Almost six months ago, I lost my job.
Since that time, I have sent out easily over 250 resumes, many of which were sent to law firms where friends were partners. They have netted me a grand total of three interviews. My friends are telling me that for jobs that pay roughly 75% of what I used to make, they are getting over 150 applications. When I graduated from law school, roughly 95% of my graduating class had real jobs. I ran into a recent graduate the other day and she told me that this year, only about 40% of the most recent graduating class is employed. I have never encountered a market this brutal in any field in which I have worked, and the struggle against complete surrender is a daily endeavor.
In the meantime, I have been doing contract work when it is available. It is not nearly enough, but it is miles better than nothing and I am thrilled to have it. When I don’t, I sit around for interminable days and fire off more resumes that I am nearly sure will never result in anything. I am hopelessly behind on innumerable bills, including my house and over $160,000 in student loans – so far behind that even if I found permanent work tomorrow, I would never be able to sort out my arrearage. Without the completely undeserved generosity of family and friends, I’m not sure how I’d be eating. When I came out of law school, they were handing out more six figure jobs than they had people available to fill them – now there isn’t anything in sight that could even be qualified as full-time. I recently went to Outback steakhouse and applied for a job – which I didn’t get because the manager was sure I’d just bail and go back to lawyering any day.
So, you know, for people who are frustrated about the current state of the economy, I get it. I don’t really like to talk about any of the stuff I just mentioned above, but I felt compelled when someone pointed out a couple of websites to me today. The first is a list of proposed list of demands for the Occupy Wall Street crowd. The second is called we are the 99 per cent and it is basically the same concept. And after reading these websites, I don’t know whether these people are trying to destroy America, or whether they have already succeded.
I am going to try to suppress the overwhelming urge to mock people who think every United States citizen deserves to be paid $20 an hour for not working, or that Wall Street ought to pay a trillion dollars (which I am told is a figure that is more than twice the total equity of every firm on Wall Street combined) to replant rain forests. Nor will I comment on people who are surprised that they don’t have marketable skills after spending $60,000 on a degree in jazz flute in any economy. While the people who have contributed to these websites are clearly not very good at life skills (or math), there are lots of people who have been legitimately knocked on their keister and now find themselves unable to pay bills they know they owe but simply don’t have the money for.
The overwhelming majority of them thankfully aren’t asking for anything as stupid or unrealistic as this:
Immediate across the board debt forgiveness for all. Debt forgiveness of sovereign debt, commercial loans, home mortgages, home equity loans, credit card debt, student loans and personal loans now! All debt must be stricken from the “Books.” World Bank Loans to all Nations, Bank to Bank Debt and all Bonds and Margin Call Debt in the stock market including all Derivatives or Credit Default Swaps, all 65 trillion dollars of them must also be stricken from the “Books.” And I don’t mean debt that is in default, I mean all debt on the entire planet period.
However, the number of people who think that the government can (or worse, should) do equally impossible and inadvisable things seems way too high, based on the state of politics in this country. It is not disconcerting that people are distressed and distraught over the economy and their own – what’s troublesome is the number of people who do not understand that it will not and can not be fixed with the wave of a magic wand. Way too many people are right now hoping that something will just… happen… and things will magically be the way they were in 2006.
It is time to face reality. I am not nearly well-informed enough to offer even an educated guess as to the immediate cause of the market crash and subsequent recession/depression. But it seems painfully clear at this point that a substantial portion of the economic growth we enjoyed in the years prior to 2007 was entirely illusory and funded by ill-advised and unsustainable lending practices. This is a problem that doesn’t solve itself overnight. And moreover, when it is “solved,” a substantial portion of us will nonetheless have to accept a lifestyle that is much less comfortable than the ones we enjoyed 5 years ago.
What scares me – I mean, truly terrifies me – about this entire situation is not what I am going to do about my own predicament (although I would be lying if I said it did not cause me substantial amounts of stress). It is that no Presidential candidate who stands a chance of winning can afford to say anything like the preceding paragraph. It would be political suicide for any candidate – Republican or Democrat – to suggest aloud, “You know what? As a candidate I can fix things around the edges and start us on the road to recovery, but if we’re being perfectly honest with each other, it’s going to be a long time (if ever) before things get back to the way they were.”
And if the American people cannot stand to hear that message even when it is the manifest truth, we are in serious trouble. Because what it means is that we have become a nation in which people cannot be told to act like adults because we are no longer capable of doing it. And a nation where people have to be promised free ponies and unicorn dust even when everyone can see there’s no more ponies in the stable is a nation that’s just biding its time until final collapse.
Where is the candidate who has a reasonable shot at winning, even in the alleged party of personal responsibility, who will stand up and say something minor and simple, like, “The retirement age for social security is going to have to be raised. Sorry, but there it is.” Just something that small and simple as a starting point for the reality that must be driven home to people that the government is eventually going to have to do less for people? Such a candidate does not exist because in today’s political climate, such a candidate cannot exist. And that, folks, is very bad news indeed.
Maybe I am alone in being somewhat nervous at the rhetoric I’ve heard thus far on the campaign trail. I have no doubt that any of the GOP candidates, even including Ron Paul, would do a better job of being President than Obama. The problem with Obama is not that he’s doing nothing, as is often implied; the problem is that he’s doing the wrong things. The things he is doing are providing minimal and largely ineffectual relief in the present and creating worse problems in the future. That, by all means, should be criticized. But by implication I’m concerned that some GOP candidates are inadvertently creating Obama-like expectations (a la 2008) with grandiose promises about the improvements that will occur once he is gone.
Improvements may well occur; however, things are simply not going to go back to the way they were overnight and it is dangerous to suggest that they will. Repeating this message ad nauseam every Presidential election cycle only further entrenches the belief that the Federal government is the key determining factor in the existence vel non of jobs, which is exactly the sort of thinking that leads to moronic websites like the ones listed above.
America is going to go through a difficult time of readjustment and we will only get through it by knuckling down, determining to generate more productivity and make do with less – in other words, doing the things that brought us through before. If we have become so cushy and coddled that we can’t even stand to hear that it needs to be done again, then we are lost.
Victoria Coates
Daniel Horowitz
Great Piece, First I Want To Say That Your Personal Struggles Aren't Lost On Me
wonkish1 (Diary) Wednesday, October 5th at 7:58AM EST (link)I feel for ya. And I want to give you my confidence that things will work themselves out for you given the strong character you have so clearly demonstrated.
I also agree that those that are expecting things to miraculously get better after Obama are dreaming as well. As someone in finance, I can assure you we have some dark days ahead for the next year or 2. And the recovery from there is not going to be quick.
“First you win the argument, then you win the vote.” Margaret Thatcher
Conservative Innovations I Want To See Succeed
http://rightnetwork.com/ –New conservative TV network
http://actright.com/ –Fundraising hub for all things conservative
http://connect.freedomworks.org/ — Connecting Tea Partiers around the country
http://procinct.net/ –GOTV walk/call lists
http://www.citizensunited.org/ –Their documentary arm
Well said.
asleep06 (Diary) Wednesday, October 5th at 8:15AM EST (link)“Because what it means is that we have become a nation in which people cannot be told to act like adults because we are no longer capable of doing it.”
Thanks for writing this. I am sorry for the lack of work and hope you find something more substantive and long-term.
It’s become evident to me that politics mostly reflects culture. It’s why I’ve spent less time at this site lately, though it is certainly a necessary and valuable outlet. I just think when political decisions are being made, most of the terms have already been set elsewhere.
The principle underlying federalism known in other realms as subsidiarity is not just relevant to politics, but to culture. Healthy culture, though its secondary effects spill out to a wider area, is fundamentally local, and that is where attention needs to be paid, contrary to the pervasive “bigger is better” mentality militates against good culture and politics (even on this site I see its allure). Local relationships and communities require a kind of embodied commitment, breadth of life and shared experience, compromise, and discipline–among other virtues–that other looser communities we choose do not require, but these virtues are needed to raise up adults. The family–despite its brokenness–is an example of such a community, and we should do underestimate its formative impact (despite the flaws of our actual families).
Please don’t interpret me as saying national politics and endeavors like Redstate should be abandoned. I am saying that national politics should be generally subordinated to regional, state and especially local cultural priorities that actually do most of the work in forming adult citizens, and we are so far from this that it’s actually killing the country because all we can do is blame the Big X entities (politics-economics-culture) and do nothing productive because we’re forgotten how to build locally. We should blame them but also work locally to strengthen local and state institutions.
That’s where every American citizen’s vocation lies, at least in part.
Small is beautiful.
You are on target
nonewage Thursday, October 6th at 2:08PM EST (link)If I had my druthers, I would force everyone to take an active part in some form of local politics, be it the school board, the library, the village board, the township, up through the state level. There is no better way to learn what government is really about, how money is raised and spent, who is corrupt and who is honest. High schools need to teach how government operates again in those Civics classes. These days no one watches what is going on locally and instead spends time trying to affect the DC scene where they have little if any ability to change things. Very few people take the time to study history at that level and so are just bounced around from one current interest to the next. People, you can affect local politics if you put the necessary time in to learn what is going on and then do something about what you see.
Too many people want smiling Big Brother to look out for them, grumbling when Brother looks out for himself not them.
Amen.
Marcus_Traianus (Diary) Wednesday, October 5th at 8:23AM EST (link)I truly believe some politicians don’t want to convey the truth because they lack courage and the ability to articulate these issues in meaningful ways. It is not enough to simply identify the issues which we face. Intuitively, we all know what they are. Moreover it is the ability to briefly state the issues which confront us, convey the cold, stark choices and then ultimately provide hope in a solution. In my estimation, nobody has yet done that. Nobody.
The scarey part of this is many folks want to be lied to. They don’t want to hear about shared sacrifice or paying for grotesque consequences from unsustainable political decisions- whether it is in the form of entitlements or otherwise. When the Constitutions speaks of limited, enumerated powers it is not some throw-away line to be used in the context of debate. It was a wise, realization that government could not be all things to all people. It could not be some behemoth that provides cradle-to-grave care and all-seeing, all-controlling oversight.
