Cave Creek, Ariz.
I own a company involved in the motor sports entertainment business that relies heavily on consumer confidence and discretionary income. We've seen our monthly revenues drop almost 80% since July 2007, and I do not forecast any significant improvement until well into 2010. I believe that the main reason for the economic downturn is less a result of the downturn in the housing market then the outrageous increase in energy costs.
Those increases continue to ripple through every facet of the economy, at every socioeconomic level. Our typical customer was a blue-collar worker using his or her credit card to pay for the experience of a lifetime - driving a real NASCAR stockcar. Those days are gone for now. We have had to lay off four of our six employees, and I have not taken any salary from the company for eight months in an attempt to lower our monthly expenses.
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