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Old 03-18-08, 05:31 PM   #1
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You know what absolutely sucks...

Quick rant:

It looks like by the time I graduate in December, the economy will be in an absolute recession, if not a depression, similar to 1929. I just hope I did the right decision by getting a BS, because it appears that I probably will end up jobless... and $50,000 in student loan debt to boot.

/rant off.
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Old 03-18-08, 05:43 PM   #2
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Stay in school - do a further degree?
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Old 03-18-08, 05:48 PM   #3
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1 - Move to a resort, take a lower pay, enjoy life for a few years and play

2 - backpack in europe working off jobs living off of your skills

3 - more school

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Old 03-18-08, 05:49 PM   #4
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What makes you think absolute recession? My understanding is that the severity of the current recession is still a debated issue. I should specify, that's severity to be.
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Old 03-18-08, 05:50 PM   #5
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That said, I graduate in 2011. It would be nice if we're over the hump before then
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Old 03-18-08, 06:06 PM   #6
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What makes you think absolute recession? My understanding is that the severity of the current recession is still a debated issue. I should specify, that's severity to be.
At taking the risk of having this moved to P&R, here are the factors I see:

1: The US is almost bankrupt. The conflict in Iraq (it may be splitting hairs, but its not a true war, although someone is just as dead in a conflict as in a declared war), compounded by loss of tax revenue with recent tax cuts and the massive bailouts have the country at record levels of debt. China and other creditor nations are realizing, "hmmm... I wonder if all this debt will ever be paid back", which is killing the US dollar.

2: The US dollar only is worth something because people believe its worth something, sort of like Peter Pan and flight. I remember before 2000, Russians would stuff mattresses full of US $100 bills because they believed they were one of the best investments out there. Now, even American shops are preferring Euros.

3: Record high oil and energy prices cause every product even for people who don't have a vehicle to go up, as it costs more to move goods and services. Higher costs of energy (not just oil, but other forms as well) contribute to higher inflation overall.

4: Stagflation. With the Fed ratcheting the interest rate lower and lower by relative gigantic percentages, come a real period of inflation, there will be no way of hedging against it because the prime rate will be pinned against the wall.

5: Company wariness. A number of companies have hiring freezes right now. Even the university I'm going to is not issuing new job requisites.

6: Stocks. I wouldn't call stocks a zero sum game, but a lot of stocks are taking major damage because of factor #3 above. When stocks fall, people get more way, causing a cascade effect, even though the NYSE has "circuit breakers" to prevent a free-fall plunge like in 1987.

