{"id":4678,"date":"2009-02-05T12:08:00","date_gmt":"2009-02-05T12:08:00","guid":{"rendered":"http:\/\/localhost\/projects\/horsesforsources\/forget-2006-lets-go-back-to-96\/"},"modified":"2009-02-05T12:08:00","modified_gmt":"2009-02-05T12:08:00","slug":"forget-2006-lets-go-back-to-96","status":"publish","type":"post","link":"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/","title":{"rendered":"Forget 2006, let’s go back to ’96"},"content":{"rendered":"

Like many of you, I have been waking up in the middle of the night wondering what's going on with the global economies and how the world will look in a few months when we adjust to the new economic reality.  I started thinking about about the world when people lived within their means, took a job for a job's sake, and could plan for the future.  It then hit me hard – things have simply fallen out of proportion.<\/span><\/em>  <\/p>\n

When I graduated in '94 there weren't a lot of high-powered careers available to graduates – you took what you could get and worked at it until something better came along.  I actually started off in customer relations for a burglar alarm firm… doesn't make my LinkedIn profile, but it actually started me off on a track that somehow got me here (and I did have some hilarious conversations with London celebs with their alarms wailing in the background).<\/p>\n

Let's talk about proportion and focus on the two staples in life - food and shelter.  By 1996, I was flying high as an analyst earning a whopping $30K a year (about the same as an Oracle developer in Bangalore today).  I also purchased an apartment for $100K.  In those days you could borrow 3 times your annual salary – that was it.  The cost of groceries was about $40 a week, and a good restaurant meal was never more than $35 a head.  I'll stop there.  While my salary seems terrible by today's standards, I didn't build any debt and I had a mortgage that was manageable for a property that was fairly valued.  Life was good, and I slept well at night.<\/p>\n

Take 2008.  The equivalent salary for a graduate-level analyst is about $50K.  The cost of that equivalent apartment is $300K (6 times the salary), weekly groceries $75 and a good meal $60 (if you're lucky and the wine's cheap).  There's no feasible way you can enjoy the same quality of life without mortgaging yourself way beyond your means and delving deep into credit-card debt.  What's worse is that debt has become part of life for so many people.  And that's precisely what happened, and now everyone's paying the price.<\/p>\n

The optimum way out of this crisis is for these proportions to be redressed, however painful it may be.  <\/p>\n