Never, in my lifetime, have we been so divided. Our government has run amuck and trampled the free market, It has somehow equated success with being a demon. Our companies, who employ us and fuel economic success are mostly said to be ugly, corrupt slaver-masters that perform no useful purpose. And they wonder why we are in this current state of chaos?
Our government has tried to be all things to all people. It has made promises it simply can not keep, pursued more power in the fallacious quest for what is “right” and has far overstepped its useful role. Yet it takes not responsibility for what it has done and only seeks more power- telling us if it only has more control it can fix all our ills.
We have nobody to blame but ourselves if this continues.
“Both of our political parties, at least the honest portion of them, agree conscientiously in the same object—the public good; but they differ essentially in what they deem the means of promoting that good. One side believes it best done by one composition of the governing powers; the other, by a different one. One fears most the ignorance of the people; the other, the selfishness of rulers independent of them. Which is right, time and experience will prove.”.Thomas Jefferson
Leon, Your Not Alone.......
Wubbies World (Diary) Wednesday, October 5th at 8:37AM EST (link)A career change, now two jobs, plus my wife works for the first time in years and we are still struggling. We already been trying to sell the house and nothing is working. I can go on as well.
I don’t want pixie dust and unicorns from candidates either. I know they are lying if they do offer it and they lose me immediately.
Life is hard and it is not fair. I have always told my kids to deal with it and suck it up. I am taking my own advice.
What infuriates me is politicians who do not have the spine to acknowledge the spending has to stop, just as it has for all of us in “Reality Land” and the politicians need to, as I quote Erick, “Hold the Freaking Line!”
This election is an all or nothing last chance to save ourselves and this nation. There is no “Next Time”.
The part that is killing me is that 70 hour work weeks to pay bills and try to keep my head above water financially does not leave time to be an activist. However, my Representative and Senators have gotten a lot of on-line letters from me on their web site.
Something tells me the Tea Party anger of last summer has not subsided, it has only been tempered by people in my position who don’t have time to vent it, but it is still there glowing red hot under the surface of the main stream media facade. I think it has only gotten hotter actually. I think this election is going to be explosive in the results when those sentiments are released at the ballot box. There are a number of establishment Republicans as well as the Democrats who are going to experience its fury. I do think this election result will be bigger that the 2010 election.
…but that is my opinion.
Join The Red State Strike Force
><> If It’s Worth Doing, It’s Worth Doing Right The First Time.
Someone has to say it
suzyq Wednesday, October 5th at 8:39AM EST (link)I am so sorry for your situation. It seems like you have a good grasp on reality and as painful as that is, it will allow you to pull yourself up and make the best of a very bad situation.
In my thinking the way we got here, ie. the 99% wackos and the occupy wallstreet crowd, stems from the “me” generation in the 60′s. That seems to be when people thought personal responsibility morphed into government responsibility. It also seems to be the time when people started to “find themselves” and turn from God thus turning government into their God.
Unfortunately I think it will get worse before it gets better, and it won’t change before the election. Obama wants civil unrest and people fighting that’s how evil controls.
It’s depressing to even type this.
my fight song:
http://www.youtube.com/watch?v=UqKVXu4Gxyk
Leon, I know many in your situation . . .
scorpio0679 (Diary) Wednesday, October 5th at 8:53AM EST (link). . . including a good friend of mine who we’re in the process of digging out of his hole.
First, a comment on the broader substance of your post. I think the truth is, that you are incorrect. We only are going to wind up having to “settle” if we take the wrong path. There are three paths, in my view, available to us.
The first path is completely unacceptable and that is reelect Body Odor and continue to destroy the country. Highly unlikely. I really think that the GOP primary is the real contest to elect the next President. The second path is the most likely, which is, “reform” the tax code by “reducing rates and eliminating deductions” and whatever other trimming and fiddling around the edges things people are proposing. This is the Paul Ryan type of model. It doesn’t solve the fundamental, systemic issues we are facing.
The third path is the golden brick road back to prosperity. No, it won’t happen overnight, but we can get our golden age back as quickly as its been destroyed over the past ten years. We have to throw out our existing assumptions (that the income tax will always exist, that the role of government as it exists is as it will exist into the future, etc.). We have to throw it out and replace it with a new, growth-friendly model. I like the FairTax. I’ll take 9-9-9 as a transition plan. We HAVE to get away from rewarding failure and punishing success. We HAVE to crush the socialists and statists who are perpetuating the existing system.
So thats it.
On a more personal note, in response to that part of your post, I also am an attorney, admitted in Florida in 2004, currently $100,000 in education debt after paying off $97,000 already . .. and I ABSOLUTELY see what you are saying. There are zero “jobs” for lawyers right now and hordes of law school graduates looking. I personally know several lawyers who are now working at paralegal pay rates and doing paralegal work. it’s depressing.
I’ve got a close friend who I now share an office with, who is in your situation. Got laid off back in Sept 2010 and for about 6 months was experiencing everything you described. I helped him right the ship and get back on track, basically by opening his own practice, at first taking clients by working out of his own home, and now he’s renting space in my office and doing quite well. If you are interested, I can recommend to you some very helpful resources that can help convert your existing skills into an area of law where you can basically just start taking your own clients, if you are interested. scorpio0679@flaliberty.org if you are at all interested, shoot me an email.
Look My Friend!
wonkish1 (Diary) Wednesday, October 5th at 9:22AM EST (link)If you think that anything we do is going to change the fact that right now the average American’s balance sheet is in the toilet. Europe is screwed. Japan’s 200%+ debt to gdp intransigence is coming to an end at some point. And China is about to be in freefall along with all of the countries that rely on the “China bid” like Australia and Brazil, I’m sorry but your pretty mistaken.
In 3 years things may have improved slightly, but they are going to still suck, a lot. I do believe that once Obama is gone a lot of the damage that has been done will be reversed. I also believe that there is a lot of reform that can be done to put us on a pretty reasonable track back towards prosperity again.
But keep in mind that path to prosperity even if we get tons of legislation we want is going to be pretty tough. And its almost guaranteed that any real growth is going to be met with headline inflation right away.
So don’t get your hopes up to much, and sorry to be a downer.
“First you win the argument, then you win the vote.” Margaret Thatcher
Conservative Innovations I Want To See Succeed
http://rightnetwork.com/ –New conservative TV network
http://actright.com/ –Fundraising hub for all things conservative
http://connect.freedomworks.org/ — Connecting Tea Partiers around the country
http://procinct.net/ –GOTV walk/call lists
http://www.citizensunited.org/ –Their documentary arm
I didn't say what you said I said?
scorpio0679 (Diary) Wednesday, October 5th at 11:10AM EST (link)I never claimed it would happen overnight, and I never claimed that anything I said would fix people’s personal balance sheets. Over 10 years, which is the timeframe I would give for real, fundamental conservative reform, I would say we’ll be fully back on track. Re-read (more carefully this time) what I posted.
I Didn't Say That
wonkish1 (Diary) Wednesday, October 5th at 11:20AM EST (link)You said things would happen overnight.
But we are going to have to “settle” for a somewhat crappy economy for a few years.
Just saying!
“First you win the argument, then you win the vote.” Margaret Thatcher
Conservative Innovations I Want To See Succeed
http://rightnetwork.com/ –New conservative TV network
http://actright.com/ –Fundraising hub for all things conservative
http://connect.freedomworks.org/ — Connecting Tea Partiers around the country
http://procinct.net/ –GOTV walk/call lists
http://www.citizensunited.org/ –Their documentary arm
Cash for Economic Clunkers
Darin_H (Diary) Wednesday, October 5th at 8:53AM EST (link)Much like the auto program – which just stole from future purchases, but did nothing to solve any problems – our representatives in most levels of government have given us the same. For the last 20-30 (50+?) years we’ve borrowed from our future selves. Well, our future selves are now and the piper has to be paid.
We should have taken our pain after the Dot Com bubble popped, instead we doubled down on housing and President Bush told us to go shopping. We should have taken our medicine immediately after the credit bubble popped, instead we’ve TARP’d and stimulus-ed and closed our eyes, put our fingers in our ears and said “nananananana.” The TEA party are the only ones I’ve seen that has called for the proper course of action, and even then, when you get down to it, the polls show a majority of TEA don’t know what to cut and where.
The best solution is to try and take the pain as quickly as possible – massive cuts in all levels of government…
and Leon, you’re 100% correct that there aren’t any candidates out there saying that message, let alone even trying to make the case to the people because the people don’t want to hear it.
Best of luck in the job search, we’ll be praying for you.
A visionary coward says that anger can be power, as long as there’s a victim on TV – Flat Top, Goo Goo Dolls
We have reached the tipping point
wennejunk (Diary) Wednesday, October 5th at 9:13AM EST (link)The struggle between those who want to run their own lives and those who want to be taken care is at parity.
Sadly, the economic challenges have pushed many of the former into the camp of the latter.
Too many even of the hard working and diligent spent above their means and now face hardships of their own making through improvident financial decisions.
The problem of excessive leverage will only resolve when much more default occurs: credit cards, student loans, mortgage debt, municipal debt, sovereign debt. Many more banks and businesses need to fail and much more debt deflation occur before this country can begin to get back on its financial feet. We are years away from that point.
You are absolutely correct in sensing that the world is looking for a magic wand to cure all these ills. And why not? The history of the past 50+ years has been just that: the geniuses of the world have always kicked the can down the road before, surely they can do so again and pretend its a ‘fix’. However, we have finally reached the end of that road.
Those who predict violence are probably not far off the mark. I read/watch these waste products who protest and I get angry. Very angry, but not THAT angry…its a slow boil at this point.
I hear of the riots in Greece and France and know we are not too awful far away from that in many areas. I know the outcome in a heavily armed society will be likely much, much different and shocking to both the world and especially the malcontents.
We are at the tipping point and the GOP candidates who should be the adults in the room only have time to talk about a frigging rock that may or may not have secretly revealed Rick Perry’s secret racist past as a Grand Dragon or something.
They only have time to rant about his attempt to bed 12 year girls by forcing gardisil on them while their clueless parents are playing Wii or something equally inane.
