Darn economy!

[bignose]

Well I got laid off today. I thought working for a smaller company had stability, boy was I wrong. Thank god I finished my tank before today. Anyone else feeling the economy slump?

[Flash]

i work in a motorcycle shop and it's hurtin... yes it's winter... but you can see it every day.. sorry about your job

[Norstar]

The telephone business has definitely slowed down in Vancouver. I am the owner of a small business. Big and small - we are all feeling it.

Sorry to hear you were laid off. Make the best of it by improving some skills, and you will get hired again in no time!

[LeeR]

I was handed the pink paper yesterday.:neutral:

[Der_Iron_Chef]

Oh man. Sorry guys....that really sucks :( My job relies entirely upon government funding and private donations, so who knows. Unfortunately, underage sexual exploitation doesn't stop, despite an economic slump; fortunately, that means I probably will get to keep my job.

[bignose]

I'm going back to school in March anyways. They gave me a months severance thank god.

[EmilyB]

I just heard on the news yesterday that Calgary has the best economy in the World. (First Canada, then Calgary, is the best in Canada).

[Geofrog]

Bignose and MacheteAve sorry to hear about your jobs. Hopefully things start to turn around quickly.

[Ryan]

Heck no we are still going strong up here. Talismen just booked both our trucks for 10 days in Fox Creek and scince then we have been working for Galleon or CNRL non stop scince new years.

[GreenSpottedPuffer]

Heck no we are still going strong up here. Talismen just booked both our trucks for 10 days in Fox Creek and scince then we have been working for Galleon or CNRL non stop scince new years.

???

LOL...I wouldn't even be able to guess what this means.

[Ryan]

???

LOL...I wouldn't even be able to guess what this means.

I know you BC boys dont really focus on the oilfield do ya? Oilfield basically runs the alberta economy. A falling oilfield means a falling economy. Look at southern Alberta compared to northern alberta.

[GreenSpottedPuffer]

I know you BC boys dont really focus on the oilfield do ya? Oilfield basically runs the alberta economy. A falling oilfield means a falling economy. Look at southern Alberta compared to northern alberta.

Hahahaha! No I do know that but I didn't even know you were talking about the oilfield :D

[Powertec]

I know you BC boys dont really focus on the oilfield do ya? Oilfield basically runs the alberta economy. A falling oilfield means a falling economy. Look at southern Alberta compared to northern alberta.

We'll your Northern Alberta might be doing great but mine isn't. I am in Fort Mac and was part of the Suncor Layoffs. But was fortunate enough to get another one job. But let me tell you it is not pretty up here. There is next to nothing going on around here nor will there be for awhile.

[Ryan]

Ya I heard they are shutting down the oil sands. Here in Grande Prairie we have been oing pretty hard.

We are lucky alot of our customers are willing to wait a few days for our truck. They say its worth it. Our other shop in Red Deer alot of the guy have been coming up here on jobs. Seen more RD trucks in the yard then ever before. I think at one time we had half our Coil Rigs here. Pretty shocking when in GP we only have 1 Coil rig and 2 n2 pumpers.

[i have crabs]

i work in construction insulating houses and havnt had a day off in a while, people keep telling me im going out of business but so far ive been good. i dont think the drunks will do ok but people who actually work will.

[bignose]

The economy changed so fast. I knew it was going to happen but not like this!

[digital-audiophile]

The downturn in oil and gas is crappy right now but that`s the way she goes, up and down. It seems that everytime there is a boom and people are buying million dollar homes and RV`s and race cars that they forgot about the last bust :p

My company should make it through in the end, we have good strong financial backing from our Japanese parent company, but who knows.. I might be standing in line at the soup kitchen before the end of the year myself.

[fkshiu]

I just heard on the news yesterday that Calgary has the best economy in the World. (First Canada, then Calgary, is the best in Canada).

Funny, that's what our local politicians are saying about Vancouver as well :)

[Electric eel]

If people would just stop watching the news there would be no economic meltdown! Its all caused by media hype.