\"Guillotine\"<\/a><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Like many of you, I have been waking up in the middle of the night wondering what's going on with…<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"organization":[],"ppma_author":[19],"class_list":["post-4678","post","type-post","status-publish","format-standard","hentry","category-business-process-outsourcing-bpo"],"yoast_head":"\nForget 2006, let's go back to '96 - Horses for Sources | No Boundaries<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forget 2006, let's go back to '96 - Horses for Sources | No Boundaries\" \/>\n<meta property=\"og:description\" content=\"Like many of you, I have been waking up in the middle of the night wondering what's going on with...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/\" \/>\n<meta property=\"og:site_name\" content=\"Horses for Sources | No Boundaries\" \/>\n<meta property=\"article:published_time\" content=\"2009-02-05T12:08:00+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.horsesforsources.com\/images\/6a00d8356fb76c69e201053710101b970b-800wi.jpg\" \/>\n<meta name=\"author\" content=\"Phil Fersht\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@pfersht\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Phil Fersht\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/\",\"url\":\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/\",\"name\":\"Forget 2006, let's go back to '96 - Horses for Sources | No Boundaries\",\"isPartOf\":{\"@id\":\"https:\/\/www.horsesforsources.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.horsesforsources.com\/images\/6a00d8356fb76c69e201053710101b970b-800wi.jpg\",\"datePublished\":\"2009-02-05T12:08:00+00:00\",\"dateModified\":\"2009-02-05T12:08:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.horsesforsources.com\/#\/schema\/person\/c4f084ff7ad43632f537b3b30918e69f\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/#primaryimage\",\"url\":\"http:\/\/www.horsesforsources.com\/images\/6a00d8356fb76c69e201053710101b970b-800wi.jpg\",\"contentUrl\":\"http:\/\/www.horsesforsources.com\/images\/6a00d8356fb76c69e201053710101b970b-800wi.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.horsesforsources.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Forget 2006, let’s go back to ’96\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.horsesforsources.com\/#website\",\"url\":\"https:\/\/www.horsesforsources.com\/\",\"name\":\"Horses for Sources | No Boundaries\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.horsesforsources.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.horsesforsources.com\/#\/schema\/person\/c4f084ff7ad43632f537b3b30918e69f\",\"name\":\"Phil Fersht\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.horsesforsources.com\/#\/schema\/person\/image\/86ee0c0ac2d033eed87f327162eb27f7\",\"url\":\"https:\/\/www.horsesforsources.com\/wp-content\/uploads\/2020\/11\/phill-150x150.png\",\"contentUrl\":\"https:\/\/www.horsesforsources.com\/wp-content\/uploads\/2020\/11\/phill-150x150.png\",\"caption\":\"Phil Fersht\"},\"description\":\"Phil Fersht is\u00a0a world-renowned analyst, writer and visionary in\u00a0emerging technologies, automation, digital business models, and the alignment of\u00a0enterprise operations to\u00a0drive customer impact and competitive advantage\",\"sameAs\":[\"http:\/\/hfsresearch.com\/team\/phil-fersht\",\"https:\/\/www.linkedin.com\/in\/pfersht\/\",\"https:\/\/x.com\/pfersht\"],\"url\":\"https:\/\/www.horsesforsources.com\/author\/phil-fherst\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Forget 2006, let's go back to '96 - Horses for Sources | No Boundaries","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/","og_locale":"en_US","og_type":"article","og_title":"Forget 2006, let's go back to '96 - Horses for Sources | No Boundaries","og_description":"Like many of you, I have been waking up in the middle of the night wondering what's going on with...","og_url":"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/","og_site_name":"Horses for Sources | No Boundaries","article_published_time":"2009-02-05T12:08:00+00:00","og_image":[{"url":"http:\/\/www.horsesforsources.com\/images\/6a00d8356fb76c69e201053710101b970b-800wi.jpg"}],"author":"Phil Fersht","twitter_card":"summary_large_image","twitter_creator":"@pfersht","twitter_misc":{"Written by":"Phil Fersht","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/","url":"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/","name":"Forget 2006, let's go back to '96 - Horses for Sources | No Boundaries","isPartOf":{"@id":"https:\/\/www.horsesforsources.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/#primaryimage"},"image":{"@id":"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/#primaryimage"},"thumbnailUrl":"http:\/\/www.horsesforsources.com\/images\/6a00d8356fb76c69e201053710101b970b-800wi.jpg","datePublished":"2009-02-05T12:08:00+00:00","dateModified":"2009-02-05T12:08:00+00:00","author":{"@id":"https:\/\/www.horsesforsources.com\/#\/schema\/person\/c4f084ff7ad43632f537b3b30918e69f"},"breadcrumb":{"@id":"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/#primaryimage","url":"http:\/\/www.horsesforsources.com\/images\/6a00d8356fb76c69e201053710101b970b-800wi.jpg","contentUrl":"http:\/\/www.horsesforsources.com\/images\/6a00d8356fb76c69e201053710101b970b-800wi.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.horsesforsources.com\/"},{"@type":"ListItem","position":2,"name":"Forget 2006, let’s go back to ’96"}]},{"@type":"WebSite","@id":"https:\/\/www.horsesforsources.com\/#website","url":"https:\/\/www.horsesforsources.com\/","name":"Horses for Sources | No Boundaries","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.horsesforsources.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.horsesforsources.com\/#\/schema\/person\/c4f084ff7ad43632f537b3b30918e69f","name":"Phil Fersht","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.horsesforsources.com\/#\/schema\/person\/image\/86ee0c0ac2d033eed87f327162eb27f7","url":"https:\/\/www.horsesforsources.com\/wp-content\/uploads\/2020\/11\/phill-150x150.png","contentUrl":"https:\/\/www.horsesforsources.com\/wp-content\/uploads\/2020\/11\/phill-150x150.png","caption":"Phil Fersht"},"description":"Phil Fersht is\u00a0a world-renowned analyst, writer and visionary in\u00a0emerging technologies, automation, digital business models, and the alignment of\u00a0enterprise operations to\u00a0drive customer impact and competitive advantage","sameAs":["http:\/\/hfsresearch.com\/team\/phil-fersht","https:\/\/www.linkedin.com\/in\/pfersht\/","https:\/\/x.com\/pfersht"],"url":"https:\/\/www.horsesforsources.com\/author\/phil-fherst\/"}]}},"authors":[{"term_id":19,"user_id":3,"is_guest":0,"slug":"phil-fherst","display_name":"Phil Fersht","avatar_url":{"url":"https:\/\/www.horsesforsources.com\/wp-content\/uploads\/2024\/02\/Phil-Fersht-HFS-Updated.jpg","url2x":"https:\/\/www.horsesforsources.com\/wp-content\/uploads\/2024\/02\/Phil-Fersht-HFS-Updated.jpg"},"job_title":"","first_name":"Phil","last_name":"Fersht","user_url":"http:\/\/hfsresearch.com\/team\/phil-fersht","description":"Phil Fersht is\u00a0a world-renowned analyst, writer and visionary in\u00a0emerging technologies, automation, digital business models, and the alignment of\u00a0enterprise operations to\u00a0drive customer impact and competitive advantage"}],"_links":{"self":[{"href":"https:\/\/www.horsesforsources.com\/wp-json\/wp\/v2\/posts\/4678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.horsesforsources.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.horsesforsources.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.horsesforsources.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.horsesforsources.com\/wp-json\/wp\/v2\/comments?post=4678"}],"version-history":[{"count":0,"href":"https:\/\/www.horsesforsources.com\/wp-json\/wp\/v2\/posts\/4678\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.horsesforsources.com\/wp-json\/wp\/v2\/media?parent=4678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.horsesforsources.com\/wp-json\/wp\/v2\/categories?post=4678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.horsesforsources.com\/wp-json\/wp\/v2\/tags?post=4678"},{"taxonomy":"organization","embeddable":true,"href":"https:\/\/www.horsesforsources.com\/wp-json\/wp\/v2\/organization?post=4678"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.horsesforsources.com\/wp-json\/wp\/v2\/ppma_author?post=4678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}