They only have time to mince words and snipe and grasp at straws to convince voters that they are the most worthy of the milling band of children on the circus stage, dancing to the music of the debate choreographers vs. dancing their own dance.
What kind of person wants to be President so much that they will say or do anything to get the job?
They cannot possibly be successful without first having an adult conversation with the voting and taxpaying public. To pander and dodge only to backtrack or be ‘surprised’ once in office will destroy their efforts to lead and they will fail.
What kind of person wants to be President so much they would be elected and then have history associate their name with the collapse of this great country?
What is their strategy going to be? Blame Obama for 4 years? We don’t have 4 years.
There are only two kinds of people in the end: those who say to God, ‘Thy will be done,’ and those to whom God says, in the end, ‘Thy will be done.’ -C. S. Lewis
I'm really sorry Leon
leftylurker (Diary) Wednesday, October 5th at 9:41AM EST (link)I hear what you’re going through. I recently hired 4 people for what I thought was going to be student/relatively unskilled work and every single person I hired had a BA and another advanced degree. I’m paying people with 6 years of higher education $12 dollars an hour for some pretty boing work…
It’s hard out there.
I was orginally pretty sympathetic to the OWS people, because I think that the banks got a total steal from the taxpayer, and now they’re being such jerks it’s hard for small businesses like my families to get short term capital. But those demands are just nuts….
If you need contract work though, send me a message. I often have more work than I can do.
Same As Elsewhere, Demanding Everything Be Collateralized?
wonkish1 (Diary) Wednesday, October 5th at 9:49AM EST (link)They’ve never been this rough, I know!
But you can put the blame for that purely at the Fed, Dodd Frank, apparently the utterly coercive nature of the regulators towards them holding reserves, and to a lesser extent the new Basel 3 rules(that are screwing the biggest banks).
Its not easy today if you need credit.
What kind of business do you have if you don’t mind me asking?
“First you win the argument, then you win the vote.” Margaret Thatcher
Conservative Innovations I Want To See Succeed
http://rightnetwork.com/ –New conservative TV network
http://actright.com/ –Fundraising hub for all things conservative
http://connect.freedomworks.org/ — Connecting Tea Partiers around the country
http://procinct.net/ –GOTV walk/call lists
http://www.citizensunited.org/ –Their documentary arm
Personally
leftylurker (Diary) Wednesday, October 5th at 10:03AM EST (link)I work for a research service. My family does stone work and brick laying. I’m fine, there’s always demand, but the brick business got hit hard. They’re doing better now, because they treated all their clients well (never overbilling, fixing mistakes on time and for free and whatnot) but a lot of their competitors are toast.
The funniest thing about them is that they have the hardest time getting people to work for them. I did it when I was a kid, and pushing sand in a wheelbarrow for 8 hours at 12 dollars an hour is not easy, but seriously, it sure beats being broke, bored, and sick of yourself.
Actually, if anyone needs work in the Atlanta area and has a strong back and a good work ethic, there is plenty of work available. People who work really well, are willing to learn, and don’t have an attitude problem can become crew leaders in half a year or so, and they work on percentage, so sky’s the limit…
Well What Is The Reason They're Giving For Denying Credit Lines?
wonkish1 (Diary) Wednesday, October 5th at 10:17AM EST (link)Lack of collateral? Not a strong enough “existing relationship”? What is the issue?
“First you win the argument, then you win the vote.” Margaret Thatcher
Conservative Innovations I Want To See Succeed
http://rightnetwork.com/ –New conservative TV network
http://actright.com/ –Fundraising hub for all things conservative
http://connect.freedomworks.org/ — Connecting Tea Partiers around the country
http://procinct.net/ –GOTV walk/call lists
http://www.citizensunited.org/ –Their documentary arm
I actually don't know the reason
leftylurker (Diary) Wednesday, October 5th at 10:30AM EST (link)In order to survive, my brother took on a LOT of debt. For a business that does around 1 million or so dollars of business in a year, they had about 350k owed. That’s pretty huge.
But they have contracts inked for over a million in business this year alone, and they have been with their bank for over ten years…Once they get into a good position again, which they will, because the 2 out of the 4 companies in their niche didn’t survive, they’re going to take their business to a bank that treats them better.
$350k Is Quite A Lot
wonkish1 (Diary) Wednesday, October 5th at 10:42AM EST (link)I guess I can understand a bank not wanting to issue too much more short term financing.
Dodd Frank and the regulators really are causing a huge disparity between what the bigger banks can offer you and what the local credit unions can. So personally I would say hedge your bets and move all of your business to 2 credit unions.
1 local and 1 of the super credit unions.
Also if you have a lot of receivables you can look at some of the big factoring banks.
“First you win the argument, then you win the vote.” Margaret Thatcher
Conservative Innovations I Want To See Succeed
http://rightnetwork.com/ –New conservative TV network
http://actright.com/ –Fundraising hub for all things conservative
http://connect.freedomworks.org/ — Connecting Tea Partiers around the country
http://procinct.net/ –GOTV walk/call lists
http://www.citizensunited.org/ –Their documentary arm
Hardly anyone can get a loan from traditional banks.
Common_Cents (Diary) Wednesday, October 5th at 10:55AM EST (link)I’ve seen it time and time again where good businesses cannot get financing they need.
Try networking through local business angel investors. Entrepreneurial people who have had success and are sitting on cash get nothing for it. They are looking for solid businesses to invest in and finance. It’s all done primarily through networking.
Wonkish is right, the new model for business finance will be receivables financing. I am working on a hedge fund to invest pretty much exclusively in that area. The traditional bank lines of credit are sunk for now and years to come. Factoring/receivables financing is largely how Euro and Latin businesses have worked.
If you have a decent business, try The Receivables Exchange. It’s an online marketplace to buy/sell invoices.
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
Yeah But Those Angel Groups Want Equity Not Interest
wonkish1 (Diary) Wednesday, October 5th at 11:11AM EST (link)For a small business, its one of the last places you want to go unless you have a highly scalable business.
The banks are almost exclusively focused on collateral these days. I kind of find it odd because a substantial portion today’s businesses aren’t exactly high asset businesses. I mean what is an IT firm going to use for collateral? The computers? Their value is in the people they employ.
That is why banks should go back to the way they were for the 15 years before they went bat$hit crazy in 2006(and gave everybody credit) and that is: if you have the earnings, cash flow, a solid credit history, etc. we’re willing to forgive the lack of collateral.
“First you win the argument, then you win the vote.” Margaret Thatcher
Conservative Innovations I Want To See Succeed
http://rightnetwork.com/ –New conservative TV network
http://actright.com/ –Fundraising hub for all things conservative
http://connect.freedomworks.org/ — Connecting Tea Partiers around the country
http://procinct.net/ –GOTV walk/call lists
http://www.citizensunited.org/ –Their documentary arm
Yes, but reality is, banks won't be doing that.
Common_Cents (Diary) Wednesday, October 5th at 1:13PM EST (link)Reality now is getting financing thru receivables at 2-4% a month or angels and giving up some equity.
Our only chance is freeing up small/med size regional banks to get back into the lending biz. We’ll see an influx of deposits away from large money center banks. Decentralization is exactly what we need, in economy and more importantly, in government.
Proper allocation of capital.
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
Agreed And Why Would They Are Only Borrowing At 0%
wonkish1 (Diary) Wednesday, October 5th at 1:30PM EST (link)What possible force is put on them to go find at least some yield when you’re sitting there borrowing money at 0%. I think that is the real dirty secret of the 0% FFR. It just incentivizes the banks to borrow at 0% and lend to the government via treasuries. Whats the point in dealing in risk? Its like they have forgotten that a true credit system implies some diversifiable risk. But they are set on this idea of 0 risk these days.
And there are some smaller banks and credit unions that are willing to overlook collateral and accept 1-2% default risk for a little extra yield, but they are few and far between.
But yeah factoring and collateralized lending is where all the loans are being made today. And when the collateral is up the interest rate drops to negligible in the market. I think Interactive Brokers is charging only like 1.3% on its margin account. I mean seriously. They are sitting their willing to loan at 1.3% risk free, but not at 6% with a 1-2% default risk. It doesn’t make any sense.
“First you win the argument, then you win the vote.” Margaret Thatcher
Conservative Innovations I Want To See Succeed
http://rightnetwork.com/ –New conservative TV network
http://actright.com/ –Fundraising hub for all things conservative
http://connect.freedomworks.org/ — Connecting Tea Partiers around the country
http://procinct.net/ –GOTV walk/call lists
http://www.citizensunited.org/ –Their documentary arm
By The Way, I Knew There Was A Reason I Liked You
wonkish1 (Diary) Wednesday, October 5th at 1:35PM EST (link)“A fisherman always recognizes another fisherman from a far.”
“First you win the argument, then you win the vote.” Margaret Thatcher
Conservative Innovations I Want To See Succeed
http://rightnetwork.com/ –New conservative TV network
http://actright.com/ –Fundraising hub for all things conservative
http://connect.freedomworks.org/ — Connecting Tea Partiers around the country
http://procinct.net/ –GOTV walk/call lists
http://www.citizensunited.org/ –Their documentary arm
are you in the biz?
Common_Cents (Diary) Thursday, October 6th at 6:26PM EST (link)or just agree in general
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
Credit: Take it when you can get it....
sbm1 Thursday, October 6th at 7:03AM EST (link)I have gone through ups and downs in my own business. When I had up times banks were quite generous,a dn when i had down times, they were stingy….the problem was, when they wanted to lend me money, I didn’t need it,a nd when I needed it, they didn’t want to lend me it.
I then got put onto the best long term advice I ever had…adn that is “take as much credit as the bank will give you (assuming we are still talking a reasonable rate)”…take it for a long term…preferably as a Credit Line (where you only pay for what you actually are borrowing), or where you can pay it back early with low or no penalties….
I am not unfrugal….in fact I am extremely frugal. I live in a house that is well below what I could “afford”, I drive a used car where all the noticeable depraciation was taken by someone else.
My internal inclination would be to have bought my house in cash….but instead I really did the 20% down and the rest over a 20 year term at under 4%…knowing that business wise I would never get money so cheap…so I preserved my personal cash. I can now lend that personal cash to my company at a decent interest rate,a nd give my personal self first tier debt….
