From NJ Business Magazine:
NJ’s Unemployment Rate Remains Steady at 3.4%
The state’s unemployment rate remained steady at 3.4% in November. Employment reached a seasonally adjusted level of 4,257,900, with nonfarm employment increasing by 11,700 jobs for the month on the continued strength of the private sector, which added 11,400 jobs. This is the 31st consecutive month of growth dating back to May 2020, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics.
October employment estimates have been revised downward by 1,300 to a total loss of 2,500 jobs between September and October, yet employment growth was still in positive territory. The unemployment rate was revised lower by one-tenth of a point to 3.4 percent.
In November, six out of nine major private industry sectors recorded job growth. Sectors that recorded employment increases were education and health services (+5,300), professional and business services (+3,700), other services (+2,900), construction (+1,600), trade, transportation and utilities (+1,000), and financial activities (+100). Sectors that recorded a loss were leisure and hospitality (-1,800), information (-800), and manufacturing (-600). The state’s public sector increased by 300 jobs for the month.
From ROINJ:
Numbers game: Jobs are up, unemployment is down – and N.J. ranks ahead of other Northeast states
How the state compares to others in the Northeast may be even more noteworthy.
According to statistics released by the labor department, the state fares well in year-to-year comparisons (based on the latest data, from October):
· New Jersey ranks 1st in year-over-year total nonfarm employment percentage growth in the Northeast at 4.2% (Massachusetts is next at 4.0%, followed by New York at 3.5%);
· New Jersey ranks 1st in private sector employment percentage change in the Northeast from a year ago at 4.6% (Massachusetts is next at 4.2%, followed by New York at 3.9%);
· New Jersey’s unemployment rate continues to be the largest year-over-year drop compared to other Northeast states. (The state’s unemployment rate was 5.5% in October of 2021).
first
Curious if this is just pandemic recovery lagging our neighbors.
“ The disgruntled former president’s lifestyle in Florida, which includes playing 18 holes of golf a day, is ‘sad’ and he’s forced to rely heavily on his aides Natalie Harp and Molly Michael, insiders claim.
Harp reportedly follows Trump around his golf courses in a cart equipped with a laptop and printer to offer him uplifting news stories when he needs a morale boost, the Washington Post revealed.
Michael is known to phone Trump’s network of allies to urge them to dial the former president to lift his low spirits, claimed a source.”
CNBC reports that Manhattan is at ~ 50% in office occupancy and tech layoffs are looming. 2023 will be interesting to watch for a number of reasons. Big or small recession? Does the FED pivot or stick to the 2% inflation target? Too early to make 2023 economic predictions? :) One thing I believe is certain; the 5-day commute to the office is no more.
Perhaps the DOJ can get in touch with some holiday messages to cheer him up?
I posted an article previously that allot of sq footage is up for renewal. For example META is not renewing a lease on some office space in Manhattan’s Hudson Yards. Various estimates out there are all the same a continued drop in occupied space, but it will be somewhat of a slow burn over the next five or so years as the office space renewals roll over something like 4% this year and next.
The old school CEOs so far are not winning, Hybrid and WFH are here forever.
Juice,
META shedding 250,000 square feet, I believe.
Juice/Fast: I don’t know any one back in the office 5 days except one. Does not matter the field, or young old or in between. No one is going back full time, recession or no recession. You can’t put it back in the bag now. The old codgers at the top will retire at some point and the younger crowd will be running the show.
3b,
Like others, I’m torn on whether the remote work force is a good thing. Does it diminish structure and consistency? Is it a distraction not being in a proper work environment? Is the ‘fall on the sword’ mentality for the good of firm a thing of the past? The WWII and Boomer generation had a strong work ethic; does the younger generation have the same focus and drive? Everywhere you turn, there’s a conflicting view and that in itself may be part of the problem. There’s way too much useless content swirling around in the digital atmosphere, it’s difficult to get a true pulse on anything.
