Thread by @ronmortgageguy

Unexpected Unemployment Stories

If you are like me and @ScottTerrioHMA and @doughoyes who are speaking to the public every day (on the phone, no meetings) the depth of the unemployment issues is just, well, shocking really

It's not just the obvious shut down industries

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/2 the whole service sector, a huge chunk of the retail and now tons of trades people

Now its happening at huge companies I didn't suspect it would

The biggest law firms in Canada are laying people off and floating sign-ups for unpaid leave

And it's not just because

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/3 the Courts are closed, its because big corporate acquisitions are being shelved or because ongoing retainers are being paused

At the world class business consulting houses the same story, temporary layoffs or "could you voluntarily take a 30% reduction in pay?"

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/3 because huge projects are being shelved or canceled

I guarantee you that the people who work at these famous firms and fought for those jobs believed the companies were eternally stable

Professions that we could never picture hurting are hurting

Surprising stuff

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/4 Did you think clients wouldn't pay their Chartered Accountants for finished work?

Well some clients are just not paying, some may never pay, they're closed forever

Think about the Dentists, Chiropractors, Physiotherapist, every other non-medical health professional

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/5 Did any of them who are 10 years into their practice think it just STOP one day: for months?

So just how crushing of our economy will this pandemic catastrophe probably be?

Likely worse than we really understand today