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Cow_tipping
ParticipantUnix guy here too. More CA than NJ though and freaking brilliantly I have managed to update myself very very very little in the last 15 years. I did the same damn thing 15 years ago at a different company supporting a different bank. Same shit, different flavor.
I also believe India and china are going the way of Japan soon. Their costs are rising (unless they are pegging to the dollar and choking themsleves)
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Cow_tipping.ParticipantI doubt there is a virgin in palmdale …
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Cow_tipping.ParticipantI doubt there is a virgin in palmdale …
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Cow_tipping.ParticipantYea it will frock the IT job market locally and it actually has already done it. Which is why I say that we will not return to 97 prices for houses, we will drop waaaaaay beyond that. There were atleast 2-3 million more IT jobs in CA in 97 than there are now. And that is conservative. Remember these are high paid jobs – easily pushing 75K.
However as the IT market here tanks, my colleagues (I am an Injun IT engineer too BTW) as promptly dumping their upside down house back to the bank and walking with their credit dinged … but who cares, they are going to their new life In india where credit history here has no reach.
However 2-3 things are happening.
1. Companies in India dont pay more for IT and less for other engineers. because the govt does not do that, and many IT firms are all arms of other industrial giants and they pay ~ the same for a grade 2 engineer be it mechanical or civil or software. So rampant inflation all around.
2. They can work in India for $20 an hour because there have been no lay off’s no firings no nothing. A job was yours for life till you decide and move on. With american style lay off’s comming and it has begun to hit there too, people are going to stop working for peanuts.
3. We would never consider moving houses. In my life (20 years) in India I have maybe seen 2-3 people move from city to city after they have had kids etc. they move all the time but usually its 2-3 streets away or one suburb to the other. Face it, moving costs $$, it resets your cost of living (like losing your rent control house) and it creates a sense of resentment in people so they want more $$$.
4. Rupee (indian currency) has gained vs USD ~20% in the last 5 years, and 10% in the last 1 year.
5. Soon it will not make economic sense any more to out source. The good IT engineers are about to start costing the same in US or in India cos they are looking at europe as a viable option too.
Outsourcing is about to die a slow and painful death right on the heels of the house bubble. USD getting wortless, houses costing less and less, rents dropping and eventually wage deflation is about to occour in the US and will make outsourcing to India obsolete.
Cool.
Cow_tipping.ParticipantYea it will frock the IT job market locally and it actually has already done it. Which is why I say that we will not return to 97 prices for houses, we will drop waaaaaay beyond that. There were atleast 2-3 million more IT jobs in CA in 97 than there are now. And that is conservative. Remember these are high paid jobs – easily pushing 75K.
However as the IT market here tanks, my colleagues (I am an Injun IT engineer too BTW) as promptly dumping their upside down house back to the bank and walking with their credit dinged … but who cares, they are going to their new life In india where credit history here has no reach.
However 2-3 things are happening.
1. Companies in India dont pay more for IT and less for other engineers. because the govt does not do that, and many IT firms are all arms of other industrial giants and they pay ~ the same for a grade 2 engineer be it mechanical or civil or software. So rampant inflation all around.
2. They can work in India for $20 an hour because there have been no lay off’s no firings no nothing. A job was yours for life till you decide and move on. With american style lay off’s comming and it has begun to hit there too, people are going to stop working for peanuts.
3. We would never consider moving houses. In my life (20 years) in India I have maybe seen 2-3 people move from city to city after they have had kids etc. they move all the time but usually its 2-3 streets away or one suburb to the other. Face it, moving costs $$, it resets your cost of living (like losing your rent control house) and it creates a sense of resentment in people so they want more $$$.
4. Rupee (indian currency) has gained vs USD ~20% in the last 5 years, and 10% in the last 1 year.
5. Soon it will not make economic sense any more to out source. The good IT engineers are about to start costing the same in US or in India cos they are looking at europe as a viable option too.
Outsourcing is about to die a slow and painful death right on the heels of the house bubble. USD getting wortless, houses costing less and less, rents dropping and eventually wage deflation is about to occour in the US and will make outsourcing to India obsolete.
Cool.
Cow_tipping.ParticipantNet worth of 1.6 million … You mean their purchase prices of the properties that their payments to the banks are based on = 1.6 million. AKA their debt = 1.6 million. The aren’t worth 1.6 mill, they owe 1.6 mill. They are worth what the properties can be sold for after they pay the banks off AKA – selling price – 1.6 million.
If they sell for 1.6 million they are essentially at 0. Sell for less and their net worth is negative.
So the media is also confused between debt and wealth.
