Quote:
Originally Posted by kretinus
GM is headed for bankruptcy, read the financials, even their execs are dumping the stock.
The unemployment rate in Kansas has been rising steadily since July last year and continues to rise right through the end of the first quarter and beyond.
The problem here is people are looking for the turn around when the fact is we haven't even hit bottom.
The next real estate bubble is coming apart in the commercial sector, foreclosures are still rising, bankruptcies are still climbing and even strong companies are showing signs of cracking at the seams.
And we haven't actually even seen the effects of the house of credit cards our economy was fueled by to it's full extent.
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Yes, GM is heading for bankruptcy, but that doesn't mean they are going to stop building cars.
Kansas still has one of the lowest unemployment rates in the country. There is absolutely NO shortage of jobs in the area I live in (near Kansas City). I do not know a single person in this community that wants to work, and can find none.
I agree completely that there is a longer harder road to be trod, before any "real" turnaround occurs.
As for real estate, there have been some foreclosures in the area. These have nearly all been effects of the old ARM scam. Young couples who overbought, thinking they would be able to swing a higher payment, but in reality could not. My wife works in the real estate field, and has helped many of these young folks keep their houses, or do short sales. The banks (around here at least), have started to negotiate a little more as time goes on, and foreclosed properties fall into disrepair and ruin.
The credit card thing is just a mess. The only opinion I have on that, is don't use one unless you pay it off every time the bill comes.