Anyone worried or is it just me?
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Anyone worried or is it just me?
As I have no assets and work in IT, I am not concerned in the least.
Nothing worries me :)
Remember, worrying gives you grays... :D
(or you'll end up like my next door neighbour during her HSC who was pulling hair out of her head! *shakes head*)
Yes, I understand there's always a need for IT work but won't the level of work decline across the board if there's an economic decline? And wouldn't that impact on your cash flow?Quote:
Originally Posted by jaydisc
(And am I just a worry wart? :o)
Much of the work I do is to increase efficiency, so an organisation can reduce staff, which is in greater demand in these downward times. Paradoxical enough? There's no guarantee of anything, but IT is expected to whether the storm.
haha i'm the same, when i was at school and now uni, everyone gets stressed at exam time, while i just relax and think meh, it's not the end of the world, if i fail i'll just do it again :DQuote:
Originally Posted by Pulse
but the financial crisis, hmm i'm not too worried about it.. i think like most things, the media is making it a bigger deal than it actually is, but in saying that i don't really pay attention to what they say in the finance reports..
i don't have a job now anyway so i can't lost it :D and i have no loans or anything so interest rates don't bother me
I work for an American company so I have thought about it but not reached the point of worry. The climate at work among the high level management seems a bit dire but that could also be just the GM.
the way i see it, there will always be computers, and there will always be a need for people to fix/operate/teach them etc, so i think the IT industry is pretty safeQuote:
Originally Posted by jaydisc
Well, I'm glad I'm graduating this year and have secured employment next year. The more I think about it, in the years to come though, it will be harder and harder for graduates to find jobs so having a university degree might count for nothing. Even this year, most of the major law and finance firms were taking less than previous years. It remains to be seen though what will happen next year but I suspect it may not be happy times to be a graduate. :(Quote:
Originally Posted by jacksplatt11
As for the numbers, I've had a passing interest but I haven't paid much attention to these issues ever since I stopped working a few years ago now. However, by all indications this could still be worse than the Great Depression and that sends a shiver down my spine.
I'm finding it tough at the moment looking for an entry level position myself. You wouldn't believe the spiel they gave us at graduation last week. It was pretty stupid and I sat there wanting to yell a profanity out at Terry McCrann.
Good thing you've got yourself a job lined up STL. I've been looking for a position since March this year with no luck due to my lack of interview technique which has now improved but I am struggling to even get an interview now.
Word on the street is that there aren't many new jobs now as the market for finance/banking has tightened. I'm not sure about the other industries, but that's the way it looks at the moment.
At this time of year, there's also not much at entry level positions. Next March is your best bet but as you've noted, there's been tightening in that area. If you want though, we could sit down and go through interview questions/cover letters and the like one day not to mention chat about TFs. Best of luck. My sister starts lookin' next year too and I already am worrying for her.Quote:
Originally Posted by hungta
(and I'd just skip my graduation but that's just me)
Thanks for the offer STL. I'd like to meet the rest of the Melbourne crew as well. Hopefully I'm more organised and make myself available to come out to the City or something.
I couldn't be bothered with graduating either but you only do it once, so make the most of it. Mine was particularly good as I received my RK order the same day so I had something to be happy about (:
Hungta, we have a poll in the Meetings section trying to pick a date for our next meet. You should go voice your availability.
Back on topic (or maybe further off?), anything that helps elect Obama over McCain (which this crisis does), is a good thing.
hahah Jay had his big scare at 2000 ,with the Y2K and IT bubble burst...:pQuote:
Originally Posted by jaydisc
but it is scary to think we could potential lose our savings even through Australian banks are capitalized and have diversified assets, if the true extent as we seeing now materialize ,assets loss from overseas with have a knock-on effect on your assets held by our financial institutions. I have about $10 in my bank account but others may lose their life savings and i hate to think how superannuation will be affected in the long-term
Our banks are fine, especially since they pull this crap all the time.
Plus our economy is more tied to China.
