HousingPANIC Stupid Question of the Day

April 15, 2008

HousingPANIC Stupid Question of the Day

Are you afraid of losing your job in the next 12 months?

How long could you go without income?

What do you do?

93 comments:

Anonymous said...: no

10 years

IT; April 15, 2008 4:37 PM
penguindev said...: OMG, Keith, dumbest quote of the year:

In February, Don Trunslow, Wachovia's chief risk officer, told analysts that although a homeowner's FICO score "is a predictor" of whether a homeowner will keep current on their mortgage," it appears that a...borrower feeling like they've lost equity in their home seems to be an even bigger driver of whether they actually default." He later called the trend "unprecedented," adding: "I don't understand it."

http://money.cnn.com/news/newsfeeds/articles/djf500/200804141658DOWJONESDJONLINE000575_FORTUNE5.htm?ref=patrick.net

I about fell out of my chair - the CHIEF RISK OFFICER?

Pretty decent article for cnn, too.; April 15, 2008 4:38 PM
Anonymous said...: I just started my own company 3 months ago, how dumb was that? Actually, I'm doing great right now, but my business is off-shoring to China.

I have a few friends in the banking industry, though, and they are shaking in their boots. They're all looking to get out, because they know the layoffs are coming soon.

Smart people should be getting into the export business. With the dollar tanking, and with countries like India and China becoming more wealthy, they are actually starting to buy OUR stuff. I'm not kidding, I was in Guangzhou in February and there is actually real demand for, for example, US software and services.; April 15, 2008 4:40 PM
Anonymous said...: I have a ton of cash because you told me to be "Afraid, very afraid". Something about the 30 day treasury rates being so low. So I sold my 3 million in stocks. Now the market it up 5% since that warning to be afraid.; April 15, 2008 4:42 PM
Anonymous said...: Nope. Big City copper. I'm good, crime's going up from the failed flipper getting hooked on dope to him later trying to rob a bank.; April 15, 2008 4:42 PM
Anonymous said...: I have no idea; I was laid off in 2000 because of the tech bubble; I'm a saver and could last at least 5 years but, obviously, I don't think that will happen.

I will be getting a teaching license; am studying linear control systems; and current do systems and client side programming.

The silver lining of 2000 and the recent "choppy economics" is that there's less competition from below. I also read a lot and that's something that's kept me marketable.; April 15, 2008 4:46 PM
Anonymous said...: "Now the market it up 5% since that warning to be afraid."

Warren Buffet is famous, I think, for pulling out "too early" but he's become rich and known for his sense of things to come and being "too early" worked as a strategy.; April 15, 2008 4:49 PM
Anonymous said...: nope

9 years
IT
Moving to India; April 15, 2008 4:57 PM
Out at the peak said...: I give myself a 75% chance of surviving. If 45% of the employees got cut, I would make it. Any more than that, I would be gone. My company actually had its best Q1 ever. Perhaps the rest of the year will be okay.

I could last 6 years (off of savings) if I continued current spending habits. I would stretch to 8 years by eliminating eating out and some other necessities.

I'm a senior software engineer.; April 15, 2008 5:07 PM
Carioca Canuck said...: I've been self employed for 5 years.....and been doing the same thing for 20 years. I have seen 2 recessions already, although one not as big as this one is going be iMHO.

I'm fixed for life.......I own property in the third world. Paid for and dirt cheap relatively speaking (1/5 the price of up here). And with the cash I have I can generate enough interest to let me live like a king down there. Up here I am a middle class pauper.; April 15, 2008 5:11 PM
Anonymous said...: No.

probably only 5 years (factoring in current high inflation trends)

IT; April 15, 2008 5:14 PM
Anonymous said...: I have a ton of cash because you told me to be "Afraid, very afraid". Something about the 30 day treasury rates being so low. So I sold my 3 million in stocks. Now the market it up 5% since that warning to be afraid.

You have $3 million in stocks and you take advice from a blog. Very believable.; April 15, 2008 5:36 PM
Anonymous said...: 1. Always. Only the paranoid survives.

2. 24 months emergency fund in the US, but I can move to my other place overseas and get by for a while with my liquid assets there.

3. International Trade, self-employed; April 15, 2008 5:38 PM
Anonymous said...: For now, my family's job situation is good. But there's always a worry when you have a monster like this staring you down. Who knows? I have 1 years' income (gross) available.; April 15, 2008 6:42 PM
Anonymous said...: As anonymous said: no, and for similar reasons.

14 years IT

If you have worked hard to make yourself valuable you will remain valuable right through a downturn.

Of course, that only applies to those that really add value to their enterprise. Hangers-on, no matter how many years there, can find themselves in the lurch.; April 15, 2008 6:46 PM
Anonymous said...: There is an interesting article in the free "Philly Metro" paper today. It is about condo owners in the Northern Liberties section of the city who paid $375K for a 1 bed condo in a re-hab factory. Also they have to pay a monthly association fee of $1,350 and pay the doorman every month $62.
Now this would be all well and good save for the fact that only 4 condos were sold and the rest sit uncompleted in another section of the building with no intent to complete them in sight. So you have a few modern condo conversions in an old factory with the other half falling apart and to put it into perspective, vandals have started to strip the incomplete projects. Also, the people moving there have discovered that it is a "high crime" area to boot!
The picture in the paper is of a man in his condo looking sadly out the window at a neighboring condo that has been stripped and part of the building he is in that is incomplete! Great stuff!; April 15, 2008 6:48 PM
Anonymous said...: Anonymous idiot 4:42 said . . .