3b,
Seriously, give it a rest with offices closing for good. Recession will hit, clean up NYC market as well as the overall market, and then life will go on again. Centralized work locations (offices) will never die. They will evolve, but they will never die…why? That’s how human beings are most efficient in getting things done and solving problems. You don’t solve major problems by talking through email, zoom, or phone…unless you want to see progress move at a snail pace.
Again, WFH was a canary in the coal mine for the overall economy. It means we hit peak in the cycle, that you really didn’t need anyone to innovate anymore and everyone was holding on to the status quo at their job, doing the bare minimum while getting paid top dollar. Weren’t creating much. That chit is about to take a club to the head as a recession comes.
Just look at facebook. they are finally creating again(meta), but they eliminated a lot of workers in the process. So wtf were all these workers doing when facebook was pretty much just living off the status quo and not innovating?
Someone that gets it…
I dare you to take your hard earned money and invest it in a company where you have never met your workers face to face. It’s like buying real estate in another state without seeing it, and then renting it out without ever seeing the tenant or actual dwelling. Sure, can work for some, but most likely, you are dead if you invest this way over the long-term….way too much risk.
Fast Eddie says:
December 20, 2022 at 8:36 am
3b,
Like others, I’m torn on whether the remote work force is a good thing. Does it diminish structure and consistency? Is it a distraction not being in a proper work environment? Is the ‘fall on the sword’ mentality for the good of firm a thing of the past? The WWII and Boomer generation had a strong work ethic; does the younger generation have the same focus and drive? Everywhere you turn, there’s a conflicting view and that in itself may be part of the problem. There’s way too much useless content swirling around in the digital atmosphere, it’s difficult to get a true pulse on anything.
Not so much in my field. The majority of us are in the office and never left.
And we are beyond short staffed. So you stay home and enjoy your easy chair, but when you come to my abode needing service, enjoy your wait in the E.R. for hours drinking that machine made coffee while sitting next to someone coughing out a lung. Oh, and paying two hundred for a Tylenol. BTW it’s not me who sets the prices.
That’s what happens when corporate and legal run the show.
Welcome to the jungle.
” I don’t know any one back in the office 5 days except one. Does not matter the field, or young old or in between. No one is going back full time, recession or no recession. You can’t put it back in the bag now. The old codgers at the top will retire at some point and the younger crowd will be running the show.”
Joyce,
Read your post from yesterday. Yup, par for the course.
The WWII and Boomer generation had a strong work ethic;
And a pension. And solvent Social Security. Medicare.
And could buy a house with a high school degree.
Thank you, phoenix for all that you do.
Yeeee up.
The old codgers at the top will retire at some point and the younger crowd will be running the show.
Look at what you wrote here…and then let it sink in. You nailed it. “No one is going back full time.” You summed it up….staying at home is not full time work…sorry.
“I don’t know any one back in the office 5 days except one. Does not matter the field, or young old or in between. No one is going back full time, recession or no recession. “
As an employer, I don’t even know how you take an employee serious when they come to you and say they want to WFH. It’s like do you want to work or not? If you want to sit at home and jerk off, find a real job.
Fast: Overall it works, are there pitfalls of course. Back in my old muni bond trading days, we sat right next to each, could not be any closer, and at that time it was needed, and still is to some degree, but with the communication systems now far easier to do it differently.
For many other positions there simply is no need to be in an office to get the job work addressed. These people that blab on about collaborating and creativity, and speak as if they are some kind of expert or have personal experience, and the only office they have seen in a building is the lobby. The office for many is a distraction, constant interruptions people bs ing half the day and others as well. Surveys taken in my firm have consistently shown WFH/ hybrid works and is supported across all age demographics, but the most in the sector that has young/ school age children.
Of course offices won’t go away completely, as I have said from the beginning, but the hey day of the office is over, and it’s simply not going back to what it was.
Even Adams recognizes this and know the city has I have been saying needs to reinvent itself. Companies have alternatives they did not have before, and don’t have to pay for real estate unless they want to.
Fast/ Juice Well it’s our own fault. We should know by now that the WFH / hybrid / commercial office space is not permitted on this blog ; it’s a trigger. Let’s move on to a different topic.