[traco]

Sorry to hear about job losses on the forum here. Logging industry sucks, well more like a dinosaur, pretty much extinct for us. :(

[Powertec]

If people would just stop watching the news there would be no economic meltdown! Its all caused by media hype.

Really?
I have to disagree with you along with i am sure everyone else that has lost there job in the last couple months.This is far from media hype.

[Lydia]

Really?
I have to disagree with you along with i am sure everyone else that has lost there job in the last couple months.This is far from media hype.

I think the media is contributing, though. People hear times are bad, so they don't buy things in the store or go out for dinner. Stores and restaurants lose money, so lay off staff... I've read a few 'survey' stories now where people are asked if they plan to stop spending. When the majority say they will, I can't help but feel that will make others think twice about spending money, too....

[whatcaneyedo]

I'm laid off at the moment as well. I have a BComm and I'm a second year Carpenter apprentice but there just isn't any work here.

[Trigger Man]

media does affect peoples decisions, but in this case I think it is a good thing they are pointing out the downturn. If they were not then people would spend more and probably worry about paying it later, without realizing the whole worlds economies have slowed down. This in turn would cause these people to get hit even harder when the slowdown affects them.
I run my own business lending out money to people who can't get it from the bank or need it really quickly, since September I've had to reposess on properties, which I've been lucky enough to never have had to do in years. Some of the people you feel bad for, but others just continued to travel, eat lavish dinners, buy new cars, and then when money is not coming in for them anymore they don't know what happened, or how it happened.
There is a fine line between enjoying life and living within ones means (tend to get through these times), and just blowing money believing that nothing will affect them.

[michika]

Heck no we are still going strong up here. Talismen just booked both our trucks for 10 days in Fox Creek and scince then we have been working for Galleon or CNRL non stop scince new years.

???

LOL...I wouldn't even be able to guess what this means.

Talisman seems to be in a better position then some other companies who set their budget with oil at $40, $50, and even $60 a barrel. The company set our budget at approximately $30 a barrel, and have recently started redeploying and moving into unconventional drilling. While we are well positioned, and are not currently laying off anyone, we are re-deploying people to different projects. Although right now we are experiencing a hiring freeze, and I suspect if the economy worsens, then the company will begin layoffs.

Sorry guys about having been handed your pick slips, I hope things perk up and you make it through this unscathed. It sucks because its hard on everyone.

[EmilyB]

Funny, that's what our local politicians are saying about Vancouver as well :)

LOL, as long as it keeps translating to my husbands industry and mine...I am thankful..:smile:

[awa1979]

I was laid off in December, waiting for EI right now. I have had 2 interviews in the past month, no offers yet.

[bignose]

I'm going to school in a month so I doubt anyone will hire me for a month.

[Doug]

I'm laid off at the moment as well. I have a BComm and I'm a second year Carpenter apprentice but there just isn't any work here.


You could have your choice of places to use your trade out here.

[Whatigot]

Sfunny...
I got a raise last month.
Guess thats what happens when you lose half your business due to market conditions and your boss is afraid you'll lose the other half if you leave.

I work in the financial industry, sort of on the frontline of all this b.s. and while the media does play it's part in market manipulation, they are merely doing exactly what the talking heads expected and planned for them to do.

I also have a few friends who aren't drunk who have lost their jobs, one of them an insulator, just thought that comment was a little ignorant, especially to those who have been laid off and are not "drunks".

anyone in the stock market at all here?
I'm looking around now and thinking this is the greatest opportunity of my life to create wealth, at least as far as canadian public companies go (like talisman and suncor for that matter)

The fallout from american overspending and the "aaa" mortgage backed paper that got us all into this mess will be long lasting, but the fed and governments all over the world are taking larger and swifter steps to combat it then ever before in history.

This recession has affected the service industries so far, it'll be the retail, tourism and small businesses that will have to watch the bottom line now as the layoffs trickle their way down through the economy

Take it as a good sign that since lehman brothers, we haven't seen any other major financial institutions crack and falter YET.
this should have been much worse, and it seems that the unprecedented steps being taken by those that allowed this all to occur under their noses is working, so far....