"I have a ton of cash because you told me to be "Afraid, very afraid". Something about the 30 day treasury rates being so low. So I sold my 3 million in stocks. Now the market it up 5% since that warning to be afraid."
----------------------------------

I would love to know how you got $3 million to invest in equities.

Considering you made a $3 million decision on the bare word (which you didn't even think noteworthy enough to remember) of some person you've never even met (Keith could be a robot for all you know) and failed to substantiate your action with professional advice or with your own analysis or independant research, I suspect that you did not acquire your money by using your intelligence.

Of course, we all know that you don't have $3 million, and even if you did have that kind of money, you didn't pull it all out of equities and put it into cash on Keith's word.

Rather, this is your inartful way of suggesting that the prediction about a falling stock market is wrong.

I ususally suggest to anonymous posters that they make up a name, but in your case, you probably want to remain anonymous to hide yourself from the scorn that your stupidity will undoubtably bring upon you.; April 15, 2008 6:50 PM
Anonymous said...: crime may be going up, but city revenues are going to plummet making jobs like a big city copper not so secure.

Of course they'll probably just drop the pay and you can make it up on the side.; April 15, 2008 7:23 PM
Anthony said...: Nope. 9 years. I am a TV editor/producer. When times get bad, people need escape. I am all set.; April 15, 2008 7:44 PM
Anonymous said...: I might lose the job but I'm not afraid.

Have about 5 years of expenses stashed away.; April 15, 2008 7:44 PM
Anonymous said...: No, as a military officer I have no problem with employment. There are many who have left so they are giving extra cash to stay. Even with a new political change in the country I feel my income is safe. We live well within our means and have made a few good investments. Could go a year or so with no income, would have to make some changes (not funding IRAs or investments and lower the overhead of living). Not everyone will have the same outcome, all those middle cash who wanted to live the upper class life by using their houses as a atm or overbought a home(s) are going to get killed. Its greed that caused this meltdown on so many levels.; April 15, 2008 7:52 PM
Anonymous said...: no

maybe 3 weeks or so

student; April 15, 2008 8:07 PM
SpiceUpYourPortfolio said...: Hello Keith,

I generate my income through trading and thus depend on myself for survival and progress.

I have been your faithful reader since 2004 and knew at that time some thing nasty was brewing in the financial world.

I welcome those who are interested to pursue financial independence and hope I can make a difference is someone's life.

Thanks again.
http://www.spiceupyourportfolio.blogspot.com/; April 15, 2008 8:16 PM
Anonymous said...: I have no fear of losing my job, since I control 50% of the voting stock in the corporation that employs me. I could go at least 15 years living very comfortably on my savings, and probably quite a bit more. I work as a forecaster in economic trends, particularly related to investment real estate.; April 15, 2008 8:18 PM
Anonymous said...: I am not afraid of losing my current job. I want to change careers however and it's not looking optimistic right now. I could go 2 years without income.; April 15, 2008 8:22 PM
Anonymous said...: Still work for a big lender but not sure for how much longer.

I have been in sales over 10 years, working for some great companies outside of the lending industry, and really would like to completely and sincerely make a career change.

Problem is-- What you have heard about mortgage professionals being black balled is VERY true, and it's almost sureal. I have heard of many recruiting firms not even willing to look at resumes of people with past mortgage experience and one firm that has actually asked their recruiters to THROW them way-(resumes).....

I know you guys think everyone in the mortgage industry is a criminal, but I can tell you that that is completely not true. There are so many GREAT, EDUCATED people out there, just trying to do a good day's work, provide great service and feed their kids at the end of the day....

The REAL culprits are managers at the top of the food chain. In so many cases, they have lied to employees as to what was really happening, all while they pilfered as much as they could. It is really sick. Think Angelo Mozilo and you get the picture.

These people truly thought they were working for the best company in the industry, then one day, the bottom fell out! Kinda like ENRON.

I am a big fan of HP, but I will maintain that there are too many absolutely phenomenal people in this industry that are paying for the crimes of a few greedy bastards at the top. It sucks beyond belief---

Thanks for letting me vent. OK, you can hurl your tomatoes now.; April 15, 2008 8:27 PM
Anonymous said...: Given that I'm deploying to Iraq in July, I'm not too terribly worried about finding employment.

If I was fired from my civilian employer today, I'd have to find a job within 6 months or so.; April 15, 2008 8:32 PM
Anonymous said...: >> I have a ton of cash because you told me to be "Afraid, very afraid". Something about the 30 day treasury rates being so low. So I sold my 3 million in stocks. Now the market it up 5% since that warning to be afraid.

In my best Butthead voice: "Hee, hee - you dumbass!"; April 15, 2008 8:39 PM
Anonymous said...: Luckily I have a 40K cushion in the bank, but that is only because this blog scared the crapp out of me last year, and I could seriously add 2+2 to see what was coming.

Now, yep, just like clock work, the pink slips have been coming in...so far I am ok, but I do think it is a matter of mere months.

To those of you who think you will not be affected, think again. Don't be so cruel and cocky to slam the mortgage people, because many industries are now going to fail, maybe YOURS.; April 15, 2008 8:42 PM
Anonymous said...: I'm a lil cop in Cali and have agreed with the fact that crime will rise as 3 things happen:

1. Lower level criminals are released to save $

2. People all of a sudden don't have $ or credit...Even those who didn't abuse it

3. Breakdown of neighborhoods because of the economic crash

My job as a whole is safe but not completely safe...but I fear a world where there is no work for people.

To all those all proud that things won't affect them look at people like Bill Cosby (who is very rich probably) who's kid was killed in LA by some Serbian Sureño...Crime touches all of us.

