how has the economy affected you?

[GMScud]

Originally Posted by djnemo65

Yeah, I worked in that industry for a little while too GM. I took a different path, pursuing a dream and moving over here to Japan before things got bad. I've lost touch with nearly everyone I worked with, but I wonder how some of those people are doing now. The established people who were making over 200 a year and trying to spend every penny of it, buying 400k condos and sports cars, assuming the good times would roll forever.

Oh I met several of those people, including one of my closest friends who brought me into the industry. He's single with no kids and one income, and when times were great he bought a $500K house with a 7/1 interest only arm. That was almost 4 years ago when times were plush and the bubble was strong. Obviously at this point he's way upside-down on the property.

My last mortgage-related job (I was actually working directly for a lender) just did another HUGE round of layoffs, and plenty of guys I know from that company are driving their BMW's and Audi's all over the DC area job hunting.

I guess that spend first, think second mentality is what got that industry into trouble in the first place.