Comment by yungwarlock
Comment by yungwarlock 2 days ago
I'm young, please when was that and in what industry
Comment by yungwarlock 2 days ago
I'm young, please when was that and in what industry
What was a little different then was that tech jobs paid about 30% more than other jobs, it wasn't anything like the highs we have seen the last few years. I used to describe it as you used to have the nicer house on the block, but then in the 2010s+ FNG salaries had people living in whole other neighborhoods. So switching out of the industry, while painful was not as traumatic. Obviously though having to actually flip burgers was a move of desperation and traumatic. The .com bust was largely centered around SV as well, in NYC (where I live) there was some fallout, but there was still a tailwind of businesses of all sorts expanding their tech footprint, so while you may not have been able to land at a hot startup and dream of getting rich in an IPO, by the end of 2003 it was mostly stabilized and you could likely have landed a somewhat boring corporate job even if it was just building internal apps.
I feel like there are a lot of people in school or recently graduated though that had FNG dreams and never considered an alternative. This is going to be very difficult for them. I now feel, especially as tech has gone truly borderless with remote work, that this downturn is now way worse than the .com bust. It has just dragged on for years now, with no real end in sight.
I used to watch all of the "Odd Todd" episodes religiously. Does anyone else remember that Adobe Flash-based "TV show" (before YouTube!)?
.com implosion, tech jobs of all kinds went from "we'll hire anyone who knows how to use a mouse" to the tech jobs section of the classifieds was omitted entirely for 20 months. There have been other bumps in the road since then but that was a real eye-opener.
It was nothing like covid. The dot com crash lasted years where tech was a dead sector. Equity valuations kept declining year after year. People couldn't find jobs in tech at all.
There are still plenty of tech jobs these days, just less than there were during covid, but tech itself is still in a massive expansionary cycle. We'll see how the AI bubble lasts, and what the fallout of it bursting will be.
The key point is that the going is still exceptionally good. The posts talking about experienced programmers having to flip burgers in the early 2000s is not an exaggeration.
After the first Internet bubble popped, service levels in Silicon Valley restaurants suddenly got a lot better. Restaurants that had struggled to hire competent, reliable employees suddenly had their pick of applicants.
History always repeats itself in the tech industry. The hype cycle for LLMs will probably peak within the next few years. (LLMs are legitimately useful for many things but some of the company valuations and employee compensation packages are totally irrational.)
The defense industry in southern California used to be huge until the 1980s. Lots and lots of ex-defense industry people moved to other industries. Oil and gas has gone through huge economic cycles of massive investment and massive cut-backs.
After the year 2000. dot com burst.
An tech employee posted he looked for job for 6 months, found none and has joined a fast food shop flipping burgers.
That turned tech workers switching to "flipping burgers" into a meme.