I shouldn’t have read The Economist’s leader on the “jobs crisis” over lunch yesterday. A few snippets:
“An American who loses his job today has less of a chance of finding another one than at any time since records began half a century ago… .
“Morever, many of yesterday’s jobs, from Spanish bricklayer to Wall Street trader, are not coming back. People will have to shift out of old occupations and into new ones…
“The bare truth is that the more easily jobs can be destroyed, the more easily new ones can be created.”
Does this mean I can just sit on my keister with the “It’s shitty times” excuse until summer?
There’s a reason why I follow this one particular NonSociety/TMI girl.
My father woke me up this morning in a frenzy urging me to read the Harold Tribune’s article about an economic slowdown in Silicon Valley. He (like many others) doesn’t understand my web business, but would like to protect his daughter from any financial turmoil on the horizon. “We’re going into a recession, Meghan” he tells me over VoIP from Singapore. I quickly calculate that it will take us 2 years to get out of it and he counters my argument with straight facts that there is a worldwide recession brewing and it may take much longer for us to get back on our feet. Judging from my personal stock performance, (I’m not going to lie) it’s pretty BAD, my stocks are getting killed in the market. I pride myself on investing like Peter Lynch, buying into companies that I’m familiar with and sticking with them long term. But, at this point, how long is too long to hold on to a company that may never see its original numbers? This question also translates to companies in the startup community, I’ve seen so many new startups pop up in the past few months, some with funding, others (like ours) bootstrapping in hopes that their concept will translate to the rest of the world. When it comes to companies, particularly startups when do you call it quits, what are the signals to keep going?
“The economy is tanking and people are arguing whether they should go to Demo or TechCrunch,” two technology conferences that coincided last month. “Few companies sound like they are breaking new ground. It’s like, here is ‘Twitter for dogs.’ And people still think they are going to get rich by being a blogger. It seems to me like the industry is still in denial.” Abrams said. This week’s events are not only affecting Wall Street firms (in my opinion, hedge funds will never be make money at the same rate as they have in the past three years). This particular quote in the Harold Tribune on Thursday keeps running through my head. Are we on the verge of a second tech bubble? Are we all living in a delusional state similar to the one I lived through in 1998? I don’t have the answer, I don’t think anyone really has the answer. In short, I’m scared, but often fear gives us the courage to muscle through adversity in times like these…Right???