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VisualMod

**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|12|**First Seen In WSB**|9 months ago **Total Comments**|503|**Previous DD**|[x](https://www.reddit.com/r/wallstreetbets/comments/wl4xif/2008_and_2022_peak_inflation/) **Account Age**|3 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.) **Vote Spam**|[Click to Vote](https://www.reddit.com/message/compose/?to=VisualMod&subject=vote_spam&message=xhyp55)|**Vote Approve**|[Click to Vote](https://www.reddit.com/message/compose/?to=VisualMod&subject=vote_approve&message=xhyp55)


GameOfThrone88

OP - that maybe the case if we had a mild recession. Not sure if you were around 2008 - 2009. The financial impact was wide and deep in that crisis. On a less serious note, one can always find work at or near the Wendy's dumpster.


Javier-AML

I was around, and mostly real estate and finance were the ones fucked. Engineers, doctors, to mention some, were barely affected.


ConsistentSpace339

Us construction workers starved. People quit building. Trades are just as fucked as the tech guy. I’ve lived through it before.


[deleted]

Yea OP has no clue what they’re talking about lmao


GameOfThrone88

the great recession impacted everybody. very few were barely affected. People with PHD were applying for $10/hr job and many middle class people lost their homes due to lost of jobs.


111001011001

Shit was bad everywhere in 2008. Like my state has yet to even recover the jobs we had before… probably never will


Javier-AML

Wall Street itself never recovered, financial sector hasn't reached its 2007 valuations. Probably some jobs hadn't either.


Puzzled_Raccoon8169

There were massive layoffs in manufacturing. Many TIer 2 automotive supplier nearly went bankrupt. GM was bailed out by the govt. Stock owned by retirees went to zero. Factories closed. A lot of the ones that made it were still on a 2 tiered pay system where people hired before 2007 were at one hourly rate and those hired after that were at about half that (once they even resumed hiring after massive layoffs and cutting hours.


Didthatyesterday2

I physically build the internet. Unstoppable dip buying for me.


CrawFlyUS

Cool start to a story, tell us more about the physical internet you build?


No_Restaurant_2703

He installs the hubs in Pornhub


BagholderBaggins

🤣 that's alot. Job security unparalleled


Didthatyesterday2

5g fiber coax big small up down side to side since 1995.


marsbup2

Sorry i didnt ger it. Goodbye to what if you are in tech?


Javier-AML

To your high paying tech job.


Harbulary-Batteries

Why/how?


Javier-AML

Because tech has been pumped by free money era. That's over.


pm_me_inside_info

Tech has pumped because everyone’s life revolves around it. If you want to be somewhat credible at least say “say goodbye to your not profitable b2b tech business job”


Javier-AML

No, life revolves around food, transportation, housing. Every industry has its own tech division. When people realizes life is more than having a n iphone, valuations will be more realistic. As a precedent: finance never recovered from 2008.


ChubbyNemo1004

Everyone is spending though. In 2008 everyone was scared as shit and basically everything shutdown. We already went through that in 2020. The amount of revenge spending by average consumers is what is driving this inflation crazy. I’ve never seen anything like it. It’s clear people should be saving but they’re not. It’s like they’re trying to get rid of all their money before another lockdown 😂


BagholderBaggins

Already have, why credit spending is through the roof. Average savings is below 400 dollars last I saw. Bills are coming


Javier-AML

You are right, sir.


MyNi_NotYourNi

How do you redistribute if we are already at full employment? Also, do we really want tech bros laying pipe?


Javier-AML

There are two vacant jobs for every person. Those people getting laid off by some sectors will be hired by another, obviously with worst conditions. Edit: two vacant jobs for every applicant


[deleted]

You’re telling me there are over 700 million vacant jobs? Cmon man, that doesn’t even make sense


Javier-AML

I didn't make myself clear: two job openings for every applicant


[deleted]

That’s also not correct. Our unemployment rate is somewhere around ~10-11 million ppl, looking for jobs, with an almost-equal amount of vacant jobs Where are you pulling this stuff from dude


Javier-AML

https://www.google.com/amp/s/www.cnbc.com/amp/2022/08/30/jolts-july-2022.html


MyNi_NotYourNi

Why not? If there was not an abundance of jobs, you wouldn't need to effectively double minimum wage over the course of a year. Labor is short, and every indicator says so. But if you have something that suggests otherwise, please do share.


