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Thread
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Anyone worried about your job as the economy gets worse?
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02-21-2009, 12:15 PM
arch2b
Crimson Guard
Join Date: Aug 2007
Location: Maryland
Posts: 4,555
i'm in a very similar situation. we were all given a 10% pay cut across the board. the longer the banks remain closed to financing, the worse my industry gets.
we have just had a couple very large projects put on hold or canceled indefinately due to the inability to secure financing for these project outright or the restrictions were so tight that it essentially made it impossible to move forward. it's a very frustrating situation for my firm as we have clients with projects, our clients are finding the banks almost impossible to deal with.
an example; one project can not get financing for a new building because they have another building that is financed thru bank of america and the banks are concerned about the solvency of bank of america.
others are finding the requirements for new financing so stringent that is makes it impossible proceed. the banking industry is going to cost me my job in the end. i weathered the dot com bust but i don't think i'll make it thru this recession. i've got 2-3 month at best if things don't improve.
the only upside for my situation is my wife is a stay at home mother and former nurse. there are no shortages of job openings for nurses so if it comes to that we just switch positions and i become mr. mom and she becomes the sugar moma. i'd prefer this not to happen as i've been with my firm for almost 10 years and the thought of starting over in another is not pleasant. i'd go back to school but again, not the best time to be taking additional loans.
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