Usually the poor first but sooner or later the rich unless they want to live South Afrikan/Brazilian style.

So keep the proudness out of your lips because when it hits the fan the rich and middle class will get eaten along with the poor and stupid.

At first I wanted the thieves and stupid to be punished and see the system crash so we can build better...But any of you ever see see a lil old lady (about 80 year old) collecting cans so she can eat?

I have and that's when you know that the first to suffer won't be the a**holes but the very sick/young or old...We can brag about stocks/puts/Ag/Au etc but in the end what good does it do you if you have to basically have to segregate yourself or be scared in your own country?

I'm a citizen but was in Mexico when the peso fell...and people were semipanicky but survived...Here in the US I don't see that hardiness or toughness...I see alot of weakminded fools that are going to ruin this poor country...So prep up help each other but NEVER brag about how you have all things under control...You never know.

-Noodles (since 2004):P; April 15, 2008 9:03 PM
Anonymous said...: hello idiots

wamu loses $1.40 a share, shaes soars after hours

enjoy the 2% CDs or more likely enjoy the 0% earned on your money under your stained mattress

oh and the bailout is being introduced in the house tomorrow. enjoy the 1 bed 1 bath shithole you live in, you will be there for life

DOPES
DOLTS
FOOLS; April 15, 2008 9:32 PM
Anonymous said...: yes

8 years

financial risk & fraud software; April 15, 2008 9:33 PM
Anonymous said...: 1) Nope, unemployed already.

2) Indefinitely, buzz saw is a survivor.

3) I ::never:: want to be classified by any job I may have done in the past, they all sukked rox.; April 15, 2008 10:31 PM
Andrew said...: lil cop in cali is right.

does it make you happy to think you have all your money stashed away but live in some $hite hole country where you can't even walk the streets at night?

go to South Africa, see how the rich live there.

the bankers have all made their money. do you honestly think it will be the fatcats who suffer?; April 15, 2008 10:37 PM
Anonymous said...: 18 months from now yes (FY 2010. New administration, faced with tough decisions)

10 years

IT, gubbermint contractor.; April 15, 2008 10:39 PM
Anonymous said...: Hey all, don't forget to watch an interesting healthcare documentary on Frontline, today @ 9 PM EST.

I believe that you can watch it online afterwards at the PBS site:

http://tinyurl.com/6hyfk5

Basically, the reporter visits several developed countries (i.e., England, Japan, Germany, Canada, Switzerland, etc) to check and compare their successful healthcare systems.; April 15, 2008 10:51 PM
Anonymous said...: Yep

2 years

Enterprise software; April 15, 2008 10:57 PM
Anonymous said...: Why does some people think that getting a nest egg of $3 mil is soooo out of this world. Perhaps the person who posted is on his 60s and has been working as doctor, engineer, lawyer, etc, for most of his life. HP has lots of bigshots as readers, if you're a newbie. We had a poll long time ago.; April 15, 2008 11:21 PM
Anonymous said...: NO,

I am a criminal mastermind. I loot copper from forclosed houses in MN. I expect to have a never ending supply.

I have 2 tonnes of copper supply I am hoarding for the day that Cu -> 10$+; April 15, 2008 11:30 PM
Martin Hristoforov said...: For the mortgage dudes: I guess the Nazis weren't like bad 'cause they got orders. See, they actually were trying to do a good day cleaning of society. Just doing their job and following orders with only love in their hearts. I mean how can you pretend that you were doing an honest day's work by selling something that the buyer cannot afford? And please, don't give me this crap where you only sold to people that could. Probably the only people that could afford the houses you people sold in the last few years are in Forbes 500 richest people. And I can't bet you didn't sell to any of them, rather to a bunch of strawberry pickers down Bakersfield.

Next, to the cop dudes: First off all, yes, crime will rise. This means you prolly won't lose your job, but rather your life or limb. And even if you won't get laid off, with your great unions, the gov will just depreciate the dollar as much as they need to decrease your salary.... once you have a hard time to even afford neccesities and everyone is hungry and wants to shoot you then you will start taking bribes. Many of you will get fired because of that and because of retirment or death/disability. No new recruits will make it because of the budget crisis in cities so there will be less police. More criminals on the street, smaller and corrupted police force... sheesh, go check out the untouchables.

To the trader dudes: you are trully the funniest. Let me break it for you, in a situation where people are strugling to eat today, businesses get torched or raquetered, and most of the important industries such as power, resources and food are nationalized what are you gonna trade? I'll tell you the next trade of day traders - their backs on the docks. Hope those puffy muscles from the gym help you lift the cement bags.

IT (in which I am kind a in) dudes: considering that probably everyone in the industry is not needed for operations, and that most people got a job not because of any great IT skills you prolly will be out too. I mean it usually takes me like a week to line a few offers, now I've been two weeks and I am trying real hard with only 1 offer for just 120k and another for 70-80/hour and I cannot see those companies making it thru what is happening and going to happend.

To the risk managment/fraud protection clown: hahaha, if there are no credit cards and mortgages what risk are you going to manage? What's your chance to get soup at the soup kitchen if you get there at 5 in the morning? Don't think this will be sought after skill. You can prolly sell your spot at the soup line tought :)

I mean people, what you have today would not matter even a bit in a case of financial collapse except canned food, skills besides how to slide the card at the market or get the equity line of credit with a signature. The 40k you have in the bank? Gone. Yea, FDIC will pay them back. Have you ever applied for welfare or unemployment benefits. By the time you get anything it won't be worth s***t or you will be either ok or dead from hunger. I mean sheesh it took a week after Katrina for a bottle of water and at least a month before the first check for disaster relief. Gold? Well, you can get all the gold confiscated like back in the 30s. Stocks? Give me a break, I doubt there will be a stock market as we have today.
Basically, when the sh**t hits the fan you need organization, you need people(read friends) and you need intelligence and know-how. Knowing how to cook, and under cook I don't mean buying a new york stake and throwing it on the bbq. I am talking of buying a pound of rice and feeding 10 people, jesus-with-the-fishesh type of deal.