Plus this is a cycle that is long overdue in the stocks markets anyway. They do have ups and downs. People keep forgetting that. Looks like we have a big reset happening right now.
Same as housing. It has ~7 year cycles too.
Bottom line, it'll all be back. And yes, the US did waste 700million $. Oh yea, and it's more like the US/Europe/UK crisis. The rest of the world is doing great. :D
Yeah the Western world is just in decline generally.
You worry too much STL. When I finished high school the nation was in the grip of Labor's 'recession we had to have' with interest rates around 17%, businesses failing everywhere and a youth unemployment rate of 40%.
Great times! :)
Our country is fine and no-one is going to starve anytime soon. The majority of our fellow humans lack clean water and a working toilet so you gotta put it in perspective.
We have just become used to being spoilt, indulgent, obese consumers with an overabundance of useless crap and a lack of spirituality over our greedy, obscene materialism.
Don't fret. Just get some retail therapy and start feeling good about things again.
The state of our dollar makes me sad the most :(
me too! been saving for my marriage in Singapore and now for every A$1..it's just S$1.06. so sad!!! wished it was other way roundQuote:
Originally Posted by lcz128
how many more months till the marriage? :( Makes one want to have invested in derivatives waaaaaaaay earlier :b (not that I'd have the volume of cash required for such transactions, but still... :()
luckily it's still more than a year to go...so let's hope the tide turns my way then, else more money will have to be coming out of my pocketsQuote:
Originally Posted by lcz128
The housing bubble burst is just an extension of the IT bubble burst, anywho Americans elect Bush mainly because of he is an evangelical Christian which shows religion has nothing to do with how a country should be run. IMO Democrats have a lack of foresight in times of crisis, this upcoming election is a popularity contest, none of the candidates and running mates have any idea how to overcome this problem. ALL DOOM MATE
So you plan on getting married in Singapore? Ouch. Maybe you can persuade the family to come to Australia?Quote:
Originally Posted by iceburn
I guess I do worry a bit. I've always wanted to ensure myself as being financiallly secure in the long term even though the short term might not be too flash for me and I'm just worried it all might go down the drain.
While I do agree that this is all part of the cycle, the medium 3-4 years could be hell. And sure, we'll all survive it but just what state will we come out of it? The Australian Banks are fine, yes, but if there is a global downturn it will affect the level of employment across the board. With the problems arising in Europe too, this is just about to get worse. They're in damage control over there and the German chancellor's actions has me wondering about how the EU will hold up in tough economic times where each country needs to start looking after itself.
All this translates to over here a lot of bad times. We are pretty dependent on the world economy for our prosperity. Maybe not Europe as much but certainly there are flow on effects.
The other thing I fear about this is the emergence of a new powerhouse when the dust clears.
ive spent the last 3 years to try and get a singaporean bride so i could get the passport, anyone have any single sisters? :)
What are you 20-40 yr olds worrying about? !
Just do as i do, tax haven bank account!!!
Invest in things that people will always need, im not going to tell you, you might buy more shares then me.
Gambiling only works if your good at it.
Pick up every 5 cent piece you see lying on the street
Reuse the same bowl twice
make friends with Macquarie bank etc
Less Fox and less networks Bread. Stick to ABC, SBS, or at the very least, just avoid the MSM.Quote:
Originally Posted by autobreadticon
Tougher regulation could have avoided much of this. Regulation McCain has abolished and Obama (and Democrats) have supported.
A little worried, yes. Slightly regretting my house purchase, but it was that or live on the streets. Good thing I locked my interest rate in at 8.29%. If I hold onto the place for long enough prices should bounce back as well. In the end probably still better off than renting.
I don't see there being any job problems for me or wifey thankfully. The only big concern at the moment is our bloody dollar falling like crazy.
I never watch Fox,i even wanted John Kerry to win !!!, i strongly dislike Republicans.
