[gypsychic]

Things are rough in Florida, and over much of the country right now. This economy affects us all, even if many of us still have our jobs and homes. Every time I turn around another small business or restaurant has closed for lack of business or lack of capital. Too many people out of work and can't pay their bills let alone buy stuff in the stores or eat out.

And Shores, Charlie Crist and Florida is on the bandwagon for solar and alternative power, as well as green building. We are finally making strides.

State: FPL unveils plans for a solar plant (http://www.sptimes.com/2007/09/27/State/FPL_unveils_plans_for.shtml - broken link)

[JSnFla]

im not sure what the rest of florida is like right now but the tampa bay job market is a horrifying situation...people with masters degrees and 10 yrs exp applying and getting turned down for restaurant and customer service jobs...the economy here is bewildering bad and approaching scary

[Shores9]

Originally Posted by JSnFla

im not sure what the rest of florida is like right now but the tampa bay job market is a horrifying situation...people with masters degrees and 10 yrs exp applying and getting turned down for restaurant and customer service jobs...the economy here is bewildering bad and approaching scary

Tampa Clearwater St. Pete MSA is certainly not doing well, but there are worse places in the state Use this link to start a search then click on "Local Area Unemployment Statistics (LAUS)"


Databases, Tables & Calculators by Subject

[compelled to reply]

Originally Posted by Shores9

compelled to reply - do you mean the 1990-1991 recession? Peak to Trough cycles as measured by the National Bureau of Economic Research (the folks that actually make the official "recession" call)

I was referring to the stock collapse that happened in 1987. A lot of similarities right now but not quite as bad.

[Shores9]

Originally Posted by compelled to reply

I was referring to the stock collapse that happened in 1987. A lot of similarities right now but not quite as bad.

Yes Agreed!!! Referring specifically to the stock market this week’s 777 point 6% drop was nowhere near the percentage drop of Black Monday’s 508 point 22.6% drop

But this does look like the unraveling of the rest of our economy and if so no amount of money, bailout, or rescue will stop it – it will have to run its course

[TANaples]

If not to my husband's job with a NEW YORK SALARY, we would never have moved to Florida.

Sunshine meant nothing.

[JMadison]

Florida will probably fare poorly. Or more correctly, working class Florida citizens will.

The early 90's were bad, and seems to me, work has never really returned since to some areas. (Thinking Palm Beach County, where I was from). Large employers massively downsized or completely left. The local gov't did little to attract replacements.

I ended up leaving in '98, almost broke. It's now 2008, have never seen a way to get home. But of course if I were Dr. , Lawyer or Business Owner it might look different.

Even if this weren't happening the usual sun-belt double whammy always applies. "Home prices are higher because it's the sun belt!"..."Salaries are lower because it's the sun belt."

[Shores9]

'Great Depression' closer than U.S. admits, report finds

I rarely lend credence to what is published in the papers but this afternoon I was doing some research on bank failures and found this article.

'Great Depression' closer than U.S. admits, report finds - Pittsburgh Tribune-Review

The authors submitted this report Friday to the Senate Banking Committee and to the House Financial Services Committee during the 700 billion bailout negotiations.

My research of FDIC summery reports on bank failures produced a couple of interesting facts

1 – since 1935 there have been 3570 bank, S&L and Thrift failures mostly small in nature and usually concentrated around an economic downturn.

2 – the 1st and 3rd largest failures happened this year with Indy Mac total assets of 30+ billion and Washington Mutual with total assets 307+ billion. The second largest failure happened in 1984 Continental Illinois Chicago with assets of almost 40 billion
3 – of the 3570 bank failures there was a total of 1.3 trillion in associated assets.

Note** Total assets indicate bank size not total loss to FDIC

[DailyJournalist]

Originally Posted by TANaples

If not to my husband's job with a NEW YORK SALARY, we would never have moved to Florida.

Sunshine meant nothing.

Rub it in TANaples I am making less in Florida as a college graduate than I did in NJ as a high school grad, much much less.

[JimMe]

Originally Posted by gypsychic

Things are rough in Florida, and over much of the country right now. This economy affects us all, even if many of us still have our jobs and homes. Every time I turn around another small business or restaurant has closed for lack of business or lack of capital. Too many people out of work and can't pay their bills let alone buy stuff in the stores or eat out.

And Shores, Charlie Crist and Florida is on the bandwagon for solar and alternative power, as well as green building. We are finally making strides.

State: FPL unveils plans for a solar plant (http://www.sptimes.com/2007/09/27/State/FPL_unveils_plans_for.shtml - broken link)

How would you know that "Things are rough...over much of the country right now?" The fact is that there are pockets of economic distress, like Florida, that are not representative of the rest of the country. Those pockets rode the housing boom and now they are riding the bust. Most of the huge increase in foreclosures are confined to a few states like Florida, Nevada, California. Here in Maine the real estate market was never overheated to begin with so the bursting of the market has had marginal impact. The same is true for much of New England. But the real danger is that the large economies of Florida and California will tank to the point of dragging down the rest of the economy. In other words the cancer appears to be metasticizing.