I joined the millions on the Unemployment roles today.

[Jokinomx]

I was laid off Friday.... one of six, bringing the total to 15 out of 35 employees. I worked in very high end furniture manufacturing. Our furniture costs from 3 to 4 thousand for a small table to $25,000 for a six drawer chest. Last month we sent out three chests to a Morgan Chase bank worth over $80,000.00. FYI - I don't believe this bank was involved in the bailout. The owner stated that our clientele was the top 1% of incomes. Sales dropped off by 40% last month. We had been actually expanding until late last year. We entered our brand new facility on January 5th. Then the shit hit the fan. With those over 250,000 in incomes having their taxes raised... and as the owner said.... most of these people have lost nearly half their wealth within the last year (stocks & properties). So they have quit spending.

So now we know that this depression has hit the most wealthy in our country. The owner of my company stated he would call me back if the market improves. We shall see.

When will this all end?

[notesdev]

1. It will end

when everyone stops lying to each other, and not a moment sooner.

[burythehatchet]

4. I've stopped trying to explain the economics of the situation to friends and now I just say

that in the recent past there have been recessions and those are accompanied by a lack of confidence. Now we no longer have a problem with confidence, we have a lack of trust, and trust, once lost, is very difficult to regain.

[notesdev]

6. Confidence, trust

Two ways of saying pretty much the same thing. There is no confidence and no trust because so few are telling the truth about the economic condition of the financial sector.

[Jokinomx]

12. Agreed... n/t

[geckosfeet]

2. EVERYONE who has a 401k, IRA or stock protfolio has lost nearly half

their net worth in the last year. EVERYONE!

Those with incomes over $250k are still far better off than those without jobs, but you probably know that.

[eridani]

9. Unless you had your 401k and IRA in something besides stocks

I had a 0.5% gain last year. Of course, I never made a whole lot during the bubble years either. I'm so conservative financially that the First National Bank of Sealy Posturepedic is a real option for me.

[MercutioATC]

11. Sorta. Many 401ks aren't invested in equities, so they're still fine.

But yes, anybody invested in equities has taken a beating.

[notesdev]

15. That assumes

that all their net worth was in stocks, which is generally not the case.

However... for those who have stocks in their IRAs AND a home loan in the past few years... total asset losses have to be at least 30% right now for all but the luckiest, and they're still mounting.

[Jokinomx]

20. Yep... in fact I didn't lose ANY money since I don't have any to lose....nt

[elocs]

27. No, not everyone lost money. I don't have much, but I did make some money last year

because I did not feel compelled to watch my investments go down and down while holding the same falling funds, but I moved my money to safer waters and there they are still.

[jody]

3. "When will this all end?" When the excess inventory of over priced goods is depleted requiring

their prices be reduced to meet market demand.

In your example, the $25,000 six drawer chest may be worth a few thousand to consumers.

[snappyturtle]

5. Sorry to hear you're unemployed. That's got to be tough especially on the heels

of actual expansion into a new facility. What are you going to do now? Can you go solo on smaller projects?

[Jokinomx]

19. I am better off than most....

I moved back to Michigan in 97... since that time I have had 5 jobs in furniture manufacturing....companies have either moved out of country or shut down. I thought I had finally found a company that wasn't going anywhere and was actually building a new facility. My unemployment benefits along with any income I can earn umpiring softball will cover most of what I was taking home. My wife's job is secure. So I will be fine.

I feel for the two employees that quit their jobs(one from NY and one from Ill) to come to Michigan and work for this "growing" company. Both had great positions in their former jobs. They were both let go yesterday also. They didn't even make it a year. They don't know what to do now. They can't go back to their old jobs.... it was just unethical how they were lead on.

Thanks for the comments....

[snappyturtle]

28. Whew! for you and it's too bad about the other two...sad. nt

[thecrow]

7. I have found that no one needs a jewelry model maker either :(

Those of us in the "luxury" items manufacturing business have nowhere to turn.
I've been at my work for over 35 years. Where do I get a job? How do I pay my mortgage?
Freelance doesn't cut it. Nobody's buying.
I do not know what to do... I'm closing in on 60 but I am too poor and too young to retire.
I've been working as head modelmaker for a company for over 15 years... unemployment is a joke...
It won't even cover my mortgage. Forget losing half of everything. I will lose it ALL.

