If I lose my job then I look for a new one. I know this is a simply answer but it is the only answer in my opinion. Even in the most trying of times there are jobs available. It will likely take longer to find a new job than a couple years ago and the pay may be less but there's still jobs to be had.
... I don't think I'm overly optimistic though. I recognise the situation we're in and have taken steps to try and make sure I'm as prepared as I can be by sorting out my own financial situation. The one thing I'm not prepared to do is to worry myself to death or send myself into depression worrying about what may or may not happen - it's not the nature of the beast.
The main point I was trying to get across in my original post was that I don't trust anything so called experts say about our economy as most get it wrong. Everyone seemed to be too optimistic during the boom and now everyone seems too negative imo.
May I ask when you left school or college ?
Sadly we are probably going to have unemployment rates back to bad old days of the 80s.
Except this time there will probably not be any Dells, Microsofts, Intels coming over the horizon to kick start our economy and the Celtic Tiger.
Our competitiveness is shot to sh**.
We have lost a huge amount of old indigenous industry, the likes of Navan carpets, Fruit of the Loom in Donegal, Dubarry shoes, Irish Sugar, etc etc.
IMHO this is going to be much worse than the 80s.
In the 80s we had no expectations, most of us assumed we would have to emigrate, if we weren't lucky enough to get job in public sector or one of the few steady employers in private sector, some of which are no more.
There was not huge personal debt in the 80s, people with jobs bought the odd new car, cheap ones or ones with good resale value at that, not many BMWs or Alfas around in those days.
The only loans people had were mortgages with upto 17% interest rates, no 40 year 100% jobies back then, and maybe car loans.
In the 80s we hadn't experienced huge growth and wealth, we were not used to things.
As they say "You don't miss what you never had".
A lot of people are in for a hell of shock in this country and I wonder if they are really prepared for the days when foreign holidays, credit cards, mobiles, cable, broadband are considered expensive luxuries.
ZYX, FFS stop comparing us to Uk, Finland, Japan or some other country that had a property bubble. As bulls always said we are different and in the severity of this bust we definetly are.
We are much worse off, we were much more dependent on property (as can be seen form buget deficits), the world's economic outlook is far worse than some of the times other countries were coming out of their bubbles and we have shag all indigenous industry or capital to keep us going and kick start a revival.
Added to that we are led by a bunch of muppets.