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Economy...what's going on out there?

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Tyler, MO

01-20-2003 19:00:41

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I was at a consignment auction today....what can I say other than far and few between. No one seemed too interested in bidding. I am beginning to wonder what's going on after seeing similar auctions in the past few months.With few people bidding and even fewer people bidding what things are really worth I am a bit flustered. Is it just me or are things tighter than I thought? I'm not looking to stir anything up just to get some insight and opinions. Tyler

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Dale

01-21-2003 14:06:18

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Re: Economy...what's going on out there? in reply to Tyler, MO, 01-20-2003 19:00:41

I think the rare one are still doing very good. If you don't believe me check this link out.

110 Lawn mower on e-bay.

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Dan

01-21-2003 10:23:17

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Re: Economy...what's going on out there? in reply to Tyler, MO, 01-20-2003 19:00:41

I think we are seeing the result of NAFTA and GAT. I truly think this is what is wrong with our economy.

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Henry J

01-21-2003 06:22:39

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Re: Economy...what's going on out there? in reply to Tyler, MO, 01-20-2003 19:00:41

I think we are mixing apples and oranges (the economy and antique tractors). I went to one antique tractor auction and did not see mainstream wage earners there. The place was crowded with very late model duallies with tandem axel trailers attached. The people doing the bidding definitely were not the type that punch a clock. I think that the hugh (maybe inflationary) price increases in the antique tractor market just may be running the cycle of supply and demand. Maybe the supply is out doing the demand and it is time for a little stabilization. Also, as time and generations pass people are associating with equipment/collectables that are within the time frame of what has nostalgia for them. Personally, unless things change drastically, I just don't have the big bucks to be restoring another green tractor (except maybe an oliver :) ) Obviously I will not take up the issue with anyone about the economy being puny. Surely there are some other folks out there like me that said, "I am outta there, I got other things to do with my bucks."

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Craig M

01-21-2003 05:56:52

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Re: Economy...what's going on out there? in reply to Tyler, MO, 01-20-2003 19:00:41

I was talking to a friend that works at a car dealer and he said that they had program (used) vehicles that they had purchased a few months ago and cannot sell them for a loss right now. Part of the problem is that you can buy most any vehicle right now for 0% interest so why buy used. But he also said no one is buying much of anything. And another problem he mentioned is that the new vehicles are depreciating so fast right now that no one wants to buy and then a few months later have a vehicle worth half of what they paid. I believe the talk of war also makes some hesitant to spend. And other things has hurt most folks. For example I have a custom baling business that I operate as a side line. When you cut hay that bales less than a roll to the acre that has been yielding from 6 to 10 an acre that puts a crimp in your income. You guys all know that you still have to cut and rake it all. You can bale it quick but that is the only benefit. Just my 2 cents.

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Gary in TX

01-21-2003 06:56:36

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Re: Re: Economy...what's going on out there? in reply to Craig M, 01-21-2003 05:56:52

Craig,
I too run a custom baling business, as my full time deal, and I know what you mean about yields not being up to snuff sometimes. Once I mowed a 30 acre field and it made 6 rolls. Don't get me too wrong they were big rolls and it was in a drought year here in north central Texas. Prices on fuel, parts, and everything keep going up and so is the price of baling. Everyone is looking for a deal adn don't realise the expenses required in keeping a business such as this going. I know this year baling prices are going to have to go up. Along with that the price of hay to sell. Here, we have such an abundance of hay right now that its not even funny, last year was the wettest year we have had in probably 6 or 7 years. One thing I attribute the problems we are having in this country today is those people who are in high positions in companies that are raking in the big bucks and not caring about the little guy who is actually making them the big bucks. Take for instance the Kmart situation, from what I have seen it was the Conaway administration who sapped the company for millions in loans and who ran it in the ground. You hear people talking about how employees are grippy and stores are dirty? Ok, if you were getting done like that would you care if anything looked good or if you helped anyone? I am one of the ones who are loosing a job at Kmart from the current closing list and I used this job as a off season job from haying and additional income through the hay season. I worked the night shift stocking and had done that since 1985 and I had many grips with the company about raises and how they did things but I stayed with it even after leaving for a year to try to save a marriage and then going back. I was not in the group that didn't want to help anyone or who didn't care if the place looked like crap. I and those of us who worked nights always tried to help anyone who needed help and I for one hated to see the store in the shape it was in but when management won't let ya do what you see needs done and has you doing stupid things like putting garden hose reels over valentines or easter candy how can a place look presentable. Shoot, got on a soapbox, sorry. Point is from what I see and is that you have a small percentage of the population raking in mega bucks while the poor sap that is out there breaking his back is suffering. There is definatly something wrong in this country and these problems should be addressed and I think we should be taking care of our own more and giving aid to those in our own country more instead of doing so much for others around the world, yea we may be getting something from those around the world but what I am saying is that more should be done for the home team. I am sorry for the long post everybody, just one of my pet peeves.

