we just had an office meeting where it was announced that the principals had all taken a pay cut, that the 401(K) matches would be discontinued, and that we would now have to pay another 25% on the dependent medical insurance until further notice...
With the DOW taking another 400pt swan dive today not sure the 401k match is that big of deal....but the principals taking a pay cut, now that's serious.
I'm not really worried about personal wealth and materialistic things. I'm worried that the Large Hadron Collider rips open a black hole and sucks the entire earth in it within the next few weeks.
I had a Job walk today....bummer... wondering how many more will put on the brakes. New England could really get wacked if no one has a second home anymore....bummer.
Yeh my firm is all f'd up too ..it went from approx. 50 ppl to about 30 ppl in a year, and the office is now like a ghost town.
But thats great that your principals took a pay cut ...I doubt my frim would do that ...If they needed money they would probably just fire someone else.
My boss always talks about the 70's as his gauge for "bad times." Earlier in the year he made a comment about how much his 401 has gone down this year. Told him to get ready for worse times than the 70's. I fear we're in for some times that haven't been seen since the 30's. Sure glad my only debt is the house and have plenty of years for my meager 401k to bounce back. I'm more worried this havoc will wipe out my folks. They're retired and living off investments. Scary.
Maybe if so many people weren't saddled with debt, including college loans for unnecessary degrees, there would be more real transactions taking place. Who's going to buy all the houses when they're busy paying off that doctor of architectural arts? Thats just one example. Why build factories which create jobs and new technological advancements when we could trade voodoo credit swaps to the tune of 45 trillion dollars? This isnt a crash - this is a swindle of epic proportions. The wealth of the nation is at stake.
Ya my office is slow too. Has been for 2 years - getting really ugly lately. Breaking point cumming soon. Boss has been really nice in keeping people employed despite dwindling workflow -
Does that include architecture degrees? Business degrees? Finance? MBA? Economics? Obviously with firms laying people off right now any new grads are just more saturation of the market. Right now sure isn't the time to go into massive debt for your MArch so you can explore your design talents.
I will take 765's sarcasm as an opportunity to disagree...
With my specialized degree, I will emerge next year with an advantage on those who have less experience and less letters behind their name. Not only do I have BOTH experience AND a Master's degree, I have more opportunities because of my school, and I will have one of the few kinds of debt that banks actually like - managed debt. Educational debt. "I don't have to worry about my job because I'm going to class tomorrow" debt.
Buy a house in the mountains in Canada. I'm sure the Canadian economy will follow suit with the rest of the world soon enough, but for the time being things are booming. Our office is working full tilt with no signs of slowing down. I'm not trying to rub it in the face of all of you, I know times are tough right now, but there is work out there...
Are certain sectors more affected by others? like say housing versus hospitality?
I'm thinking of finding a firm that would at least be steady during this crippling slow down.
a friend was laid off along with 3 other co workers in Boston.
Housing's the current "dead zone" from what i understand. With all the turmoil in the financial world though, I wouldn't be surprised if other sectors started experiencing a slow down as well.
I'm ususally not the one to ponce around saying "my god guys, America isn't the entire world", but I just have to say it this time around: I understand that the USA is in a huge economical crisis. I understand the effect this has on stock exchanges worldwide. However, I fail to believe that "the world is going down". I don't see China's economic power lacking. I don't see big crises in the near future for western europe. So, yes, maybe the US economy is lagging. And maybe this has some effects. But it's not the end of the world as we know it.
1. Certain Sectors are affected such as the housing and retail sectors and firms that have failed to diversify beyond that market are ones in trouble. There are also markets that are giving some offices five year backups such as healthcare, higher ed, and science/technology.
2. There is work out there! I am still getting calls from firms I've turned down in the past and they are still quite busy.
even though the client denies it, we are suffering because of the war in georgia has hurt azerbaijan. but our office does international projects in multiple sectors, some of which are doing just fine. its a short term shudder as we wait for accounts deliverables and new contracts to be awarded.
Sep 18, 08 5:05 pm ·
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tightening the belt - 2008
we just had an office meeting where it was announced that the principals had all taken a pay cut, that the 401(K) matches would be discontinued, and that we would now have to pay another 25% on the dependent medical insurance until further notice...
tough times are now global.
With the DOW taking another 400pt swan dive today not sure the 401k match is that big of deal....but the principals taking a pay cut, now that's serious.
the city just laid off 39 reviewers today
what city? nyc?
the world is going down.........
i really think it's due to the damn war....... too many greedy asssholes that are trying to get control of some oil...... then it screws everyone....
cryzko - IMO it's a leap to blame the wall street mess on war....but I'll agree that the world is going down in an overall sense right now.
you could also blame it on home owners that get in over their heads with a house....
