Insane amount of bouncebacks from people who were fired in Constant Contact.
I think there are about  a 1000 people who opted in to get our materials. We just published them today and usually we get about 10 bouncebacks or so, people on vacation, out of the office, ect. 

For 10 min straight my inbox was filling up with one of the worst experiences a person goes through in their lifetime, all boiled down into a single sentence. X is not longer with company Y. Repeated over 50 times.   

I knew it was bad, I mean I run the numbers for a living, and we let go a number of people at my firm. I know CRE is not immune. But man, this is not normal. Everyone has a ticking clock above their head.
[{"id": "fo12lnu", "text": "ya, I figured trump would fuck up the economy but at least protect CRE\n\n&amp;#x200B;\n\nguess not!", "replies": [{"id": "fo17zie", "text": "Not sure why you are getting downvoted.  I think most people in the industry thought that.  \n\nAlso didn\u2019t think I would be defending someone with the user name legalizecorpsesex", "replies": [{"id": "fo18bsm", "text": "10-1 tire kickers and wannabes who think renting out one half of their duplex makes them a commercial developer\n\nalso orange fans mad, he fuckin collapsed CRE and the oil industry lol, his voters are going to have to rely on even more welfare from productive areas of the US", "replies": [{"id": "fo19w65", "text": "What kind of materials do you have?", "replies": [], "depth": 4}, {"id": "fo1pfru", "text": "&gt; he fuckin collapsed CRE\n\nOr, you know, a virus which required a lockdown keeping people out of the places that leased from CRE owners....\n\n&gt;  oil industry\n\nOr, you know, SA and Russia dumping... during the virus lockdown.", "replies": [{"id": "fo1prqt", "text": "What lockdown are you referring to? Because he didn't lock down shit in my state, competent Democrats did.", "replies": [{"id": "fo1shld", "text": "&gt; What lockdown are you referring to?\n\nThe ones that closed non-essential businesses... which lease from CRE, which harm CRE, which you're claiming is Trump's fault.\n\n&gt; Because he didn't lock down shit in my state\n\nI never said he directly did.  All states did (including republican run ones), because of the virus...", "replies": [{"id": "fo1tpj3", "text": "When did I claim that, quote please.", "replies": [{"id": "fo1tztc", "text": "&gt; ya, I figured trump would fuck up the economy but at least protect CRE\n\n&gt; guess not!\n\n.\n\n&gt;also orange fans mad, he fuckin collapsed CRE and the oil industry lol", "replies": [{"id": "fo1uubw", "text": "Ya I never claimed the lockdown was why the economy collapsed though. Are you a high school graduate?", "replies": [{"id": "fo1v0ar", "text": "The virus and (by extension) the lockdowns, are why the economy crashed (with SA and Russia attacking oil specific to oil prices).  I did not claim you said it, because it's blatantly obvious.", "replies": [{"id": "fo1wnl1", "text": "No, the response to the virus crushed the economy. If you want to see a competent response look at South Korea and Taiwan.", "replies": [], "depth": 11}], "depth": 10}], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fo1bun2", "text": "This comment is so stupid makes my head hurt. We had the best economy and numbers in decades until Rona", "replies": [{"id": "fo1c2v4", "text": "as a trump supporter I'm sure lots of ideas and concepts make your head hurt", "replies": [{"id": "fo1drd2", "text": "Zero substance just attack the person sounds about right", "replies": [{"id": "fo1gxl1", "text": "Yep", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "fo1fxlx", "text": "Thanks to Obama", "replies": [], "depth": 3}], "depth": 2}, {"id": "fo1mcec", "text": "Trump is not responsible for Sars-CoV-2...\n\nThe US literally had no option other than a temporary lockdown, which states/counties can now start phasing out of .", "replies": [{"id": "fo1mj9e", "text": "He's responsible for our response to this crisis. He has failed miserably- so many low-intelligence voters screaming to open shit up while our best medical experts say it is a bad idea. Just another example of low-iq red state voters ignoring science and data and acting out of fear and emotion. \n\n&amp;#x200B;\n\nTrump, and his voters have lots and lots of blood on their hands.", "replies": [{"id": "fo1nbfq", "text": "Wait, so it's his fault for the economy dumping because he went overboard on safety, or it's his fault that he wants to open up (in careful phases) to avoid further economic harm?", "replies": [{"id": "fo1nhsr", "text": "It's his fault for denying there was a crisis until it was too late. He didn't do shit to protect us, I live in a blue state and thankfully our government is competent. Trump consistently goes against the advice of medical experts, because his moronic voters value bluster over knowledge. That's why red states consume while blue states produce.