July 21, 2008 9:16AM
Still Looking for the Recession
By Brian Sullivan
Another quick note before the show and before I head off to Nashville this evening..
I went to Atlantic City this weekend for my birthday and stayed at the new Water Club by Borgata. Fanastic place, by the way and highly recommended.
A.C. Expressway was jammed going into town on Saturday. Stand-still traffic on all 3 lanes heading in. The hotel was sold out, restaurants were packed and I had to wait 30 minutes for one seat to open on the blackjack table.
I also went to the airport this morning to drop off my car before heading out this afternoon and the parking lot was full and the security lines long to get on a flight. Be interesting to see how it is this afternoon.
I know there is a lot of economic pain out there, but as Ive reported in different parts of my travels (Pittsburgh, Upper Michigan, Atlantic City) its just hard to spot from certain things I would call leading indicators.
By the way … I am going to Nashville to interview Nissan CEO Carlos Ghosn tomorrow. It will be live around 9am ET on Fox Business. You will not want to miss it.
Comment by Daryl Long
Jul 21st, 2008 at 12:55 pm
Everyone knows the people at the lower end of the ecomonic scale are the ones who are first to feel the pinch. Those with expendable income still have a little to spend.
I always thought our family could have a small but average vacation. This year we are scraping and stretching to spend one night in at an Econo-lodge a couple hours from home.
Keep dreaming of ‘Wonderland’ when the pinch wakes you up! You may join me in wishing for the money that seemed expendable when you were at the blackjack table.
Comment by Christopher Hill
Jul 21st, 2008 at 5:15 pm
You won’t find evidence of a recession at the Water Club by Borgata…
“Whoa! You lost me at Water Club by Borgata. Atlantic City’s first cosmopolitan hotel, which bills itself as “the ultimate resort destination,” charges $479 a room on Fridays and $529 on Saturdays during the summer…”
“Holy Cow! Not Another Economic Forecast Devoid Of Evidence”
http://www.boom2bust.com/2008/07/21/holy-cow-not-another-economic-forecast-devoid-of-evidence/
Comment by Jonathan
Jul 22nd, 2008 at 3:51 am
Hey Brian, You make a good point about your observations of our current economy. Most of the people i know, like myself, have made some changes in spending habits. However, these changes have been small at best. Most, if not all, seem to be in response to gas prices. This seems true no matter what tax brackett we reside in. Thanks!
Comment by Matt
Jul 22nd, 2008 at 9:50 am
Try going Monday through Friday. That’s the test of the economy, not Saturday. It takes more than a one day experience to figure the economic impact.
Comment by Angela
Jul 22nd, 2008 at 1:24 pm
I would have to agree. I think the Media is playing a large part in “talking” people into a recession mindset.
Comment by Bill
Jul 22nd, 2008 at 3:00 pm
Get real. Have you talked to people in construction or home renovation work? Have you visited somewhere else? Last weekend in Gulf Shores, Ala., I found places to park at a normally crowded hotel, and I could drive around without having to creep in heavy traffic. Have you talked to people trying to sell cars and trucks? Haven’t you heard that hotels in Las Vegas are begging for business? Have you talked to people in state and local governments, which are cutting budgets after tax revenues are falling. Have you read stories about falling ad revenues in magazines and newspapers that are leading to layoffs? Have you talked to working-class moms and dads struggling to buy milk OR gasoline?
It’s the worst economic condition I’ve seen since 1980-82.
WBK
Comment by paul
Jul 22nd, 2008 at 4:10 pm
No doubt all on “Credit Cards!!!”
Comment by Charlie
Jul 23rd, 2008 at 6:33 pm
It’s as if nobody is hungry when you are full.
Comment by deano, Peoria, AZ
Jul 23rd, 2008 at 9:54 pm
Does it ever occur to any of the financial pundits, fund managers, analysists, etc. out there that what they define as the state of the economy and what the citizens being polled view as to the state of the economy are not even in the same universe. All the financial experts use are the number of negative reports in a row, the magic charts and their lines, etc. to define the health of the economy. Citizens view the whole world situation, the amount of their savings, the state of their housing values, their upcoming financial situation, etc. to define their view of the economy. I just don’t understand this lack of understanding of this gap by the financial world.
Comment by William D. Edwards
Jul 24th, 2008 at 10:47 am
In order to measure changes one needs a permanent measurement system. We have that in the definition of recession, depression, and other economic terms. The idea is that we should not change the meaning of words or terms for personal or political reasons. That way we can communitcate. At any one time different industries are going to be in a bad economic situation, just like individuals. We should operate based on our personal situation and not what we see in the news or election ads.
Comment by Radarnav
Jul 24th, 2008 at 2:00 pm
I don’t see an economic problem, other than the hype of “bad times” by the Media and Politicians. It is obvious that some people have slowed their discretionary spending but the number of “Sales” in the consumer market. However, that is offset by the number of open job requisitions for quality paying jobs that are out there - Industries are hiring for very good jobs - EDUCATION & EXPERIENCE required