WILL THE LATEST ROUND OF ECONOMIC CHAOS IMPACT YOU?

[october]

I am finishing my MBA this year, and I feel lucky that I am concentrating in healthcare. I have interviews with HCA and Humana next week, so hopefully those will go well. I feel for my classmates in the financial sector though. They work extremely hard and many had quality internships. Now it looks as though they are going to have a VERY tough time finding employment this year, especially those who interned with Merrill, Goldman, etc. I-banking and private equity jobs are going to be hard to come by.

[joe_collector]

Nothing but jobs here, most common complaint is that you can't find anyone to hire.

 

Sure, but housing prices have gone through the roof. I was going to head out to Calgary in the early-90's and should have, as I'd probably be a millionaire.

[showcase4]

My cousin who owned a big subprime mortgage broker co and his son who worked there might be moving into my attic, however. Not really, but they must be taking a beating.

 

.....I will arm wrestle them for dibs on the attic

[thehumantorch]

True prices in Calgary, Edmonton and most northern towns near the oil boom have more than doubled in a couple years. Prices have dropped recently and rents aren't too bad. Lots of employers are importing third world employees to staff the entry level jobs. It's a crazy boom but I think it will continue to slow down.

[BrianR]

Nothing but jobs here, most common complaint is that you can't find anyone to hire.

 

Where's Edmont? My job is hanging on by a thread right now.

[Comicdey]

I got out of college back in 1989 and moved back to Alaska right after the major drop in oil price down to $8-$10/barrel in the mid-80's had decimated the economy of Alaska. I was happy to find a job after a month of searching, and for my first 5 years as an engineer, I was ok with the cost of living beating my raises. Once the economy started to sprout again, it was time to move up.

 

I had many friends in Aerospace engineering that were also graduating right after the spaceshuttle challenger exploded, so their outlook for employment was dim. Not one went into aerospace, with one being a landscaper, one went into computers, another moved overseas and provided internet servicing.

 

It sounds and looks like the next few years will be similar in nature to when I got out of school.....and it all worked out in the end. Stay positive, keep looking for the right job, but don't be afraid to take what you can get in the mean time.

 

 

[Silver Surfer]

The real estate market in Vancouver is very quiet, everyone is waiting for prices to fall more so while listings are high there is little activity. US investors disappeared overnight when the sub-prime meltdown first started and that has hurt new condo prices in the downtown core. Mind you we are coming off years of rising property values so this is not a big surprise by what's happening in the states is not going to help the Canadian economy very much in the next few years.

[TonyStarkFan]

Well if things keep getting worse in this field, I will look for something else. Not sure what I coud go into since I have been working in sales for about 12 years. As long as it pays the bills and I can save some money on the side, nothing is beneath me.

 

When times were tough while I was living in Germany, I worked at a printing press plant emptying barrels of used printing press towels. I had to wear one of those toxic prevention outfits, goggles, and a breathing mask. It was nasty stuff but I made some good money doing that.

 

If things keep getting worse I believe I will be out of here by the New Year, but only if I find another offer.

[alecholland]

I think it will affect everybody in one way or another. Rising costs on everything from food to fuel to insurance rates, etc...

 

I also think it's only going to get worse.

 

I've already started to teach myself Chinese using the Rosetta Stone CDs and have spoken to my banker about converting all my dollars into yen.

[1koko]

Sorry to hear that George

 

I'll survive. (thumbs u

 

 

[the blob]

sounds like you will be living at home heff. nothing wrong with that though, what's the big rush to go out in the real world and pay market rents and never save a dime.

 

my neighbor's kid is 35, living at home. getting married. (not as much of a stigma about that in his particularly community, plus the house is huge). as far as i can tell he has had grunt job at the family bakery but has been saving for 20 years to be ready to buy a home when the time came. he might have bought a little early though.

 

we'll see how it all works out. i wish i had moved to cash 11-12 months ago in my 401K. i sure as heck was thinking about it but pulling the trigger is another story. i survived 2000/2001, i guess i'll survive this one, but my dreams of having anything close to a seven figure nest egg in 20-25 years are crashing and burning.

 

sorry to hear about the problems around.

