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Chapter 11. Pink Slip Blues > The Party's Over

The Party's Over

Well, it appears that the great 1990s party is winding down. Pink slips are being handed out faster in corporate America than you can say, “Recession? What recession?” It was quite a party while it lasted. Fantastic bonuses. Posh corporate parties in five-star resorts with unlimited expenses and celebrity entertainment. Never before in the history of this country had so many millionaires at such a young age (many under 30) been made so fast. In certain parts of the country, particularly those rich with tech industries, such as the northeast, southwest, and in California, real estate prices soared through the roof. One reason was the demand for housing, but the other was that those who needed the housing were willing and able to pay anything to get it—and in cash.

If you cruise through the major business magazine websites such as Forbes and Fortune, you might notice a disturbing addition to the sites—a layoff posting for the major corporations. Even the kids out in Silicon Valley don't look so cheerful these days. They were the ones willing to work day and night for the promise of big bonuses and stock options. Many of the dot.coms were so eager to harness this youthful ambition that they encouraged them to bring their pets to work, dress comfortably, and play foozball in the break room.


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