It doens’t help anyone to be saying this now…but just long term, when banks lend again….keep your powder dry.
One of the reasons Frod got through 2008 without any TARP money is because they had longer term refinanced their debt in 2005-2007…so they didn’t need the money so badly.
and one of the main reasons banks aren’t lendign is becasue the true danger is not inflation, but a liquidity crunch…and it is definitely going to happen….and just as the first people to get their money out of a bank are the relative winners in a bank run…so too are those with cash on hand in a liquidity crunch….so the banks aren’t dumb…they are deleveraging their debt, just like families that still have money have drastically ratcheted up their savings rates…..
the government can pump money into the system all they want, but until the fear takes the savings rate down,a nd the consumption rate up, we arenÄ’t getting out of this ditch….
And when liquidity is the problem, there are people willing to unload assets for pennies on the dollar….vacation homes for 1/3rd of what they paid and the like.
Banks are making sound decisions in not lending money….but the government is hurting us all in pumping money into those banks at the moment…..they would have been much better to quit IRS collection of 700 billion in taxes a year for 2 years, to spread some liquidity around….sure a lot of people would also have hoarded that cash for a rainy day too….but a larger portion would have brought it into circulation than the nanks did…especially if they feared inflation…..fearing inflation is great for carpenters, plumbers and the like….people love isntalling a $3000 furnace if they think it would cost $10,000 3 years from now…
Whatever it is. It's not the truth.
ghostship Wednesday, October 5th at 5:35PM EST (link)The truth is that the banks are still horribly over-leveraged and everybody is just trying to keep the house of cards from toppling over as long as they can.
In the end gravity will win and it will all go kaput. Once it does then all the kings horses and all the kings men ain’t going to be able to put the economy back together again. Certainly not with any of our lifetimes.
It’s kinda the dreaded truth that this post is pointing out. We’ve been kicking this can down the road for a very long time and many people (especially those in Washington) just can’t stomach facing the fact that we are finally at the end of the road.
hyperbole...
sbm1 Thursday, October 6th at 7:33AM EST (link)all the kings horses and all the kings men?
Let’s be realistic…people came back from wars, from genocides, from all sorts of actualy tragedies.
Even if the whole financial system collapses, there would be no dead sons and daughters, no destruction of infrastructure, no loss of know how, education and the like.
I travel and work in places like Eastern Europe, Cambodia and the former Yugoslavia. So I have seen all forms of systemic collapse….but nothing America could face, would even be close to what happened in any of those scenarios.
40 years of communism sapping peoples entrepreneurial spirt in Eastern Europe with almost everyone employed in horribly inneficient state enterprises, is not nearly like a 15% cut in social security benefits, which is pretty much a worst case scenario.
Cambodia, murdering virtually every educated person in the country and abolishing the entire concept of money is not the same as a 10% drop in public employees wages.
A protracted civil war resulting from long standing ethnic grudges that destroyed the entire infrastructure of the country, and has barred the resulting countries from partaking in meaningful trade with their neighbors is not the same as the value of houses perhaps going down 20 to 30%.
There is no “doomsday scenario” despite what fear mongering Glenn Beck might say…perhaps we all take a haircut and have to come to terms with changed expectations…but the world doesn’t end!
Trees Grow!
Like "Too big to fail,..."
briefsynopsis (Diary) Wednesday, October 5th at 9:45AM EST (link)The Paradigm that the “Pendulum” always swings back and forth is flawed intentionally. There is no Pendulum!!!!!!! There never has been one, we were only sold on the concept of there ever being one so that we would maintain a hope that it would all change back, but it never has changed back.
Change means change.
Nothing ever changes back.
Understanding what impact changes have on the direction the Herd will move next is essential.
Taking advantage or Capitalizing on that assumption is the essence of Americanism.
There is a movement against all that was perceived to be “American”, and that movement has taken us further down the road than we are able to ascertain. Governments subjugate, our ability to shed the yoke of subjugation is our national strength, yet more and more among us are true believers that a “Just Master” is the right answer for all of us.
There is no easy way forward, and many are neither equipped nor geared to endure the trial.
Have you Hugged a “Special Operations Warrior” today?
This is true of the talking heads on TV. Oh the recession/depression will be over in 18mos.
Common_Cents (Diary) Wednesday, October 5th at 10:16AM EST (link)Like time is all anything needs. That is total BS.
If we don’t do the right things now, this will last much much longer. Doing the right things now does not include the govt getting more and more powerful, taking over more and more industry.
Time does not heal when you have an open wound. It needs the right treatment, now. And we are basically doing all the wrong things.
People have been brainwashed that time is all we need.
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
It's interesting that,..
briefsynopsis (Diary) Wednesday, October 5th at 10:40AM EST (link)Globally people were just catching “Afluenza”, thru the Internet and capatilist markets goods and services were starting to supply billions of folks with a much higher standard of living then they were expecting,.. then,… the bottom fell out!?
hmmmm
Subjugation requires a certain amount of ignorance and a large amount of message shaping,. the internet will not allow either of those to happen for long, so it all seems to be a case of either putting the Genie back in the bottle, or just blowing the whole thing up in order to break it into small enough parts to manage.
Have you Hugged a “Special Operations Warrior” today?
The mainstream media during the Great Depression...
acat (Diary) Wednesday, October 5th at 11:43AM EST (link)also predicted a quick turn-around.
And were also wrong.
Mew
——

Caveat Suffragator
I know it
oldbird77 Wednesday, October 5th at 10:02AM EST (link)My wife lost her job 3 years ago and we’ve been through a short-sale as a result. I hope when our economy does recover, our society doesn’t forget the lessons of this recession.
National security is similar
Jeff Emanuel (Diary) Wednesday, October 5th at 10:07AM EST (link)The fact is, a terrorist – or more than one – will succeed again, and Americans will die. It’s a simple fact — but for a political leader or candidate to acknowledge that 100% security is simply impossible (let alone incompatible with even a relatively free and open society which values comfort and convenience as much as it does freedom of movement) is utter political suicide.
JE
Hardly worth mentioning, but there is one candidate...
whartman Thursday, October 6th at 12:43PM EST (link)Ron Paul acknowledges that 100% security is impossible and is undesirable as it implies unacceptable restrictions on our freedoms.
But for the very reasons raised in this article, he can’t be elected. There simply aren’t enough adults. Even those who are adults are having trouble dealing with firm answers; they simply aren’t used to that in a politician. He has real opinions, which means that chances are, at least one of them is different than your opinion on the same subject.
It's hard times all around
Finrod (Diary) Wednesday, October 5th at 10:07AM EST (link)I know how it feels, I had two 6-month stretches of being unemployed sandwiched around a 3-month contract– 3 months after I bought a house. I managed to make it through, but with my savings pretty well decimated. Keep your head up, things will get better eventually.
Let’s get down to brass tacks here. How much for the ape?
Leon, I am in full empathy with you. I've been where you are now.
romeg Wednesday, October 5th at 10:32AM EST (link)The only thing I can say is that this situation, just as are ALL situations in this life, is temporary. It WILL improve and, along with it, so will your fortunes. You will come back better and stronger.
I, too, am at a loss to understand how a handful of defaults on home mortgages could become so viral as to cause the economy of the Western world to crater and contract as it has. And if it truly was a liquidity problem, surely there has been enough liquidity pumped back into the economy to have overcome it. So I look elsewhere for the answer.
I’m considering starting another business. Currently my money is in real estate and the stock market. Do I sell and take those losses and risk the proceeds in a new venture or do I try to ride out the storm and wait for better selling opportunity? With the morons who are now the business environment is just too uncertain to be able to make a sensible decision. The market in stocks and real estate is so beaten down, it is natural to ask “Are we at the bottom?”
But the yearning to launch a new venture is a very powerful one and all of the metrics suggest that it would be successful. But there are metrics that we cannot apply because they are unknowable: What will the regulatory environment be? What unforeseeable costs will we incur? It is difficult to plan for the unknown. It is an order of magnitude more difficult to plan for the unknowable.
We need to put an end to the uncertainty; to return to the idea that Washington DC is NOT the source of our strength and ability to endure and encourage individuals to make choices that are in their own best interests rather than trying to second guess the whims of a handful of politicians who know nothing whatsoever about how an economy such as ours actually functions.
“Of all tyrannies a tyranny sincerely exercised for the good of its victim may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron’s cruelty may sometimes sleep, his cupidity may at some point be satiated, but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.” – C. S. Lewis
"Do I sell and take these losses?"
ashland_avenue (Diary) Wednesday, October 5th at 1:02PM EST (link)Romeg,
You write:” I’m considering starting another business. Currently my money is in real estate and the stock market. Do I sell and take those losses and risk the proceeds in a new venture or do I try to ride out the storm and wait for better selling opportunity?”
My response: The moneys in real estate and equities are not losses. They are, in poker parlance, your chip stack. Whether you won or lost previous hands is not immediately relevent to whether or not you should play the next hand.
Seriously, it doesn’t matter whether the currently owned positions are in red or black. It only matters whether you want to own them.
Everything else is just commentary.
My Advice,
wonkish1 (Diary) Wednesday, October 5th at 1:19PM EST (link)If the real estate is rental(either residential or farm land) I wouldn’t sell out right now.
In terms of the market, right now I wouldn’t have to large of a presence in equities. Way to much risk out in the global markets right now. Take a good chunk out and wait to see what happens first the Dow drops to less than 10,000(in which case it just becomes to cheap) or to see what happens when Greece defaults. If the Greece default doesn’t depress things much and the dow is 800 points higher when you move back in, so be it. But a badly handled Greece default could easily drive the markets back down to 9,000 again.
“First you win the argument, then you win the vote.” Margaret Thatcher
Conservative Innovations I Want To See Succeed
http://rightnetwork.com/ –New conservative TV network
http://actright.com/ –Fundraising hub for all things conservative
http://connect.freedomworks.org/ — Connecting Tea Partiers around the country
http://procinct.net/ –GOTV walk/call lists
http://www.citizensunited.org/ –Their documentary arm
My two cents
briefsynopsis (Diary) Wednesday, October 5th at 7:09PM EST (link)Our real estate holdings need to be looked at hard.
