In terms of jobs, finances, property… has this affected anyone?
So far, Alhamdulillah, we were kinda benefitting from the interest rate cuts.. it has saved us a few hundred dollars on our monthly installments… but we always knew, that meant that our jobs werent going to be too secure..
has anyone else been severely affected by the recession?
I hear stories pretty much on a daily basis about women going on maternity leave and then hubbies losing their jobs.. so scary.. and sad.
My aunt works for an intimates design and sale company. She had a high paying job and had a senior position in the company. She realized the company was losing revenue and were laying off many people. She is very experienced at what she does and later realized that they were trying to hire someone else fir the position. She decided to start looking elsewhere and found another job, same position but took nearly a 50% paycut. The previous company also had reduced her salary.
My husband works at one of the big banks that was bought out by another big bank last year. He had 14 people in his group, 2 people from his group got laid off 2 weeks ago, both were his closest buddies at work out of which one he had helped get a job at the firm. After the layoffs his senior came in and said, there will be more layoffs so if anyone wants to volunteer it would be nice. There is another round of layoffs at his workplace in two weeks. Needless to say everyone is stressed!
There are also a lot of people I know that can't find jobs and have been applying to graduate programs. Then there ate those people that are here on an H1 visa who's companies aren't reapplying for their visa, therefore they must leave the country soon.
^ I'm at local government.. prob the best place to be at the moment. Just had my contract renewed.. but really its cus of whether someone likes you or not here... thats how i got to keep my job.. but i know others who are losing their jobs here are finding it REALLY hard to find a replacement..
Plus, IT development units have been really hit hard... its the first place companies cut cost and lay off people
I have to say that it hasnt affected me as my job is secure Alhamdulillaha. I work for a bank, thats doing quite well, so I am hopefull it will stay the same.
My husband works for an American company here in Europe, he has 10 ppl under him and he is trying to keep all of them and even fought for a pay raise for them - though they have cut some jobs and are thinking of cutting more - he thinks he might be effected either get laid off or get promoted.
We have paid 80% of our loan for our properaty and will pay the rest at the end of this year and then be loan/morgage free Insahallah, so even if one of us gets laid off, we will still be saving some money.
Thank God things are not so bad here, I hope this recession is soon over and we all have jobs.
Things are looking pretty bleak, globally. I guess for those in the same boat as me i.e have no monthly payments or loans can continue to hold off and not buy a new car or anything of that sort and continue to keep adding to the savings for the times to come. This is not just limited to the tech jobs now, this recession is now affecting ppl of all professions, be it health care or market driven. I have an uneasy feeling in my heart that tells me this recession will worsen in the times to come.
Things are looking pretty bleak, globally. I guess for those in the same boat as me i.e have no monthly payments or loans can continue to hold off and not buy a new car or anything of that sort and continue to keep adding to the savings for the times to come. This is not just limited to the tech jobs now, this recession is now affecting ppl of all professions, be it health care or market driven. I have an uneasy feeling in my heart that tells me this recession will worsen in the times to come.
Yeah I agree ... there is this feeling in my heart that its still going to get worse before it gets better ... buzz is , its going to stay until 2011 ...
but i am praying hard that we come out of this .. damn the bloody bankers and the large corporates that have put us through hell ...
^ True and I hope one good thing comes out of this recession - those ridiculously high paying jobs where a bunch of smart alecs who make bad decisions that effect everyone adversely, are completely gone!
I think it has had an impact on those who alongside myself, will be graduating in July. I was wanting to go into the legal profession and that has had a knock-on effect too. It has left me wondering what to do next i.e. whether to pursue my ambition or to settle for something else. There will be so many graduates unemployed come graduation and it is sad to say we have spent so many years at University, to be faced with crippling debts and limited job prospects.