\n\nJan. 22: \u201cWe have it totally under control. It\u2019s one person coming in from China. We have it under control. It\u2019s going to be just fine.\u201d \u2014 Trump in a CNBC interview.\n\nJan. 30: \u201cWe think we have it very well under control. We have very little problem in this country at this moment \u2014 five \u2014 and those people are all recuperating successfully. But we\u2019re working very closely with China and other countries, and we think it\u2019s going to have a very good ending for us \u2026 that I can assure you.\u201d \u2014 Trump in a speech in Michigan.\n\nFeb. 10: \u201cNow, the virus that we\u2019re talking about having to do \u2014 you know, a lot of people think that goes away in April with the heat \u2014 as the heat comes in. Typically, that will go away in April. We\u2019re in great shape though. We have 12 cases \u2014 11 cases, and many of them are in good shape now.\u201d \u2014 Trump at the White House. (See our item \u201cWill the New Coronavirus \u2018Go Away\u2019 in April?\u201c)\n\nFeb. 14: \u201cThere\u2019s a theory that, in April, when it gets warm \u2014 historically, that has been able to kill the virus.  So we don\u2019t know yet; we\u2019re not sure yet. But that\u2019s around the corner.\u201d \u2014 Trump in speaking to National Border Patrol Council members.\n\nFeb. 23: \u201cWe have it very much under control in this country.\u201d \u2014 Trump in speaking to reporters.\n\nFeb. 24: \u201cThe Coronavirus is very much under control in the USA. We are in contact with everyone and all relevant countries. CDC &amp; World Health have been working hard and very smart. Stock Market starting to look very good to me!\u201d \u2014 Trump in a tweet.\n\nFeb. 26: \u201cSo we\u2019re at the low level. As they get better, we take them off the list, so that we\u2019re going to be pretty soon at only five people. And we could be at just one or two people over the next short period of time. So we\u2019ve had very good luck.\u201d \u2014 Trump at a White House briefing.\n\nFeb. 26: \u201cAnd again, when you have 15 people, and the 15 within a couple of days is going to be down to close to zero, that\u2019s a pretty good job we\u2019ve done.\u201d \u2014 Trump at a press conference.\n\nFeb. 26: \u201cI think every aspect of our society should be prepared. I don\u2019t think it\u2019s going to come to that, especially with the fact that we\u2019re going down, not up. We\u2019re going very substantially down, not up.\u201d \u2014 Trump at a press conference, when asked if \u201cU.S. schools should be preparing for a coronavirus spreading.\u201d\n\nFeb. 27: \u201cIt\u2019s going to disappear. One day \u2014 it\u2019s like a miracle \u2014 it will disappear.\u201d \u2014 Trump at a White House meeting with African American leaders.\n\nFeb. 29: \u201cAnd I\u2019ve gotten to know these professionals. They\u2019re incredible. And everything is under control. I mean, they\u2019re very, very cool. They\u2019ve done it, and they\u2019ve done it well. Everything is really under control.\u201d \u2014 Trump in a speech at the CPAC conference outside Washington, D.C.\n\nMarch 4: \u201c[W]e have a very small number of people in this country [infected]. We have a big country. The biggest impact we had was when we took the 40-plus people [from a cruise ship]. \u2026 We brought them back. We immediately quarantined them. But you add that to the numbers. But if you don\u2019t add that to the numbers, we\u2019re talking about very small numbers in the United States.\u201d \u2014 Trump at a White House meeting with airline CEOs.\n\nMarch 4: \u201cWell, I think the 3.4% is really a false number.\u201d \u2014 Trump in an interview on Fox News, referring to the percentage of diagnosed COVID-19 patients worldwide who had died, as reported by the World Health Organization. (See our item \u201cTrump and the Coronavirus Death Rate.\u201d)\n\nMarch 7: \u201cNo, I\u2019m not concerned at all. No, we\u2019ve done a great job with it.\u201d \u2014 Trump, when asked by reporters if he was concerned about the arrival of the coronavirus in the Washington, D.C., area. \n\nMarch 9: \u201cSo last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year. Nothing is shut down, life &amp; the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!\u201d \u2014 Trump in a tweet.\n\nMarch 10: \u201cAnd we\u2019re prepared, and we\u2019re doing a great job with it. And it will go away. Just stay calm. It will go away.\u201d \u2014 Trump after meeting with Republican senators.\n\nA day later, on March 11, the WHO declared the global outbreak a pandemic.", "replies": [{"id": "fo1qecg", "text": "That is a nice copypasta which does not answer what I asked.\n\n(And is also misleading, cherry picked quotes.  