Dow dropping below 10,000 wreaks psychological havoc

Published February 9, 2010 Endless Recession 1 Comment
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stock market bull

This stock market bull doesn't look so scary anymore, does it? (Symbolically anyway...)

The NYT reports that the dow’s fall to 9,908.39 — its lowest level in three months — has delivered a “psychological setback as investors braced for more market volatility.”

The fall of the ”closely watched barometer of the economy’s health” was attributed to fears over Europe’s debt crisis. And now that the holy number of 10K has been disrupted, shit is expected to fly. Continue reading ‘Dow dropping below 10,000 wreaks psychological havoc’

Breaking: a college degree isn’t really worth that much

Published February 3, 2010 Uncategorized 1 Comment
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college degree money

Something tells me it's going to take more than this little piggy to pay 4 years of tuition.

The WSJ reports:

Most researchers agree that college graduates, even in rough economies, generally fare better than individuals with only high-school diplomas. But just how much better is where the math gets fuzzy.

The problem stems from the common source of the estimates, a 2002 Census Bureau report titled “The Big Payoff.” The report said the average high-school graduate earns $25,900 a year, and the average college graduate earns $45,400, based on 1999 data. The difference between the two figures is $19,500; multiply it by 40 years, as the Census Bureau did, and the result is $780,000.

Mark Schneider, a vice president of the American Institutes for Research, a nonprofit research organization based in Washington, calls it “a million-dollar misunderstanding.”

Dr. Schneider estimated the actual lifetime-earnings advantage for college graduates is a mere $279,893 in a report he wrote last year. He included tuition payments and discounted earning streams, putting them into present value. He also used actual salary data for graduates 10 years after they completed their degrees to measure incomes. Even among graduates of top-tier institutions, the earnings came in well below the million-dollar mark, he says.

Why I Have a Job: the musician who knows how to read/add

Published January 28, 2010 Why I Have A Job Leave a Comment
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People who major in music sometimes make money.

Name: Abby 

Major: Music/ English 

What I do all day: I spend about five or so hours a day singing, playing guitar, rehearsing with my band, writing songs, and working on a project for my ArtistShare songwriting feature. At night, I perform at venues around NYC like BB King Blues Club, The Bitter End, The Living Room, and Iridium. I’ve also been spending a lot of time lately at SHOF (Songwriters Hall of Fame) where I’ve been taking an advanced songwriting workshop with hit songwriter Peter Bliss. This month I’ll also be traveling a lot, recording some tracks with a producer based in Boston and showcasing at the Millennium Music Conference in Harrisburg, PA. Nonmusical activities include freelance writing, running, tutoring, and making out with my dog Phoebe. 

What I would rather be doing all day: Exactly this! I’m really thankful that my parents are so supportive of my songwriting career. I might go back to school at some point to get my MFA or PhD but I’ve been dreaming of music since I was a little girl so I’m just going to wait and see where this all leads … 

Where I found this job: “It found me” … just kidding, that expression always makes me want to puke in my mouth a little bit. I’ve been singing since the womb and started voice lessons with a blues/gospel singer when I was about eight. I used to be really resentful that my folks weren’t stage parents but I’m really glad they didn’t push me at such a young age for two reasons: 1) I had a childhood, and 2) I now know how to read/add. It also takes time to develop your artistic voice so I’m not sure how successful I would have been back then anyway. 

Continue reading ‘Why I Have a Job: the musician who knows how to read/add’

Lengthy unemployment leads to lots more sex

Published January 26, 2010 Unemployment Sex 1 Comment
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I have those same exact tights...

Everyone knows that one of the benefits of being jobless is oodles of free time. So much free time that sometimes, after reading every blogpost on your GoogleReader and IMing all of your friends at work, you don’t even know what to do with yourself. Some people, though, have no trouble finding sexual creative endeavors with which to occupy their time.

UPI reports that lengthy unemployment increases “sexual appetite and risky sexual behavior” in young people.

Matthew J. Davis, a Texas A&M University doctoral student, looked at the responses from 2,362 participants ages 21-27 concerning their sexual behavior, including number of partners, frequency and use of contraceptives.

The study, published in the journal Sexual Addiction and Compulsivity, showed people with higher rates of poverty were more likely to have sex more often with multiple partners and not utilize birth control and protection.

That unemployment leads to more sex makes sense on many levels (more free time, heightened sense of boredom, lower standards), but that it leads to risky sexual behavior is a bit more disappointing. Continue reading ‘Lengthy unemployment leads to lots more sex’

The number of college students taking out loans is highest in nine years

Published January 21, 2010 Uncategorized 2 Comments
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woman screaming

This women has just seen her student loan bill.

According to an annual nationwide survey released today, about two-thirds of incoming students said they had “some” or “major” concern about their ability to pay for their education.