Anyway, there are 3 things that can help in an even of depression or financial collapse:
1) Family and friends - the more pople together the easier it is to deal with what comes. As long as at least a few of the people in the group have income everyone is ok.
2) Proffesions are gone. It is like having a plumber mexican. See, the mexican is what you want him to be when u pick him infront of Home Depot. So you will be whatever you can get paid for today.
3) You need to be able to do something most people can't and they need. Now, for instance if you are in computers you can be the guy that sells the computer and the guy that fixes the computer. The first one is going hungry, the next one will be ok.

The economic collapse I endured some years ago was over 1500%, yes FIFTEEN HUNDRED PERCENT, inflation for a single night. And nobody was selling anything in the morning because if you sell something for 10$ today, you will buy it from the distributor for 150$ tommow. You don't want to do that. So think of what your preparations are worth if you need 500% more dollars to buy the same thing, or 1000% or 1500%. Even if prices double, which they did for the past year. What you gonna have then?; April 15, 2008 11:39 PM
Anonymous said...: No.

At current rates of spending? 8 months. At modified rates of spending that we have achieved in the recent past? 16 months.

At this point if I lost my job (I'm a military officer) I/we would be in some serious sh... I would probably try to get my family to safety and handle it from there.; April 16, 2008 12:37 AM
miles said...: Iam a 31 year old male .Currently my past is coming back to bite me in the ass. In 2002 I came to my parents rescue and saved their house from foreclosure -then they sold the home. Saving the last $20,000 they had to their name. Then they put a $ 20,000.00 down payment on a double wide trailer home. Since their credit was a wreck from the foreclosure and previous bankruptcy- they came begging for me to cosign so they would not lose their downpayment.; April 16, 2008 12:42 AM
miles said...: Now they are near bankruptcy agian and the IRS is after them . They now tell me this loan that I cosigned for 75,000.00 is my bailey wick and it is all gonna fall on me. Over the past 6 years they purchased flat screen tv's - ate out at restaurants 4 nights a week and took vacations. They are currently unemployed; April 16, 2008 12:46 AM
Anonymous said...: Carioca Canuck:

in what country do you have a place?

All:

what are the best countries to have as a fall back in terms of quality of life and affordability?; April 16, 2008 1:09 AM
Anonymous said...: No.

5 years.

IT; April 16, 2008 1:20 AM
Anonymous said...: Just to put things in perspective, here's the latest on the retail front. And this is just the beginning; good luck to all!

* Levitz Furniture - bankruptcy
* Sharper Image - bankruptcy
* Linens ‘n Things, the bedding and furniture retailer with 500 stores in 47 states, will file for bankruptcy as early as this week.
* Foot Locker - closing 140 stores
* Ann Taylor - closing 117 stores
* Jeweler Zales - closing 100 stores
* Domain, furniture - bankruptcy
* Wickes, furniture - bankruptcy
* Fortunoff, housewares - bankruptcy
* Harvey Electronics - bankruptcy
* Lillian Vernon - bankruptcy
* Bombay, 360 stores - bankruptcy
* Lane Bryant and Fashion Bug - closing at least 150 stores
* Wilsons the Leather Experts - closing 158 stores
* Pacific Sunwear - closing 153 stores

The International Council of Shopping Centers, a trade group, estimates there will be 5,770 store closings in 2008, up 25 percent from 2007, when there were 4,603.; April 16, 2008 1:49 AM
Anonymous said...: Mortgage Broker
Income up 7% vs. 2007 YTD
It's tougher getting loans at the local banks for the people who want them so they are coming to me.
I specialize in FHA with zero down so my services are in high demand right now.; April 16, 2008 1:49 AM
Anonymous said...: Anonymous said...
I have no fear of losing my job, since I control 50% of the voting stock in the corporation that employs me. I could go at least 15 years living very comfortably on my savings, and probably quite a bit more. I work as a forecaster in economic trends, particularly related to investment real estate.

April 15, 2008 8:18 PM

===============================
Can I contact you to send you my resume?; April 16, 2008 2:12 AM
Anonymous said...: We'll move to Dubai.; April 16, 2008 2:25 AM
Anonymous said...: Anonymous said...

Hey all, don't forget to watch an interesting healthcare documentary on Frontline, today @ 9 PM EST.

I believe that you can watch it online afterwards at the PBS site:

http://tinyurl.com/6hyfk5

Basically, the reporter visits several developed countries (i.e., England, Japan, Germany, Canada, Switzerland, etc) to check and compare their successful healthcare systems.

Are they verifying the movie Sicko?
Oh yea, that Michael Moore is a Democrat, so his visit to all of these countries and the movie that he made is not valid? Why would Frontline revisit this? If the movie Sicko didn't get America pissed then they deserve the healthcare that they get (or don't get).; April 16, 2008 4:00 AM
Anonymous said...: I'm not very afraid, but it could happen. I'm renting now, after selling almost 2 years ago. I would look for a local job, and if one wasn't foud quickly, I would buy a house out of the CA state, for cash. With cash left over, too.; April 16, 2008 4:03 AM
Anonymous said...: I work for the a state government as a CPA investigating financial fraud. I expect that there will be plenty of work for me, but that won't necessarily save my job if things really hit the fan. The frauds just won't be investigated!

