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Netegrity, Inc. (NETE) Message Board

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  • maxb3535 maxb3535 May 5, 2001 10:38 AM Flag

    Car Repossessors Boom in ...

    IN other words, you think everything is ok in tech land? Are you saying that this 'amusing' article doesn't reflect to some degree what is happening in the economy?

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    • Okay? Just the opposite. I see the carnage from a personal level.

      Like I said, I know of five people (sales managers and systems engineer managers and an SE) personally who have gotten laid off in the last month. My neighbor, who works for GE has had to lay off several salesreps. I call old friends at Oracle and Sun - people are nervous, there's hiring freezes, headcount reductions, mandatory days off.

      All my neighbors have scaled back their spending which affects their families. I've scaled back my spending which affects my family. I've personally cut out of our family budget: no more piano lessons for my daughter, no more pool clubs privileges (sprinklers for my kids now), no more Investors Business Daily subscription, cut back on magazine subscriptions for my wife and kids (I'm the sole supporter of my wife and two young teen-age kids), switched to a much lower priced hair cutter for my whole family, cut back on the cable channels, considering getting rid of the gardener, cut back on eating out (with three dependents we barely did that anyway), pushed off any idea of upgrading my 10 year old Ford Explorer, I'm considering doing extra work (consulting and teaching) again to bank some dollars in the bank - just in case I get laid off, etc. etc.

      I've got a brother-in-law who owns his own bankruptcy firm - he just bought a 1.5M dollar house. He's doing exceptionally well in this economy.

      So, no, I don't think this is a great time. And I think the ripple effects of slower spending by corporations and consumers will continue through at least the end of summer, if not longer.

      • 2 Replies to tech42M
      • Agreed. I think it will be much worse than expected. I think the run up in the market yesterday was crazy. Any news today is a reason to buy. This duplicates the mania found in the rally in 1930.

      • People seem to ignore the fact that all these laid off people (and those who think they may get laid off) will curtail their spending which means that a lot of small businesses will also get affected: who cuts your hair, who does your gardening, who does your clothers cleaners (another family expense we cut out), who does your car washes, who does ...

        Think of all the ways you spend your money and then multiply that by 200M+ people in this country. Then factor in the reduced spending habits of Americans and watch as the cutback in personal and corporate expenditures creep into the national economy. This slowdown affects everyone. Add to it the increase in summer gasoline prices and again family budgets get hit again.

        Corporations cut back on people and people cut back on expenditures. Cut back in expenditures affects big, medium, and small businesses across the board.

        Expect a continuance of the slowing economy througout the rest of the summer.

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