Financial Shakeup this weekend

[catchacab]

It comes down to there is a sense of entitlement.  Too many people feel that they are entitled to have more money, more vacation time, working from home (this is a good one, one of my wife's friend who works from home is able to during "working hours" go to the gym, go food shopping, make trips to the mall, during the summer go to the pool, get her hair and nails done),  shorter work days, a bigger TV, and less responsibility.

Wayne, the shame of it is how many of your inventions are manufactured here in the U.S.?

[Darren]

catchacab wrote:

It comes down to there is a sense of entitlement. Too many people feel that they are entitled to have more money, more vacation time, working from home (this is a good one, one of my wife's friend who works from home is able to during "working hours" go to the gym, go food shopping, make trips to the mall, during the summer go to the pool, get her hair and nails done), shorter work days, a bigger TV, and less responsibility.

There is something else going on here too. I work in the IT industry and do OK, yet I live in the same house that a blue collar factory worker owned in the 50's. Yes, the area is nice, but the reality is that in the IT industry, we are the new blue collar class. Many of our jobs are lost to people on H1 visas. H1 people typically work for less money because many of them want permanent residency (and many of whom live in a 2 bedroom apartment with 5 other guys), so the rates drive down for everyone. Companies treat IT workers like workers in a factory -- they see us more as cogs in a machine that a unique person with a set of skills. Chris probably has my back on this one....

The housing expansion really messed up the economy. Think of how much "fluff" value was added to the economy from everyones' houses in the country going up 20-50%. And much of that money came out in home equity loans/cash out refi.

My father was an accountant and advised me never to get an ARM/no principle loan/etc my primary residence, especially when interest rates are low, which they were a few years ago when EVERYONE seemed to get an ARM. That drove the housing market crazy, and essentially penalized the rest of us. I remember a realtor telling me I should spend 3x what my house cost -- it just didn't make any sense!

I say let the housing market crash so I can buy a nicer house.

All in all I can't complain too much though I really feel that it's difficult for my generation (I'm 34) to do what our parents did.

[ccm911]

I am very encouraged by what I am hearing here.  The consumerist McMansion mentality is killing us.  We need to have jobs so that the middle class can be stabilized.  Not everyone goes to college.  So should they not be entitled to raise a family, and send their kids to college?

Thank god for the energy crisis.  Hopefully, it will become too expensive to import goods, and we can get back to making things here in the US, thereby providing jobs that will solidify the backbone of America, the middle class.

As for the Corporate greed barons...may they be tortured in hell for ages!!!

[Darren]

Wellardmac wrote:

I think that the entitlement mentality is part of the issue - Americans are not prepared to work hard anymore. It's also more expensive to make things in the US than other places, so production gets outsourced.

I think you're right that this is part of the problem. I can't comment on what people are thinking across the country, but I can comment on the people I know and what they are doing.

I have 2 friends who are doctors going through their residency. They are working 60 or so hours per week for about $35k per year. Even after their residency, they are looking at insurance rates and student loans that will make it tough for them for a long long time! You'd have to be nuts to want to get into the medical field unless you are doing it soley to help people.

I have another friend who is an entry level lawyer in NYC who is working about the same number of hours, 60 or so, and is making about $70k/year which is tough to live on in the city! With her student loans she can't afford an apartment and lives with family!

When its difficult/impossible for doctors and lawyers to make money, there is something seriously broken with the American Dream. I personally want out of it -- I'd love to sell everything I own (except 1 track car) and buy a 40' sailboat to live on. Winter you'll find me down in the islands

[dmano]

Thanks for the mana and the chutzpa

[dmano]

How much money is enough?

Do these corp execs need to get a 300,000+ bonus for doing their job? Is it not their job to bring in work for the company. Sure they can get a bonus but at what cost to the other employees and the economy!

I am a mechanic by day and night and get my hands dirty all the time, but now I feel like I am in the lower class and not the middle anymore. Who started all this class sh#t anyways. I work and bust my ass all day just as a Dr. or lawyer but am I no less a classy person. I grew up on the Main Line went to Conestoga did not go to college, wanted to but no $$$. such is life. I now have a career and will be needed for a long time. There are more cars now than ever and they just keep braking down.

I do agree completely with the entitlement mentality this country has taken. Most of the younger generation thinks, that they ARE entitled to the good life. What happened to the good old 40's where everyone worked hard to earn their pay....

Corporate American Entitlement Mentality is killing this country, as are injury lawyers and gas companies.

AGAIN IT IS ALL ABOUT THE ALMIGHTY DOLLAR

I HAVE IT AND YOU WANT IT. I NEED MORE MORE MORE

Well, I don't have any. But I could use some.

It used to be my .02 but with inflation it is now my $2.00

I want my $2.00

What movie was that phrase from?


 

[porsh111214]

John Cusack...Better Off Dead

[dmano]

your showing your age

[dmano]

News as of this morning:

MY CASE IN POINT

The chief executive of Sunoco Inc. received a 2007 compensation package worth $8.57 million, up 5 percent from the prior year, according to a federal filing on Monday.



The Philadelphia-based oil refiner and marketer gave John Drosdick a salary of $1.2 million, bonus of $1.8 million, and other perks worth $165,473 that include use of the company aircraft, life insurance benefits and parking at corporate headquarters.



In addition, Drosdick got $5.4 million worth of stock and option awards based on the day they were granted, the

WHY?????

this guy must really put out.

he makes 1.2 what the hell did he do to get a 1.8 bonus and 5.4 worth of stock

that is our money that they stole from America...

just think how many other companies do this every day, now you get the idea what is wrong here.

[dmano]

THEY SHOULD ALL BE ASHAMED OF THEMSELVES SEEING THE CONDITION THIS COUNTRY IS IN.