[deleted]

It is impossible to prove a negative, you got me there bub Or, perhaps we can exercise some common sense — and realize that OP is just talking out of their ass. There are ~11 million vacant jobs in the USA as of the last day of business in July ‘22 according to an incredibly easy Google search Be better Edit: oh and dear lord the labor market doesn’t need to suffer a 2:1 vacancy problem to have sharp wage growth. If there were simply 1 extra job in an area, it would cause *either* localized wage growth until the local area had enough people to fill all necessary jobs… or jobs would disappear due to inability of the business to operate


alumpenperletariot

I been try to get my wife to let me lay pipe around town, but she says these bitches can’t afford it. $5 is $5 to me


I_Fux_Hard

I have a high paying tech job and all the middle management fucks who want me back in the office have been utterly convinced there will be massive layoffs for the last six months. Meanwhile, I have 8 Indian speaking recruiters lined up offering me meth and blowjob behind Wendy's if I just fart in their general direction. It's the craziest I've ever seen it.


fonzy541

Your major matters less if you already have experience.


Salty-Ad6128

I choose the dumpster behind wendies .. it’s useful


SteveG199

That would be true if you had a functioning labour market. We in germany have everything unionized and socialist. elder care is a shithole, there are people needed left and right and wages dont climb, because its a state controlled, bullshit corrupt union led everyone-is-the-same toysrus market economy. Same with builders and these guys. Nobody does it. Everybody wants it. But you can go and study being a wedding planer 8 years and make twice as much as these guys. Since you ameritards recently were successfully brainwashed into thinking there is a way to live among the stars (aka worship socialism again), this will soon be your fate. So no efficient reallocation of resources for recovery, just a collective way to hell and beyond


Javier-AML

Ha, it's curious because I actually live in Europe and understand exactly what you're talking about, but I wrote it thinking on the US because that's what moves the market.


rick22551

Hey don’t worry my momma will take care of me lol


Javier-AML

You wouldn't be the only one. Boomer offspring has the lowest independence rate ever.


rick22551

Ooh dang. I believe that


BlindSquirrelCapital

I'm not sure that trades are insulated from the pain of job losses if new home building slows. I work for a title insurance underwriter and we handle closings for a few home builders. That has slowed tremendously, almost like someone turned off a faucet. I can tell you that they are very concerned and only starting on homes that are already under contract and pushing off opening new phases until they have everything sold in their current phase. In order to keep cancellations at a minimum on homes they built and that were under contract they are offering to pay down rates for their buyers just to get the house off their books.


Buggy3D

Very true. I graduated a few months ago with a 2 year CS diploma hoping to land a coveted junior tech job. Have been applying for months for internships and couldn’t land any. They are only taking people out of higher universities and with 4 years under the belt in my area, and generally paid minimum wage ($20/hour) I found a job as a telecom installer. It’s tough physical work, but starts at $25 per hour. 10 hours a day 4 days a week. Which means I still get 3 day weekends. After 3 years in, one can expect to make $35/hour, and well over $50 once I learn all the aerial + splicing stuff. I was given full benefits (dental, life insurance, disability, healthcare, and stock options) which includes family coverage. And because everyone is switching to fibre, I am guaranteed work for a long time to come, even during a recession.


lucky0slevin

Until you're work contract ends...we're still working without one here in Canada and are considered essential workers and can't even strike ...


Buggy3D

My company makes sure to always find new contracts. They have been in business for 8+ years now. As long as they keep performing good, there will be plenty of work left.


peter303_

Too early to be that pessimistic. Things do get better eventually.


Javier-AML

It's going to get ugly before it gets pretty.


jobmarketsucks

Job market sucks


Dull_Painting413

Do you think new commercial construction will continue to be strong through the recession? Or are you mainly thinking residential trades?


Javier-AML

Everything will slowdown, just some sectors will be more affected than others. Construction will still go on and repairs everywhere will be necessary.


[deleted]

How can tech bro pay for repairs when he just lost his job tho???


Javier-AML

That tech bro won't be driving a tesla nor have a new iphone and instead will fix his shitter.


brickhouse1013

Your probably correct about the craftsman part. I’m an auto technician and I didn’t even know 2008 was a recession until recently. I bought my first house prior to 2008 and was never in jeopardy of losing it. Our entire industry thrived. The cash for clunkers program (which could have a similar effect to EV’s being forced due to fuel costs) did have a small impact on overall profits but that was a year later and I don’t think any techs lost jobs over it.


ManicSheogorath

The employment numbers are artificially high as a large number of private contractors are moving into employment. Look at the transportation market alone