STL, there might be a small gathering here but depends on how i go in Singapore and also Malaysia. it's in Jan 2010...so still need more than 10 fingers to countdown
It's long overdue. The USA is just a modern Rome. ;) And speaking of which, just look back on all the past histories of the great civilisations. They all had a certain time frame.Quote:
Originally Posted by STL
China will be the focus soon. They'll become #1 in the next couple of decades.
What amazes me though is that as much as this has to do with the irresponsibility of prudential regulations in the US, the government itself was to blame. There was a lot of pressure from the government on lenders to make out these subprime mortgages to help give Americans who could not otherwise afford a loan to get credit. So they were in fact pressured by the US government to an extent to try and keep the "good" times rolling. This is a problem that's not just greed from the financial institutions but the self-serving interests of politicians as well.Quote:
Originally Posted by jaydisc
And while it did bring them some short term relief in the form of happier economic times, it's come back to bite them right up the rear. But I guess the world for a long time has been not just about companies but governments as well.
That and they thought that they'd be in and out of Iraq in 6 months.
Nice legacy the Bush name leaves behind.
I hope they never vote a Bush or a Clinton in ever again. They only have themselves to blame, they kept voting those guys in again and again, no matter how much they stuffed up.
Also business has a blame in it too, they turned the whole place into a consumer whore society.
Very true. I refer to those in American that lean to the right as those content with the concept of living in an empire.Quote:
Originally Posted by MV75
Eight years of a Republican executive branch with six years of a Republican legislative. :mad:Quote:
Originally Posted by STL
AUD trading at 71c!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!:eek::eek:
is it cheaper to buy in stores now?
We could use the the Islamic approach to banking and finance
Yeap. :( :( :(Quote:
Originally Posted by Autocon
My house-buying aspirations are partly on hold. Cheaper houses are coming onto the market but I don't want to over reach myself.
Otherwise I'm not worried, however to our new Chinese friends let me the first to say: Ni hao, Wo-duh ming-d'zih Paulbot
I find it is a good excuse to stay at home. My mum used to bug me about moving out on the odd occasion, now I just point out the crisis and she pipes down.Quote:
Originally Posted by Paulbot
Often financial situations become more serious when people start to panic, and not the climate itself. Stocks can crash from one rumour, prompting investors to pull out and reinvest elsewhere - the stock itself may still be strong, but if too many pull out too quickly in fear, the stock/company can suffer unecessarily (I think the ABC Learning Childcares was a victim of something like this). This has led to a concept of 'short selling' that has grown so much in stock markets, America and Europe are legislating against it. (short selling - stock brokers 'borrow' shares from their clients to sell, which panics the market into thinking something is wrong with the stock if a leading stock broker is rushing to sell a heap of it, and then later buys it back at the lower value and 'returns' it to the client, giving them a share of the profit)Quote:
Originally Posted by STL
The sharemarket has a bit of a herd mentality to it, with the 'sheep' following blindly what others are doing, mostly in fear of something that isn't really happening until their fear-led actions start causing it. The cause and effect are the wrong way around, with the fear causing most of the volitiliy in the market, instead of volitility causing the fear. Banks in American and Europe would have had a better chance of surviving if the people didn't all rush down to their banks to withdraw their savings in fear of losing their money. That fear accelerated the credit crunch, because banks now had a lot less money to work with, to lend out, or even operate with. Putting the brakes on lending meant that less businesses and people were able to invest in further productivity projects. Less productivity means less money for people to earn and spend, and less money for the banks to get back from deposits and repayment of loans.
thats spot on Griffin , thats why i suggested we adopt the Islamic approach to banking and finance .Based on the the religious principle 'gharar' ,risk and uncertainty is forbidden under Islamic law. That is why Muslim countries are highly liquid and will eventually be providing funds to the U.S. Speculation on uncertainty has increased this financial meltdown.
anywho my point is the whole U.S financial system will need to be restructured :)
I only just noticed this thread.:confused:Is there a Crisis, when did this happen:confused::D. Ignorance is bliss;):D.