Quote:
Originally Posted by MRM
Oh I couldn't agree with you more. People are confusing being able to see the bottom with being at the bottom, and getting worse at a slower rate with getting better. We'll probably have a second wave market crash and deeper recession when people figure out that this wasn't the begining of the end, but just the end of the begining.
Sales just have not come back across the entire economy. It doesn't matter what industry you're in. Profits can be propped up for a while, but revenue is nowhere near what it needs to be to support the current stock market levels, and the economic drag of unemployed professionals is causing more economic drag, which causes more layoffs.
We dodged a bullet last fall and again in February and March when it looked a lot like October, 1929, so by that measure we're a lot better off. But sales and profits and employment are worse this quarter than last, were worse that quarter than the one before, and so on. Next quarter will be worse yet than this on. The question is whether at that point we do hit bottom and growth starts to take hold.
|
My old man has a car dealership. Fully 50% of the dealerships that he was competing with last year are gone.
Empty lots, smashed dreams, gone.
He himself is barely keeping his head above water, he just sold a $400,000 property (it was a $750,000 property 2 years ago) to buy himself another 6 months.
Last month he sold 5 cars. His usual average?
30.