[phreezee]

Sorry about your job :(

My company just laid off 10% of the office, despite exceeding Q4 expectations and buying a another company for 3/4 of a billion. I hate when companies see their employees as liabilities and not assets. Makes we want to quit.

You see tighter purse strings everywhere and more big brother spending watching.

[Pier Pressure]

Really sorry to hear about this.

Unfortunately business is booming where I work - which is in a lawfirm. Insolvency, foreclosure and litigation are booming right now so I do not think this is all media hype.

Some of you might want to watch who you name and what you say on this public forum -with all the new privacy legislation you could get into some hot water. Just saying...

[Whatigot]

Really sorry to hear about this.

Unfortunately business is booming where I work - which is in a lawfirm. Insolvency, foreclosure and litigation are booming right now so I do not think this is all media hype.

Some of you might want to watch who you name and what you say on this public forum -with all the new privacy legislation you could get into some hot water. Just saying...

uhhh?
examples?

[mike31154]

Sfunny...
I got a raise last month.

anyone in the stock market at all here?
I'm looking around now and thinking this is the greatest opportunity of my life to create wealth, at least as far as canadian public companies go (like talisman and suncor for that matter)

...

Yes, losing one's job is definitely a time of stress. Sorry to hear about anyone's misfortune in that regard. I'm on a fixed income, but it is an income so I'm lucky not to have to rely on full time employment...yet.

I guess I could say I'm in the market with my RRSP Mutual Fund portfolio. It's bleeding red big time at the moment and really too late to do anything about it. Just have to wait and ride it out. I certainly don't have the cash to take advantage of the low market prices right now. I'm in no position to take out a loan to buy stuff, especially stocks. And there aren't any gov't programs that are going to get me pulling any money out of my RRSP at a loss and start spending it to help get the economy going again.... even though the 'renovation' package recently announced sounds very tempting. My old house is in need of some upgrades.

Hang in there everyone, Canada is and will remain the best place to be, no matter what. The Okanagan valley offers everything I need to enjoy life, ski in the winter, the odd trip into the backcountry, motorcycle/canoe in the summer. No need for high priced vacations to the tropics for me.

[Pier Pressure]

Naming companies is not a good idea, naming companies and saying not to work for them because their foreman is a jerk or whatever could get you sued on a personal level, especially if there is only one person who is a foreman. Oil companies are cut-throat competitive as well and would not appreciate workers saying who is doing well, who is cutting back, etc. We are not allowed to post vendor reviews because of the liability issues. Just letting you know that kind of thing can attract liability issues as well.

[Whatigot]

Naming companies is not a good idea, naming companies and saying not to work for them because their foreman is a jerk or whatever could get you sued on a personal level, especially if there is only one person who is a foreman. Oil companies are cut-throat competitive as well and would not appreciate workers saying who is doing well, who is cutting back, etc. We are not allowed to post vendor reviews because of the liability issues. Just letting you know that kind of thing can attract liability issues as well.

i see what you mean.

[Whatigot]

Yes, losing one's job is definitely a time of stress. Sorry to hear about anyone's misfortune in that regard. I'm on a fixed income, but it is an income so I'm lucky not to have to rely on full time employment...yet.

I guess I could say I'm in the market with my RRSP Mutual Fund portfolio. It's bleeding red big time at the moment and really too late to do anything about it. Just have to wait and ride it out. I certainly don't have the cash to take advantage of the low market prices right now. I'm in no position to take out a loan to buy stuff, especially stocks. And there aren't any gov't programs that are going to get me pulling any money out of my RRSP at a loss and start spending it to help get the economy going again.... even though the 'renovation' package recently announced sounds very tempting. My old house is in need of some upgrades.

Hang in there everyone, Canada is and will remain the best place to be, no matter what. The Okanagan valley offers everything I need to enjoy life, ski in the winter, the odd trip into the backcountry, motorcycle/canoe in the summer. No need for high priced vacations to the tropics for me.

