I heard a really neat comment by an economist the other day that to him, this economy is like a category 5 hurricane to a meteorologist. He has studied these things his whole life and now there is a real world example of the sort of cataclysmic failure that is possible. And even though he knows that this is wreaking havoc on people’s lives he can’t help but sit back in awe of what is happening.
Immediate effect in my world: 1) I know 2 people laid off in the last month 2) I know of five companies one degree of separation from me that did mass layoffs in the last month (wife’s work, 3 different friends work, 1 co-workers wife’s work) 3) I know two families that have adjustable rate mortgages. One just re-set and the other does so next year. The one that re-set is trying to rent it out and move into an apartment, the other is trying to sell the property that they bought in 2005. Ouch. 4) Indy Mac is across the street from where I get groceries and we saw lines of people wait for days to try and get their money out when they crashed.
I have never seen anything like this, I am amazed by it, and I am trying to be more consensus of my fiscal surrounding from now on.
I had an interview with an investment bank a week ago. It went well and I was feeling good about it until I found out 2 of the people I met with were laid off. Sweeeeet.
7 comments:
Ive been staying one step ahead of the economy by reading this book:
http://www.2-financial-freedom.com/images/icebook.jpg
I heard a really neat comment by an economist the other day that to him, this economy is like a category 5 hurricane to a meteorologist. He has studied these things his whole life and now there is a real world example of the sort of cataclysmic failure that is possible. And even though he knows that this is wreaking havoc on people’s lives he can’t help but sit back in awe of what is happening.
Immediate effect in my world:
1) I know 2 people laid off in the last month
2) I know of five companies one degree of separation from me that did mass layoffs in the last month (wife’s work, 3 different friends work, 1 co-workers wife’s work)
3) I know two families that have adjustable rate mortgages. One just re-set and the other does so next year. The one that re-set is trying to rent it out and move into an apartment, the other is trying to sell the property that they bought in 2005. Ouch.
4) Indy Mac is across the street from where I get groceries and we saw lines of people wait for days to try and get their money out when they crashed.
I have never seen anything like this, I am amazed by it, and I am trying to be more consensus of my fiscal surrounding from now on.
What do you mean by consensus? Are you coming to an agreement with your surroundings? Otherwise, good post.
conscious
I had an interview with an investment bank a week ago. It went well and I was feeling good about it until I found out 2 of the people I met with were laid off. Sweeeeet.
Two people at my office were laid off. Related or not, those 2 represented 66% of the minorities working at my company.
I just asked for a raise.
16 person company and we laid off 2 about a month and a half ago, no holiday parties, and I use ear wax instead of staples.
Revenue for many small companies is no longer income it is covering salaries.
L
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