Anyone watching Bloomberg?

With my business I deal with capital market funds and institutions daily, I see exactly whats going on and its pretty scary. Your going to see the dollar drop even way more. With foreign investors now, deals have to be structured with extra instruments in place to protect them from US investments, their actually scared. And this isn't even all mortgage related that the news and press keeps making everything out to be, our financial markets in general majorily sucks.



But back to mortgage related, the worst hasn't even been seen yet. Wait till the negative am loans start adjusting this year through 2011 :scared: , that will cause a ruckus in itself on top of everything else. Cali is going to be severely screwed for anybody living there, World/Wachovia is backing out of something like 15-20 counties in Cali, and I know of other banks have the same thing in the works. They aren't going to lend with drastic value droppings. Stat I saw was avg 40% of loans in Cali are neg am or interest only.....that will have an serious effect.



My business is based in Commercial and Business, and even companies were working on through growth stages, going public etc, are all getting tougher....capital is becoming scarce. We have one investor having trouble selling their debt syndication right now of which in all the years they been around has not happened, finally coming around about now except projects are now 4-5 months over original deadlines. Thats FUN :hmph:
 
Works 2 ways. 10,000 people are calling now, attempting to hedge the imminent disaster. Bear Stearns and Lehman people also. They don't know what their future holds.



I'll meet a thousand people that will one day get jobs either through me or other recruiters, and some will hire from me when they finally do get jobs. Some I will place myself. Its good for building a contact list and getting into new banks. Contracting, is BOOMING right now. I prefer it as I make more money and the hires are scrutinized less.



I just have to have the cash to ride it out. This will be my second "IT recession" since I started 8 years ago.. Last time rates dropped 15-20% across the board.



I just had a discussion with a "Manging Director" of IT for a particular bank. I put the Managing Director in quotes as this fellow makes about 50% of what one should and runs his business that way, he just doesn't know it. He said to me on Thursday last week that he is looking forward to "cherry pick" some good employees, make them low offers, and dump his bad seeds. What he doesn't realize is that he will try to under pay, some will take the jobs and quickly move on, and quickly ruin the IT reputation of the bank. Just another little man, short term thinker, wasting hard earned bank money. Try and get a Citi guy to play nice in the sandbox with a small to mid-size bank IT team, it will never happen.
 
Eh, this is the same fake-money game that's been going on since the late 90's...overvalued stocks, overvalued real-estate, being bought by overvalued employees. It's just musical chairs...when the music stops somebody loses a stock, a house, or a job that was worth way too much money. Just that every round of musical chairs more players get sucked into the game.
 
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