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It's basically "I failure/hopeless but it can't be my fault so I declare it's the fault of everyone else and my entire peer group faces the same insurmountable challenges."
If someone graduates college during a recession year, there's a good chance they're career will never get on track or it will take a long time.
And there’s also a chance that those who secured jobs and made it during those times are more hardened because of the fierce competition. The hottest fires make the hardest steel.
Your problem is that you are living in a Fantasy World.
Actually, you are.
Quote:
Originally Posted by Sir Quotes A Lot
Part of the Fed's duty is to try their best to forecast inflation and use their tools (monetary policy) to protect us against high inflation.
Except they fail, because they make no attempt to distinguish the causes of Inflation.
Higher interest rates curtail Monetary Inflation, but have zero effect on Demand-pull or Cost-push Inflation, which is the greatest part of Inflation as calculated under CPI-U or CPI-W.
Because the Federal Reserve refuses to identify, determine and distinguish between inflationary causes, they have actually caused recessions.
The Federal Reserve caused the 1952-1953 Recession through interest rate hikes they believed would curtail Inflation, except they were too stupid to understand the Inflation was entirely Demand-pull Inflation and interest rates have zero effect.
Americans panicked in June 1950 when the Korean War started, not because of the war, but because they feared the government would start rationing. You have to remember rationing didn't end until 1946, just four years earlier.
So, Americans -- businesses and households -- started buying and hoarding everything they could in anticipation that the government would implement rationing.
That created Demand-pull Inflation driving prices up, and it was running over 10%.
While the government did not implement rationing, it did restrict and divert a large number of items from use by businesses and households to the military. That created shortages which drove prices up even higher at faster rates.
The Federal Reserve started continually raising interest rates. That had no effect on prices, but it did effect business operations and expansion, and the economy came to a grinding halt as a result.
As consumers came to realize the government was not going to start rationing again, they reduced their consumption and prices started to decline, returning to normal although some prices were still impacted due to military use, but that was late in the recession.
The Federal Reserve made the same mistake later, and they're about to do it again.
Yup, my youngest daughter, 30, past my peak salary. She just changed jobs and got a sign on bonus that was more than my wife's highest annual salary. She has 3 close friends from grade school. They are all doing well. Two have advanced degrees and the third has started a successful business.
I make double my Father's top salary. But guess what. My parents have a pension - I don't. Also they don't have student loans. When factoring in inflation, I'm worse off.
This is a false dichotomy.
Quote:
Originally Posted by Thatsright19
This is what I was talking about with the top 20 percent. The millenials at the high end are highly educated and motivated. It’s why I get so angry when people bash us. They’re dead wrong about us being lazy and entitled. The options for high paid work are enormous. There’s a war for this talent.
My wife and I blew past 100k in our mid twenties and I did individually before 30. There’s no way my parents made anywhere near that inflation adjusted in the late 70s early 80s when they were in their twenties with me and my siblings.
But...the haves and have nots will be massive in our generation. The flip side of this is your average millenial is left with a low paying job and all the stability and good benefits stripped away. They truely are screwed.
All they see is the Top 20% because that's who is visible. They don't see the invisible sufferers.
Quote:
Originally Posted by lieqiang
They are projecting.
It's basically "I failure/hopeless but it can't be my fault so I declare it's the fault of everyone else and my entire peer group faces the same insurmountable challenges."
Wrong. I am "successful" by many measures but not naive enough to believe it was solely due to my Individual efforts or qualifications.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,572,211 times
Reputation: 16698
Yes but some younger folks never saw the invisible sufferers of the older generation. They were there, but people raised by the successful people were more likely surrounded by the same and never realized the others existed.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,724 posts, read 58,067,115 times
Reputation: 46190
Quote:
Originally Posted by C2BP View Post
Your problem is that you are living in a Fantasy World.
Quote:
Originally Posted by Mircea
Actually, you are.
Except they fail, because they make no attempt to distinguish the causes of Inflation.
Higher interest rates curtail Monetary Inflation, but have zero effect on Demand-pull or Cost-push Inflation, which is the greatest part of Inflation as calculated under CPI-U or CPI-W.
Because the Federal Reserve refuses to identify, determine and distinguish between inflationary causes, they have actually caused recessions.
The Federal Reserve caused the 1952-1953 Recession through interest rate hikes they believed would curtail Inflation, except they were too stupid to understand the Inflation was entirely Demand-pull Inflation and interest rates have zero effect....
The Federal Reserve started continually raising interest rates. That had no effect on prices, but it did effect business operations and expansion, and the economy came to a grinding halt as a result.
...
The Federal Reserve made the same mistake later, and they're about to do it again.
not pretty... so many things can tank the economy, BUT one would hope the Fed would do their homework and understand the CURRENT cause / reasoning.
Problem... they are in a think tank, not out running a business that is trying to survive the tariff 'effect'. (Which is quite visible significant to those in the trenches)
Because we have stolen money from them to protect foolish investors and speculators, to protect failed Capitalists, failed Corporations, to protect status quo. We faked and simulated economic growth for 17 years. We are bunch of cowards!!!
Keep up the intellectual dishonesty and you will be making these same vapid claims in 30 years while at least some of your contemporaries will have left you on the financial rubbish pile.
it is a good thing c2bp has wealthy parents ( his words ) . his thinking when it comes to growing wealth would have him pretty poor financially left to his own devices . .
sounds like his best years will be spent in his parents basement.
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