If the Government decides to force banks to rent the forclosed properties thru a Sec 8 type program we are screwed.
Have you Hugged a “Special Operations Warrior” today?
Government always overpays for everything
sbm1 Thursday, October 6th at 7:43AM EST (link)not sure if that is a “law” yet, but it should be. Because it is a truth.
If the government forces anyone to rent property to someone else, probably welfare or low income people, they would probably overpay for it….
I was recently offered an investment property that was subsidized housing…I didn’t bite for moral reasons, because I don’t do business with the government or criminals…but they explained to me how they had a lobbying group who would regularly petition the state government to raise rental rates, so the rate of return was pretty much guaranteed against inflation.
We get the govt we deserve
Common_Cents (Diary) Wednesday, October 5th at 10:33AM EST (link)I hope things improve for you Leon. Keep on keeping on even though its tough.
In general, we as the people took our eye off the ball and let govt run amok with spending and no real oversight on willy nilly credit expansion/crony capitalism, not keeping the destructive left in check, and then compounding our problems with taxpayer funded bailouts for those who mis-allocated capital.
You are right that we have our collective heads in the sand and nobody wants to hear reality. That is why we are destined to repeat history, like a slow car wreck. Batten down the hatches folks, we haven’t seen nothing yet, unfortunately. Precisely because people are in denial.
Gingrich has been quoted while announcing his new contract with America that he would need 8 years to largely correct our trajectory. He is right but probably a bad message to send people if you want to get elected. I have seen how far extreme people can go when it comes to denial.
“You can’t handle the truth!” is so fitting here.
The light at the end of the tunnel deals in mass psychology. We all know we are screwed with Zero in office. Getting a real leader in will help with some optimism and it does become somewhat of a self fulfilling prophecy. However, we cannot look for a “savior”. I see that happening here at RS as people vet candidates and wonder if he/she “is the one.” The whole lesson is we must get largely involved as citizens to keep our freedom no matter who is in office. Nobody can save us from ourselves. I think Reagan said, freedom does not get passed down through genes.
However, we have to learn our lesson that it is each of our duty to “keep our boots on the necks” of elected representatives.
This is just general commentary of the macro picture. Again, hope things go well for you, Leon. Many more people than you think are in the same spot but aren’t talking about it.
I have an entrepreneurial idea in the legal area that would need input from legal eagles in contract area. Send me a msg. You prob have my email as a Mod?
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
This Happened To Me As Well...
Repair_Man_Jack (Diary) Wednesday, October 5th at 10:42AM EST (link)but a much better juncture in my life. I came out of college w/ nary the beeping clue of what to do with a real life scenario. I worked retail and fast food while discovering a BA in History meant that your resume was pretty much history.
Getting out of that hole involved hitting up every relative I had, working totally demeaning jobs for $8/hr, going to school for a degree in Mathematics on the side and going into hock up to my butt cheeks.
That being stipulated, this hit me at a fortuitous time. I was young enough to shrug off a few 20+ hour days and still drive my car w/o wrecking, I had no girlfried (much less a wife and kids), and only owned my POS car and the clothes on my back. (Plus a few trinkets like CD’s and such). I can’t imagine trying to explain that sort of situation to my wife and my kids. May God give you the grace….
Mr. Obama is pretending that an economic “recovery” is underway when he knows damn well that the banking system is just blowing smoke up the shredded *** of what’s left of that economy – James Howard Kunstler
Wall Street is the new Pentagon. Solvency is the new Peace.
blooch Wednesday, October 5th at 10:59AM EST (link)It–or the illusion of it–must be had at any price. These shaggy, stinking cretins have skin in the game now, just as their parents did in the ’60′s by virtue of the draft, and they don’t like it at all. Many of the same people who misguided their parents in ’68 are inspiring the current crop of mushrooms.
When the “Cabal of International Bankers” canard is ultimately taken up, the harmonic convergence of scapegoatery will be unbelievably earsplitting. You can already hear it tuning up when Van Jones riffs “Arab Spring” into “American Autumn”. There may be a substantial element of our current population which can handle talk about lowered expections, but not this OccupyMomsBasement crowd. You might as well be trying to reason with radical islamists.
David Horowitz and Peter Collier wrote a great book about radical Boomers called “Destructive Generation”, and I fear that the arrested development Millenials are going to put the Boomers to shame. We are in for a longer slog this time, since they won’t be forced into personal responsibility or reality by having jobs and children.
And one more thing…I still say Obama does not make any decisions. He is surrounded by like-minded people who make decisions for him and then put his stamp on those decisions, only to find out later to their detriment that he will take no responsibility for those decisions. For cripes sake, Crazy Uncle Joe just had to take ownership of the economy for him.
Oh man…I just got it, Leon you think we need a Republican who has the guts to tell Amercans that they’ve “gotten soft”.
lol…good one. You had me going there for a minute.
“Lieutenant Dike wasn’t a bad leader because he made bad decisions. He was a bad leader because he made no decisions.”
Leon, I wish I knew exactly the right words to use
lineholder (Diary) Wednesday, October 5th at 10:59AM EST (link)that means be a source of encouragement for you and your family. After living out of my car for nine months a few years ago, I know what it is like to face those really tough times. All I can tell you for certain is this…that which does not kill us makes us stronger. Trials and tough times can and do serve a positive purpose.
I genuinely believe that if our nation comes out of this downward spiral we’re riding into, it will be because of conservatism. Conservative policies are the best hope we have right now. This may not be the greatest challenge our nation has ever faced, but I think it is likely to be the greatest challenge conservatives have faced. We have to succeed in meeting that challenge.
Recent law grad
drivlikejehu Wednesday, October 5th at 11:02AM EST (link)I know what it’s like, though to have a job and lose it is worse than just never getting one. It’s tough not really having a lot of back-up options- people hate lawyers. Some recent grads delete law school and legal work from their resume and put something fake there instead, to help get a normal job of some kind.
There really was no reason our economy had to go south. The bubbles were the product of bad policy. The Fed has a lot of responsibility for that, as of course does Congress.
A new President could potentially make some significant strides through common sense measures on regulation, energy production, etc. I think people know it’s not going back to like it was before, because that was a false prosperity in a sense.
It's not ever coming back
RoguePolitics (Diary) Wednesday, October 5th at 11:06AM EST (link)2006.
Any brief glimpse that comes will be just that.
Too many aren’t willing to look at the root of the problem with a totally un-jaundiced eye.
Housing bubble, stock market bubble, bubble bubble toil and trouble. There was a gold and silver bubble in the 70’s. The stock bubble of the 20’s caused the last depression.
This starts to sound like an anti-FED rant and I am no fan of the FED. If the FED didn’t exist congress would have printed the money.
2006 is never coming back because it never existed. There is no there, there.
It’s the thrill of skydiving before you find out there is no chute in the bag.
Nobody wants to look at the root of the problem.
Certainly not on the left but as it turns out not much on the right either.
No one wants to look at the root because it would require re-examining the ground they walk on. The premises they have built their lives on.
You speak of 2006, others want Reagan back or the 1950’s and apple pie.
These times of supposed prosperity are chimerical as a matter of economic law.
False prosperity driven by fake stimulus always paid back by recession and depression.
This desire doesn’t recognize that the opulence created by expanding the money supply always involves a crash. The more successfully the FED delays the crash the larger it becomes.
There is no foundation in this economy, it is only sand.
Easy money is the crack cocaine of the modern economy.
Like any addict we beg for more.
Built the way it was, 2006 will never return nor is 1928 coming back.
The problem is simple. The FED is only a symptom.
The federal government has too much power and no accountability.
I could say that ten thousand times and never drive it home deeply enough.
Washington has used its power and ill-gotten gains to create a debt driven economy (among other things). The FED is a contributor if only by providing political cover.
They are actually upset now that people are saving too much in these times of uncertainty. Are you saving what you can? Their economic model only works if debt is constantly increased like some weird Ponzi scheme that collapses when somebody’s credit limit is reached.
This is not the way to build an economy. Pulling up the foundations to add the next floor.
No politician is going to solve our problem from Washington, DC. Washington, DC is the problem and as we have seen in the spring and again in the summer it can compromise and corrupt them faster than we can elect them.
Does this mean it is hopeless?
Maybe.
Probably.
Because nobody wants to look at the root of the problem.
They think the current depression was caused in 2005 or maybe 2003. Maybe by 9/11. Couple of planes hit a couple of buildings and we just can’t seem to get a firm grip on the economy. They think the 70’s were caused by some event in the 60’s and so on.
The problem is the federal government. Too much power and no accountability.
There is no single politician or group of politicians who are going to make Washington accountable from Washington.
How did Washington get so powerful? Don’t we have a “limited” government?
1913.
The income tax was created, direct election of senators was instituted and the Federal Reserve was fashioned from bits and pieces like some Frankenstein monster. Like the Frankenstein monster, the FED has largely escaped the control of its creator. How else to explain $$$ Trillions sent OVERSEAS?
Nearly unlimited funding combined with the removal of the last vestiges of accountability.
Look at the growth of government from 1913 and it is easy to see it has increased exponentially since that dark year.
The solution is as simple as the problem. Just not easy.
The power of the federal government must be wrested away and returned to the states.
As you might well guess the federal government is not going to offer this concession.
No mere legislative act will do.
The states will have to take it back. There is still one final way they can do this.
One way in which the federal government has no ability to stop them.
It is not without risk. But compared to staring down the most powerful nation on the planet, swearing your life, your fortune and your sacred honor, it is a relatively minor risk.
But what about 2006?
It is not coming back in your life time.
But there is a way to rebuild 2006. If done right it will be only a stop on the road to greater prosperity.
After binding Washington down with chains scrap every last remnant of the debt driven economy.
Like a weight lifter WITHOUT steroids it will take longer to rebuild the strength of a nation.
It will have a solid foundation under it. In 1912 the United States had such a foundation. It took congress and the FED 100 years to destroy it.
It doesn’t mean the occasional storm won’t come along but when they do our foundation, built up properly, will withstand the flood.
