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Old 03-13-2009, 01:12 AM
 
Location: Austin
2,522 posts, read 3,950,596 times
Reputation: 683

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Just saw this on yahoo....


Household net worth plunges by record amount (http://news.yahoo.com/s/ap/20090312/ap_on_bi_go_ec_fi/consumer_finances - broken link)

Now, I presume that folks without nest eggs will not relocate, regardless
of desperate straits........am I wrong, or is this article a major harbinger
of the long awaited slowdown in Austin's recent growth spurt?
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Old 03-13-2009, 07:59 AM
 
Location: Great State of Texas
77,458 posts, read 39,573,253 times
Reputation: 19638
Net worth includes your home's value and your stocks (401K/IRA included).
If people have cash though (savings IS going up) then relocation is still an option for some.

I haven't read that people are cashing in their retirement accounts when they get layed off and relocating with that money.

Austin will feel the pain but to what degree is questionable. I don't think it will be as worse as some states but I don't think we'll escape it.
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Old 03-13-2009, 08:04 AM
 
2,403 posts, read 3,684,118 times
Reputation: 1005
I'm still waiting for this economic pain to make it quicker for me to get a table at Trudy's on a Friday night or a burger at "Mighty Fine". There still seems to be a line out the door every time I go.
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Old 03-13-2009, 08:10 AM
 
Location: Austin, TX!!!!
3,743 posts, read 5,695,225 times
Reputation: 1672
Quote:
Originally Posted by mark311 View Post
I'm still waiting for this economic pain to make it quicker for me to get a table at Trudy's on a Friday night or a burger at "Mighty Fine". There still seems to be a line out the door every time I go.
Places like Trudy's will still be fine. You likely will no longer have to wait for a table at Jeffrey's though.

I read an article a couple of months back about how it was fine dining establishments that were going to be hit the hardest because people no longer "felt rich" and couldn't stomach dropping $100 for a meal. But $15 for dinner and margarita? Even this price sensitive consumer can dig that up.
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Old 03-13-2009, 11:50 AM
 
Location: Pittsburgh--Home of the 6 time Super Bowl Champions!
11,060 posts, read 8,237,283 times
Reputation: 4824
Are you "scongress1234", an old poster who used to post here? You sure sound like him from the way you post.
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Old 03-13-2009, 12:19 PM
 
Location: SoCal
2,262 posts, read 4,754,945 times
Reputation: 916
Quote:
Originally Posted by TexasGirl@Heart View Post
Are you "scongress1234", an old poster who used to post here? You sure sound like him from the way you post.
Oh my god, I was thinking the same thing!!
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Old 03-13-2009, 12:44 PM
 
Location: Pittsburgh--Home of the 6 time Super Bowl Champions!
11,060 posts, read 8,237,283 times
Reputation: 4824
Quote:
Originally Posted by readymade View Post
Oh my god, I was thinking the same thing!!
Glad to know I wasn't alone in my thinking!
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Old 03-14-2009, 01:08 PM
 
Location: Slaughter Creek, Travis County
1,193 posts, read 2,615,153 times
Reputation: 936
Quote:
Originally Posted by TexasGirl@Heart View Post
Glad to know I wasn't alone in my thinking!
Good lord, I hope not. That troll was a dweeb.
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Old 03-14-2009, 01:45 PM
Status: "The Masters is this weekend." (set 15 hours ago)
 
Location: Suburban Dallas
37,389 posts, read 21,259,535 times
Reputation: 22392
Quote:
Originally Posted by HappyTexan View Post
Net worth includes your home's value and your stocks (401K/IRA included).
If people have cash though (savings IS going up) then relocation is still an option for some.

I haven't read that people are cashing in their retirement accounts when they get layed off and relocating with that money.

Austin will feel the pain but to what degree is questionable. I don't think it will be as worse as some states but I don't think we'll escape it.

I do agree, partially, with the last sentence. Texas' economy is still relatively good, so I really think Austin will come out of this thing in one piece. In fact, I predict eventual continued growth in Central Texas even if many jobs are not necessarily high-tech-related. There may a lull right now, but it doesn't always mean sharp decline.
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Old 03-14-2009, 03:24 PM
 
Location: Austin
2,522 posts, read 3,950,596 times
Reputation: 683
Quote:
Originally Posted by case44 View Post
I do agree, partially, with the last sentence. Texas' economy is still relatively good, so I really think Austin will come out of this thing in one piece. In fact, I predict eventual continued growth in Central Texas even if many jobs are not necessarily high-tech-related. There may a lull right now, but it doesn't always mean sharp decline.
I think it depends on what kind of jobs......will Austin retain the same mix or recipe it has now? Will it become MORE or less Tech-orientated? Will it continue to attract tech relocatees, as they hear of the tech layoffs?
Everything changes and morphs.........even Houston will ween itself away from Energy somewhere in the near future....perhaps Austin could be THE energy center in Texas if energy goes completely green, and Houston mothballs its refinery complex, ala the Detroit Automakers........one thing for sure....Austin always changes, and it will be different in many ways in 3-5 years.........
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