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American dream in the face of credit crunch!

T

toluwalase

New Member
hi all,

I have watched with total disbelief the fall of some of the renowned banking institutions in the US being a banker my self am worried and troubled.

Please can old DV winners tell us how bad it really is and what sectors is spared if any of the present wild fire that is gradually sweeping across the globe.

Even back here in Naija am afraid that this crisis will soon hit us here

what are the options let the older Dv's in the house tell us the true story and what to look out for

Am waiting for the responses to follow...
 
Stock price went below $10,000 today. The last time i saw below $10,000 was probably 10 years ago.
Unemployment looks bad, inflation may start, mega financial institutions went under, a lot of small banks went bankruptcy.. Frankly, it's pretty bad.
If you are a banker, you should know how financial trouble spreads to other sectors.
 
Hi, am not an old DV winner but I have lived in the US for quite some time. I can tell you this; the economic problems are slowly trickling down to everyone in the US. Although it's not as bad on the ground as it is on Wall Street, it's not that fantastic either.

Cost of living has gone up. Energy, food, transportation prices have gone up. Most companies are suspending hiring new workers due to the economic uncertainties. In fact most are predicting they may have to cut their workforce. Small businesses - which form the largest employment base - are starting to show signs of strain. This is definately not a good time to be looking for a job at any level.

But the worst thing of all is that the mood of the people has changed. It seems like everyone is stressed out. You never hear any good news anymore and I think in-between all the socio-ecomomic issues gripping the US right now Americans do not seem happy.

All said, it's still better than being in Darfur!
 
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GotPR? said:
Stock price went below $10,000 today. The last time i saw below $10,000 was probably 10 years ago.
Unemployment looks bad, inflation may start, mega financial institutions went under, a lot of small banks went bankruptcy.. Frankly, it's pretty bad.
If you are a banker, you should know how financial trouble spreads to other sectors.
Click to expand...

What are you talking about ???

It's the Dow Jones Industrial Average(DJIA) that fell below the 10000 mark.
 
Firstly, are you due to come over here soon or are you just applying for DV2010?
If you're due here in two years then I wouldn't worry too much about these troubles now as things move so fast that everything might be rosy by then or you could have brand new troubles to worry about.

Secondly, I work in finance and two months ago - having just moved over here on a DV - I was fortunate enough to get a great job, even in the midst of all these problems.

There's abosulely no way of predicting how things will work out for you. You either come here or you don't and then you live with your choice and try and make the best of it.
 
Ok where to begin.

In my industry which was specialized - up until July there was easily up to 10 job postings a day in the NYC area in all the feeds that I subscribe to.

I had my interview in March, arrived here on the 2nd of August.

It seems since I first arrived, it has all been downhill from there. At the moment there is maybe 1-2 suitable job postings per day and as is usual, are getting so many applicants it is fruitless.

So much so, I am seriously considering returning home. :(

All of my dreams and hard work and money - ugh. I don't even want to think about it as I get so sad. I love it here but I am not sure whether to return home and come back next year or just give up on my dream that I have had for so long.

NYC has been hit particularly hard. I thought I would have been working now (and I think if I had arrived in June, this would have happened with ease) and with that, I really don't want to blow my life savings on rent and waiting around for 'the job' if that makes sense.

It is not that I am running out of money or anything - it just seems like a waste to be waiting around here for a job and especially at the moment, there seems like no light at the end of the tunnel.

If anyone has any advice, it would be greatly appreciated.

Yes, I have tried temporary agencies (they seem like nothing more than a scam... they have no jobs either it seems!) and basic admin jobs... even Old Navy! LOL

FYI I am a single girl that has done this on my own - I only have a couple of acquaintances over here - so I have no partner to fall back on or anything! LOL

Oh and also the AU dollar has crashed massively as well which is just making things harder! LOL
 
It is a hard time in the U.S at the moment, and everyday is getting worse and worse. Besides no jobs opening, many jobs looses, increasing price in basic needs, etc are getting really hard to cope with.

Most Americans that already have jobs are afraid to loose their jobs because the U.S economy is collapsing, Meanwhile, the ones that are looking for jobs end up finding no jobs in this country.

I'm also in a process of getting a job and it doesn't look good. There are less and less job listings for my particular field. I managed to get a job interview 2 weeks ago, and when I heard back from them, they said that they can't hire me at the moment because they don't have the funds to train a new employee at the moment. Very frustrating!

Not to mention about the food and gas prices in the U.S. I'm shocked how much of an increase in the price of basic needs like foods. I usually never notice the increase. But, lately it is quite noticeable. I almost spent about almost $100 more in food every month because of the increase. A few cent increase in here and there adds up very quickly. I tried my best not to drive my car if its possible. Filling up the gas on my car every week really hit my wallet. I could easily spent about $45-$50 a week on gas on my small sedan. Looks like I have to start cutting a lot of expenses.

