reasons why i finally believe the economy is that bad

i have been in denial and living in a nice houston bubble for the past 6 mos...but reality hit me today....this is very very bad and here is why

1. my property tax appraisal for 2009 is lower than 2008
2. cost cutting at work - for EVERYTHING - including things fundamental to our jobs and things partners like to do like training and conferences
3. stories of people being called into conference rooms and fired on the spot - like 40 at a time
4. my biggest client who is a huge oil company has a loss
5. i am not getting a raise or a bonus this year ( i have known this for about 3 months but it seems more real now that it is about to happen)