But, won't the trillion dollar intergenerational transfer of wealth to the "Baby Boomers" take care of a trillion dollars of that debt?GotGusto said:
I lost my job
- Thread starter oldstud47
- Start date
GotGusto said:
This sounds overly dramatic, but it is not.
I'm no millionaire but I work with plenty of them. They are definitely in a "hunker down" mode. The prospect of a shrinking economy + increased taxes + increased regulation is forcing them to be risk adverse. They've stopped investing, and the downward spiral continues.
Thanks to the policies of the LLL. When a 16 year old girl figures she can make more money having babies than working at McDonalds or going to school, she makes babies. On the other hand, these babies grow up to provide a pool of candidates for the Marine Corp.GotGusto said:
It's partly that but a deeper problem is that the 16 year old is not making a logical choice like the one you posit. That typical 16 year old with rugrats just wanted a baby - without even thinking of how or what way is the best way to provide for it - or had it by 'mistake'. Typically that 16 year old never intended to remain in school whether they had a kid or not.Rockslinger said:
Lastly, only a handful of those kids will become cadidates for the Marines. They're more apt to become grunts in the general army. The rest prison or menial jobs.
You guys are too much first of all thank you for your suggestions and well wishes. Secondly the economy sucks but even if it was good and when it wa good we never make enough at least I don't. Look when i worked it was hard sometimes 45 50 hours a week just to pay the mortgage make the car payments put food on the table and mabey go out once or twice a month an a saturday if I'm lucky. Even the hobby is something I don't do too often due to money
Heard it every time....
As for the original poster--not sure I'd hire him....an Accountant who can't manage his own money?? Check out his older posts...yeah dropping $650 at a sex party a month ago--and now is unemployed and broke...not exactly showing fiscal prudence...
Hear it every recession--economy will never bounce back-ya da-ya da---and then we do--and everybody goes nuts and forgets that another recession will be coming along...so they don't save a penny....GotGusto said:
As for the original poster--not sure I'd hire him....an Accountant who can't manage his own money?? Check out his older posts...yeah dropping $650 at a sex party a month ago--and now is unemployed and broke...not exactly showing fiscal prudence...
oldstud47 said:
Wow. I just assumed if you were a comptroller you'd be making some decent $$. Were you just underpaid or did you mismanage?
In terms of finding work I do see 2-3 times more contract hiring for experienced financial staff ("try before you buy" mentality). Seems like no one ever looks into contract work first, but it can pay the bills and often leads to full-time offers.
If not that maybe blow it on a bicycle or something silly like that. Remember all those prudent folks who invested in the Dow Jones only to see it hit a 12 year low in March. If all he spent is $650 for a bit of pleasure so what? Live life a little, life is short.Peter123 said:
Back in the old days they would be one of the "below deck crew" on one of Admiral Nelson's warships.GotGusto said:
I've only lived through two recessions, the one in the 1980s and the current one. I was too young to care about the former, but it's my understanding that we expect ups and downs in the economy. However, I don't believe the current recession is comparable to the one in the 80s nor the Great Depression. Much of the underlying causes are different, the world is different, therefore I expect the solution will be different.Peter123 said:
It's true that lots of people don't learn from the obvious and expect things like home values to increase indefinitely only to find themselves holding property worth a pittance when the economy dives. But your assertion that people don't save hasnt always held true. People actually DID save in the past. They don't now. Not only do they not save, but they're heavily in debt like never before.
The notion that we can continue down the same path indefinitely and things will always bounce back is inherently flawed. At some point, things have to come to a head. The market bouncing back all the time in the last 80 years since the Great Depression is a blip in the scheme of things.
Now, I do believe we will recover, but as stated before, I worry that it will be a excruciatingly long recovery process.
GotGusto said:
I'm good for years... probably will run out of cash in about 10 years.... at wich point I will dip into home equity....and that should be enough to bridge me to CPP...which would suck....but I will survive. That is if I make NO money. i.e ZERO. It it gets that bad, money will go a lot further as well
Hey oldstud, I know that this means nothing to you right now, but try and remember that when one door closes another one opensoldstud47 said:
be positiveAden thanks for the suggestion yes I am an accountant and the Carribean sound great but as I said I have a family here and I'm looking after a sick spouse so right now working there isn't an option. Ang thanks for your words sometimes I agree with that phyilosophy and sometimes I say what the fuck why me.
Hey first of all who said I didn't see it coming I've had the feelers out for a while but on the other hand who are you to judge me about 650.00 like tell me Mr Peter123 that you never blew money before.... Unbeleivable....and actually if I have the opportunity to do it again and Im working and making a steady paycheck I wouldn't think twice. It was a blast and I needed it and deserved it. you don't know me and you don't walk in my shoes geeezzzz