I'm worry that the U.S is going through a depression. I don't want to end up living in the U.S and have to live in the street because the country is going through a Depression. If a depression happened in the U.S, I rather be in my home country where I have families and friends that can support me or lend me their helps.

I'm curious about the news about the U.S in other countries. I was reading newspapers from my country over the net, and they did not mentioned anything about the U.S economy except that the stock exchange is loosing points.

In the U.S news, all the news is about the economy and the election. The U.S economy right now is very very bad. It will get worse and they says that it won't get better until 1 to 2 years from now.

Anyone from other countries want to share their view about the U.S economy from what they heard from their local news in their country?
 
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Gerindo said:
I don't want to end up living in the U.S and have to live in the street because the country is going through a Depression. If a depression happened in the U.S, I rather be in my home country where I have families and friends that can support me or lend me their helps.
Click to expand...

That is exactly how I am feeling too Gerindo. Exactly it!

I am only hoping that once the election happens that it will give the USA the direction that is needed as there seems so much uncertainty.

I think what is hard is I don't *want* to leave, but it is almost silly to stay if this continues? This is the place I want to live and work.. not back in Australia but it is getting harder each day. :(

Also - I am not homesick or anything like that - the thought of returning home is just awful! I love love love New York and everything about America... arhrahgargharghgh !
 
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I know how you feel Lorelei. I don't want to go back either, but living in the U.S is not as promising as it used to be.

I too hoped that after the election, the situation in the U.S is getting better. That's why I can't stop watching CNN and follow the news. But, even both the Presidential candidates doesn't really know what to do about the economy. It is beyond their control at the moment. The failure of the $700 Billion bailout to increase the market confidence is a sign that it will take a long time to heal the U.S economy or the world economy.

I'm just crossing my fingers and hope for the best. Hopefully I don't run out of money before getting a job. :(
 
So not cool !!

Lorelei said:
So much so, I am seriously considering returning home. :(
Click to expand...

Gerindo said:
I don't want to end up living in the U.S and have to live in the street because the country is going through a Depression. If a depression happened in the U.S, I rather be in my home country where I have families and friends that can support me or lend me their helps.
Click to expand...

So, we came to the US to share in all of it's bounty but in non of it's pains? I hope not coz that would make us pathetic parasite. I am just saying...
 
I know what you are saying Dematra - but typically a person doesn't leave a job for the fun of it to be unemployed?!

I think anyone who came to the USA and couldn't find a job would all do the same thing. If you had another choice, you have to take it. Money only lasts so long.

If I had a job - I would never leave here - as I said I LOVE IT!! Everything else has gone fantastically well - except for the job situation.

I can't even get an $8 an hour gig at Old Navy at the moment..!!
 
dematra said:
So, we came to the US to share in all of it's bounty but in non of it's pains? I hope not coz that would make us pathetic parasite. I am just saying...
Click to expand...

It is not like we don't want to share the pains. It is a matter of survival. Will you be able to survive when depression happened? Especially when you live in a country where you don't have families or friends that can give you the support that you need.

When it seems that there is no chance to survive in the U.S, why pushing it to stay and accept the suffering? We're not U.S Citizen and we have no obligation to stay in the country. We come to the U.S to find a better life and not suffering. ;)
 
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Just hang in there

Lorelei & Gerindo,
Your frustration with the current situation is certainly understandable. I had to deal with similar feelings when I first moved to the US some years ago. But I can tell you this - things will get better, they always do.

Lorelei, don't be disheartened, this is just a passing phase. I hope the job situation works out for you and the many others just starting out in the US. Just hang in there and when things turn brighter you'll be ready to ride the wave to the top of your dreams, but for now it just means we all have to work harder.

I wish you the greatest of American dreams :)
 
Gerindo said:
It is a hard time in the U.S at the moment, and everyday is getting worse and worse. Besides no jobs opening, many jobs looses, increasing price in basic needs, etc are getting really hard to cope with.

Most Americans that already have jobs are afraid to loose their jobs because the U.S economy is collapsing, Meanwhile, the ones that are looking for jobs end up finding no jobs in this country.

I'm also in a process of getting a job and it doesn't look good. There are less and less job listings for my particular field. I managed to get a job interview 2 weeks ago, and when I heard back from them, they said that they can't hire me at the moment because they don't have the funds to train a new employee at the moment. Very frustrating!

