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Rolly

Feb 12, 2009, 8:14 AM

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More bad economic news

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El Siglo De Torreón newspaper has a story today about a down-turn in restaurant business. The Torreón restaurant association (200 members) is reporting a 40% drop in business over the past year. 20% of the restaurant members are now closing Monday - Wednesday. Others are considering that.

Yesterday, the paper had a story about the declining vitality in the transportation sector. It reported that there has been a 30% increase in a combination of prices for diesel, tires and repair parts. Two trucking companies reported that they had been forced to cancel orders for new trucks. Increases in shipping fees are occurring.

Rolly Pirate

HarryinNM

Feb 12, 2009, 5:12 PM

Post #2 of 10 (3842 views)

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Re: [Rolly] More bad economic news

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Rolly- There are similar stories in NM papers and reports of some marginal restaurants closing their doors. On the brighter side, my mate was in Albuquerque yesterday making marketing calls for our business, and reports business owners saying that they are doing well... and that loyal customers are buying - in part - to support retailers they consider important to them. BTW, she was calling on business owners in the nursery/landscaping business and sign makers.
Today there are reports of the peso strengthening slightly today on news of the US stimulus package and the impact that may have on the MX economy. Time will tell. It seems likely that that package will be too scattered to be a real boost to the economy. Hope I'm wrong.
Also interesting that FedEx is reportedly expanding MX operations. Don't quite know how to interpret that commitment. Must be a positive sign, though.

HarryinNM

smokesilver

Feb 13, 2009, 10:27 AM

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Re: [HarryinNM] More bad economic news

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What goes on here in the USA, in many cases, will affect events in Mexico. Goldman Sacks made public a study regarding the much talked about 'toxic assts' held by financial institutions. Result? They estimated that there is $5.7 TRILLION of those assets being held. The banks are, except a very few are INSOLVENT. They are broke. They are maneuvering to get the US govt to create a 'bad bank' and take those toxic assets'. Even the US govt can't afford to do so. Today there was much discussion in some of the media about the increased bankrupties taking place daily. Some BIG cos will undoubtedly fail in 2009. Hold onto your pants things are going to be interesting in 2009/2010. Sorry about the news up here.

Poncho32

Feb 13, 2009, 4:34 PM

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The news here in Vallarta is that the rental occupancy is at 38% not good for the high season.
Bud

HarryinNM

Feb 16, 2009, 2:45 PM

Post #5 of 10 (3578 views)

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Re: [Rolly] More bad economic news

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According to a piece in today's Wall Street Journal, the Obama rhetoric is the greater crisis... not the facts of the economic downturn.

Since it is generally agreed that the health of the US economy has a very direct impact on economic conditions in Mexico, this article is interesting because it offers a different and far less gruesome perspective for consideration.

see: http://online.wsj.com/article/SB123457303244386495.html

HarryinNM

smokesilver

Feb 17, 2009, 4:14 PM

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A study was released today in the USA concerning real estate prices. It is estimated that 20 MILLION homeowners in the USA have real estate that is worth LESS than what they originally paid for it no matter when they purchased it. One of the big problems with the problems here is the inability for all to grasp the enormity of the situation. That includes citizens, politicians & the wall street scammers.

keith

Mar 15, 2009, 12:20 PM

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Re: [smokesilver] More bad economic news

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Dern! So it turns out we can't have an economy based on decorating each others apartments and selling each other pizzas and refinancing the home place?

Carron

Mar 15, 2009, 12:49 PM

Post #8 of 10 (3215 views)

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Re: [keith] More bad economic news

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Makes me glad we sold out when we did and moved to Mexico! Even though we sold at slightly lower than the top. Took our money and ran and really haven't looked back.

wendy devlin

Mar 16, 2009, 1:01 PM

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Re: [keith] More bad economic news

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Hola Keith,

Nice to see you around these parts.

Getting much company these days, at the homestead?
In Urique.

keith

Mar 16, 2009, 8:21 PM

Post #10 of 10 (2998 views)

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Re: [wendy devlin] More bad economic news

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Hi Wendy,
I heard this site had gone back to free, so I came back to see what was happening in this neck of the net. Actually, despite all the bad press re drug wars and the economic situation we've had a (for us) busy season. Violeta is in Oaxaca. I'll be here until early May. Then we are going to Grenada for a month.

Perhaps the economic woes will catch us, but it hasn't happened yet. How's Arbon? Boy, do I have a good winter garden this year! Nice to hear from you.