FinanceRegs.com » We asked, you answered: What’s really happening in the economy?

We asked, you answered: What’s really happening in the economy?

October 29, 2008 by Carol Katarsky
Posted in: Communication, Internal controls, Special report

You can’t turn on a TV without hearing some talking head going off on the economy, but we’re more interested in what you have to say.  We surveyed your peers in

Accounting departments across the country about what they’re seeing in their own companies. This is what they said:

Fully 84% said they’re already feeling a direct impact from the crisis. Of those who said they were impacted, they named the following effects.

  • poor performance of company 401(k) — 77%
  • cutting discretionary spending — 62%
  • drop in sales — 57%
  • contemplating layoffs — 39%, and
  • slower collections — 37%.

How does that match up with what you’re seeing? What steps has your company taken to weather the storm? Share your stories in the comments below.

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5 Responses to “We asked, you answered: What’s really happening in the economy?”

  1. John Lako Says:

    The economy will have a remarkable recovery once Obama gets in as President.
    My feelings are that sure a lot of Compaines had problems but since the media
    is on Obama’s side they will continue to tell the American public how bad Bush’s
    tax cuts were and how he lead us down this road. Funny part is the economy will
    take a giant leap forward without Obama even serving his first day in office. The powerful
    media will now start telling lies about how good the country feels with Obama being
    elected President. Funny every thing was hunky dory when Clinton was in office
    but if you have the media telling you everything is fine, well of course the mind set of
    crazy Americans will believe anything. I still cannot under stand how the first Geroge
    Bush lost the erelection. There again the media did it, so it is no surprise that the
    media is winning this election for Obama and sure all the companies that went under or having
    problems just was going down anyhow or is really having problems.

    The problem with this Country is a lot of the people runnning business does not care about
    the little people, all they care about is their wallets. So that is why a lot of the companies are having
    problems. Nobody cares, good example we had a guy get beat up here at the Bengal
    game and he was beaten by a Steeler fan, what did all the people do sit back and watch.
    In the old days the Steeler fan probably would have been beaten to death. Like I
    sadi nobody cares and one more thing Obama is like a piped piper all the things
    he says all the rats will follow.

  2. Jerry Taylor Says:

    The company 401k value is down 35% in the last 60 days.
    We have had several employees stop contributing to the 401k.

    The upside is that we are in the auto parts business, so people are fixing their old cars instead of buying a new one. (every cloud has a silver lining)

  3. PHIL ISON Says:

    THE AMERICAN PEOPLE ARE VERY EASY TO SWAY AND WILL FOLLOW WILLY NILLY ANY BODY WHO CAN LIE TO THEM ABOUT WHAT THEY WANT TO HEAR.

    WE DO NOT CONTROL THE ECONOMY ANY MORE IT IS A WORLD MARKET AND WE ARE ONLY PART OF IT WE HAVE LOST THE CONTROL OF THE WORLD ECONOMY WE HAD AFTER WORLD WAR TWO AND WE WILL NOT GET IT BACK. CLINTON GAVE AWAY OUR INDUSTRY FOR THE PAY OFFS HE GOT FROM WAL MART AND THE CHINESE. THE AMERICAN GOVERNMENT WILL NOT HELP ANY BODY IF THEY ARE AMERICAN AND WITH OBAMA IT WILL GET WORSE.

    WE WERE GOING TO REOPEN A FACTORY HERE FOR THE FURNITURE INDUSTRY BECAUSE OF COST GOING UP IN CHINA AND SHIPPING PROBLEMS IF HE GETS IN WE WILL NOT DO IT.

    WE DONOT WANT TO WORK IN A SOCIALIST COUNTRY AS AMERICA IS BECOMING WE WILL STAY WERE WE HAVE FREEDOM TO WORK ASIA.

    WE ARE THE LAUGHING STOCK OF THE WORLD IT WILL AND IS GETTING WORST IN THE SHORT HISTORY OF THIS CONTRY AS WE LOOSE OR FREEDOMS TO BIN LADEN AND OTHERS.

    WE ARE STILL MAKING MONEY JUST NOT IN AMERICA.

  4. Jake Says:

    How did everybody go broke all at the same time?

  5. Rose Says:

    Every time i come here I am not dissapointed, nice post


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