Not to mention about the food and gas prices in the U.S. I'm shocked how much of an increase in the price of basic needs like foods. I usually never notice the increase. But, lately it is quite noticeable. I almost spent about almost $100 more in food every month because of the increase. A few cent increase in here and there adds up very quickly. I tried my best not to drive my car if its possible. Filling up the gas on my car every week really hit my wallet. I could easily spent about $45-$50 a week on gas on my small sedan. Looks like I have to start cutting a lot of expenses.

I'm worry that the U.S is going through a depression. I don't want to end up living in the U.S and have to live in the street because the country is going through a Depression. If a depression happened in the U.S, I rather be in my home country where I have families and friends that can support me or lend me their helps.

I'm curious about the news about the U.S in other countries. I was reading newspapers from my country over the net, and they did not mentioned anything about the U.S economy except that the stock exchange is loosing points.

In the U.S news, all the news is about the economy and the election. The U.S economy right now is very very bad. It will get worse and they says that it won't get better until 1 to 2 years from now.

Anyone from other countries want to share their view about the U.S economy from what they heard from their local news in their country?
Click to expand...


"I could easily spent about $45-$50 a week on gas on my small sedan"
it cost me £45.00 a week on gas for my 1.6L skoda in England and i only drive to and from work(16 miles each day).It looks like life in the USA is slightly better even in the wake of the crunch.
 
Tell me about it. I've been here in US since April 2007 though officially I received my green card only 2 months ago. In the beginning of 2008, I got a really great full time position in this well known company. But what the heck, right after I got my GC, I got laid off! :mad:

I guess can't have everything--right now I'm struggling to get another full time position-I only can score temp/contract work which is sucks because I like the stability of having an income.

Lorelei (btw, I recognize you from Vogue ;) ), have you consider probably move to different city? I can only imagine that in NYC you are competing with the whole New Yorkers!
 
Lorelei said:
I know what you are saying Dematra - but typically a person doesn't leave a job for the fun of it to be unemployed?!

I think anyone who came to the USA and couldn't find a job would all do the same thing. If you had another choice, you have to take it. Money only lasts so long.

If I had a job - I would never leave here - as I said I LOVE IT!! Everything else has gone fantastically well - except for the job situation.

I can't even get an $8 an hour gig at Old Navy at the moment..!!
Click to expand...

Well, Old Navy is part of GAP, and they have been having a really bad time profit-wise for a long time (even before the credit crunch). I'm surprised they have jobs at all. :)

It's going to be extremely difficult to find entry-level jobs in NYC, because every year NYC is flooded by a fresh new wave of young Americans who dream of living in NYC - in the New York Times' words, "hip young things". Add to that all the immigrants, and you get the picture.

I suggest you broaden your job search geographically. If you find a good job in New Jersey, or on Long Island, you can always come back to NYC on the weekends using the train.

If you have higher education in a field where you can find jobs, you should really be doing a nationwide job search, and then move to the best job you can get. This doesn't mean you have to move to North Dakota - but if you get a job in North Dakota, and one in Chicago, at least you'll have a choice.

If you don't have higher education - get a student loan and get an education instead of burning cash in NYC. :)

I hope this helps.
 
Lorelei, (btw, strangely enough, I remember you being quoted in the paper on Heath Ledger at the time. At least I remembered your comments and only just now linked up the name.)

I say hang in there. The first year is the hardest - if you can get through that you should be okay. My experience moving countries a couple of times - my crises came 3-4 months into my move. I only started to feel part of a place once I made good friends (vs acqaintances.) It's even harder when you are not working as there is less to distract you.

It's a difficult job environment now, it will probably get worse going into next year, and you have choosen a competitive city. As glistenpearls said below, I believe you need to consider other places. The US population in general is very mobile and you need to be prepared to do the same, all the more so in this economy. You have even more stacked against you, because although your qualifications look really good, you don't have a work history in the US. So you will have to try harder than a local would given the same qualifications.

You could try http://www.findyourspot.com/ to get some new ideas on other places that would suit you:) Also there are stats somewhere on states with the lowest unemployment rates. Seem to remember South Dakota was the best for full employment. LOL.

If you were willing to be flexible on place, then you can broaden your job search. I don't want to be discouraging, but I think you will have a tough time where you are in this economy.

The other thing about job search is you need to try at least five different methods which presumably you are doing. Agency, Internet matching, Newspaper ads, drop in cold into libraries, word of mouth, attend industry events,...
 
Thanks!

Hi all, am glad people have started contributing great ideas that are worth more than gold.

But let me just share my plan her and wait for your opinions.
i have a family of 4 and hope to be done with CP by june 2009.

my plan is get into US and go for my MBA in any of the top ten schools!
thou i was think of schools based in NY but now i will be looking else where.

some please advise!
 
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