and expands recessions.
Have you looked at the number of houses for sale in this state? Prices are
still WAY too high which means we are a LONG way from being able to recover.
Sellers and banks are still extremely optimistic on the prices they think these
homes should fetch. Another 20%+ drop in prices is needed in most parts of the
Wasatch Front. Until it happens, or inflation reduces the real value by that
much, the Utah economy is going NOWHERE. With very little big business (other
than church/government), Utah is dependent on housing, infrastructure growth and
out-of-state folks coming for education. The education wave from the
baby-boomers is fading, meaning there is little to drive a strong recovery for
the next 2-3 years.
We have basically become a service economy that feeds on each other's ability to
spend money...I would say we are still on our way to a big bottomless pit.
The socioeconomic situation has changed possibly forever.Live beneath your
means and you will have a good life.
With a state economy based mostly on: 1) Tourism2) Scam-way3)
Speculative Home building4) Reagan Outdoor advertisingUtah has
a long-long recovery ahead.
You can't eat services, live in services, drive services, run your car on
services, or wear services. Even lawyers and accountants eat, wear clothes and
live in houses.People still want computers, cameras, big-screen TVs,
food, shelter, clothing and fun recreational and entertainment opportunties.
The folks that produce them will do just fine.
As in the Great Depression some prospered exploiting those who did not.Some people are going to get hit and hit hard if they haven't been paying
attention to what's been going on for the last 8 years.
I'm pretty sure this headline would work just as well under the sports section
describing the Jazz
How many people do you know, especially in Utah, that produce TVs, computers and
I can tell you this downturn started much sooner than they are saying (we
started laying off two years ago), it is deeper than they are saying (I call it
a selective depression...if it's hitting you it's hitting you hard), and it will
last longer than they say. Coming out all depends on if the less-effected
business can pull the effected businesses up instead of the other way around.
It's brutal out here.
Fire 'em.Outsource.Relocate overseas.Take away their health
care.The piece of the pie grows along with the purchasing power.That
is capitalism at its best.
same guy who said in February.....any time Summer at the latest, yeah right. We
are deep in the soup....for a long time!
This type of cycle is good and bad. It is bad if you are not willing to work
hard, hussle, be ingenious and creative. It is bad for you if you just want to
show up for a paycheck or get employment based upon your education and
qualifications. If you are willing to go above and beyond, provide innovative
solutions, provide extraordinary products and work your butt off instead of just
punching a clock, you will thrive. I would say 98% of the population has the
ability to thrive in this economy. I would also say less than 5% of the
population with the ability to thrive is willing to do the work it takes. There
is more opportunity in a down market than an up market. My only grumble about
this whole thing is that big businesses are being held up by taxpayers and small
businesses because we live in an oligarchal society that positions politicians
to carry out agendas for large business.