I'm not really worried about personal wealth and materialistic things. I'm worried that the Large Hadron Collider rips open a black hole and sucks the entire earth in it within the next few weeks.
I had a Job walk today....bummer... wondering how many more will put on the brakes. New England could really get wacked if no one has a second home anymore....bummer.
lots of huge jobs are being canceled and city review times are going > 6 weeks
i might have to dance in the streets for money now.....
cant wait for another recession and waiting in line for 5 hours for a loaf of bread.......
Yeh my firm is all f'd up too ..it went from approx. 50 ppl to about 30 ppl in a year, and the office is now like a ghost town.
But thats great that your principals took a pay cut ...I doubt my frim would do that ...If they needed money they would probably just fire someone else.
My boss always talks about the 70's as his gauge for "bad times." Earlier in the year he made a comment about how much his 401 has gone down this year. Told him to get ready for worse times than the 70's. I fear we're in for some times that haven't been seen since the 30's. Sure glad my only debt is the house and have plenty of years for my meager 401k to bounce back. I'm more worried this havoc will wipe out my folks. They're retired and living off investments. Scary.
Maybe if so many people weren't saddled with debt, including college loans for unnecessary degrees, there would be more real transactions taking place. Who's going to buy all the houses when they're busy paying off that doctor of architectural arts? Thats just one example. Why build factories which create jobs and new technological advancements when we could trade voodoo credit swaps to the tune of 45 trillion dollars? This isnt a crash - this is a swindle of epic proportions. The wealth of the nation is at stake.
Ya my office is slow too. Has been for 2 years - getting really ugly lately. Breaking point cumming soon. Boss has been really nice in keeping people employed despite dwindling workflow -
Does that include architecture degrees? Business degrees? Finance? MBA? Economics? Obviously with firms laying people off right now any new grads are just more saturation of the market. Right now sure isn't the time to go into massive debt for your MArch so you can explore your design talents.
Oh god yes, the economy is tanking and it's because architecture school sucks!
The Dow is down and it's yet another reason why no one should get a master's degree!
I will take 765's sarcasm as an opportunity to disagree...
With my specialized degree, I will emerge next year with an advantage on those who have less experience and less letters behind their name. Not only do I have BOTH experience AND a Master's degree, I have more opportunities because of my school, and I will have one of the few kinds of debt that banks actually like - managed debt. Educational debt. "I don't have to worry about my job because I'm going to class tomorrow" debt.
I'm not trying to gloat, I'm just saying.
im looking to buy a house in the mountains!
but the world will always need museums and opera houses and stadiums and enormous urban parks right??
I am with mdler. I'll bring food and a shotgun.
well - the world will need all those things and find the most reasonable way to do it
^ and I'll bring the beer with trace.
Our office had firm-wide layoffs -- two of them in the past 6 months. I'm sure there are more to come it's just a matter of when.
But I'm probably not going to wait around to find out.
Buy a house in the mountains in Canada. I'm sure the Canadian economy will follow suit with the rest of the world soon enough, but for the time being things are booming. Our office is working full tilt with no signs of slowing down. I'm not trying to rub it in the face of all of you, I know times are tough right now, but there is work out there...
Are certain sectors more affected by others? like say housing versus hospitality?
I'm thinking of finding a firm that would at least be steady during this crippling slow down.
a friend was laid off along with 3 other co workers in Boston.
Housing's the current "dead zone" from what i understand. With all the turmoil in the financial world though, I wouldn't be surprised if other sectors started experiencing a slow down as well.
When banks go down, everybody goes with them.
I'm ususally not the one to ponce around saying "my god guys, America isn't the entire world", but I just have to say it this time around: I understand that the USA is in a huge economical crisis. I understand the effect this has on stock exchanges worldwide. However, I fail to believe that "the world is going down". I don't see China's economic power lacking. I don't see big crises in the near future for western europe. So, yes, maybe the US economy is lagging. And maybe this has some effects. But it's not the end of the world as we know it.
I agree with two things here:
1. Certain Sectors are affected such as the housing and retail sectors and firms that have failed to diversify beyond that market are ones in trouble. There are also markets that are giving some offices five year backups such as healthcare, higher ed, and science/technology.
2. There is work out there! I am still getting calls from firms I've turned down in the past and they are still quite busy.
Oh and there are certain cities that are more vulnerable than others too.
even though the client denies it, we are suffering because of the war in georgia has hurt azerbaijan. but our office does international projects in multiple sectors, some of which are doing just fine. its a short term shudder as we wait for accounts deliverables and new contracts to be awarded.
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