“So much of left-wing thought is a kind of playing with fire by people who don’t even know that fire is hot.” George Orwell
“Ancient Rome declined because it had a Senate, now what’s going to happen to us with both a House and a Senate?” Will Rogers
When the American spirit was in its youth, the language of America was different: Liberty, sir, was the primary object. Patrick Henry
http://theprecinctproject.wordpress.com
Because the Republican Party is NOT going to fix the Republican Party.
http://americanamendment.com/
Because Washington is NOT going to fix Washington.
Don't Forget the Fed
morninginamerica Thursday, October 6th at 8:39AM EST (link)You are right about the growth of the federal government, but do not forget the Federal Reserve’s (1913) role in the issue at hand. Bacically, it was the creation of Progressives under President Wilson, who wanted big government to stop the Panic of 07 and the Populists of William Jennings Bryan – easy credit for the farmers (the Scarecrow on the Yellow Brick Road).
The net result has been a credit policy that kept the free market from correcting the economy’s mistakes only to compound them over the last 70 years or so. Obviously, keeping dumb political projects alive denied resources to sound ones. Reagan gave us a break from this by cutting taxes, and Greenspan gave us stable money for the first decade of his tenure, until he gave the “irrational exuberance” speech.
We don’t need new rules on debt forgiveness, just let the market price the dud mortgages and student loans. The Fed pumped the system full of credit, which led people to find ways to absorb it by “overpaying” for those. Think of this as a brokerage margin account for banks. They paid too much for loans to use up the inflated credit supply. In a free market, any of us would have received a maintenance call: “send more money or we’ll sell you out” to replace the lost value. This would have let people buy that debt at the more reasonal prices of today, say 50% to 75% off, and start again.
Instead, the Fed propped up the banks with new credit, pumping new dollars into the system to plug the holes in their balance sheets. Europe is doing the same thing for government debt. How does a government pay off debt with more debt?
How about the real estate boom in Florida that supposedly popped to start the recession. There never would have been so much Malinvestment without government direction as well as encouragement through Fannie and Freddie. Keep in mind there was no silver bubble, rather a dollar collapse. This tine around dollar bearers fled to real estate, and that’s where the money is stuck – in fancy financial instruments.
Until we free up money in this government-sponsored waste and its rescure funds, the economy is stuck. The real danger is the GOP has forgotten growth as a policy and the way out of this. Lowering taxes on top of the above will get the economy going again. He had was was described as tight money, a sound dollar through tax cuts, and loose fiscal policy of those tax cuts. This put the people back in charge. Right now, the big spenders in DC are trying to protect themselves. Asking for higher taxes signals a desire for more revenue that will crash the economy. You’ve got to give to get, just like any businessman in a recession: cut expenses for sure, but lower prices to bring the customers back.
Don't forget congress
RoguePolitics (Diary) Thursday, October 6th at 9:17AM EST (link)I am not a fan of the FED and I think FED policies have causesd or contributed to the mess in large ways.
but
1. The FED was created by a legislative act of congress and could be uncreated the same way. Constitutional issues aside.
2. Congress is therefore totally responsible for everything the FED has done.
3. Given the income tax and direct election of senators, lots of money and no accountability it is likely when the time came to print money congress would have done that absent the FED.
I am a dump the FED guy but don’t forget the people who properly carry the responsibility.
Don’t let the sleight of hand work and find yourself tilting windmills.
If we do not have fundamental, constitutional restraints placed on the federal government; killing the FED won’t change anything.
“So much of left-wing thought is a kind of playing with fire by people who don’t even know that fire is hot.” George Orwell
“Ancient Rome declined because it had a Senate, now what’s going to happen to us with both a House and a Senate?” Will Rogers
When the American spirit was in its youth, the language of America was different: Liberty, sir, was the primary object. Patrick Henry
http://theprecinctproject.wordpress.com
Because the Republican Party is NOT going to fix the Republican Party.
http://americanamendment.com/
Because Washington is NOT going to fix Washington.
"Easy money is the crack cocaine of the modern economy." Some of the truest words I've seen in a while
wonkish1 (Diary) Wednesday, October 5th at 11:25AM EST (link)That is a long post though.
I do believe that after several years I don’t see how the US can’t come back reasonably strong.
China’s coming implosion should mean that this 26 month long growth in American manufacturing should even speed up a little after the hangover from a China crash is over.
Tech is looking like it might have another decent run after that coming mess is in the rear view mirror.
“First you win the argument, then you win the vote.” Margaret Thatcher
Conservative Innovations I Want To See Succeed
http://rightnetwork.com/ –New conservative TV network
http://actright.com/ –Fundraising hub for all things conservative
http://connect.freedomworks.org/ — Connecting Tea Partiers around the country
http://procinct.net/ –GOTV walk/call lists
http://www.citizensunited.org/ –Their documentary arm
To sum it up, mis-allocation of capital/resources
Common_Cents (Diary) Wednesday, October 5th at 11:35AM EST (link)Nearly everything can be boiled down to this.
Govt is the worst because they “invest” our money for political gain, not economic gain.
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
Then we'll just tell them to stop
RoguePolitics (Diary) Wednesday, October 5th at 12:22PM EST (link)Tried that in 2010 and 1994.
They said no.
And nobody can make them stop.
There is not one viable accountability mechanism that can be applied.
They do whatever the hell they want and $%#$ the consequences.
Let’s not talk about the voting booth. With half the population getting check that is no longer even laughable. Just pathetic.
Mal-Investment indeed!!
The only way to make them stop is to create an accountability mechanism OUTSIDE Washington. Certainly not a bunch of judges appointed and paid for by Washington.
Only the states have any leverage left and people who speak most highly of federalism and separation of powers freak totally out if you mention it by name.
“So much of left-wing thought is a kind of playing with fire by people who don’t even know that fire is hot.” George Orwell
“Ancient Rome declined because it had a Senate, now what’s going to happen to us with both a House and a Senate?” Will Rogers
When the American spirit was in its youth, the language of America was different: Liberty, sir, was the primary object. Patrick Henry
http://theprecinctproject.wordpress.com
Because the Republican Party is NOT going to fix the Republican Party.
http://americanamendment.com/
Because Washington is NOT going to fix Washington.
Glimpses
RoguePolitics (Diary) Wednesday, October 5th at 12:13PM EST (link)They will come.
Little pop-ups that make it seem like maybe we have it back on track.
An absolute mountain of debt with a government that won’t stop spending says that bubble to will burst.
My guess is at some point interest rates will force a default or a mad money printing spree followed by something much worse will come.
For good or evil, the govt and FED are currently propping things up.
You may be right about China’s coming problem. I don’t know the extent of their debt. Personal savings rates there are I believe much higher than ours.
A little odd though for us to place our hopes of recovery on China’s failings. Like a gymnast hoping the other girls falls and breaks something so she can win.
It was a long comment. Should have been a post. Then it could have been a long post.
“So much of left-wing thought is a kind of playing with fire by people who don’t even know that fire is hot.” George Orwell
“Ancient Rome declined because it had a Senate, now what’s going to happen to us with both a House and a Senate?” Will Rogers
When the American spirit was in its youth, the language of America was different: Liberty, sir, was the primary object. Patrick Henry
http://theprecinctproject.wordpress.com
Because the Republican Party is NOT going to fix the Republican Party.
http://americanamendment.com/
Because Washington is NOT going to fix Washington.
Personal question...
Justin Spagnolo (standardcandle) (Diary) Wednesday, October 5th at 11:38AM EST (link)Why are you not running for political office or looking at political jobs, consultant or otherwise? I’m sure you’ve got the right network, tools, and skillset. I’m sure you could communicate the message that resonates. I’m also sure that activists on this website would be happy to support you… just a thought.
I mean no disrespect. Just curious.
“Knowledge will forever govern ignorance; and a people who mean to be their own governors must arm themselves with the power which knowledge gives. “ -James Madison
Leon, how do I email you?
TheSophist (Diary) Wednesday, October 5th at 12:05PM EST (link)I don’t run a law firm, so can’t offer you an interview in the legal field. But I have been looking for some help, specifically from people with a legal background (they’re fantastic at research and analysis); hope it’s better than an Outback Steakhouse.
Contact me if you have my email in the profiles that you can access as a mod. Or let me know how I can contact you.
“Freedom is never more than one generation away from extinction. We didn’t pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.” – Ronald Reagan
Bless you
Scope (Diary) Wednesday, October 5th at 12:20PM EST (link)I pray something can work out between you and Leon.
I empathize and sympathize....
jiminga Wednesday, October 5th at 12:10PM EST (link)with your plight. I’m a former highly experienced commercial real estate guy that was cut loose almost three years ago at age 64 along with 700 other associates. I did some consulting work for six months but found nobody wants a full time geezer, preferring a lower wage trainable 30 something with a “future”, and I decided to retire.
On the same day we also lost our staff attorney, a younger guy with kids, etc. and that was tragic. He was unemployed for most of the three years, taking temp or contract positions to survive. Finally, one of the temp positions turned into “permanent”.
Companies today are believers in “temp-to-perm”, as it is the best interview process ever conceived. If you haven’t tried it, I highly recommend it. God speed.
I'm thinking of you Leon
Scope (Diary) Wednesday, October 5th at 12:41PM EST (link)and hoping that something will work out for you very soon.
I read your piece first thing this morning, and having been very down for the past week or so, it made me feel even worse. I have this little old four legged friend that would turn 16 on Friday if he can make it that long, it is looking doubtful. 15 and a half years of memories and unconditional love is a long time.
I’ve been there and done that with losing my job more than 3 years ago, and not being able to find another one, even for the lowest of wages. Who would have ever thought one was not qualified for a job because one is too overqualified? I am thankful that my husband has a job with a company that is busy.
Leon you are too smart and too much of an asset to go much longer without being able to turn your situation around. Prayers for you that all will work out soon.
I'm sorry
MrsNachos (Diary) Wednesday, October 5th at 7:10PM EST (link)I’m very sorry to hear about your four legged friend. I have a few of them and they are family.
Http://blueshelled.com
Thank you so much MrsNachos
Scope (Diary) Wednesday, October 5th at 8:09PM EST (link)It is very painful, but I know it is a hard time for Leon as well, just in a different way.