There was a round of layoffs shortly after I started in government, so I don't have the same sense of security that most government workers do. However I think I have enough seniority that I will be able to move to another audit-type job within the state if my own position is cut. There are currently lots of vacancies for auditors because the government wages are alot lower than in the private sector. The vacancies will be wiped out first in any cutback, and that eases the blow for the remaining workers.

I do think that my wages may be cut, but I don't mind sharing the pain. I could survive about 7-8 months without income.

As for survival skills, my parents raised 5 kids on a college professor's salary in the 60's & 70's, so I know how to: bake my own bread; grow and can vegetables; find the best "dented can" grocery stores and thrift shops; find, pick, and can berries. I learned how to eat ramen in college, so I'm all set!; April 16, 2008 4:14 AM
Anonymous said...: Anonymous
As anonymous said: no, and for similar reasons.

14 years IT

If you have worked hard to make yourself valuable you will remain valuable right through a downturn.

Of course, that only applies to those that really add value to their enterprise. Hangers-on, no matter how many years there, can find themselves in the lurch.

It will always be someone else who has the problem won't it? I am safe. I am valuable. The other people will always get thumped before me, because they are just hangers on and I am special.

I see no use for vast IT knowledge during a prolonged recession or depression. (I have a degree in IT. Got tired of having jobs outsourced several years ago while working at the phone company and I started my own accounting business here at home). I have several contractors bringing their books to me now, and it keeps me busy and I make a decent living. There will always be contractors that need their bookkeeping and taxes done.

Daily living will become about real life things such as food, shelter and barter over the next few years. I am positioned perfectly. I will do your taxes for a chicken and 3 loaves of bread.

As it was explained to me at the phone company by my superiors during our downsizing, IT workers are not income producers. They are a necessary evil. When tough times hit a company, it is the income producing people in sales, trading, marketing and production that are valued. IT is a drag on the budget.IT produces no income for the company. Best to outsource it or bring in some Bangalore people on H1B visas.

I learned never to think that I was special or immune. A lot of folks are going to learn this in the next couple of years I think.

JaneZ; April 16, 2008 4:25 AM
Anonymous said...: "To those of you who think you will not be affected, think again."

I think everyone thinks that they might be affected but once bitten, twice shy about worrying.

Ever since 2000, I've made sure that every day is fun so I don't live with regrets.; April 16, 2008 4:42 AM
Anonymous said...: ELECTRICAL CONTRACTOR with cash, guns and ammo, food supply, p.m., no debt, and the ability to take myself and truck and do a service anywhere in the world if need be!

Thankyou God for all of your blessings!!!!!; April 16, 2008 4:43 AM
Anonymous said...: mrmx said... that he hasn't had a job in 8 years. Great. Rock on.; April 16, 2008 5:05 AM
Anonymous said...: "Basically, the reporter visits several developed countries (i.e., England, Japan, Germany, Canada, Switzerland, etc) to check and compare their successful healthcare systems."

I've talked to the UK doctors and they're getting greedy too. I doubt their generosity of the past will continue.; April 16, 2008 5:45 AM
Anonymous said...: no i am not, i work for the state of calif. 5 years. office assistant, but
as stated in a previous post i have low expenses.; April 16, 2008 5:49 AM
Anonymous said...: Only slightly worried.

2 years, if we lost all three jobs. Otherwise, indefinitely.

I would spend the first year catching up on stuff around the house.; April 16, 2008 5:58 AM
jazzmanferg said...: 8yr disabled veteran here. I already lost my job. Not a bad injury just a couple blown disks. I tried for 4 years now to get back in but they wont have me back. I have resigned myself to the fact that my place is with my family now not fighting in Iraq for god knows what.

I work in IT and I have been supporting my wifes way through med school (when the shit hits the fan medical professionals will be gold).

I have no life savings. I have no stocks. I have no delusions that my job is safe. When the proverbial poo hits the fan I will not only be ready but will have a sense of relief and happiness.

I was raised to know how to grow my own vegies. I am an expert marksman and can bag my own meat or down a crazed maniac if needed. My wife grew up in a tin shack on a dirt floor in the phillipines so she knows how to rough it. I have a contigency plan to get away from the mobs of panicked zombies. I have enough ammo to conquer a 3rd world country. I have my pessimism, which tells me that humanity is not a positive quality and to trust no one. Most importantly my wife and children.

Cash will mean nothing; Precious metal will mean nothing; Job security will mean nothing. Only the simple things will have any intrinsic value.; April 16, 2008 6:11 AM
Anonymous said...: To the risk managment/fraud protection clown: hahaha, if there are no credit cards and mortgages what risk are you going to manage?

that's me you're talking to.

If there's severe economic distress but still a semi-functioning financial system then they will need risk management and fraud management more since there will be more deadbeats, scammers and criminals.

Yes, if there's no mortgages and no credit cards and no science, then indeed I'll be mightily fucked.

I'm buying oil stocks and oil futures for peak oil, but indeed if it's all nationalized and we go Zimbabwe, I have no options.

Given that there have been mortgages in the modern sense since the mid 1800's, and computers aren't going to be uninvented, it has to be something really really bad. The Great Depression didn't eliminate loans and mortgages. But the Bolshevik Revolution did.; April 16, 2008 6:32 AM
Leon said...: Nope.

I could last probably at least a year without any kind of income, if I lost my job tomorrow I'd also get a pretty hefty payout.