The percentage of those with “some” concern — 55.4 — was at its highest level since 1971. The number of students taking out loans was at its highest in nine years, at 53.3 percent. The number whose fathers were unemployed — 4.5 percent — was the highest in the history of the survey. The number of students whose mothers were unemployed was higher — 7.9 percent — and at its highest since 1979.

“What all this points to is that they are going to be graduating with a larger debt burden than students in the past,” Mr. Pryor told the NYT. More fun stats below! Continue reading ‘The number of college students taking out loans is highest in nine years’

In news no one is surprised by, law school and grad school apps are at all-time highs

Published January 12, 2010 Uncategorized 2 Comments
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simpsons blue haired lawyer

Want to hate your life as a morally questionable, unrespected, but very well-paid suit-wearing alcoholic? Get in line!

To all overachievers:

Invest in some coffee beans from Costco. Use your savings on a private essay coach. Hell, rescue a kid from Darfur if you’ve got the connections. That damn recession is going to mess with your perfect application. Apparently, you’re not the only unemployed brainiac who thinks going back to school in an economic downturn is a good idea.

The NYT reports that the number of people taking the LSAT in 2009 rose 20%, reaching an all-time high of 60,746, while the number of people taking the  GREs rose 13 percent to a record 670,000 compared with 2008 . And tons of schools are reporting a major increase in applicants. Continue reading ‘In news no one is surprised by, law school and grad school apps are at all-time highs’

JK! The economy’s still in the dumps

Published January 8, 2010 Endless Recession , Uncategorized 3 Comments
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A weekly round-up of hopeless recession news.

Paul Krugman calls for continued government support

Published January 7, 2010 Uncategorized 1 Comment
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Despite those warm eyes and soft smile, this is the face of a very angry man.

NYT columnist Paul Krugman schooled the government with his wrath-filled editorial last week. He invoked everything from the Great Depression to a year of grief ahead in an attempt to convince the feds that we need more stimulus than ever to keep the economy afloat.

The next G.D.P. report is likely to show solid growth in late 2009. There will be lots of bullish commentary — and the calls we’re already hearing for an end to stimulus, for reversing the steps the government and the Federal Reserve took to prop up the economy, will grow even louder.

But if those calls are heeded, we’ll be repeating the great mistake of 1937, when the Fed and the Roosevelt administration decided that the Great Depression was over, that it was time for the economy to throw away its crutches. Spending was cut back, monetary policy was tightened — and the economy promptly plunged back into the depths.

The reason we are seeing blips of recovery, according to the Nobel-prize winning economist, is due to an “inventory bounce.” Continue reading ‘Paul Krugman calls for continued government support’

The recession isn’t ruining someone’s holiday spirit

Published December 24, 2009 Uncategorized Leave a Comment
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santacon

These people are single handedly keeping the Christmas cheer alive.

Santa Claus costume sales with prices ranging from $35 to $400 have increased nearly 10% over this time last year according to Costume SuperCenter.com.

The PR release does not reveal whether or not the annual SantaCon has anything to do with higher sales and obviously, at least one eye should be cocked by these self-congratulatory stats.

But the good news is Santa costumes are not just for the drunk and merry. Apparently, the costume can also be used for a paycheck.

“According to Simplyhired.com, a mall Santa’s salary can average $24,000 for the season. Self employed visiting Santa’s can get from $150 – $250 an hour. A good quality Santa suit is therefore a wise investment,” Jim Moore, the marketing manager, said.

Clearly the power of Christmas is just too strong to bow down to the evil forces of the recession. Merry Christmas Eve, everybody!

Revenge of the Wal-Marts

Published December 24, 2009 Uncategorized 1 Comment
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snooty couple

I bet even that dog is getting the same lavish treatment in stores now.

The rich have been ashamed to be rich since the economy started its downfall, so it’s no wonder the NYT reports that expensive boutiques and retailers have decided to be super extra nice to every potential shopper (hint: this means you.)

A few steps away at Dennis Basso, a fur store, Mr. Basso himself was greeting customers. “It can’t hurt,” he said. “Stores that don’t normally have great customer service are trying harder. They’re reaching out and giving that special treatment to the … ” and here, he paused for emphasis, “ … Christmas shopper.”

It makes sense that in tough times every customer’s worth rises a bit in proportion to how poorly sales are falling. In fact, stores are taking such a high interest in doting on you that jobs are at stake.

And, yes, those doormen really are cheerier. Jim Gold, the chief executive of the store, said he replaced the security company that hires them “when we found the ones we were using weren’t as friendly as we wanted them to be.”

And it turns out many of these luxury brands need all the customer service training they can get.

Continue reading ‘Revenge of the Wal-Marts’

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