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Craig M

01-21-2003 10:41:42

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Re: Re: Re: Economy...what's going on out there? in reply to Gary in TX, 01-21-2003 06:56:36

I think you are right. Sorry about your Kmart job.

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Gary in TX

01-21-2003 11:05:02

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Re: Re: Re: Re: Economy...what's going on out there? in reply to Craig M, 01-21-2003 10:41:42

Thanks!! I appreciate that very much!

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Steve - IN

01-21-2003 13:02:10

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Re: Re: Re: Re: Re: Economy...what's going on out there? in reply to Gary in TX, 01-21-2003 11:05:02

Gary, Sorry about the K-Mart deal. From my experience in trying to peddle some product at their Michigan HQ; they were an arrogant bunch. I imagine they treated employees that way as well.

But maybe it's not the country so much as the difference between teams in baseball, football, and so on. There was another guy in the same business as K Mart who generated enough wealth to put those Michigan guys to shame - he ended up as the richest man in America for a time. I'm talking about Sam Walton. Wal-Mart is still voted as one of the 100 best places to work in the USA. The secret might be in this quote from Walton: "Treat people with respect. If you do that, everything else has a way of falling into place."

Same country produced those two outfits. Maybe the country's not at fault - one of the outfits is. Good luck on getting something going with an outfit that's more like Sam Walton's -- wish you all the best --

Steve

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Gary in TX

01-21-2003 13:17:28

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Re: Re: Re: Re: Re: Re: Economy...what's going on out there? in reply to Steve - IN, 01-21-2003 13:02:10

Thanks Steve,
I believe you are right about Wal Mart but I have heard some bad things about them as well. They must not have been very bad though, I can't recall what it was, I just remember it was negative, course it could have just been from someone who wasn't getting their way too. In my personal opinion the head guys at Kmarts HQ in Troy are only interested in themselves. For instance they cut part time people down to as low as 8 hours aweek after xmas and this is people like myself who have stayed with the company. My last raise was only a quarter an hour and what kind of incentive is that to stay? there is no such thing as profit sharing, I realise there has to be a profit before you can share it too. Maybe things will change with the company and it will survive, don't look good to me right now and I'm not only talking about us loosing our jobs. Seems like there for atime the company wanted to self destruct and it was doing a good job of it. The future for ole Kmart, who the heck knows. For me at least I am going to work towards devoting my full energy to my custom baling business and what I can do working for me. Retail will kill you and in the end you won't have a whole heck of alot to show for it. WEll except for making the big guys there living for them. Thanks again.

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easydoesit

01-21-2003 17:04:35

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Re: Re: Re: Re: Re: Re: Re: Economy...what's going on out there? in reply to Gary in TX, 01-21-2003 13:17:28

Now that old Sam Walton (the entrepreneur) is dead you just watch the money changers take over. They don't love anything but the dollar. They run most big outfits and their job is to squeeze everything out of "tiny tim" that they can and siphon it off at the top for "Big Scrooge". Sam knew how he got there..not sqeezing the people who helped him.