Things are pretty good in Australia because of the skills shortage, things might dry up once we become infected with America's shitty economy but I am not worried. Working for a big company, I do not plan to leave anytime soon!; April 16, 2008 10:28 AM
Lost Cause said...: Afraid? No.

How long could I go without income? Another 2 years.; April 16, 2008 10:48 AM
Anonymous said...: >> Just to put things in perspective, here's the latest on the retail front. And this is just the beginning; good luck to all!

I certainly hope Limited Brands gets added to the list. Based here in Columbus, OH, you wouldn't believe the money that management takes home every 2 weeks. Yeah, there's some Limited employees I'd like to see suffer...; April 16, 2008 2:27 PM
Unknown said...: Nope... I'm self employed...

And I could go 9-10 years without making a dime....; April 16, 2008 2:36 PM
Anonymous said...: Seems like most of you here are IT nerdlings. And delusional nerdlings at that. When times get bad, IT spending is first to go.

Oh and just because you are an enterprise architect, doesn't mean you aren't an IT nerdling. You are just a nerdling with a fancy title. You're still not getting laid this weekend.; April 16, 2008 2:40 PM
Anonymous said...: our bosses told us we're here for another year at least, but who really knows?

followed Peter Schiff's advice and bought offshore assets with my savings; parents have places overseas if I get desperate.

international trade; April 16, 2008 3:48 PM
Anonymous said...: I don't know how I am going to survive really. I am like many Americans that live paycheck to paycheck. I was divorced about five years ago, it was right after 9/11 and I used all my savings then to get through about nine months of unemployment.

I was laid off yesterday, got a severance package, but I truly have no money past probably two months. I am a survivor and I have gone through this before, but the economy worries me.

Anyone need a project manager? I am smart, a self-starter and have a great letter of recommendation, albeit, no job.; April 16, 2008 4:07 PM
Anonymous said...: JaneZ on others:
"It will always be someone else who has the problem won't it?"

JaneZ on itself:
"There will always be contractors that need their bookkeeping and taxes done."

JaneZ on itself:
"I learned never to think that I was special or immune."

LOL priceless!

You DO see why that is so funny, right?; April 16, 2008 4:34 PM
Anonymous said...: pascha36, if you were a survivor you wouldn't only have a couple month's worth of expenses saved AFTER SEVEN YEARS OF WORKING.

Go ahead and assume most people live paycheck-to-paycheck, if it helps you feel better about yourself. It also excuses your pathetic saving behavior.; April 16, 2008 4:36 PM
Anonymous said...: because the cities are rich! said...
crime may be going up, but city revenues are going to plummet making jobs like a big city copper not so secure.

Of course they'll probably just drop the pay and you can make it up on the side.

April 15, 2008 7:23 PM

Negative. They cut my salary, and ruin my budget, I cut my productivity. Then crime goes up even more. Pols live and die on crime stats. Can't f- with police or fire. Like us or not, YOU NEED US.

What they can and are doing is hiring freezes.

What they; April 16, 2008 5:00 PM
Anonymous said...: I am positioned perfectly. I will do your taxes for a chicken and 3 loaves of bread.

No thanks. I've been doing my own taxes for years by using TurboTax that costs About 20 bucks. And that's the future my friend. Good luck with your obsolete occupation.; April 16, 2008 5:10 PM
Anonymous said...: I'm retired but my income has been cut by 35% because I relied on interest income for part of my retirement,(so much for saving for retirement ).
I put 50% down on my house and have a fixed rate at 5.5% ,so I can afford my payments .My medical costs are about 450 dollars per month (regarding my wife )and I have no other debt.
My 2 cars are paid for and I expect to drive them into the ground .
We use to go out to dinner a lot ,but can't do that as much.
We were going to travel more ,but I don't want to do that now because of a fear of inflation eating away at my spending power .
Including property taxes of about 250 per month and federal income taxes ,I pay about 900 a month in taxes .I object to my taxes going to bail out people in any manner .
I find myself trying to find deals at the super market now where before I bought anything I wanted .
Yesterday I bought 5 shirts at 5 dollars each that usually went for 25 bucks each .
I also want to keep funds in case one of my kids need some help during these bad times .
I find myself thinking about driving lately and I try to curtail driving as much as I can . I have also started turning down the heat in the house and wear a sweater or jacket instead .My neighbors are complaining about me keeping the temp to low ,but I don't care what they think .Thank God the warmer weather is coming .
I might be retired but I still contribute to taxes and I still pay medical costs monthly of 450 to 550 per month .
Some of the people that I know that are retired are having a harder time than me making ends meet because they have been retired longer than me and they are getting killed by inflation .One guy I know got a notice that they were going to reduce his retirement benefit by 25% .
The baby boomers are going to have a real problem if they try to retire based on the current and what might be ongoing conditions .I can't change it now ,but if I had a choice I would of worked 7 years longer . Of course working longer would of kept a younger person from having that job ,so I think about that also .
I am concerned about all age groups being able to survive the upcoming disasters in the economy . In my view the government should direct their energy and tax dollars toward creating jobs instead of bailing out speculation .
I will be able to survive ,but certainly not on the level that I planned and saved for .
Contrary to popular belief ,the older people want the younger people to have good jobs and good lives . I want to pay off my house before I die so I can give it to my kids and I will not get a reverse mortgage. I hope that I stay somewhat healthy so I can at least pass on assets ,if not have funds to give them also .I have had a very good life and I want to pass some of that on .I wish everybody good luck in the coming years .; April 16, 2008 5:17 PM
Anonymous said...: To all American IT workers in denial, you do realize that Congress has conformed to Bill Gates demands and passed a bill to increase H-1B visas considerably. And now, with the excuse of a recession, Tech companies will replace your high paying jobs with a cheap code-monkey from India, China, or Eastern Europe.

