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22 September 2010

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Old Man Potter

In the last month, I've talked to three laid-off middle-aged advertising creatives: they each report how the economy has affected the way they argue with their spouse, on whom they are now dependent (but used to out-earn). So this recession is affecting my neighbors' marriages.

They've all taken money out of their 401ks or cashed in Treasury Bonds that weren't mature yet. So this recession is affecting investments - - - those 401Ks are supposed to be out there seeding new industries with cash, which they can't do if the unemployed are dipping into them.

Bela

So, advertising is different than other industries how?

Paula Zargaj-Reynolds

Bela, I would say it's different in that the advertising industry has been suffering longer than other industries. It's usually the first industry to tank (because people slash their advertising budgets first) and the last to recover (because advertising budgets are the lowest on the priority list). Most of the advertising people I know have been suffering financially since 9/11.

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