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Cow_tipping.ParticipantNet worth of 1.6 million … You mean their purchase prices of the properties that their payments to the banks are based on = 1.6 million. AKA their debt = 1.6 million. The aren’t worth 1.6 mill, they owe 1.6 mill. They are worth what the properties can be sold for after they pay the banks off AKA – selling price – 1.6 million.
If they sell for 1.6 million they are essentially at 0. Sell for less and their net worth is negative.
So the media is also confused between debt and wealth.
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Cow_tipping.ParticipantAmericans study art and other subjects that seem to favor an easy sailing or somehting they “Like”. Injuns and asians in general study what will get them employed. Or they study what their parents tell them to.
Face it, engineering and physics and math (building blocks of how the world works) isn’t something you can party all night and still manage to pass the next day.
There is no quota for foreigners. Most Graduate students in any US engineering program got there because of their ability to learn and their willingness to teach under graduates. The schools pay foreign grad students to come work/study there. There are a million restrictions (like having to work in the department you are studying in, and minimum number of credits you need to take per semester and what not) and yet its over run by immigrants.
This trend of “studying what you like” is as cute as the dodo bird. Soon it will bring down the whole country as we lose ground to every other nation on earth. I am talking this as a father of a 4 year old who I dont believe will ever get the education he needs in high school to work his way through an engineering program if things dont change. I studied math and physics and chemistry and biology and every damn thing under the sun, liked it, didn’t have a choice and I had to keep at it inspite of failing at it if I wanted to have a roof over my head and food to eat (OK OK not that bad) but what I wasn’t realising was that, I was failing at a higher and higher level. Then I realised, I have a 50% success rate. Then much much later I realised they were teaching me 400% of what I needed to live in the world. I studied Civil engineering and now work as a software engineer. Case closed. Less than 25% of my time in Under grad was spent doing Computer science. More than enough to make a difference in your life.
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Cow_tipping.ParticipantAmericans study art and other subjects that seem to favor an easy sailing or somehting they “Like”. Injuns and asians in general study what will get them employed. Or they study what their parents tell them to.
Face it, engineering and physics and math (building blocks of how the world works) isn’t something you can party all night and still manage to pass the next day.
There is no quota for foreigners. Most Graduate students in any US engineering program got there because of their ability to learn and their willingness to teach under graduates. The schools pay foreign grad students to come work/study there. There are a million restrictions (like having to work in the department you are studying in, and minimum number of credits you need to take per semester and what not) and yet its over run by immigrants.
This trend of “studying what you like” is as cute as the dodo bird. Soon it will bring down the whole country as we lose ground to every other nation on earth. I am talking this as a father of a 4 year old who I dont believe will ever get the education he needs in high school to work his way through an engineering program if things dont change. I studied math and physics and chemistry and biology and every damn thing under the sun, liked it, didn’t have a choice and I had to keep at it inspite of failing at it if I wanted to have a roof over my head and food to eat (OK OK not that bad) but what I wasn’t realising was that, I was failing at a higher and higher level. Then I realised, I have a 50% success rate. Then much much later I realised they were teaching me 400% of what I needed to live in the world. I studied Civil engineering and now work as a software engineer. Case closed. Less than 25% of my time in Under grad was spent doing Computer science. More than enough to make a difference in your life.
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Cow_tipping.ParticipantMexico will not allow any foreigner to work there. The number of hoops you have to jump through are insane. But pretty soon the american peso will be worth less than the mexican dollar due to them having a real tight grip on their work force. Then of course we will not be able to buy crap from them and the illegals here will run back or ask for $$$ from there, and the anchor babies are going to be anchoring them in reverse. Cannot wait till the US is a thrid world country. That way atleast the illegals will go back.
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Cow_tipping.ParticipantMexico will not allow any foreigner to work there. The number of hoops you have to jump through are insane. But pretty soon the american peso will be worth less than the mexican dollar due to them having a real tight grip on their work force. Then of course we will not be able to buy crap from them and the illegals here will run back or ask for $$$ from there, and the anchor babies are going to be anchoring them in reverse. Cannot wait till the US is a thrid world country. That way atleast the illegals will go back.
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Cow_tipping.ParticipantThey should start a new minority support program and open it to whites only (OK OK black people too). but then the majority will be hispanic and will screw them over before that program comes to force.
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Cow_tipping.ParticipantThey should start a new minority support program and open it to whites only (OK OK black people too). but then the majority will be hispanic and will screw them over before that program comes to force.
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Cow_tipping.ParticipantInterest only mortgage – Its related to this other thread.
http://piggington.com/bank_sells_house_with_corpse
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