# Who is in recession?



## noirua (25 October 2008)

From the recessions I can remember it was often the unfortunate few who suffered.  By far the greater majority didn't notice much at all.

If you lose your job in an area where re-employment is difficult and you own a house and have debts. Then unless you have relatives to bail you out, then you will suffer from the effect of a recession.
Those with heavy debts either personally or in business need to take action quickly. When the bank pulls the plug you're gone.

If you work in secure Government employment with no debts at all, and no exposure to stock markets. Then you may be slightly better off as prices fall.
Those already retired are also going to see very little change.

Recessions are very unfair and indiscriminate at times, though you can work out from the above quite simply as to what your dangers are.


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## Smurf1976 (25 October 2008)

I don't agree with the notion that government jobs are necessarily secure. Some are reasonably safe such as police etc but if there's one thing I remember very well about the last recession it is that the state government was probably the single biggest downsizer. Schools closed here, there and everywhere. Entire departments gutted or abolished completely almost literally overnight. 

Government job losses by the thousands - and that's just in Tassie. Department of Construction was abolished completely - not sure how many there but it was a lot. A lot of cuts to schools as I mentioned. And I do recall some cuts to health as well. Not sure about police etc but I think there were a few cuts by means of cutting back the annual intake. 

Also I remember the big cuts in other supposedly "safe" things such as heavy industry, smelters, mines etc. It was cut after cut after cut and in several cases that ended up being a 100% cut with outright closure. Hundreds of jobs cut at the zinc works, ANM, the North-West pulp mills, Mt. Lyell and so on. Outright closure of the Electrona works, Tioxide and the Port Huon mill. 3000 jobs went at the Hydro. All those things were for generations considered rock solid, secure employment as was the public service.

So what is safe? Very few jobs are truly safe in my opinion apart from doctors etc. Just about anything else can and will be downsized if it gets bad enough.


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## BradK (25 October 2008)

There was an article in the Independent today which hits the nail on the head. If you are a mortgage holder and you manage to keep your job, then you will benefit from lower interest rates - although other forms of credit might be hard to come across. 

Try getting a car loan now??? 

http://www.independent.co.uk/news/b...is-it--and-will-it-get-much-worse-972767.html

Brad


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## Tysonboss1 (25 October 2008)

My share portfolio is in recession,.... or retreat could be a better word LOL.


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## xoa (25 October 2008)

With CPI running at more than 5%, most workers are suffering a recession in their real wages.


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## Glen48 (25 October 2008)

Who else agrees some are in a recession and others are just entering and all to be in a recession/ depression with in months ?


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## Ageo (25 October 2008)

Glen48 said:


> Who else agrees some are in a recession and others are just entering and all to be in a recession/ depression with in months ?






i agree


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## wallyt99 (25 October 2008)

Yep.... I agree....Seems no end in sight for this financial mess.


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## baja (25 October 2008)

I agree....an economic depression.....  :bloated:


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## noirua (25 October 2008)

I can't agree with some comments as there is no way I could end up in recession, depression etc., 
I have zero debts, own no properties, and live abroad.  Have taken all my pension rights.  80% of my investment portfolio is in cash (20% in Aussie Dollars, 35% in US dollars and the rest in British pounds) and US bonds. It would be even better if the rest was not 90% in Aussie stocks, but then who's perfect. 
Other people I know have properties in NSW and QLD, and have no debts.  They could easily survive without working for one reason or another. It's the poorer working guys or the ones in their 20's and 30's who suffer most.
As to losses in Government jobs in previous depressions, the actual percentage loss of jobs was extremely low, high of course if it happens to be you or i.


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## Glen48 (25 October 2008)

So if house prices go down say 40% won't that compensate for inflation?
If you can buy some thing for $100K off ( if you are game) it will take a lot of inflation increases before you are in the red.
Maybe we are all missing the point.. what if the World we use to know changes so much, what we use to worry about doesn't matter any more.. say shopping centers close up and people start backyard bakeries, sell Vegies, Meat, all the health and Council requirements are out the window, OHAS is gorn...People are squatting and we all sit around a camp fire telling yarns about the 2009 Depression, it will be good for society to be friends instead of buying thing you can't afford to impress people you don't know with money you haven't got.
When I was a kid well before the War ( on terror that is ) we had a China man came around with a House and buggy ( Buggy whips now there could be a market  ) the China man had fruit and vegies and Mother would go out buy what she needed the Horse knew when to stop.
 I think the Horses Ass ended up running Lehmans Bros.


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## spooly74 (8 November 2008)

LMAO 



> Nov. 4 (Bloomberg) -- For the first time in almost half a century, *Vatican administration staff will clock in for work as part of a clampdown on slackers, a sign that the global financial crisis has also spread to the world's smallest state.*
> 
> Timekeeping was scrapped in 1960 under Pope John XXIII. Starting Jan. 1, the practice returns. All Holy See employees will be given magnetic badges and forced to clock in and out in an effort to track their movements and ensure they're working a full day, said a Vatican spokesman who declined to be named.
> 
> ``We can't afford any waste,'' Bishop Renato Boccardo, secretary of the Governatorate of Vatican City State, told La Stampa newspaper. ``There is a lot of work that needs doing, and the financial situation doesn't allow us to hire more staff.'' A spokesman confirmed the comments today.




http://www.bloomberg.com/apps/news?pid=20601109&sid=aWuZIn.sNels&refer=home


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## noirua (19 November 2008)

As in previous recessions it is those who can stay in work who will be the gainers.  It's those who lose their jobs out of town who become the big losers. 

I remember when working for one company in hard times, someone said, "let's all take a pay cut so no one loses their jobs". Companies rarely ever go for this as key staff move on, and also in their minds, that if they sack 10% then the rest work much harder.


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## noirua (21 February 2009)

Pointers to the deep recession spreading like a contagion across the World. 

Saab (part of GM) the Swedish car maker has sought protection from its creditors.  Known as reorganization in Sweden.

Meanwhile, the UK has reported a 58.7% drop in car production in January.


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## noirua (1 March 2009)

Venezuela, run by its President Hugo Chavez appears to have fallen off a cliff.  
http://www.bloomberg.com/apps/news?pid=20601087&sid=aY32ms.K3E1U&refer=home


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## noirua (8 March 2009)

The unfair world continues as many lose their jobs and end up in recession. Others carry on regardless, whether they deserve it or not, and quite often do better because of it.
Despite being abroad, two companies seem to keep on calling me and work jogs on and on. Maybe I'm cheap or just do not mind if there isn't any work at times.
Difficult if you just can't afford to take a pay cut or cut in hours.  Or perhaps some think a jobs only worth taking if it means travelling no more than 20 minutes. 
Keep out of recession and go anywhere I suppose.


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## knocker (10 March 2009)

All those people losing jobs en masse, and not being able to find another as evidenced by this article in the age. Good luck KRuddy with your Australia will not go into recession BS.
http://business.theage.com.au/business/job-ads-crash-20090310-8tq6.html


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## Glen48 (10 March 2009)

Tonight ABC 7:30 report a story about UK in depression.


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