Scope, As the proud papa of 4 cats, 1 dog, and
rcastonjr Thursday, October 6th at 8:50AM EST (link)one bird I can sympathize greatly with what you are going through. We have always had bunches of animals and they are ALL special in their own way. When one gets sick we grieve. It hurts. We don’t like to see them hurt. It like they are our kids. Sometimes, when it is time for them to leave us, it REALLY hurts. That’s because we love them. We REALLY love them. Many on this site won’t know what you and I know and they won’t be able to understand how you could get so upset over an animal. It’s just an animal ….. That’s Ok. You know why you feel about your little friend the way you do. My heart goes out to you and your family right now. But know this, you will recover but you will never forget. And yes, there will be another four legged critter that you just can’t live without. It’s in our DNA. We can’t help it!
But for now, keep on doing what you have done for the last 15 + years. Prayers coming.
Love cannot think or reason.
funwithknives Thursday, October 6th at 4:44PM EST (link)It just IS and we are helpless before it.
It is SO TRUE,that all you can do is learn to live with it. That it takes real effort to try and close-up the hole that is in your Heart, post-passing. I’ve lost three cats over some years and you never get used to it. All were given away by others, and I try to console myself by remembering what I gave them, for as long as it lasted.
Due to my own choices,I never wanted Kids, and never felt The Need. Too much responsibility and I simply did not want it. If that is one definition of selfish, so be it. But my wife kept at me and I relented, to bring a little peace to another,as well as me. Bless their little hearts.
Leon, it's folks like you
Melody Warbington (rwm52) (Diary) Wednesday, October 5th at 12:41PM EST (link)who are the backbone of our country, and I’ve no doubt you’ll survive these struggles. Rather than sit around and whine or picket Wall Street, you’re spending your time working when you can and actively pursuing gainful employment, so thank you.
For what it’s worth, the law firm I’m with did little to no hiring for the last 3 years until very recently (just a couple of laterals that brought their book with them). This year, they’ve hired laterals and new associates right out of law school. I struggled to keep my job by taking a 20% cut and working in areas outside of my expertise since real estate/retail was a bust. Anyway, my work load has picked up significantly just in the last couple of weeks, even with actual real estate deals. Things are picking up.
The woman saith unto him, I know that Messiah cometh (he that is called Christ): when he is come, he will declare unto us all things. (John 4:25)
Leon Wolf.... I might have some legal work...
onemovoter (Diary) Wednesday, October 5th at 1:00PM EST (link)http://news.cnet.com/8301-13577_3-20004004-36.html
The case is scheduled to actually head to a jury trial this month after many years of the case going through the usual gyrations.
I’d rather not talk about it here in detail. It will make sense once I explain it. Let me know how we could talk privately. Thanks.
“Any fool can criticize, condemn, and complain, and most fools do.”- Benjamin Franklin
“I don’t make jokes. I just watch the government and report the facts.”- Will Rogers
Leon, I wish I had the right words to say
Danielle Davis (ocleverone) (Diary) Wednesday, October 5th at 1:01PM EST (link)Please know that you are in my thoughts and prayers. I am truly impressed by your dignity and resolve.
I don’t know if you are interested but I would be very happy to pass your resume along to friends up on the Hill and in Richmond.
To me, “consensus” seems to be the process of abandoning all beliefs, principles, values and policies. So it is something in which no one believes and to which no one objects … There are still people in my party who believe in “consensus” politics. I regard them as Quislings, as traitors … I mean it. — Margaret Thatcher
Leon
ashland_avenue (Diary) Wednesday, October 5th at 1:05PM EST (link)My thoughts and prayers are with you, man.
Leon, your story resonates with me.
RedSt8Kentucky Wednesday, October 5th at 1:05PM EST (link)I am going on 32 months without working. I was a partner in an investment firm. It was a dream job, but we were crushed in the financial crisis, losing 85% of our business, thus destroying my equity. I had a big enough cushion that would enable me to survive almost 2 years. I mistakenly believed that an investment professional with 25 years of experience would be able to find a job at the drop of a hat. Trying to find a job has been brutal – hundreds of resume submissions and letters have yielded 7 interviews. Financial services firms are simply not expanding, and the vast majority of open positions are being filled internally.
I’ve now burned through all of my retirement assets and other savings. I am woefully delinquent in servicing my debts, including my mortgage. My family has been incredibly generous in helping to the extent they can, but the hole I am in is so deep that even if I landed a job today, I would still be at risk of losing my house. You nailed it when you said that the struggle against complete surrender is a daily endeavor. Prayer has been getting me through each day, but as each day passes, hope diminishes further.
I will keep you in my prayers, Leon. God bless.
Been on both sides, Leon. Right now, I'm the helping hand...
acat (Diary) Wednesday, October 5th at 1:15PM EST (link)but I’ve been the hand outstretched before. Even so, I’m making less now than I was a couple years ago, and happy to get it.
Keep pressing on, Leon.
Mew
——

Caveat Suffragator
Leon, thanks for your candid diary.
westcoastpatriette (Diary) Wednesday, October 5th at 2:27PM EST (link)Just thought I might throw in another personal story as it may help with perspective.
The Depression has taken such a hold where I live, that we now have three generations of adults living in one household just to survive. And at this point in time, I am not sure who is helping who as we all seem to need each other and for that I am grateful.
My eighty year old mother had a stroke about seven years ago. At the time, she lived alone in her home that is fully paid for. Since that time, her health has declined to the point where she is no longer able to live alone and she refuses to consider going anywhere other than her home.
My son just went back to work after being unemployed for nearly three years. He is an engineer and had to take a job that pays one third what he normally pulls in. Needless to say, he lost his home during the time he was out of work and moved into my mother’s home to care for her as her health declined while he sought work.
I finally had to stop working so I could care for my mother so my son could look for work so we all are living at my mother’s now. My savings are nearly depleted. It has been the most difficult transition I have ever had to endure–humbling to say for sure. But every time I am tempted to complain, instead, I focus on all there is to be grateful for as things could certainly be worse.
When America is done being humbled, she will come out stronger and will have renewed character as she prevails and perseveres through this severe trial. I know I will never be the same and have truly learned to live one day at a time.
Thanks, again, for telling some of your story and I hope mine helped you to see you are not alone.
Why aren't politicians telling it like it is?
sadams Wednesday, October 5th at 2:35PM EST (link)I have been following politics since the 1970′s, and what I have noticed is that there is a herd mentality, fed by the media, that effectively circumscribes what a politician can get away with saying about virtually any topic. It’s not censorship per se, but in essence it is like groupthink. The paradigm changes over time however, usually when some brave soul dares to say what everyone else has been thinking and the public says something like “yeah, I always thought social security was a fraud”. Candidates with self-funded campaigns have a little more freedom to take risks, since major campaign donors are highly risk-averse. Case in point: Ross Perot in 1992 was able to get 20+% of the vote by being more candid about the deficit issue than any politician that preceded him, including Reagan. On the other hand, politicians can get their head handed to them by being too far out in front on an issue.
Leon, I am sorry to hear about the rough patch you're going through at the moment...
smagar (Diary) Wednesday, October 5th at 7:18PM EST (link)…but I’m confident it is just that. A rough patch, that you will eventually get through.
You’re obviously talented and capable. Some employer is going to see that.
If you want to look for work in the intelligence field, feel free to contact me. It’s tough if you don’t have a security clearance…but you never know.
In the meantime, hang in there.
“Who will stand/On either hand/And guard this bridge with me?” (Macaulay)
Thank you to all
Leon H. Wolf (Diary) Wednesday, October 5th at 7:31PM EST (link)Who have offered support. I really appreciate it. It’s not surprising, but still disheartening, to know how many here are facing similar situations.
I may always be contacted at leon at redstate dot com if anyone is so interested.
————
We can’t stop here. This is bat country.
Just sent you an email.
TheSophist (Diary) Friday, October 7th at 4:17PM EST (link)“Freedom is never more than one generation away from extinction. We didn’t pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.” – Ronald Reagan
FWIW, I've been there...robbing from Peter to pay Paul
trutexan Wednesday, October 5th at 7:38PM EST (link)with debt beyond my means and not enough month at the end of the money. I’m a government employee on an obligated position and I risk being “displaced” in December if things don’t work out at the office. I hold BO personally responsible for my situation. He converted all of the contractor positions to government civilians back in 2008-09 and now there’s a downsizing and hiring freeze so there’s no where to put me when the other guy returns. But this time, if I lose my job, things will be very, very different.
Today I’m in a different place than I was in the 90′s and then a client of Consumer Credit Counseling living in a 1BR apt for $350 a month and buying clothes on a JCP credit card and returning them for cash so I could buy groceries. The lessons I learned back then prepared me for today. Today, I own all of my vehicles – they are not the nicest vehicles but they are paid for, they run, and we do most of our own minor maintenance (air filters, oil changes, etc). I’m a military retiree and my house payment will never be more than my monthly retirement pay ($1700) so I will always have a roof over my head. I can veggies from my garden and make all my own salsa and spaghetti sauce, I do my own sewing repairs, and I’m no longer a client at the local nail salon. I cut my and my husband’s hair, do my own hair color, I make dinner every night and make enough to take lunches the next day. We have the minimal local cable package and minimal cell phone service vs. the full data plan. I use the library. I do all my own ironing of work clothes instead of using the cleaners. We rarely eat out, I mow my own grass, clean my own house, and turn off the lights in unused rooms. There are so many tiny things I learned when I was “poor” that those lessons carried over to today. The best thing we ever did was buy (paid in full) a 40 ft 5th wheel RV that we can live in full time if we were to ever lose the house. We think like that. We have to because we are BOTH military retirees and both work for the Dept of Defense. All of our eggs are in Uncle Sam’s basket and we realize there’s a very real possibility that we could both be “displaced”. (That’s such a better word than fired isn’t it?)
