Our Public Insight Network colleagues at Minnesota Public Radio have just put together a special new online project called “My First Recession.” It’s the stories of young people experiencing their first recession, and their reflections on how the experience may change them… in their own words, art and music.
My don’t-miss moments? “Say a Prayer,” by Aunrika and QocTavia Shabazz and “Monsters of Economy,” a hip hop piece by Antonio Gonzales and Jalil Shabazz.
If, after seeing how these students express their frustrations and hopes creatively, you feel inspired, share your own memories of your first recession — this one, or any other one.
Pop quiz: How much is this trailer worth? Answer at the end of this post.
We’re asking sources in the Public Insight Network to help us out on a research project, and we’re asking all you Marketplace Money listeners to help out, too. (For some background, check out Tess’ interview about why people use sites like Zillow in this economy on this weekend’s Marketplace Money with Nic Retsinas, Director of Harvard’s Joint Center for Housing Studies.) We want to know how home appraisal web sites have changed from the boom times to the lean times today. And we need lots of you to help.
But just to give you a flavor of what we’re hearing from you as we gather data, here’s a look under the hood:
Dan Fitzgerald of Warren MI is trying to refinance his home. He checked his home value on Cyberhomes.com and observes,
If Cyberhomes is right, I’m about 40 percent upside-down on my mortgage. Good thing I don’t need to move unless GM goes out of business…uh, oh…
Andrew Kubik of San Diego, whose online home estimates ranged from $967K to $1.1 million, uses data from these sites to reduce his property taxes:
In California, we can apply to have our property taxes temporarily reduced under proposition 8. So I use Zillow to get recent comparable sales and parcel numbers to complete my form. I got my tax base lowered from $1,140,000 to $1,090,000 in 2008 (for tax bill savings of $500), and have applied to have it lowered to $950k for 2009 based largely on current listing in my area and other information garnered from zillow.com.
And to answer the pop quiz at the top of the post…
Continue reading What's the Internet say your home is worth?.
We’ve been asking the Network some questions in the last week about retirement attitudes and expectations. A couple of us are reading through the responses, and finding ideas and people to interview for stories.
And then sometimes I stumble across a response that makes me guffaw out loud. Take it straight from construction manager Jack Fallin of Charlotte, NC:
I had hoped to retire at 66 or 67 and enjoy my remaining years with my Grandchildren. I now plan to work until 86 or 92 and then get a part time job and take up smoking and drinking heavily to shorten my retirement time.
So, I’ve gotta wonder — is he serious, or not? Are you thinking dark thoughts about your own retirement options?
(Photo originally posted to Flickr as Plane Crash into Hudson by Greg L/ Illustration by Marketplace)
Last week, Treasury Secretary Timothy Geithner demonstrated the power of words when his speech on the bank rescue plan rattled the markets. Perhaps, he should take a cue from the Public Insight Network and find a metaphor that helps him explain his fix.
The Flight 1549 Metaphor by Fred Klingener in Roxbury, CT
So far, all I hear is people arguing about restarting the engines or trying to make it back to LaGuardia. Some visionaries, so far ignored, are talking about trying to make Teterborough. Somewhere, I suppose, there’s a glider pilot who’s capable of salvaging something out of this, but we’re running out of altitude for him/her to work with. It’d be good if we faced it. The plane we’ve been on is never going to fly again.
Continue reading A mix of metaphors.
Rebecca Jones’ lay-off experience was like a scene from American Idol Hollywood Week:
We knew that business was slow, and everyone knew that layoffs were coming. We just didn’t know how many. Everyone was told to be available for a Tuesday morning meeting. About 15 minutes before the scheduled meeting time, we all received e-mails telling us to report to one of two conference rooms. One room (mine) was laid off (31 people total— nearly half the company). The other room was told we were laid off and asked to return several hours later, once we’d all cleared out our desks. Those last 5 minutes before the meeting, when I realized the rest of my team was going into the other meeting room was when the reality started to set in.
After the layoff Rebecca was heartened by the kindness demonstrated by her friends and colleagues. After being taken out to lunch for the umpteenth time by a former co-worker, she put together a list of the Top 10 Advantages of Being Laid Off…
Continue reading Top ten advantages of being laid off.
Overheard on the Trading Floor
Was college worth it?
Jennifer said: Yes and no. I went to an out of state major university, on scholarship, with no idea what I wanted... More
How does foreclosure affect children?
GK said: I had a similar childhood to another poster here. My parents lost jobs, a business and our house in the... More
Are you buying stamps instead of stocks, or art instead of bonds?
Elaine Frankowski said: Buying stamps for investment purposes is the stupidest thing a person can do unless he/she is an expert collector, is... More
What's your employer doing to help avoid worker burnout?
RMS said: Until the ecomonic conditions improve, companies will care less and less about the employees. Most managers are too concerned about... More