Consumer Credit – Worse Than You Think

"Personally, I think the new normal has to do with the technological displacement of the low skill jobs." No math/science will generally be a governor on the available horsepower in your life unless your one of the few that can sell horse shit at a racetrack.
 
Quote from gwb-trading:

I got some news for these students.... they are getting exactly what they deserve for their foolish decisions.
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Not for long. Make no mistake, our Brave New World is one of shared misery. You can bet the ripe sucks who are foolish enough to actually work for a living will be ponying up to pay Nose Ring's debt.
 
Quote from sle:

Ha, is that so? You graduate at the age of 18 and work to the age of 65, so thats 47 years (564 months). I think for someone without any financial knowledge, 5% per year is as good as you can get it in terms of reliable returns (even that is pretty hard). So, to be a millionaire by the time you retire you have to set aside 400 dollars a month, assuming monthly compounding. Not a small feat if you are making 25-35 grand a year.
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the pathetic thing is you don't even realize how elitist your ignorant comment is. You couldn't ever accomplish a small feat, so you think anyone born to a lower station in life also couldn't perform a small feat.

If that's the way you think, then everything you have to show for yourself is the result of privileged breeding and family money. You couldn't make it on your own, and you have no idea what small feats a determined man can achieve.
 
Quote from oldtime:
the pathetic thing is you don't even realize how elitist your ignorant comment is. You couldn't ever accomplish a small feat, so you think anyone born to a lower station in life also couldn't perform a small feat.
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How is it elitist? I am merely presenting the math and if you can argue against it factually, please feel free. The only arguments I see are that either the rate of return could be higher or that it's easy to set aside 400 bucks a month when your total take-home is 2-3k.

PS. the data on median earnings with and without college degree can be found here: http://nces.ed.gov/fastfacts/display.asp?id=77
 
Quote from sle:

How is it elitist? I am merely presenting the math and if you can argue against it factually, please feel free. The only arguments I see are that either the rate of return could be higher or that it's easy to set aside 400 bucks a month when your total take-home is 2-3k.

PS. the data on median earnings with and without college degree can be found here: http://nces.ed.gov/fastfacts/display.asp?id=77
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ok, good reply, I'll let you go on that one, but I have your number, I'll get you one of these days
 
Quote from sle:



PS. the data on median earnings with and without college degree can be found here: http://nces.ed.gov/fastfacts/display.asp?id=77
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That doesn't include the self employed or business owners right? The ones who make the real money.

It would be interesting to see stats on business owners income. Those who went to college vs those who didn't. I'd bet they would probably still be higher with college but it would be interesting to see.
 
Quote from sle:

What I see is that employers actually compete for top talent, even at the very junior level. Which, oddly surprised, is consistent with the new normal - you either are a skilled talented professional (top 5-7%) and get highly paid jobs, or you are not and struggle to survive.

Personally, I think the new normal has to do with the technological displacement of the low skill jobs. When I started on Wall Street in 1996, every managing director had a secretary. Nowadays, twenty managing directors share a single secretary, cause they write their own emails, schedule their own appointments etc. These jobs are gone and people that would have taken them before have to scrape by.
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I think there is a dislocation in peoples thinking on the wealth divide. There is a view it will continue that a small percentage of people can recieve high income. The problem is debt will default on mass soon and money won't be worth anything. This is the problem people seem to be missing. They have become so obsessed with becoming the one percent that they have not appreciated that the one percent is not sustainable any more. If the problems in the banking sector continue you can forget the one percent having the money. The whole system will collapse. It is that serious.

Anyway nice discussion but in the long term pointless.
 
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