 

any of the financial whizes here have any idea how much larger this mess is than the S&L fiasco and junk beyond fiascos of the 80's? (in inflation adjusted dollars, of course --- of course, what defines inflation has been changed in the last 10-15 years to keep it sounding low, but i digress)

[TonyStarkFan]

I think it will affect everybody in one way or another. Rising costs on everything from food to fuel to insurance rates, etc...

 

I also think it's only going to get worse.

 

I've already started to teach myself Chinese using the Rosetta Stone CDs and have spoken to my banker about converting all my dollars into yen.

You'll have problems spending Japanese currency in China though.

[WEBHEAD]

After working for a large fortune 500 for 34 years, the business got caught up in the sub-prime melt down, and after a series of previous layoff I got caught up in it.

 

Luckly I had a "golden parachute" and got an early retirement package full pension and full benifits.

 

 

WEBHEAD

[Comicdey]

not everyone will be as fortunate as you ...

[KingOfRulers]

Sure, times are tough. But I think the media really makes this sound worse than it really is. It is a part of having a capitalist society. We have had major economic "panics" about every 10-20 years of our country's existence. This is no different. People just need to try and keep their spirits high until the cycle is back on the upswing.

[Silver Surfer]

King I agree with you but the current situation seems to be a lot scarier than recent crisis in the last 20-25 years. If Greenspan says this is the worse he has ever seen it in his lifetime then I think we are for a couple very tough years.

[FFB]

Sure, times are tough. But I think the media really makes this sound worse than it really is. It is a part of having a capitalist society. We have had major economic "panics" about every 10-20 years of our country's existence. This is no different. People just need to try and keep their spirits high until the cycle is back on the upswing.

 

What are you, 20 years old? Even though you're technically correct, you will find someday that what you're suggesting is a lot harder to do when you're faced with losing your house and your job and financial security. I thank god that I am in a somewhat recession-proof industry, as I have a lot of friends who aren't and they are getting killed. Even the ones who saved well and didn't live beyond their means are starting to worry. How about I give you their numbers and you call and give them a pep talk?

[Mr.Diggler]

Sure, times are tough. But I think the media really makes this sound worse than it really is. It is a part of having a capitalist society. We have had major economic "panics" about every 10-20 years of our country's existence. This is no different. People just need to try and keep their spirits high until the cycle is back on the upswing.

 

 

(thumbs u

[KingOfRulers]

King I agree with you but the current situation seems to be a lot scarier than recent crisis in the last 20-25 years. If Greenspan says this is the worse he has ever seen it in his lifetime then I think we are for a couple very tough years.

 

Well, I think that in situations like this, the situation you are currently in will appear to be the worst. Memories tend to fade, so the situation of the past will often appear less significant as time goes on. Not only that, but the living population has not experienced most of our countries history obviously, so the only way for the population to be aware that this situation is not uncommon would be to research it. I'm not saying it isn't rough, but it has a tendency to happen from time to time. I think the media is trying (and successfully) to scare people. I'm not discounting Greenspan either. He is a well knowledged invididual to say the least!

[FFB]

King I agree with you but the current situation seems to be a lot scarier than recent crisis in the last 20-25 years. If Greenspan says this is the worse he has ever seen it in his lifetime then I think we are for a couple very tough years.

 

Well, I think that in situations like this, the situation you are currently in will appear to be the worst. Memories tend to fade, so the situation of the past will often appear less significant as time goes on. Not only that, but the living population has not experienced most of our countries history obviously, so the only way for the population to be aware that this situation is not uncommon would be to research it. I'm not saying it isn't rough, but it has a tendency to happen from time to time. I think the media is trying (and successfully) to scare people. I'm not discounting Greenspan either. He is a well knowledged invididual to say the least!

 

For once, I actually think the media is trying to be somewhat level-headed about the news. When the federal government (with a Re publican president) loans a private insurance company $85 billion to prevent its failure, things are bad. When the Russian stock market has to halt trading and the Russian government has to bail out the three main Russian banks, things are bad. (Russia owns quite a bit of our debt.) The head of the IMF is saying that the worst is still ahead of us, and a lot of economists are agreeing with him. What is even scarier is that there aren't that many knowledgeable people who are disagreeing with him. This is not to say that the doomsayers are 100% correct, but there isn't a clear road out of this hole for at least a couple of years.