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Steve - IN

01-21-2003 20:51:48

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Re: Re: Re: Re: Re: Re: Re: Re: Economy...what's going on out there? in reply to easydoesit, 01-21-2003 17:04:35

Like the family farm - the D.C. bureaucrats thought they were entitled to more of Sam's money when he died than the family he raised while he was building his "farm". Let's hope the family remembers what Sam taught them and will manage what's left accordingly- because we all know the bureaucrats surely never will. If the real money grubbers in D.C. weren't in the picture, maybe the money changers never could be.

Steve
- like the man says: "no taxation without respiration".

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G Taylor

01-22-2003 09:18:12

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Re: Re: Re: Re: Re: Re: Re: Re: Re: Economy...what's going on out there? in reply to Steve - IN, 01-21-2003 20:51:48

While I'm not a huge fan of Sam's empire I have to respect his guts,drive, wearing overalls to top level meetings. He stated out with nothing at age 47 or so after getting fired/quitting from a now defunct retail chain. Sam had an idea to help improve profit and they insulted him for his efforts/ideas. One of Sam's boys is a chip off the old block and won't let the business fail. Most of these senior execs now just mine the assets/pension fund out of a business and walk away after the company folds. Most of the past 10 years economy is built on borrowed money and people just can't carry more payments. Just wait until interest rate rise a little, it will be a tough for a while until debt is cleared.

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35 A

01-20-2003 21:51:30

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Re: Economy...what's going on out there? in reply to Tyler, MO, 01-20-2003 19:00:41

Try finding a job. Theres nothing out there. Even Mc'donalds are laying off. Maybe the days of over priced everything is over. Ruff Road Next 5 Miles

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OCB

01-21-2003 14:26:23

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Re: Re: Economy...what's going on out there? in reply to CJDave, 01-20-2003 19:38:36

Some day the China imports will stop and and then how will you walk to the neighbors for the Milk or Eggs

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easydoesit

01-21-2003 17:14:13

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Re: Re: Re: Economy...what's going on out there? in reply to Ken, 01-20-2003 21:45:39

Take it from someone who works in industry...The Environmental law to shut down every major American production operation has already been written..... Enforcement will complete the job.
No one wants to accept the liability or the cost of operating under the new Title V regulations. 99% of the people in this country don't understand it and the media will not tell you the straight of it.

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Steve - IN

01-20-2003 19:20:02

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Re: Economy...what's going on out there? in reply to Tyler, MO, 01-20-2003 19:00:41

Tyler,

They're selling cars and trucks at 0 per cent interest. Mortgage rates are at 40 to 50 year lows. Credit card debt is as high as it's ever been, and equities are way down. If you do want to buy something - makes sense to buy a new truck or new house. Everything that's used or requires cash might slide a bit in price for a while as demand is just not going to be there. I'd wait for some resolution on the Iraq thing and after the oil price spike we'll see in the next few months before things start getting back to normal.

Steve

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ChuckW

01-20-2003 19:08:57

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Re: Economy...what's going on out there? in reply to Tyler, MO, 01-20-2003 19:00:41

was trying to say the same thing on my post, believe the war talk and economy is putting a crimp on larger purchases....seems to me like tractor values are way down...

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oldironut/colorado

01-21-2003 20:12:39

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Re: Re: Economy...what's going on out there? in reply to ChuckW, 01-20-2003 19:08:57

I hate to hear about anyone losing a job that want's to work so I want to wish you the best of luck this new year. On the economy and in particular the stock market I strongly feel that the large corporations and conglomorates need to weed out all the crooked CEO's and CFO's and all the incompitent accountants that cook the books and the confidence might be restored in the market. There are too many crooks living legally free because of loopholes in the securities laws.

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steveormary

01-20-2003 20:39:12

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Re: Re: Economy...what's going on out there? in reply to ChuckW, 01-20-2003 19:08:57

We had a retirement sale on the farm last fall. We were located in central Ne. Also sold farm land. The four tractors and the van should have netted me at least another $4ooo. or better. There was alot of intrest up to a certain price. Guess if they couldnt buy it cheao they werent going to buy.

Same with land. Probably should have had another $10,000 out of the land. 3 things I blame it on. Drought,9/11 and stock market.

enuf
steve

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