Yeah I agree ... there is this feeling in my heart that its still going to get worse before it gets better ... buzz is , its going to stay until 2011 ...
but i am praying hard that we come out of this .. damn the bloody bankers and the large corporates that have put us through hell ...
i find it horrific when people say stuff like this. firstly, this recession wasnt only caused by bankers and big corporations and banks. it was also caused by the taxpayers that decided to purchase houses they very well knew they couldnt afford with adjustable rate mortgages. It was also caused by the rating agencies that couldnt properly rate securities that were too complicated. and also by govtmental agencies that provided minimal or no oversight at all. to place all the blame on bankers and corporate execs is just ridiculous.
i honestly hate generalizations like this. not every single banker or senior exec at a bank was involved in the decision making processes that led to this turmoil. so to say that bankers dont deserve the big paychecks they get is just ridiculous. and a lot of people feel that bankers should be losing their jobs because of what happened which is just uncomprehendable. a lot of people wouldnt say this if they actually knew a banker.
CB i dont mean to put u on the spot. but it seems like if a person doesnt know a banker or an exec at a bank, they just seem to reiterate everything the media portrays, which i think is very disturbing.
it is not with us uptil now, neither witnessed such a case with any of my loved one. but yes it has brought with it a period of endless psychological upsets with many all over the world and this has destabilized many of the best and highly reputed companies.i wish that there might cum a solution of this bleak situation.
I am just praying constantly (and selfishly) that things workout for us.. in the best possible way, Inshallah.
I know there are many more who are in worst positions than us. Alhamdulillah it is not even the case for us at the moment.. but worrying about the unknown or the future is a constant headache for me these days... Even though it hasnt affected us at the moment, I can feel the pinch coming on..
to be honest.. im being completely naive here... Im hoping it gets better by mid to late 2010... Inshallah
I honestlly don't see the "recession." Except that milk prices are higher and foods prices are higher...As for people losing jobs, i don't know any one that has lost their job. I still see people at the mall, people buying whatever they want, going out and eating and so on.
But that could be because I'm in the health/medicine industry, and hang out with those people mostly, and those people's jobs are always stable or so it seems...
^ i dont know anyone close enough to have lost their jobs, but at work i hear about someone's hubby or wife... or people in the mining industry (im in Aus so thats been a big thing here)
as for prices.. ive seen tech prices slashed.. things are a lot cheaper and i dont see as many people out in the shops as I used to... even at the cheaper outlet stores, dont see many people. People are just buying necessities.. even if people still have their jobs, i can see people are cutting back on stuff just for the harder times..
Yeah I agree ... there is this feeling in my heart that its still going to get worse before it gets better ... buzz is , its going to stay until 2011 ...
but i am praying hard that we come out of this .. damn the bloody bankers and the large corporates that have put us through hell ...
they say it gets worse before it gets better... but in a way hasn't it gotten worse? I am trying to keep hope in my heart that InshAllah things will get better very soon and president Obama will live up to his words.
I know a lot of people that have gotten laid off.... but I still see the malls being as crowded as ever... I see people going out to eat, taking vacations, etc. I hear its really bad but i dont see it other than the lay offs.... sometimes I feel like they want us to think that its worse than it is... maybe im wrong...
^ the unemployment rate is around 8%, house sales have dropped significantly though they increased a bit last week, stock market is almost 50% below where it used to be a yr ago and retail sales have also declined. It's not just a matter of layoffs, but yes u would see it's direct effects around u when u see people being laid off around u.
i dont think the malls are as crowded anymore, well not where i am. Things are getting worst here.. it wasnt this bad a few months ago but i can really see the effects now.. and its HARD
o yes the current situation really affects people badly specially to the poor ones. this hyperinflation and unemployment and recession really badly affects everyone and is affecting we can see many examples here and there.
all this is because of our government's inability to handle the crisis and becoz of global situation.
Here, unemployment is high...I was laid off myself late last year.
Housing prices have dropped considerably and there are amazing deals on foreclosures as far as the eye can see. Why is this a good time to buy a home? Because people are losing their jobs and as a result losing their homes.
Yeah, Im seeing a recession for sure and its nasty.