He initiated a travel ban from china on Jan 31st which is the beginning of your copypasta.  He was attacked for it as racist in the media and political arenas... turns out he was right.)", "replies": [{"id": "fo1qlvq", "text": "It is literally a bunch of Trump quotes claiming the virus wasn't a problem, and that we needn't worry. The same moron is now asking us to open up, despite our finest doctors standing in opposition. I'm sorry so many of you did not receive an adequate education- more so because people like me have to pick up the financial tab for your ignorance.", "replies": [{"id": "fo1rl72", "text": "That does not address what I asked.\n\nEither you claim he overreacted and harmed CRE (to protect public health), or he underreacted and harmed public health (to protect the economy, and by proxy, CRE)", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}, {"id": "fo4not8", "text": "Here's my two cents (I don't care if anyone loves or hates Trump and I agree he's a CRE idiot): \n\nmy beef is that a one size fits all solution was applied to the entire country, I don't mean by Trump I mean by most of the media and certain reactionaries.  I agree NYC was a terrible situation &amp; it should have been locked down 2 or 3 wks earlier, but the population density there is 26,000 to 1.  In my area of Florida, and probably much of the country, the pop density is less that 1/10th of 1% of NYC's.  \n\nI think New York City should have been shut down, Dade and Broward here in Florida and a few other highly dense metro areas.  Otherwise, at risk people could have stayed home (with government paid lead if they were working).  \n\nThis wholesale shutdown will cause a greater shift of wealth to the already wealthy than the late 2000's real estate crisis.  Small business is the best ticket to wealth for the lower and middle class.  Even business owners with some $$ in the bank will find it impossible to hang in because fixed overhead is essentially unsubsidized.  The business owners with really big bucks  put aside will decide it's not worth the hassle anymore. Many small business jobs will disappear, with more workers having no option beyond Amazon, Walmart and fast food chains.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fo1olr4", "text": "Why? The guy has been a joke in CRE for a long time.  Nobody did business with him unless he paid upfront.  He used to stiff every contractor on his jobs and settle for half what he owed them because they didn't have the resources to take him to court.  He couldn't get a loan from any US capital sources because his track record was horrendous. Thats why he had to take money from Russians. It wasn't like they were the best source of capital.  They were just the only source willing to lend to him.", "replies": [{"id": "fo1ot4e", "text": "I thought he would use the government to prop up the industry to keep himself rich, I still think that woulda happened in a world where this black swan event didn't directly involve hospitality properties", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fo13mj8", "text": "What kind of firms are on the list? I haven\u2019t heard of mass layoffs in the CRE sector\n\n *knocks on wood*", "replies": [{"id": "fo15q0i", "text": "Maybe people who read my reports have a higher chance of being laid off? \n\nThere are banks, and brokerages, lenders, property managers, appraisers, runs the whole gamut. Some of the bouncebacks were all in Chinese, so not even sure who they were or what they did.", "replies": [{"id": "fo16b95", "text": "Interesting. Is it a certain asset class? Like are we talking hotel investment sales analysts, or hotel debt funds?", "replies": [], "depth": 3}, {"id": "fo16hnz", "text": "Everyone on that list except for brokerages has been working and busy in one way or another. Maybe brokerages too but I just haven't had any confirmation of that.", "replies": [{"id": "fo1a207", "text": "Can confirm from the brokers I\u2019ve spoken with, they are busy as hell.", "replies": [{"id": "fo6rbo1", "text": "Can confirm. I'm busy as hell lately.", "replies": [{"id": "fo6ss62", "text": "With deals or are you spending a lot of time easing tenants &amp; LLs concerns?", "replies": [{"id": "fo6yzbe", "text": "With deals. We work on industrial investment sales in the South Florida MSA.", "replies": [], "depth": 7}], "depth": 6}, {"id": "fom46hd", "text": "What asset class?", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}, {"id": "fo1scez", "text": "Ehhh. I know some Wall Street banks and debt funds that have fired their entire originations staff. It\u2019s not just brokers", "replies": [], "depth": 4}], "depth": 3}, {"id": "fo2eqes", "text": "I'm surprised, I feel like appraisers and property managers have recession-proof jobs. I mostly work institutional-level stuff though, so maybe that's where the difference is