Pasha wrote:As many of you pointed out a reset is needed. We shall base our lives on what we really need we won't spend money that we do not have anymore.
It might start off that way but we'll eventually go back to our old habits - this isn't this first time and won't be the last.
I think this will slow the economy and the 'small' companies, that rely on their own customer's ecosystem, might suffer damage. I have some friends that work for banks and they told me frankly that this is only the beginning.
Many small companies have already gone under.
The next round will be lack of credit lines to the industry. Giving credit will be considered risky and so companies will stop investments in what has been considered a commodity.
This is and has been happening for a while, we're deep into it.
I think the IT companies will suffer a big hit. Company can run the business without renewing IT systems and so I think we will see many layoffs. In turn companies will look for efficiency and will reduce heads as well.
Totally agree, many banks, etc. are not renewing contracts for IT contractors and are making redundancies - the previous bank I worked for will be going through a 33% reduction in the next few weeks.
I hear many people that are skeptical about government aids. Maybe it's the only way to teach a lesson. However I agree with forge. This will pass.
It will definitely pass, but the question is how painful will it be? Unfortunately nobody knows and that's the scary part
