I thought you hated Mexicans?
Don't make me do search on you.
Don't make me do search on you.
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How many unemployed do you know?
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My neighbor went from marketing VP at a large firm to sales rep at a small firm -- 70% pay cut. Is he unemployed? He thinks he is. House for sale. Mercedes gone. Kids taken out of private school. His wife is looking for a job for the first time in 20 years. Classic example of successful people living right at their means for many years.
Quote from maxpi:
Most of the people I knew that got unemployed are in Mexico tending their veggie gardens and goats... one of my neighbors was out of work and he actually found something recently, people never fail to amaze me with regard to what they can do when they have to...
As a side note, a Mexican guy I worked with told me once that there are no homeless people in Mexico. He said that even the looniest have a place to go at night, it might be their Grandma's garage or something like that...
The same is true here, but many of the homeless are not interested in municipal centers. And many have mental problems.
Quote from DHOHHI:
Better deal with reality. The unemployment figures are not "mythical". I know people making $400K to $500K a year who have been looking for 1-2 years for a job paying $75 to $100K. Job losses have been in white collar and blue collar. I see people losing homes they paid $1.5 million for that the bank is unloading for $700K. I live in an affluent area and also volunteer and tutor in a lower income area. The job losses are in all areas.
True unemployment, including those who give up looking and those working part time, will reach 20% in the next 3-6 months. It's at 17% now.
I'm thankful I've been a trader the past 14 years. I'd hate to be out there looking for a decent job now.
very well said,
and much more like the reality that exists, not like the rosey picture that the first few respondents made
Devin Brady
ET Sponsor
I am in So Cal and am noticing an alarming increase of beat up motor homes parked in abandoned parking lots and industrial areas. Families that lost their houses are now mobile. Sad times.
Quote from TraderZones:
I would concur. I have doubt about that "traders just moving into white collar jobs with no problems" in NYC area.
NYC has been hammered, there are loads of financial service workers who are pounding the beat. Employers are not snapping up blown out traders. Even college grads in good fields (like MS in Computer Science) cannot get jobs.
pipe dreamers...
ain't nobody back to work,
especially not in NYC...
ghost town blues....
Quote from limitdown:
very well said,
and much more like the reality that exists, not like the rosey picture that the first few respondents made
Based on what I've read in posts, coupled with my observations, I think there is a rift widening, only now defined by those who have jobs and those who don't. I don't think it's rosy and I don't think it's Armageddon either, but the chasm is showing something important.
I know several former MBS & CDS traders who are out of work. Also, a portfolio manager from a blown-up hedge fund.
The CDS trader left because he wasn't going to make any money even if he stayed - although he is a successful trader and he was the senior trader on the desk or a large foreign bank.
There are tons of guys like that in the NYC area. With everyone looking for work and employers nervous about what fresh hell the SEC, pay Commissar, and Maxine Waters will impose on them, finding a job is tough. These guys have been sending out resumes for a year.
The CDS trader left because he wasn't going to make any money even if he stayed - although he is a successful trader and he was the senior trader on the desk or a large foreign bank.
There are tons of guys like that in the NYC area. With everyone looking for work and employers nervous about what fresh hell the SEC, pay Commissar, and Maxine Waters will impose on them, finding a job is tough. These guys have been sending out resumes for a year.