Am I the only one in Austin terrified at the thought of local layoffs this month? (Houston: loans, wage)

[centralaustinite]

I know most people on this forum are newcomers moving here from places where the economy is much worse but I am afraid that March is going to be a terrible month for layoff announcements here in Austin.

Does no one else sense this?

Austin has a high number of manufacturers (high tech and traditional) and orders in all sectors are down, catastrophically down, down to levels never before seen. And with oil at $40 a barrel, green energy alternatives can't get funding and traditional energy companies are hurting too. Many big employers have already done wage cuts and involuntary vacations, layoffs are next.

I am afraid that the other shoe is dropping this month.

Please tell me, I am wrong.

[oldtoiletsmkgdflrpots]

Who is announcing lay-offs?

[Foreverking]

Originally Posted by centralaustinite

I know most people on this forum are newcomers moving here from places where the economy is much worse but I am afraid that March is going to be a terrible month for layoff announcements here in Austin.

Does no one else sense this?

Austin has a high number of manufacturers (high tech and traditional) and orders in all sectors are down, catastrophically down, down to levels never before seen. And with oil at $40 a barrel, green energy alternatives can't get funding and traditional energy companies are hurting too. Many big employers have already done wage cuts and involuntary vacations, layoffs are next.

I am afraid that the other shoe is dropping this month.

Please tell me, I am wrong.

I think its going to get so bad the that USA will fictionalize in a few years. I think Texas will become the Republic of texas again. Austin will fold and all jobs will be headed for Houston. Arizona and Newmexico Nevada Washington and Oregon will become its own nation. No one will want to live in the midwest, not sure what will happen to it. The south will nationalize. the North East, I suppose could make it but it might become part of China. I think the End of the USA as we know it is at hand. Thank you President Bush.

[oldtoiletsmkgdflrpots]

Originally Posted by Foreverking

I think its going to get so bad the that USA will fictionalize in a few years. I think Texas will become the Republic of texas again. Austin will fold and all jobs will be headed for Houston. Arizona and Newmexico Nevada Washington and Oregon will become its own nation. No one will want to live in the midwest, not sure what will happen to it. The south will nationalize. the North East, I suppose could make it but it might become part of China. I think the End of the USA as we know it is at hand. Thank you President Bush.

But what I want to know is will housing prices go down? Oh, and I'm dense...what does fictionalize mean?

[centralaustinite]

Originally Posted by oldtoiletsmkgdflrpots

But what I want to know is will housing prices go down? Oh, and I'm dense...what does fictionalize mean?

The under $300K and under $250K markets will stay strong. It is the mid-high end (400-800K) that will see price drops.

[TexasHorseLady]

Originally Posted by centralaustinite

The under $300K and under $250K markets will stay strong. It is the mid-high end (400-800K) that will see price drops.

That's already happening and has been for a while.

[Foreverking]

Originally Posted by oldtoiletsmkgdflrpots

But what I want to know is will housing prices go down? Oh, and I'm dense...what does fictionalize mean?

you know I hit the ol spell check, and it changed. I meant Fractionalize. Sorry, or split up

[jobert]

factionalise, as in become multiple factions. american spelling with a "z"

[CarnivalGal]

First off, this is not all President Bush's fault. He didn't help the cause, that's for sure, but there are plenty of Democrats (including Clinton) who encouraged the bad loans. Also, Obama is set to approve a spending bill that contains 8,500 (yes, you read that right) earmarks. So much for his campaign promise of vetoing any bill loaded with pork. Frankly, I think everyone in Washington, Republican and Democrat, are responsible for this mess, and making it worse.

But on to the question at hand. I think Austin will definitely see a huge number of layoffs, but I don't necessarily think it will be in the next month or two. Even smaller, local companies, like the one my husband works for, are at the breaking point. They have done everything to prevent layoffs, including pay cuts, getting rid of 401K benefits, etc. And executive staff has also all taken even more paycuts voluntary. If customers don't start placing more orders soon, they won't have a choice but to let people go. And seeing that their customers (all businesses) don't have any money either, the chance of them doing that is pretty much slim to none. It's scary.

[TexasHorseLady]

The other problem for the small businesses is, even if they have work, getting paid.