coming from.", "replies": [{"id": "fo3uge1", "text": "Appraisers need the market to be moving in order to be working though. I've been a commercial appraiser (mostly hotel) for ten years and April and May will likely be my slowest months ever. Hearing the same from folks that have been around through other crises. That said, everyone is hoping for and expecting a busy Q3 and Q4.", "replies": [{"id": "fo3v0gp", "text": "Makes sense. I guess it depends on the niche you\u2019re appraising. I was a trainee and my old firm is getting a lot more work since a lot of institutions are using external appraisers more often for financial reporting (usually just once a year for closed ended funds but looks like they\u2019re getting additional work). Appraisals for transactions are definitely down though since the only ones transacting right now are probably refis with no extension options. Definitely an unprecedented time for hotels too", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fo17zxf", "text": "Yikes! Im a real estate photographer and I (used to) send out weekly emails to about 8K real estate agents here in NYC. I suspended my campaigns in March and I'm terrified of what's going to happen if/when I start back up in May/June.", "replies": [{"id": "fo18wud", "text": "Send out a campaign to see how many bouncebacks you get :)\n\nReal estate agents are tough, since they are self employed. We have not trimmed the fat here since it is hard to have desk costs without actual desks?", "replies": [], "depth": 2}, {"id": "fo1hxkc", "text": "You gotta find a way to do virtual tours, there's a high demand for that right now.", "replies": [{"id": "fo1p52k", "text": "Yeah, I've gotten a lot of requests for walkthrough videos. I have a Freefly Movi, a DJI Osmo Mobile 3, and every lens that Moment makes. Hopefully I can make some decent videos with my iPhone XS while I save up for a DJI Ronin-S!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fo19j3k", "text": "When people get laid off in a downturn, its almost always in chunks, like for example, all cmbs originators will be let go in some banks. That could be 10 people. It is rarely just one or two people.  Peerstreet recently laid off 30% (50+) of their employees. This is also not exclusive to CRE. Carta laid-off 161 (15%) employees last week.", "replies": [{"id": "fo1skle", "text": "Unreal that a lot those CMBS originators went from the best few months of their career to being fired in a matter of weeks", "replies": [{"id": "fo1uynr", "text": "What CMBS shops have laid off?", "replies": [{"id": "fo2jzf5", "text": "HSBC, CIBC. Many other shops did as well, but it\u2019s not public knowledge. The market has essentially shut down and B buyers like Rialto that even put a bid letter out after fully underwriting and reviewing 50+loans  are backing away from deals.", "replies": [{"id": "focsgjf", "text": "Yea. The only hope for CMBS to bounce back in 2020 is if there is another round of TALF that comes out and covers new issue bonds.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fo1lxva", "text": "I'm seeing it happen in REO asset management right now.  Several of the asset managers I've been working with for years are unreachable for a day or two, and then someone else gets the file assigned to them.  I asked one of the AMs I know well when I saw it happening and he told me no one is safe at his company currently.  And it's happening across several companies.", "replies": [{"id": "fo302lm", "text": "Why do you think reo am is getting layoffs?  Just general payroll savings and figure it out later?  Id have guessed that specific area actually be busy at present, or anticipating being very busy soon.  Curious to hear any theories there", "replies": [{"id": "fo4zly3", "text": "REO AM won't start hopping again until after the courts open because they can't process anything that is currently in the process of being foreclosed on.  And the wave of foreclosures that we will see as a result of COVID won't hit asset manager's desks for at least a year, probably 2-3 years for the bulk of them.", "replies": [{"id": "fo511mq", "text": "In the last crash I did a lot of business with folks who were called special asset managers who evaluated preforclosure notes and hired us mainly for valuation work and guidance on the marketability of properties.  Any idea what job title thise folks use now?   I assumed that work went to reo am for a first look.  With the mortgage work outs coming I imagine someone is doing this work", "replies": [{"id": "fo52520", "text": "Not sure - they probably farm the work to a national BPO (broker price opinion) shop who send real estate agents out to do exterior inspections of properties and provide a price valuation.  We get quite a bit of work that way, but it's a grind.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]