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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (12528)	10/16/2003 2:44:45 PM
From: Nadine Carroll	Read Replies (1) \| Respond to of 793590

no argument with you about the 98-00 stock market, the problem is we are at pre-95 employment levels and 80s level payscales for engineering now in 2003, and 2 years of stock market hysteria does not explain this away in my view. By itself, no. But stock market hysteria does not operate by itself, it influences the economy as well as being influenced by it. Look at IT spending. In 1998 - 2000 you had a Perfect Storm of IT spending. Everybody had to, just had to right now! get their business on Web (why? don't ask such questions, you Luddite!), never mind what it cost. Then they had to upgrade their hardware and software to support the upgrade and reengineering of their systems. On top of it all, there was Y2K so you had to do it all right now! or your business might collapse on January 1, 2001. After such a frenzy of spending, there tends to be a certain after effect - what's the opposite of pent-up demand? pent-up satiation? Then came the popping of the bubble, and the end of the IPO market, where who-cares-if-you-ever-make-a-profit-just-get-your-money-from-investors thinking ruled the day. Then came Sept 11th and a recession, and Fear replaced Greed as the dominant emotion and everybody pulled in their horns. Naturally this all has an effect on hiring.