Anybody who has read or heard the news in the last few months knows about the problems in the mortgage and housing industries. Those of us involved in the industry have been watching and listening warily - fearfully - to each new bit of news. It was one of those situations where you knew something bad was going to happen, but there's not a damn thing you can do about it. Amazingly (at least to me) the industry kept plugging along like there was no tomorrow. We were swamped with work, subdivisions going up, houses going up, development everywhere.
Until this month.
Now, in a span of a few weeks, most of our big clients called and put a hold on all of their projects "until at least next spring". Now there is little work in-house, and very few prospects for more. I personally have no work to do to speak of. Yesterday we laid off half of my field staff, and then we had a company meeting wherein it was explained just how dire the situation is, and how we think we can all hang on until January, but after that, unless something changes, we will have to cut virtually everyone else. This is all set in the background knowledge that there are several firms in this business, both big and small, who have or are getting ready to go out of business entirely. Needless to say, it gives me pause.
Of course, I am prone to overreaction, so maybe it'll all work out and happy days will be here again in a few months! In the meantime, I can't get this song out of my head...
It has been said that those who don't know history are doomed to repeat it. But that ignores the fact that those who do remember history are doomed to worry about repeating it!!!!