Recession: Do you think?

**FrugalMomof3** · 03-27-2008, 05:10 PM

the recession will last a year, 2 years, 3 years, etc?

How many of us lived through the last recession and how long did it last?
Another thread started on here got me thinking... I checked an estimate on our home about 6 months ago was at $161,000 and now is at $150,000. It scares me to think that my house will continue to go down in value with the recession on the uprise.

I dont plan on selling my home now, but was thinking about it in 5-6 years, I am curious as to what the value will be then and of course there is no way to tell, no one can predict the economy.

Anywho, how long did the last recession last?

**jamie79** · 03-27-2008, 05:32 PM

I think its going to be this way for several yrs

**Holly** · 03-27-2008, 07:01 PM

I lived through the last recession and remember gas rationing. odd and even days. ( hated them )
I think we have been in one for a year or so already (no one would admit it ,especially the government)
I'm figuring another year anyhow if not more. JMHO

**FrugalWitch** · 03-27-2008, 07:17 PM

I'm hazarding a guess of 2-3 years. I'm still stockpiling like a demented squirrel just to be on the safe side

**Marie78** · 03-27-2008, 07:22 PM

I have started stockpiling too and probably will for the next several months or so. I also wonder how much worse it will get and how long the current economic state will last?

**yonksgirl** · 03-27-2008, 07:27 PM

THis is such a scary time. I am hoping we come out of ths within a year, but to on the safeside I am starting to stockpile!

**TheRootedNomad** · 03-27-2008, 07:43 PM

I figure the economy will either go up shortly (yearish) after a new president takes office or will stay in the slump throughout most of the next presidency. I say this without implication of anything positive or negative of our current president or any of the candidates....only that change generally begets more change.

**Athena31** · 03-27-2008, 08:18 PM

I would have to guess 2 or 3 yeras as well but we won't really know its over till its over.

**ravenmaniac** · 03-27-2008, 08:26 PM

Honestly, I'm thinking 1-2 years. I feel so bad for the next president. He or she will have their hands full. I'm trying to stock pile canned goods. Not like a freak or anything, just to have on hand in case of a rough patch. The war keeps putting us deeper and deeper in debt. When we will get that paid for and how?

**ready4thebeach** · 03-27-2008, 09:15 PM

I hate to be pessimistic, but I think we'll see a slight spike after the election no matter who wins. Then, within a couple months we'll be back to where were were or worse.

My stragety right now is to buy a townhouse while I can get a good deal...I'm renting right now and it's killing me....then start stockpile what I can within reason. I have debt, but I'm going to focus more on building my savings figuring I can always use it to pay off the debt. Actually a lot of the debt is my daughter's...I kinda bailed her out last year and took it onto my card and she is paying me back.

I'm hoping to find a job within walking distance of our new place so that my son can use our one car for college and work. That way I can avoid having to purchase another vehicle.

Overall, I think the recession will last up to 5 years....I know....pessimistic, but I think based on history realistic, too.

Jeannie

**mmy2grls** · 03-27-2008, 09:16 PM

what do you think most should stockpile?

**mombottoo** · 03-27-2008, 10:23 PM

Depends on who you listen to or talk to...some of the powers that be don't think we are in one. I have been fortunate in the fact that even when our country was in a recession in the past my household wasn't really affected to the point that we noticed. Hubby always had a job, although his company did cut back to 4 days a week during the worst of it. But, the 4 day work week was the employees choice, not the company's. The company was going to have to start laying guys off and they (meaning the guys) approached the company about going to 4 days so nobody would get laid off. The company thought it was a great idea, so everyone got to keep working and they got to keep their benefits.

I don't think that things in the US are going to straighten out any time soon. With the free trade agreements, the various military actions, the falling value of the dollar abroad and the plain stupidity on the part of our politicians I think we are in it for the long haul.

All any of us can do is keep plugging away and hope for the best.

**larabelle** · 03-27-2008, 10:44 PM

I am thinking #4 years. My household was not affected during the last recession however I am planning on relocating to a residence within 8 miles of work in the event that the gas scene gets worse.

**yankeegal** · 03-28-2008, 08:27 AM

I think it will be another couple of years. I try to look at it as a wake up call to get my act together-again!

**FrugalMomof3** · 03-28-2008, 10:11 AM

WOW a few years? I am glad I am stocked up with can goods, rice, etc. I was reading our local paper today and seems on 1/1/10 our electric cost will go up 34%, YIKES! I almost passed out when I read that, let's hope things change but I guess this is a wake-up call to start saving. I just opened a savings acct., yesterday with our local bank and put in $200 and will put another $100 a week in there.