These days some economy pundits are predicting that USA is or already in recession.What are the impact of recession in Nepalese community here in USA and back home.How can we have avoid or have least economic impacts into personal finances.All the shares are going down.Housing market has collapsed.Job market is sluggish.How has these affected Nepalese community in housing market?Lets hear your thoughts in this.
This will help Nepalese people living in USA alot.

I think much of it is media-hype. But we will have to wait till the first quarter is over in April.

War between IT giants will get serious this year. Microsft and Yahoo will give serious challenge to Google in the web-world. Search  technology will go vertical, and I don't think Google will be much ahead of the curve now. Google's adsense model will show its limitations.
Apple's PC will take 10% of the market.
Web2.0 will evolve towards Enterprise2.0. Social networking will boil down to a few giant ones and the rest will fade. Software as a Service (Saas) will be the word of the year. And this is where I think Amazon is real dangerous.
The other technology that will be the talk of the year is Virtualization!!!

To ImI's question:

1. Don't take major financial decisions now.
2. Dont try to change your jobs now, even when you arent much satisfied with the current one.
3. If a recession occurs, middle managers are the first ones to get laid off. So focus of concrete strength, update your sills and stay current.
4. If you are looking for jobs and have an offer, accept it even thought you can have a better one.

At least wait till April/ May just too see this sluggishness is really a recession or just the companies being scared and overconscious.

Thanks for your information Howard.
Well Howard It isn't just about IT that triggers recession.The Bush's Tax break isn't gonna solve anything.$1600 tax rebate is just going to lead more stupid family to go buy some gas guzzling SUV's.
The point is Layoff: Citi Bank is going to layoff lot of people.Then Sprint is laying off and the more are on the way.How much it is media Hype .I really don't know.But the stocks market doesn't look good which will triggers job market won't look good and so on.
Wait and watch is good but taking financial precaution is good in my point of view.So,Need more insights.Your job advise was good.

Heard, in the late 80s recession, many Deshis became millinaire by buying real estate in southern USA. Texas and Luisiana, where oil refinary is major industrial activity and the economy is largely dependent on it, were badly hit by the oil-price crashes. Many people were laid from their jobs and forced to move to the north. As a result, residential apartments and houses remained unoccupied for a long time turning them to bankrupcies.  At that time, you could easily buy a house or an apartment even if you have a small job and moderate income. Many Deshi and Arabian people rushed towards south to buy land and houses. Most of them are believed to be millinaries now.

The recession, not only hit the USA, but also other countries in the world- USSR being the worst. USSR used to support its allies by the money from oil. With the falling oil prices, it not only lost its influence over WARSA countries, but also witnessed its own economy crumbled leading to the fall of 73-year-old communist empire (remember with the escalating oil prices, Russia is now again spreading its influence).

I believe mortgage should be cheaper with the record high foreclosures, especially in subprime lending, in recent past and Fed's move to revise FED rate downwards. Many mortgage leaders are revealing unprecedented losses in the mortgages. Hopefully some Nepalese who are planning to buy real estate may get some reliefs at least.