7: Consumer credit crunch. Because credit cards are harder to get, consumers spend less, which means businesses get cramped... ergo fewer jobs out there in any field.
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Old 03-18-08, 06:22 PM   #7
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Step away from the Bush Kool-aid fountain. Of course we're in recession. Who besides the 1% at the top has more money to spend than they did last year?
Reread my post. I think it was quite objective. I detect no partisanship, nor do I deny the fact that we are in a recession. For the record, my opinion is that a lot of this is due to the push for deregulation, which I believe is the platform of a certain political party. In the interest of keeping this in Foo, I'll keep names out of it
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Old 03-18-08, 06:26 PM   #8
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It looks like by the time I graduate in December, the economy will be in an absolute recession, if not a depression, similar to 1929. I just hope I did the right decision by getting a BS, because it appears that I probably will end up jobless... and $50,000 in student loan debt to boot.
You absolutely made the right decision to get your degree. But dude, NOW is the time to go somewhere or do something interesting, because you never know when circumstances will lead to settling down, after which it may be much more difficult to do something adventurous. Don't sweat a student loan, the terms should be pretty favorable. Go to another country, work menial part time jobs, be a bum, and enjoy yourself.
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Old 03-18-08, 06:31 PM   #9
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Hablas espanol? Move to Cuba. It is a workers' paradise, and you get excellent health care at no cost at all.
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Old 03-18-08, 06:37 PM   #10
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The US is almost bankrupt. The conflict in Iraq (it may be splitting hairs, but its not a true war, although someone is just as dead in a conflict as in a declared war)
OK, I'll try to minimize the P&R, but this bugs the crap out of me. The war in Iraq was "won" within a few weeks. Since then it has been an occupation. The distinction is important because the strategies, tactics, and politics of an occupation are different from war. The politicians ignored the generals and led us into a quagmire. I have a beef with the media, which let the administration define the terms and characterization of this occupation, as well as not probing deeply enough all the false claims that led us to war. Calm down carbonlife--stop now--calm down--Ahh that's better.
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Old 03-18-08, 06:50 PM   #11
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Actually it's a great time to start out. Max out your 401k in a broad index fund, and in 10 years, you'll see huge growth. I did the opposite, I got in when the market was crazy and everyone had already made all their profits and have spent the last 10 years watching my money come no where near the "conservative 8% a year average" I read about in all the money magazines.
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Old 03-18-08, 08:07 PM   #12
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You are coming out of college at the same time a boatload of baby-boomers are beginning to retire. The numbers leaving the job market will rapidly soar past the numbers entering the job market. Your skills and knowledge will soon be a precious and marketable commodity.
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Old 03-18-08, 08:09 PM   #13
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You are coming out of college at the same time a boatload of baby-boomers are beginning to retire. The numbers leaving the job market will rapidly soar past the numbers entering the job market. Your skills and knowledge will soon be a precious and marketable commodity.
that's what they were saying about 8 years ago.

OP: welcome to the club.
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Old 03-18-08, 08:11 PM   #14
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China's where it's at. Seriously. Come here, learn a bit of Chinese, maybe teach a bit of English, use your skills to get a much better job here (paid in an appreciating currency) than you would in the US. And low taxes, too.
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Old 03-18-08, 08:19 PM   #15
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China's where it's at. Seriously. Come here, learn a bit of Chinese, maybe teach a bit of English, use your skills to get a much better job here (paid in an appreciating currency) than you would in the US. And low taxes, too.
And sell your human rights
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Old 03-18-08, 08:40 PM   #16
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Meh

The world is always at an end.
Same crap different recession. Yet here we are. Most of us will be here after it is over.

Oh and a depression? My lord. At least my grandfather taught me what a depression actually is being that he lived through one.
Anyhow, lets hope it never comes to that.
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Old 03-18-08, 08:45 PM   #17
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And sell your human rights
Human rights, shmuman rights. There's no such thing as a free lunch
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Old 03-18-08, 11:57 PM   #18
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Meh
Oh and a depression? My lord. At least my grandfather taught me what a depression actually is being that he lived through one.
Here in Australia they tell stories about a family of 14 sitting around an oven with spoons waiting for the horse hoof soup to be ready. Not tragic in itself, but they didn't have any oregano.

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Old 03-19-08, 12:16 AM   #19
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Either go for more school or defer your loans for a while and go on a major bike tour like crossing the US. Europe would be even better, but a lot more money. A US tour can be pretty cheap and it's an amazing way to travel.
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Old 03-19-08, 01:45 AM   #20
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Originally Posted by mlts22 View Post
Quick rant:

It looks like by the time I graduate in December, the economy will be in an absolute recession, if not a depression, similar to 1929. I just hope I did the right decision by getting a BS, because it appears that I probably will end up jobless... and $50,000 in student loan debt to boot.

/rant off.
Well, the world needs ditchdiggers too...
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Old 03-19-08, 02:08 AM   #21
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I finished school on the six year plan. They cut my aid in the early eighties. I worked in a hospital, bartended, and did moving jobs as well as attended college part time. Well I finished and I have paid off my debt. Remember that aqt one time 6% unemployment was considered full employment in this country. Go figure.