So I’m sorry to hear about your situation. I imagine that most starry-eyed law school grads dream about the big house, nice cars, and private school for the kiddos. But life isn’t like that. I guess what I’m trying to say is you are in good company. Keep the faith. The lessons you’re learning today WILL make you stronger and teach your children what they can truly do without. You will come out of this a much stronger and better person for it and I will keep you in my prayers for work. (And I highly suggest taking the advice of the post above about starting your own business – that’s my next step (without the help of the SBA) if I lose my job…”Bobbins Sewing and Craft Center”!)
Oh, and good post. Keep it up!
I was anti-Obama before it was cool.
Nebraska
kwillcox Wednesday, October 5th at 10:01PM EST (link)Nebraska calls…3 % unemployment
Squishy Figures
gafisher Thursday, October 6th at 7:44AM EST (link)Nebraska’s currently reporting 4.2%, which is still half the national jobless rate, but as everywhere that figure is based on a nebulous Clinton-era fantasy called the “Labor Force” which artificially improves the numbers by simply excluding those who aren’t receiving benefits — had Outback hired the writer to wash dishes at minimum wage for ten hours a week he’d no longer be “unemployed,” of course, and if he’s come to the end of the benefits paid for by the unemployment insurance policy he funded while working he would be erased from the fictional “Labor Force” numbers, even in Nebraska.
[http://dol.nebraska.gov/infolink/Monthly%20State%20Unemployment%20Rate.pdf]
It's an either or situation
MrsNachos (Diary) Thursday, October 6th at 10:09PM EST (link)Either Nebraska is improperly reporting OR it hasn’t completely hit there yet. As we know, most all trends in Western society move from the coasts inward. In Nashville, it’s only really been within the last year that we’ve really been hit hard. What this tells me is that it’s finally hit the Midwest and there are very few places left to run that have anything left to offer. Nebraska is still innermost to the country, but it’s not exempt from what is happening. It’s just happening more slowly there because ALL trends happen more slowly there. It’s coming. And it won’t be pretty. Trends are like a plague: good or bad, they hit everywhere.
Http://blueshelled.com
Dodd-Frank: Lawyers Employment Act
krk Wednesday, October 5th at 10:33PM EST (link)Dear Leon,
You need to get yourself into some courses on the Dodd-Frank Act, Anti-Money-Laundering, and the Bank Secrecy Act. You will be instantly employable. I am not joking. Check both the Bar Association and Bankers Association in your area. If you can scrape up the money, attend the American Bankers Association’s compliance school.
I just started a job 3 weeks ago after being unemployed for most of the last 3 years. It can be done, though it is very very tough. I am still a bit in shcok that I actually did it. I am earning about 25% less than I was in my last job, but it’s plenty for me and in the interim I have downsized my lifestyle and spending by more than 25%. I am working in a fast-growing regional bank, and it is hiring lawyers and bank compliance specialists and internal auditors like crazy. In the last year this company has hired 100 people just to do anti-money-laundering reporting. We have a staff of four working fulltime on Dodd-Frank and there will be many more hired in the future as this bank expands.
BTW it is insane how much our banks are spending on regulatory compliance now. Talk about shutting the barn door after the horse is out. Millions and millions that are not being spent on loans to small businesses, or opening more branches to hire people who need jobs, but on lawyers and consultants and process and reporting and testing and auditing and auditing the auditors. This is what banking has become now in the US.
Free Ponies Would be Easy ...
gafisher Thursday, October 6th at 7:21AM EST (link)Ponies exist. We’ve raised a generation — and much of the previous two — to expect free unicorns. The costs we’ve incurred in this fantasy (not just in the U.S. but around the world) would consume the bulk of at least the next few generations’ ability to produce, assuming they all didn’t demand unicorns of their own. The best-case scenario has the next generation wising up and, probably grudgingly, working to pay down the debt we’ve incurred. The far more likely scenario has them refusing to do so.
Wow A lawyers sad story!
arthurmanger17 (Diary) Thursday, October 6th at 9:07AM EST (link)So your in a profession that in this country we have to many practitioners of. Who right to many laws rules and regulations so they have something to argue over and get paid. Chase ambulances and sue the productive. You entered a profession, practitioners of which has made the law, (like the constitution) meaningless. It wasn’t a carpenter that asked, “well it’s all according to what is, is”. This is the cake your profession has baked for the rest of us, while many of you got rich doing it. For whom should the bell toll?
What DID you find
funwithknives Thursday, October 6th at 5:03PM EST (link)in your cornflakes today?? It certainly was not compassion, nor empathy, or even comiseration. Just Venom and SchadenFreude.
Ther ARE drugs to deal with your condition. But first, you have to want to be cured. seems like a good bet that will not happen. Broad Brushing never got anyone anything worth keeping.
What’d Leon ever do to you?
Gosh, someone who went to school,
MrsNachos (Diary) Thursday, October 6th at 10:16PM EST (link)worked his butt off and expects to have a job and get paid for it? While I appreciate the strength of intelligence the stereotyping in your comment shows, there are plenty of professions that are overrun with qualified people right now because almost every profession has downsized due to lack of funds. In a society that values the ability to think logically, analyze critically and work your butt off dependably, Leon should absolutely be shocked that he, who does those things, does not have a job. However, you, who know so little about this particular situation, feel qualified to judge based on what you think you know about lawyers, eh? What about the ones who defend you when you need them? When you’ve screwed up or done something on accident and need help? Or when you just need someone to make sure your contracts aren’t going to screw you over in the long run? Hope you never need a good one friend, because karam is a nasty mistress.
Unlike some of the other commenters, I’m actually qualified to judge someone’s mental state, so I’m going to avoid commenting on yours due to ethical complications. However, what I do notice is the same lack of compassion that’s plaguing our country that stems from envy for the abilities of others and fear that they might be better than you and that’s something that you might want to reflect inward about before opening your mouth again.
Http://blueshelled.com
Karma. I have no
MrsNachos (Diary) Thursday, October 6th at 10:17PM EST (link)I idea what karam is other than a typo from an angry woman.
Http://blueshelled.com
Who write not right
arthurmanger17 (Diary) Thursday, October 6th at 9:11AM EST (link)oops
What Color is Your Parachute?
Brookhaven (Diary) Thursday, October 6th at 10:00AM EST (link)Politics to the side for a moment, having been unemployed for an extended period of time, I can relate to your resume story. The traditional methods of finding a job (mailing resumes, answering job ads–print or electronic) just don’t work anymore. It took me way too long to figure that out.
You’ve got to “network” your way into a job. The best guide for doing that I found was the book “What Color is Your Parachute?”
It took me a while to really accept some of the ideas, because they seemed counter inuitive at first. Like, you have to more specific in the kind of job you’re looking for. For example, a lawer specializing in dairy farm real estate is more likely to find a job than a lawyer specializing in farm real estate, who is more likely to find a job than a lawer specializing in real estate, who is more likely to find a job than a lawyer that can do anything.
Jack of all trades, or “verisitile” people don’t get hired. Hiring firms have a hole they need filled, and they will hire the person that comes closest to perfectly filling that hold. Versitile people that can do anything, don’t perfectly fill any hole, and thus don’t get hired.
OK, back to politics.
The Conservative Hand: a Manifesto to Achieve Conservative Political Goals
alt2p.org
Very good piece!
cwfoster Thursday, October 6th at 12:19PM EST (link)I’ve been concerned about this for some time. It’s what made me go from not particularly caring for Mitt Romney to detesting him.. When Paul Ryan said the Social Seurity needed to be reformed, the Democrats immediately ran ads of a Paul Ryan look alike shoving an elderly woman in a wheelchair off a cliff. Romney in his own book called Social Security a criminal enterprise, and when Perry called it a Ponzi scheme, he immediately adopted the Democrat, ‘wants-to-throw-Grandma-under-the-bus’ attack. OK, let’s reform Social Security. I’m 51, I’ve been out of work myself, and know what it’s like to wonder if I’ll ever get past the arrearages. I have come to accept that I’ll probably be working well into my 70′s if I live that long. If I ever DO get to retire (you know, before Social Security, people didn’t GET to retire, unless they were wealthy tycoons. This was a total construct of the liberal Democrat FDR) I would like SOME of what I paid in to be available to me, rather than just, “sorry we went broke, your crap out of luck!”. It will be HARD, because when the Democrats ran Congress for 40 years they raided the SS Trust Fund t pay for their social programs to buy votes and get the poor addicted to the free ponies and unicorn dust, and left IOUs in the ‘lock box’ that now are questionable if they are worth using for toilet paper. So it will be harder than it would even seem at first, if we were to phase it out, because we have to first stop taking from people who have little if any chance to ever receive the benefits they are being forced to pay for, And at the same time, pay those who HAVE reached the age to receive the benefits they PAID FOR. What makes me SICK is that there will be ZERO accountability for those (like Al Gore’s Daddy) who blew that money. I like Cain’s 9-9-9 plan. The 16th Amendment needs to be repealed for it to be safe, or somebody else will simply come back after he’s gone and reimpose the income tax on TOP of 9-9-9, but if our corporate tax was half of the rest of the world, there would be a lag, as they watched, to see if we meant it, or if we were going to pull the football away from Charlie Brown again, but once they see it’s serious, there would be a massive influx of businesses moving here (and BACK here) and a repatriation of assets that would yet AGAIN validate the Laffer curve., I think it might take longer than some are thinking, but maybe not as long as the author fears, perception is everything, and if people THINK things are on the mend, they will act like it, and then capital will start flowing and our economy will begin to move. The thing we need to watch out for at that point is the Fed manipulating the interest rates to hold them down. We want to avoid a massive spike, but we NEED them to go up to make investment worthwhile again! I’ll stop before I totally get to rambling, You’ll be in my prayers and I wish you well!
Where is Rudy
spolson Thursday, October 6th at 11:55PM EST (link)I feel your pain. I am living on Social Security since I had multiple heart attacks and surgeries and was left unable to work. I am concerned however with your pessimistic outlook. I lived for most of my life within 30 miles of NYC, and for most of that time. I assumed that NY’s crime, filth and squeegee guys were incurable. Along came Rudy Giuliani and Those things changed. To day I got an email from a freshman Congressman for my district who says he is proposing the elimination of a whole Gov. Agency. It is a start. Things that we think are unfix-able only are until we fix them. Don’t give up. Obama has no clothes.
Steve