Microsoft & Co. need to keep earnings going up to please Wall Street, and cutting your salaries by 30% or more is a way to do it during a downturn or when facing fierce competition.; April 16, 2008 5:27 PM
Anonymous said...: I've talked to the UK doctors and they're getting greedy too. I doubt their generosity of the past will continue.

I won't go into details about the documentary, especially if you didn't watch it to give a discernible opinion, but the reporter compares all the healthcare systems in those developed countries in order to suggest an appropriate model for the US.

People, all this talk about "creating" a new system for the US is unnecessary. We don't need to reinvent the wheel, as there are successful models being applied for years in other economies similar to ours. Oh and btw, the reporter says that NONE of the current 3 candidates are offering an ideal model that compares to other developed countries.

The reporter never says that the British model is ideal. The ideal model would be a mix of public and private, because if you allow health insurance companies to be profitable beyond limit, these blood suckers will do whatever it takes to deny legitimate claims or care suggested by physicians, in order to make another buck.

If you feel covered and safe with your stinky $150/month premium in the current system (step forward evil Ed and Frank), wait until you or any member of your family incurs a devastating loss that requires expensive long term treatment. You will be denied coverage, no doubt. Some of you still think that sh!t only happens to other people, huh? Suuuure.

You've seen enough in the last 8 years to know that greed is alive and well in this country, and please don't come with the free market hogwash because that doesn't exist anymore, as proven by all the bailouts given by Bernanke and Paulson to Wall Street crooks.

Go to the PBS site and watch the Frontline documentary online to form an opinion.; April 16, 2008 6:15 PM
Jonathan said...: I could probably only last 2 years with no income. it's scary.; April 16, 2008 6:26 PM
Anonymous said...: Some of the people that I know that are retired are having a harder time than me making ends meet because they have been retired longer than me and they are getting killed by inflation .One guy I know got a notice that they were going to reduce his retirement benefit by 25% .

Hey, what can I say. You baby boomers have been voting for it, while waving your Made in China flags and Made in China "Support Our Troops" magnetic ribbons.

You've been gamed by Karl Rove, GOP, and the secret society. The Messiah Obama will finish the job by transferring all your soon to be higher taxes to breeders in Africa and the Caribbean. After all, it's on the 10 points of his Church, and imposed by his master Rev Wright.

A little piece of advice to all baby boomers: cling to your religion and to your guns because the thugs will come crashing your windows while you sleep. Enjoy.; April 16, 2008 6:36 PM
Anonymous said...: "No thanks. I've been doing my own taxes for years by using TurboTax that costs About 20 bucks. And that's the future my friend. Good luck with your obsolete occupation."

$20 if you use the basic turbo tax. Tells me all I need to know right there. You can tell how well of someone is by their tax preparation. The less complex the less wealth.

Save yourself the $20 and just use the EZ-1040 next year.; April 16, 2008 7:04 PM
Anonymous said...: A few points here...

3rd world countries are densely populate and tend to be in warmer climates and either attract (or breed) even more people. Here's the catch, they're typically not safe for the average American or Canuck who doesn't know his/her way. So all this 'living like a King' in Cambodia or the Yucatan may not come to fruition once Pol Pot or Pancho Villa shows up at your humble abode with a gun.

And as for the traders, meaning the good ones, provided there's some electronic exchange in the globe, you can still make money but you'll have to find a safe abode (w/ satellite internet) and unfortunately, that means either Alaska or the less populated regions of Canada like New Brunswick, Saskatchewan, Labrador. That's your hideout for a decade until the world equilibrates.

Then afterwards, you'll need to setup a hang out in Asian cities like Seoul, Singapore, or Taipei if you want to manage other peoples' portfolios as a long term career track. The wealthy clients will no longer be in North America and the North will start to resemble the South, in terms of economic prowess. That's the new Asian century and it's coming but before it clicks in, a lot of upheaval will occur in the standard of living of the western societies.; April 16, 2008 8:12 PM
Anonymous said...: JaneZ said...

I am positioned perfectly. I will do your taxes for a chicken and 3 loaves of bread.

Anonymous said...
No thanks. I've been doing my own taxes for years by using TurboTax that costs About 20 bucks. And that's the future my friend. Good luck with your obsolete occupation.

JaneZ said...
Well, yea if you only make $30,000 a year and don't have any deductions, or expenses because you don't own your own business, and because you rent a house, then yea, $20 bucks with TurboTax works really great. Actually a pencil, a solar calculator, and a 1040 form work great also if you can read a gov form. Maybe you just are more comfortable with the simple little questions one at a time on the screen?

Far as I know Turbot doesn't do payroll, job costing, workman's comp, budgeting, cash flow analysis or financial statements.

Accounting has been around since the 1400s. Gee wonder why that is? Imagine a system so perfect that no one could improve on it for over 600 years. How does that stack up against IT?

Apparently you are good at answering the simple questions that Turbo asks you. Like "How much money did you make last year"? "How many children do you have?"

So you just keep answering those simple, easy little questions for your $20.

JaneZ; April 16, 2008 10:29 PM
Anonymous said...: Steve said...

JaneZ on others:
"It will always be someone else who has the problem won't it?"

JaneZ on itself:
"There will always be contractors that need their bookkeeping and taxes done."

JaneZ on itself:
"I learned never to think that I was special or immune."

LOL priceless!

You DO see why that is so funny, right?

