but I bet there are about 90,000 people who are equally upset!
btw: Did anybody ever hear of Fresh Mortages? they were a sub-prime lender here? They closed a while back because they could not obtain more financing, then laid all their staff off, I’ve heard now that they are closing up shop totally.
Tell me why it should make us happy for people to lose their jobs? Are you suggesting anyone who thinks that house prices are too expensive should keep their mouth shut?
I think that those of us who think house prices are too expensive accept far too many insults from the property industry. We are “doom-mongers” trying to cause people to lose their jobs and worst of all “unpatriotic”. Who do these people think they’re talking to?
Lets face it, the sentiment in here is that if a mortgage broker went under that its a good thing, i know from the types of posts i read and the pm’s i get. I’m not offended, because personally i wouldn’t feel to bad for an estate agent and we are in the same industry.
so perhaps i didn’t post the article that will fuel some stomach wrenching self abuse but lets face it… at least a few of you are feeling the rumblings of a bit of glee!
For what its worth, I was speaking to a friend of mine during the week. He’s a very higly qualified financial type with a wealth of industry experience (one of the people who’s views on the economy has helped to shape my outlook).
He was working for a lender which has ceased trading and he has just lost his job. He is only the second person amongst my group of friends and collegues who have lost their job since we left school in the late 80’s, both due to their employers going out of business (the first was as a result of a dot com collapse).
It reminded me of the quote attributed to Harry S. Trueman: “It’s a recession when your neighbour looses his job; its a depression when you lose yours”
The US economy needs to lose these jobs - at a macro level, I’d say it’s a painful part of the healing process.
While I wouldn’t wish ill on any of these people, when you hear some of the stories re CFC Christmas bashes etc, you realise that these people made hay while the sun beamed down on them, but are now unfortunate victims because they were blind to the inherently risky system they operated in, much like their employers.
C’est la vie - they live and learn. I can say that because I’ve been in their shoes in post dot-com 2001.