There is no bubble in sight yet
Reply: 1.2.1.1.1.1.1
From: Sim' Hampel
On 7/9/02 4:30:00 PM, Mike TheBloodyIdiot wrote:
>
>However, I would say things
>are not that bad as you try to
>picture them. They are much
>worse. 1 July marked new wave
>of project closures, contract
>terminations and
>retrenchements, adding
>thousands more IT
>professionals to thousands
>already fighting for jobs.
Given that many large companies have now outsourced their IT operations to the services crowd, and many of these large companies are now cutting back on projects and expenditure... many of those "outsourced" people are finding themselves out of work.
The company I work for has recently retrenched a whole heap (ie. hundreds) of services people who were "sitting on the bench".
>But, what I said is that
>proportion of Hi-Tech products
>in Australia's GDP is
>negligible. We are commodity
>based economy, not innovation
>based. We export gold, coal,
>grain, wool more than any
>other country in the world.
>Our GDP is directly pegged to
>"new house commencements", not
>to the "new IT project
>commencements".
I would agree there... as much as we IT people think the world revolves around us (well... it does), in the overall scheme of our local economy, we are small fry.
>I do not know people more dumb
>in terms of property
>ownership/investment than IT
>professionals. People were
>spoiled rotten by high income
>to think about tomorrow.
The vast majority of people I work with in the IT industry were heavily into shares... especially during dot.com mania. Now they have all bought or upgraded their PPOR, and one or two of them have bought an IP - but the IPers are certainly in the minority.
>How many IT people do we have
>on this forum? A dozen? A
>dozen and a half?
Based on numbers who come to Freestyler events, I would suggest that number is significantly higher. In the early days of the forum, I would suggest that over 50% of people on here would have had at least one IT person in the family. My argument is that these people have generally more disposable income than average, and so are going to be looking for something to invest in.
Given the popularity of property these days, I'd say that ratio has dropped as more and more "regular" people jump on the property bandwagon, but there still seems to be a significant number of IT people here.
>This is why I do not subscribe
>to the idea that IT crisis
>will have that adverse and
>immediate impact on property
>market. Over the time effects
>of current crisis will flow
>into economy, no doubt. But
>for now - we are not that
>important, mate.
>We are just the people
>everybody loves to hate.
*sigh*, once again I find myself agreeing with your entire post Mike... this just isn't good enough ! ;-)