Yea, hahahahah you work in IT.; April 16, 2008 10:33 PM
Anonymous said...: Hey Jane ,

You should be scared also because the IRS will stop collecting taxes next year when it hits the fan!!!!

ha ha ha ha ha !!!

Now I will be waiting for my door to get kicked down and I will be arrested for that comment!

Oh well it was worth it so long HP!!

FREE ICEMAN! FREE ICEMAN! FREE ICEMAN!; April 16, 2008 11:59 PM
Anonymous said...: "I am a criminal mastermind. I loot copper from forclosed houses in MN. I expect to have a never ending supply.
"

. . . You are a sleazebag. Where do ya store yer loot? I'm right behind you. Watch your back.; April 17, 2008 4:26 AM
Anonymous said...: RE: "I am positioned perfectly. I will do your taxes for a chicken and 3 loaves of bread."
Response:
"No thanks. I've been doing my own taxes for years by using TurboTax that costs About 20 bucks. And that's the future my friend. Good luck with your obsolete occupation."

Do my taxes for a chicken and THREE loaves of bread? How about a chicken sandwich and a cup of tap water? You are greedy. Turbo Tax? $20 for that virus infected piece of crap? I would never again install that GARBAGE in my computer. Have you geniuses ever thought about actually reading the 1040 Instructions and using a ball point pen and doing your own taxes for $0? No? I thought not. Dopes.; April 17, 2008 4:38 AM
Anonymous said...: Have you geniuses ever thought about actually reading the 1040 Instructions and using a ball point pen and doing your own taxes for $0? No? I thought not. Dopes.

Sorry but some of us own a small business, rather than be a slave for a pathetic and stagnating salary. Thus, our taxes are a bit more complex than your 1040, requiring a software that still gets the job done. You virus alert is a myth. I've used TaxCut in the past, but TurboTax has been the preferred one for my Mac systems in the last few years. Couldn't be happier and never had a problem. Enjoy your simple 1040, real genius.; April 17, 2008 3:53 PM
Anonymous said...: And as for the traders, meaning the good ones, provided there's some electronic exchange in the globe, you can still make money but you'll have to find a safe abode (w/ satellite internet) and unfortunately, that means either Alaska or the less populated regions of Canada like New Brunswick, Saskatchewan, Labrador. That's your hideout for a decade until the world equilibrates.

Hmmm, some of you might be confused with the occupation, International Trade, which isn't by any means, trading securities

Here's the definition of International Trade for the community college and GED posters:

International Trade: International trade is the exchange of goods and services across international borders.

As in Globalization, import-export, can work anywhere in the planet, you know? Glad to help.; April 17, 2008 4:02 PM
Anonymous said...: $20 if you use the basic turbo tax. Tells me all I need to know right there. You can tell how well of someone is by their tax preparation. The less complex the less wealth.

You can tell how bad consumer the person is when he doesn't know that there are discount coupons all over the net for Tax Software, every tax year. Throw your money away, genius.; April 17, 2008 4:07 PM
Anonymous said...: Jane Z said
"Accounting has been around since the 1400s. Gee wonder why that is? Imagine a system so perfect that no one could improve on it for over 600 years."

Improve?
Please, you must be joking.

How about that Sarbanes-Oxley thing?
Improvement, no?

Listen people, taking care of the ones you love is the best remedy for the coming problems.
I am telling all my friends how not to only survive, but flourish through the rough times coming.
Most will not listen to me, or do not have the money to invest.
My parents listened, (actually, I did not give them much of a choice), and they diversified from their whopping 3 % CD. Well the metals that they now have in hand are worth 150% more than they put into them.
Will it save them?
No, but considering they are both retired, living on a fixed income, own two homes, and have no debt, it will make things a little easier as inflation continues to rise.

I really wish more of my friends would have listened.

My grief goes out to the poster where the parents ran the rampant (over-extended) lifestyle,
and now have him in financial turmoil.
Bummer...; April 17, 2008 6:49 PM
Anonymous said...: I think the $600 tax rebate is a scheme to catch all those contractors who didn't pay employment taxes.

It seems all the "sub-contractors" /illegal aliens are now trying to file income taxes to get their "free money" from the government and they are telling who employed them. I have met several contractors over the past few days who have gotten huge - $70-80,000 - bills from the IRS demanding payment of employment taxes for all their "employees."; April 18, 2008 2:57 AM
Anonymous said...: "No thanks. I've been doing my own taxes for years by using TurboTax that costs About 20 bucks. And that's the future my friend. Good luck with your obsolete occupation."

$20 if you use the basic turbo tax. Tells me all I need to know right there. You can tell how well of someone is by their tax preparation. The less complex the less wealth.

Save yourself the $20 and just use the EZ-1040 next year.

=============================
Hey smarty pants...

I take down over $100K per year and am not required by law to file or pay any taxes whatsoever.

Are you smart enough to figure out my 'source' of income?

Hint: The answer lies in the tax code.; April 18, 2008 6:57 AM
Anonymous said...: Idiot who wants to trade accounting work for chickens....get a clue

If people are trading you chickens it will be because the monetary system will have completely collapsed. In which case we won't need bean counters like you.

You'd be better off working on your technique if you know what I mean because thats about all you'd be worth.

-Rich; April 19, 2008 7:50 PM
Anonymous said...: no

2 years

nurse; April 21, 2008 4:06 AM
Anonymous said...: Losing my job at the end of this month. However I have about 20 years in savings and am 34... looking for another job though since I'm not ready to chill out just yet.

-BC; April 21, 2008 1:02 PM

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April 15, 2008

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