Are you worried about the economy?

OC · 08-30-2001, 11:34 AM

I know I am. The downturn locally led to me being laid off, and I've been job junting since early March. All kinds of reports are coming in of more layoffs, and most employers are not planning on any real hiring any time soon. I had a low-end job during our last recession in the early 90s, and the company was strong at the time so I had nothing to worry about. This one may bite me on the rear end very soon.

-OC

**welfareloser** · 08-30-2001, 11:57 AM

*snort*

hard to worry when you gonna have squat no matter what the economy does...

**TheLoneGunman** · 08-30-2001, 12:13 PM

I'm worried about immediate things like what I'm going to do on Saturday when the rent is due.

The job situation is abysmal. For every job in the valley, there are 20 companies laying off the same position. Even though people are leaving Northern California in droves, it is still bad.

If I was making decent money, this would be a bargain hunter's paradise. At least I don't have credit card debt.

Neighbors who got lots of dot com options are seeing million dollar tax bills and have nothing to pay them with (and you can dismiss tax in bankruptcy -- at least not tax within the first 3 years). Therefore, some are starting to lose their homes, etc.

The tax cut didn't help since most people will have to pay it back in April and they won't have the money

**~~pennypinch~~** · 08-30-2001, 12:27 PM

I'm in a relatively economy-proof industry (consulting...and notice I said RELATIVELY. Lots of my friends are either axed, waiting to be axed, or expecting to be waiting to be axed at the big firms!). So, no, we're actually busier than ever given that we deal with sort of non-growth portions of a company's operations.

That said, most of the economic slowdown has been in the tech sector, and I think much of the undermining of consumer confidence has been because of the exceptionally spectacular and highly visible nature of the collapse. Frankly, a lot of people in old tech are still doing pretty decently.

If I was a helpdesk IT support guy, I'd be sizing up my bed for Mamma's basement. I guess this was the point of the liberal arts education: avoiding the putting of the eggs all in one basket.

At least, that's what I keep telling myself!

OC · 08-30-2001, 01:00 PM

Originally posted by pennypinch
If I was a helpdesk IT support guy, I'd be sizing up my bed for Mamma's basement. I guess this was the point of the liberal arts education: avoiding the putting of the eggs all in one basket.

This is exactly the problem I'm faced with. I get a job real soon or move back home, which is the very last thing I want to do at the age of 33.

I made some dumbass mistakes in my 20s and never did much college - and I'm paying for my shortsightedness now. On the plus side, if I do have to move back home I'll be able to go back to school and get my degree, but GAWD what a cramp that'll be.

I realized something the other day - comparing my unenjoyment income to my last working income, I wasted about $8000 during my stay at M$. The next job I get, I'm going to sock away as much money as I can, using my current income as a benchmark. Anything over that goes in the bank. Lesson learned - now for the chance to put it into practice...

-OC

**ironchef** · 08-30-2001, 01:08 PM

Yeah, I worry.

I'm currently working a very stable position as the web stud for a non-profit. It's a niche market, and not something that I expect will be applicable everywhere I go. If you're lucky enough to live in an area where there are a plethora of places like this (Alexandria, VA is home to literally hundreds of non-profits), then the economy slump means nothing.

But within a year, my fiancee and I will be moving when she starts law school. Possible Yale, but hopefully Berkly or Stanford. I'm extremely worried about finding a new job out there. But at the same time, I'm curious to see what's available.

There's a distinction I've seen with the jobs I look at. Around DC, there are a lot of openings, but not a helluva lot of stuff for a dedicated web design/development shop (and what there is, is temporary or contract). Most of the full-time permanent jobs are with corporations, non-profits, associations, government etc. seeking a jackass of all trades (someone like me). Is all the unemployment due to people holding out for more specialized positions within design shops? I dunno. It *seems* that way from the outside.

Like I said, I'm worried, but I know things are stable for me for at least the next year. After that, who the hell knows, but I hope I'm correct in my assessment of what I've seen here.

**Loki** · 08-30-2001, 01:08 PM

Well I have to agree that the tech market is going way down from it's peak. But other more traditional market are still going strong. I'm in the investment property business myself and it has been doing very well. However, I will say this, every market has it's cycles and mine is coming to it's peak again. The propert business usually goes in cycles of 6 years. So you have to make sure you store enough for the down cycle or at least secure yourself so you can make it through fine. I don't think we will ever hit another depression but you may see a little recession coming due to the tech market and a lot of people losing money over it.

**Loki** · 08-30-2001, 01:11 PM

Originally posted by ironchef
Yeah, I worry.

I'm currently working a very stable position as the web stud for a non-profit. It's a niche market, and not something that I expect will be applicable everywhere I go. If you're lucky enough to live in an area where there are a plethora of places like this (Alexandria, VA is home to literally hundreds of non-profits), then the economy slump means nothing.

Niche markets can be a realy good thing. Especially one that serves as a necessity market. Then you are almost recession proof. It's good to get into things that people need. Though it can take a lot of capital somtimes.

**Sir_Froggy** · 08-30-2001, 01:16 PM

boy i wonder wut's gonna happen when i hafta get a job like when i'm 10 years older.....i hope it doesnt' stay like this so then u guys won't hafta have stress....cuz stress gives u white hairs and white hairs means ur old...

but then again i'm not stressed and i've got a lotsa white hairs....hmmm......

**ironchef** · 08-30-2001, 01:22 PM

The wifey will be graduating about the time that Bush'll be leaving the orifice. She'll be doing environmental law, so when he's out, environmental legislation will hopefully be a much larger issue since it's apparently not on his agenda now. I can then relax and let her be my sugar mama

**TheLoneGunman** · 08-30-2001, 01:40 PM

When you see the gobs of empty office space in SF you realize that even real estate is not a for sure thing.

Yes, much of it was paid for, but if a company has no money, how can you sue them and collect for back rent. Also, for the same reason they went under, no new company is looking to expand.

Over the next year, the peripheral industries will feel the effects. (ex. the law firms are laying off big numbers now because their dot com clients are going under and the major firms are much smaller too so less work).

I think non-profits will be next because if you have no money (and more and more people are in major financial trouble) there is no need for a write-off.

**poiselle** · 08-30-2001, 01:48 PM

My roommate graduated with a CS degree and was offered a job immediately. He figures he has it made and decides to move to CO with other friends. He has been there for several months and can't find a job now because of all the layoffs have created a glut. I am finishing up my MS in chemical engineering and about to start my PhD, but the economy makes my life more difficult. When the economy turns south people head back to school and it is harder to get into better programs. I am hoping that the economy will improve in a couple of years or I may just stay in school forever.

**~~pennypinch~~** · 08-30-2001, 02:19 PM

Originally posted by TheLoneGunman
When you see the gobs of empty office space in SF you realize that even real estate is not a for sure thing.

Yes, much of it was paid for, but if a company has no money, how can you sue them and collect for back rent. Also, for the same reason they went under, no new company is looking to expand.

Over the next year, the peripheral industries will feel the effects. (ex. the law firms are laying off big numbers now because their dot com clients are going under and the major firms are much smaller too so less work).

I think non-profits will be next because if you have no money (and more and more people are in major financial trouble) there is no need for a write-off.

The danger of living in an economically undiversified region. That seems to be a localized problem to the Bay and Colorado.

I guess I get a certain degree of sick glee out of seeing these CS guys crying and bitching now. I know it ain't right, but then I remember how smug and arrogant they were when times were good for them, and I don't feel so bad anymore. I'm sure some of you guys enjoyed the same up-tick; hope you socked something away for the rainy day.