Still brimming with excitement (for our pending home purchase), the cold water that is a crumbling economy could not be kept at bay.
We were saddened to find out, once again, that Mr. BTs cousin was laid off (he works for a local auto dealer, that is now closing it's doors). He was laid off from a different Sacramento dealership back in June.
On a brighter note, my step sister, who was laid off down in Fresno, found a job in Sacramento as an administrative law judge.
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5 comments:
I feel for you BT. Just when you think it can't get worse, it does.
I know so many people who are either out of work, have just been laid off, or are being told that their contracts and appointments are not being renewed. These are people with 100k+ jobs, all gone... just completely and utterly gone. The industries are everything from scientific research to pure SV tech to the film industry.
The long timers in LA were the big surprise as they'd been turning away offers (there was soooo much work) to nothing in Nov. These are people who do everything from features to TV to commericals. Hell, they'd been trying to get me to come out of retirement because there weren't enough good people to fill the positions and the money was great- better then what I was making in tech in 98-99. So glad I didn't!
Times like this, I'm thankful I found the bubble blogs and places like CR because they urged me to get out of the market and hold cash which I did. I looked at my old portfolio spreads and if I'd stayed pat, I'd have lost 45% as of 12-31-08 - ouch! I hate to think how desparate I'd feel if I'd lost that money instead having it handy in the bank for emergencies.
Yes, its very tough times for our family here in Sacramento. The job my cousin, who just graduated UCD, thought he was a lock to get, fell through. Mr. BTs cousin is out of work (but his wife works, and they have had their home a long time). My aunt is out of work still, and my uncle is still being furloughed regularly.
And people wonder why I am so paranoid and risk averse =)
Layoffs are particularly awful for people in their mid-50s to early 60s. They may never get another decent job.
Luckily, everyone I know that's without work is lower 30s to mid 40s. And I wholeheartedly agree about finding work in your 50s and 60s.
DJ--
My husband does IT; he's 60. I am so, so glad that he works for the government.
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