[eridani]

13. This may seem a little silly, but--

--I read an article last year saying that craft sites like etsy.com had increased their business in 2008. Maybe you could get into higher end crafts and sell your own stuff? With your professional experience, it will probably be light years better than the average craft show peddler.

[Jokinomx]

22. Thanks for the suggestions.

I will look into that. I am keeping a positive attitude. I think this can be a good thing for me. I have been doing side jobs in photography for a few years. My goal was to build a little side business over the next ten years. Then when I retire I will have a fun part-time job to supplement Soc.Sec.. I will focus on this a little more... and see what happens. I am really going to try to become self employed. Since my wife is working we will have our insurance that we need.... so I am optimistic. Short term.... I have umpired softball most of my life as a side line. I quit a couple of years ago... I am not young anymore.... but I can always pick it up again for the summer and fall. I would suggest it to those needing to supplement their incomes this summer. If you can get in the right leagues... they pay cash on the spot. I can pick up $100.00 for about 4 1/2 hours of work.

Anyway..thanks again for the suggestion. I will certainly look into this option.

:toast:

[eridani]

30. Then if you do get into your own jewelry, the photos will be really good

Speaking as an amateur craftie and a not especially good photographer, that would really make your work stand out.

[Cassandra]

14. As an independent jewelry designer...

I completely understand. Was CAD/CAM decreasing your work, or were you not at that end of the business?

[Burma Jones]

8. When people stop asking when will this all end

And that goes back to trust........

[Avalux]

10. Welcome!

Not that I am happy to have you in the ranks. I was laid off a month ago after being told by the CEO my job was safe; in an industry that should be relatively insulated. This is effecting everyone.

File for unemployment at least and good luck to you.

:hug:

[Jokinomx]

23. Thanks

I filed last Friday after I got home. Went online and it is all set. 26 weeks full benefits. Along with umpiring on the side... my summer should be ok.

after August? We shall see.

[BlueJac]

16. Sorry to here that.........

Our ranks are growing fast, I was laid off on Jan.30th. Good Luck to you.

[Jokinomx]

25. Right back at cha buddy! n/t

[HughMoran]

17. Welcome to the club

My last day was last week and now I'm bored to death.

Jobs are difficult to find these days as well.

[KharmaTrain]

18. But I'm Being Told The Upper 1% Creates All The Jobs...

First of all, let me add to the many who are saddened to see you've become a victim of the boooosh economy and here's hoping for a quick turnaround in your fates. Hold those close closer...and stay believing in yourself, good things will happen.

Now I thought the rich were the ones who created the jobs, the wealth...that we should let them lead us out of this financial quagmire and don't dare touch their taxes. You'd think if this was the case, we'd see them cranking out jobs by the score...let the "marketplace" buy our way out of this thing...plenty of free credit, no money down. And, of course, government never creates jobs. :sarcasm:

Those who have money are holding on for dear life these days...the party is over and many are having a big hangover.

[Jokinomx]

26. That is why I wanted to share.....

They may have oodles of money...but they have more to lose also. I for example lost nothing but my job. I have not investments, property or stocks. (other than my home)

They just look at all the money they have seen evaporate and are now not spending what they have. Even tho they can't spend what they have in one lifetime...many feel they are on their last dollar.

[Mopar151]

21. I'm with you

A week ago for me - good folks, but NO work, and they are out of money.

[Jokinomx]

24. Sorry to year your news...

Keep positive.... do you best at all times..... and things will ALWAYS work out.

I will be collecting unemployment and working softball games this spring and summer. If you have any ability in the umpiring field.... check it out. Go to your local rec. department for details. The leagues will be starting in April so now is the time to get hooked up with your rec. dept.

Good luck

[wickerwoman]

29. Really sorry to hear that Jokinomx

:hug:

Here's hoping it turns around soon and you're back to work.

[Canuckistanian]

31. I am, too

This is my first week of unemployment this year, although I have a much different situation than yours.

I'm a high-tech worker (Electronics) and my last contract ran out on Friday. I'm a partner in a consulting company, but there's no contracts to be had in Ottawa right now.

This is going to be a bad recession.