Oh man, I feel for ya mike.
Some of those rrsp fund managers really blew it without doing due diligence on what they were buying.
Others, they made all the safe calls, but just got pulled down with the rest of us in the panic sell off of EVERYTHING in October.
Good point on Canada, our banks were much smarter than just about everyone elses and we are exceptionally rich in resources compared to 90% of the world.

[mike31154]

Thanks, but no worries. I'm still in good shape, no debts and I'm very patient when I need to be. Feel for those that actually lost their job...

[Whatigot]

feel worse for those who lost their retirement in mutual fund/rrsp's that were supposed to be 0 risk...

[steve fedyk]

I got layed off last week and found a new job back at the pressure shop. I'm fitter/welder and I sand blast and paint on the side. Took a big pay from the ship yard to the shop, But lots of over time for the next week and that no work. My dad works for Sunco on one of the new biulds but they are slowing down untill April. Eveyone say we will be picking up in April.
In Vancauver we have the 2010 hole (games) with lots of biulds todo.

[Tarolisol]

Wow I never really though it was that bad, but now that I see it effecting people it sucks. It seems the worse the economy gets the more people turn towards my work. (liquor store)

[Slick Fork]

I'd also have to agree that this is probably a once in a lifetime opportunity to be buying stocks in Solid companies. Every spare dollar I get is going into investments right now. It's just a waiting game

I hate to say it since so many people are involved with oil and gas but I have a hard time feeling sorry for that industry. It wasn't that long ago when $40 a barrel was causing people to jump up and down for joy and my sympathy ends when we're still paying 80cents/litre for fuel. Exxon mobil posted record setting profits this last year.

As for us, peoples horses still need shoes so we're still busy. We've just discovered that it's a little riskier to accept cheques these days :neutral:

[midgetwaiter]

If people would just stop watching the news there would be no economic meltdown! Its all caused by media hype.

IMO it's how shallow the media reporting is on the situation that gives people that impression. The problems that brought this mess on are 3 1/2 years old but most people couldn't understand what the impact of it would be. The smart money went to hedge funds and the rest of us sat there wondering why commodity prices were rising so fast. We should all remember that little warning sign for next time.

I think if the media really did a good job of getting the story out there into the minds of the average person there the guys that came up with these mortgage back derivatives would be up against a wall asking for a last cigarette. Provided the bond raters were next to them I'd support the idea.

[Powertec]

I hate to say it since so many people are involved with oil and gas but I have a hard time feeling sorry for that industry.
:

We'll and i hate to sound harsh..But because that industry has made some much money in the last few years that we the people who are working our tails off are what???
That we should just suck it up and get laid off? That we are any less worthey of employment than you?That because these companies pulled in billions of dollars that we are all loaded?We'll i am hating to bring it to everyone but I am just like every other working person out there. I went to University, i have student loans and mortgage payments. I have kids to raise. And i literally work my ass off up here but yet this province seems to have the mentality that "all those guys up north make to much money"
We'll i hate to purpose this but what is ALBERTA gonna do if the oil stops? What do we have going for us? We'll its not farming,or forestry and the coal was gone long ago. So what is it here? If you don't have the oil this province is a bust.
Yes don't get me wrong they can clean up some of the damage they are doing. But if it isn't for the oil companies keeping this province rolling jobs would be even far and fewer between than what they are now.

[Slick Fork]

Not saying you're less worthy of employment then anybody else, I feel bad for anybody who's been laid off or who's job is on the line. I've been there and it sucks.

What I have trouble with though, is the oil and gas industry in general screaming about how tough they have it when a few years ago they would've been thrilled with the money per barrel they're getting now. Especially when the cost to fuel up my truck hasn't gone down with the price of oil. Oil and Gas spent the last few years running roughshod over the province not giving a rats ass about the people who's land and lives they were rolling over and now they expect us to feel badly for them when the price of oil drops to more realistic levels.

I'm not so naive to believe that we can do without oil anytime soon, but I'm not going to say I'm sorry to see it slow down a little. And I do mean that with the utmost sympathy for anybody who loses a job over it.

