Reply by ShopCat

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Posted on So how are we dealing with the new economy?

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51 posts in 3544 days

#1 posted 11-06-2008 12:47 AM

I been through this a few times in other industries, and have ridden the bear up and down here since the ‘70’s. My father and father-in-law have been doing it here since the ‘20’s. They beat financial caution into me through my entire lifetime, and those lessons have always stood me well. I could have retired last year from IT work, but hung on because I knew I would end up doing air cover for my kids, who are just now graduating from college. There’s lots of things I would rather be doing, but I was taught to not turn up my nose at a steady paycheck. Any steady paycheck.

My daughter is a newly minted lawyer, and the very small firm she just joined is already seeing a definite downturn. In the oil bust in Colorado in the ‘80’s a lot of lawyers ended up doing Para-legal work. A bunch of Geologists and Mineral Landsmen I know ended up working for the IRS. Believe it or not, nothing I have seen, including major national recessions in the U.S. and Europe came close to what we went through here ‘85 – ‘95. So far this still seems mild compared to weekly newspaper lists of thousands of repo-ed homes and neighbors loading U-hauls in the middle of the night and disappearing.

I guess my question is what are the alternatives? The people of the U.S. built up a LOT of personal debt besides mortgage payments. It could be a long time before that all gets worked down.
Financially, we could be at this for a long time. I have been getting business vibes for a while that nationally this looks a lot like the ‘70’s. If you recall we had lousy job growth, double digit inflation, and nobody made much money doing anything. The economists and financial types couldn’t find the way out then either.

I would suggest that you all not be too finicky but suspect you also already knew that.

-- ShopCat

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