Everything is cyclical. Cheaper dollars means our goods are cheaper and theirs are more expensive. Rebalance the trade deficit. (At least with Europe!)

No one owes you a job or a living. Ever notice our fences are to keep people out not in. There is no mass exodus from here is there. On a balance sheet the Japanese once reckoned that the grounds of the Imperial Palace were worth more than all the real estate in California! Is it really?

The regulators must curb some of the stupidity out there. First we complain about redlining and now we yell about making loans to people unable to pay them back! DUHHHHHH!!!!

American Corporations must stop outsourcing manufacturing. I know everyone thinks we'll be a service economy! Sure we'll all go around servicing each other. They are outsourcing the service jobs as well!

Assets - Liabilities =

Simple book keeping. What is the USA worth altogether? Yeah it is a lot and it is a make believe number!

Keep fighting! Things will turn around!
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Old 03-19-08, 03:28 AM   #22
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Well, these are the times that try men's souls.
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Old 03-19-08, 05:36 AM   #23
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Shun consumerism. Put off the purchase of your HD flat screen TV.
Decry materialism. Develop spiritual interests and help some truly underpriviledged person.
Ride a cheap bike. Use a slow computer. Read books instead of playing Halo III.
Work at a job that "Americans just won't do" for awhile.
Live simply and freely.
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Old 03-19-08, 06:39 AM   #24
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Originally Posted by mlts22 View Post
Quick rant:

It looks like by the time I graduate in December, the economy will be in an absolute recession, if not a depression, similar to 1929. I just hope I did the right decision by getting a BS, because it appears that I probably will end up jobless... and $50,000 in student loan debt to boot.

/rant off.
Turn it into an opportunity:

If companies are not coming through with offers, then teach! Think about a class that a University does not offer and make a proposal. You can do this! Gaining teaching experience at this time for you will give you excellent experience for companies that look for training, sales an presentation skills in a person.

My engineering degree got me in the door at a number of jobs, but it is my training that people are asking for...
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Old 03-19-08, 07:16 AM   #25
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At taking the risk of having this moved to P&R, here are the factors I see:

1: The US is almost bankrupt. The conflict in Iraq (it may be splitting hairs, but its not a true war, although someone is just as dead in a conflict as in a declared war), compounded by loss of tax revenue with recent tax cuts and the massive bailouts have the country at record levels of debt. China and other creditor nations are realizing, "hmmm... I wonder if all this debt will ever be paid back", which is killing the US dollar.

2: The US dollar only is worth something because people believe its worth something, sort of like Peter Pan and flight. I remember before 2000, Russians would stuff mattresses full of US $100 bills because they believed they were one of the best investments out there. Now, even American shops are preferring Euros.

3: Record high oil and energy prices cause every product even for people who don't have a vehicle to go up, as it costs more to move goods and services. Higher costs of energy (not just oil, but other forms as well) contribute to higher inflation overall.

4: Stagflation. With the Fed ratcheting the interest rate lower and lower by relative gigantic percentages, come a real period of inflation, there will be no way of hedging against it because the prime rate will be pinned against the wall.

5: Company wariness. A number of companies have hiring freezes right now. Even the university I'm going to is not issuing new job requisites.

6: Stocks. I wouldn't call stocks a zero sum game, but a lot of stocks are taking major damage because of factor #3 above. When stocks fall, people get more way, causing a cascade effect, even though the NYSE has "circuit breakers" to prevent a free-fall plunge like in 1987.

7: Consumer credit crunch. Because credit cards are harder to get, consumers spend less, which means businesses get cramped... ergo fewer jobs out there in any field.
All this and we still don't know what you're major is. I hope it isn't economics. I mean, your number 1, 2, and 7 are borderline delusional. Did you cut and paste that screed right out of moveon.org? or Nancy Pelosi's blog?

Anyway, if you can stay in school and get another degree that is healthcare related, IT related, or education related...IMO...you'd be in good shape in any job market.
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