[digital-audiophile]

There is a difference between the oil companies and those that work for them.

Sure, I live a decent lifestyle becuase I work in oil and gas and it keeps a roof over my head and food in the bellies of my family.. but trust me.. I am not living in a $5,000,000 house, nor am I driving a Ferrari.

Only those on the very top of the majors make the "big money"

[awa1979]

The oil companies profits are huge for sure when you look at it, but when you look at the total revenue of many of the companies, the profit margin for some is only around 10%, its not a cheap business to be in.

[Snaz]

Q: Why is oil selling for ~ $30.00 / barrel and I am paying $0.94 / litre?
A: Cash grab by the oil companies and their distributors.

Shameful. Nothing improves an economy quicker than cheap gas, why are we not being passed the savings by the oil companies?

[Tom R]

Don't you just get sick and tired of the oil companies. They close a refinery putting people out of work. Then the next day they increase the price of gas due to production shortages caused by the closed refinery. If it isn't the oil companies its the oil speculators.

Tom R

[hillbillyreefer]

If you don't like how the oil business is run, put up a few million of your own bucks and start one. Then you'll get it.

I don't make a living off the business and I don't feel sorry for them, but they are in it with us. Their costs have risen dramatically over the last few years, service companies want their piece of the pie too. Now the oil companies are cutting back and everyone is complaining. Once the service companies cut back their prices they'll go back to work. It's a cycle it's happened before and it WILL happen again.

I do feel for everyone who has lost their job. I do hope it will be short lived. You never know maybe your next job will be the one that makes you want to go to work, instead of just have to go to work.

[awa1979]

Q: Why is oil selling for ~ $30.00 / barrel and I am paying $0.94 / litre?
A: Cash grab by the oil companies and their distributors.

Shameful. Nothing improves an economy quicker than cheap gas, why are we not being passed the savings by the oil companies?

Remember not all of that goes to the oil companies.

6.75¢ per litre BCTFA
12¢ per litre Translink
1.75¢ per litre Provincial Gasoline

Total: 20.50 cents per liter in taxes, not including the carbon tax or GST.

Take away the taxes, and we are not paying much more then some areas of the US.





Source (http://www.sbr.gov.bc.ca/business/Consumer_Taxes/Motor_Fuel_Tax/tax_rates.htm)

[digital-audiophile]

Being in the pipe business, we have seen our costs double from $900/Tonne to over $1800/tonne. These costs of course get passed on to the oil compaines putting the steel in the ground. So perhaps the price of a barrel of oil has dropped by $100, the cost to drill the wells is still the same as it was when oil was $147.

If you think about it:

Calgary gasoline is ~$0.83/Litre
Coffee at Tim Hortons ~$5.00/Litre

My two cents :p

[Red Coral Aquariums]

Calgary gasoline is ~$0.83/Litre
Coffee at Tim Hortons ~$5.00/Litre


The real canadian black gold

It doesn't jump start our economy but it gets my little business going in the morning. LOL

Kevin

[Tom R]

I own 30% of a small manufacturing company (kitchen cabinets). We compete with approx. 120 small companies making the same products in our immediate area and 100,000's more world wide. We sell in Canada, Japan and the USA and can be competitive in each market with other manufacturers selling in that area. We all buy the same raw materials and use the same basic methods of construction. Yet none of us charge the same for our products. We have all used our expertise to modify and mechanize our production thus giving us a different efficiency and final cost.

Yet it never ceases to amaze me the oil companies can all produce their products within a 10th of a cent the same in an entire province. (can you say price fixing) oh no that would be illegal.

Tom R

[hillbillyreefer]

How many investigations have been launched by government into price fixing by the oil companies? None have ever been able to conclude there is price fixing or collusion.
If joe charges 78.9 and pete across the street is charging 79.9 obviously joe is going to get the business. Pete looks across the street at the sign sees 78.9 and realizes why his station is slow. Drops price to 78.9 business picks up. Pretty easy to match prices when they are displayed on the sign in numbers that are 18" tall.

Now lets all go make our tinfoil hats.

