[quote]I don’t think you can talk much sense into TheBreeze. He’s in his own little bubble and thinks that nothing can affect him. Maybe he’s one of the ultra-rich which would make him insulated, but I doubt it. I just sit back and laugh at his suggestion that a parabolic rise in oil is somehow a good thing.
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Not picking on anyone in particular. I’m not suggesting many people are cheering this recession on here. In fact, most are more observers and doing what most other people are (going like WTF, oh sh!t, etc). But a few ironically do which is really mind-boggling (what comes to my mind are one being a pro-amateur “trader”, the other being someone that thinks $150/barrel+ is a great thing bring it on.) And if my memory serves me, most are enginerds (one having relocated after getting rif-ed the last time).
Enginerds are a very much at risk profession in severe downturn..If one isn’t so immuned to the recession/higher prices, then one wouldn’t be dependent on a paycheck from an otherwise arguably shittly paid enginerd profession (no offense to you enginerds, but I do consider that enginerds as shitly compensated relative to other professions..I know, I am one..) My relative, for instance, works in finance and investment banking for one can go without working for 5-6 years, considering the 10x factor in income she brings in from her “profession”. And doctors/healthcare are probably pretty safe too. Most other professions have their exposed risk directly compensated by reward. Investment banking, doctor, legal,etc…Enginerds, in normal economic times have low risk, and hence low rewards. In bad economic times, the risk goes up a lot higher, but the low rewards stay and having been compensated with low rewards most of the time, most probably dont have the luxury of staying completely unemployed 5-6-7-8 years. I don’t think most of enginerds have that luxury to say this recesion won’t impact them, unless you’re like nostra and are self-employed and run a biz, or you’re a director+ with tons of connections.
Doesn’t matter work for a private firm or a non-profit or an institution,etc. I survived the last recession and never was unemployed. Last time during the .bomb, it was easy to survive. You just had to point your finger at all the wanna-be techies that didn’t belong in the enginerd profession, and tell folks those were the ones that should get fired first….A lot of them ended up being real-estate “investors”…This time, it isn’t so simple.
Hence, my other answer to another thread about (where is everyone these days). I think frankly state of the economy and has soured people. Initially, people just wanted more affordable housing, and a good portion came here to learn about it, and a good portion were opportunistic about a lowered housing prices and what a recession would bring…..That was until the recession really started to hit home….We’re probably just in the first inning, and as I suspect (observing during the last downturn in SoCal when I was a kid), only a handful of people really are going to be able pick up RE “cheap”… A good portion of people (some of you here) will inevitably end up being unemployed and unable to capitalize on the downturn of the RE market, and some of you will an inadvertantly be a knife catcher, becoming unemployed after picking up an RE at a discounted price only to have to sell again.
There were so many articles I read in the LA times for example that I read people in the beginning of the 80-90ies downturn that picked up homes in areas like Landcaster, thinking prices had already falling 40-50% from peak…only 1-2 years later themselves being foreclosed because they lost their job(s) much later…(Sound familar with Murrieta/Temecula?)
Again, not trying to scare anyone, nor am I suggesting this is all doom and gloom for everyone.. There are probably some people who are in a much better financial situation and can weather this pretty well, and obviously if you’re from a household with two incomes, even better- God bless my spouse who still has a drive to move up in her career, even after having a kid