[Tom R]

It is astounding that Coke and Pepsi can have a difference in their selling price at the same store and in different stores in the same block. The oil companies can not even justify 1/10 of a cent for better service, cleaner newer facilities or even a better product. I am not sure is one product better than another. They would like you to believe they are by their advertising. Does one actually give you better bang for the buck (kilometers to the liter)?

Tom R

Ps

I usually make a point of staying out of these types of discussions as they have nothing to do with the Canreef ideal. I must have nothing better to do. Oh well J&L and OA will be opening in an hour or so. This winter is getting to me.

I do feel for all of our Canreef Friends who have been adversely effected by the resent down turn in our economy. I also Hope that no one within our Reefing community will have give up the hobby as a result of the current economic down turn.

Tom R

[Snaz]

How many investigations have been launched by government into price fixing by the oil companies? None have ever been able to conclude there is price fixing or collusion.
If joe charges 78.9 and pete across the street is charging 79.9 obviously joe is going to get the business. Pete looks across the street at the sign sees 78.9 and realizes why his station is slow. Drops price to 78.9 business picks up. Pretty easy to match prices when they are displayed on the sign in numbers that are 18" tall.

Now lets all go make our tinfoil hats.

This in theory is how it should work but in BC is does not. I have lived in a few Canadian provinces and have seen firsthand what is outlined in the above post play out.

In NS or ON gas station Pete would undercut his competitor by $0.04 cents/litre in response gas station Joe slashes his price by $0.06 cents and you get a good old "Gas War". The radio stations jump on the bandwagon and everyone flocks to that neighborhood to fill up.

Not so in BC. EVERY gas station within it's particular tax zone(metro, rural) is within $0.01 cents of each other and they all change their price together at the same time. It stinks of price fixing but the government is unable or unwilling to catch them at it.

[trilinearmipmap]

The economy is in a bad way. IMO the blue collar people and the lower-level white collar workers are getting screwed. At the same time as they get laid off, their investment portfolio drops by 50% and the house they thought was worth half a million is dropping in value month by month.

I know a lot of friends/relatives who have been living beyond their means on credit, big mortgages, big credit card debt, and lots of fancy toys. If anything good comes out of this depression maybe people will learn to be more responsible with their saving and spending.

Anyway the stock market will turn around in 3 to 4 years, I wouldn't count on it happening anytime before that.

As far as the price of oil it is a delayed reaction. Big oil companies are slashing their capital expenditures. This will decrease the amount of oil produced a few years down the road. In a few years there will be an oil price spike due to lack of supply when the economy rebounds. In the near-term future there is still an excess of supply and as OPEC members can be trusted not to stick to their production quotas I see the oil price plunging further. There will be a time to buy oil stocks in a year or two, not just yet though.

[heyfredyourhat]

Well i know nothing about the oil side of life, but here in our little world the loggers are finding it very "tuff".

Our biggest sawmill is down for 6 weeks, and on top of that all the other mills in the area are going down one week per month (or more).

It doesnt effect me directly, but when you think of the trickle effect, i may have more time on my hands than i know what to do with. (I'm a bodyman, thanks ICBC for paying 99% of my salary!)

Also on on the lighter side of things, i would guesstimate that about 50% of this town is pulling ina gov't cheque (school, hospital, native bands a plenty, cops...) So that does help out.

[banditpowdercoat]

Well i know nothing about the oil side of life, but here in our little world the loggers are finding it very "tuff".

Our biggest sawmill is down for 6 weeks, and on top of that all the other mills in the area are going down one week per month (or more).

It doesnt effect me directly, but when you think of the trickle effect, i may have more time on my hands than i know what to do with. (I'm a bodyman, thanks ICBC for paying 99% of my salary!)

Also on on the lighter side of things, i would guesstimate that about 50% of this town is pulling ina gov't cheque (school, hospital, native bands a plenty, cops...) So that does help out.


Ya West Fraser is going to a 3 day work week in all their mills, and they are planning a shutdown in the near future here. It really sux fro people who like to spend $$$ like me LOL.