GP
Unfortunately for me I was raised to be ethical and moral instead of capitalist.
When I fixed cars, I didn’t rip anyone off. When I was married or dating, I didn’t cheat.
Nope, I was programmed to be a fool. To believe that my lawyer really had my best interests at heart when all he was concerned with was lining his pocket.
When I believed my ex when she said she was going out with her friend Ann when her friends real name was Anthony.
When I believed the police department would be impartial, but no, like most men, just wanted to hook up with my ex.
When I believed in the Catholic church until I found out with the right amount of money you could absolve any sin and be reconstituted into a clean new soul.
All I have left now is to show my daughter the evidence-so she starts out with a clear vision of how it all works-something my parents were never capable of teaching me.
Blinders off, Ludicrous mode on. Kid will learn. Already has the afterburner lit and is way past me than I was at that age. Won’t be long before I can detach and watch the rest of the rocket head off into space as I fall back to earth. I will have competed my mission despite all of the eff’s that tried to take me out. Hopefully I will land on one of them when I crash.
It takes the professionalism out of the profession. We need to bring that back…that comes with a work ethic which many do not have right now.
“For many other positions there simply is no need to be in an office to get the job work addressed. These people that blab on about collaborating and creativity, and speak as if they are some kind of expert or have personal experience, and the only office they have seen in a building is the lobby. The office for many is a distraction, constant interruptions people bs ing half the day and others as well. Surveys taken in my firm have consistently shown WFH/ hybrid works and is supported across all age demographics, but the most in the sector that has young/ school age children.”
It seems like hiring in still crazy in tech regardless of headiness. I would say this is the busiest December I can remember in terms of recruiting contacts. Everyday 1-2 recruiters on top of me to consider roles. You come to someone with 4 or 5 days in office the goodbye. Even if asking for 3 days in NYC then you better bring a great salary. I really think that the 3m who retired early in 2021 has stung industries. I think Q1 hiring will be off the charts. So much executive fighting in 2021 in terms of hiring limits and salary caps and now they are screwed in terms of talent. Lots were waiting for market to cool but there is too much demand bc everyone has same strategy in terms of digitalization and automation.
Phoenix,
I can’t imagine your word. That is another bite of COVID apple. People are seeing easier path to money over the brutal slog of lower paid support jobs that deal with nasty, unhappy people all day. One thing though – many in tech roles did not ask for this remote situation. There was a time when business, project teams and dev teams would sit together face to face. In the pursuit of all mighty bonus, they moved all of it off-shore. Why would I got to office to put on headset and talk to India and Poland teams all day? I have almost no-one to work with locally. It makes no sense. I take calls earlier and later by working at home.
And to all you boomers – or should I say, “old codgers.” Like that one.
Those “glass touchers” will be taking care of your wrinkly butz soon enough when you step into my field. I know what they think, how they feel, and what they do.
You best be very nice old goat. And don’t ask them to clean your nether region or tell them it’s their job to do it for you if you are capable of doing it yourself. Haha.
Yeah, that laugh is them, cause they will, for sure, be getting the last one on you.
Bystander,
I don’t clearly understand what you do. All I “perceive” is that you are in a real cutthroat kind of business competing with someone living in a mud hut with a laptop and an internet connection.
I feel for you.
In my work, lately all you need is a pulse and a license. When I started, you had to have a connection or a reputation. Nope, such a shortage. Anyone going into my field doesn’t need to even think about what is a “great college” no one, absolutely no one, cares where you went to school. It’s a freak show.
My guess is that the type of work you do is specialized. For me, being the technical type, if I were going to go into IT, I would want to be in security, that kind of stuff. Something where if I got real good at it I could write my ticket.
Unfortunately for me I was a victim of God’s circulatory mistake, paid a heavy price while in college. When he designed man, he only provided enough vascular volume to operate one of our heads at a time.
Congress unveils $1.7 trillion deal to fund government, avert shutdown.
Put more debt on the youth.
Won’t have to pay it from the grave….
Pumps, you can spend the rest of your working days being bitter about having to work in a school building…or, you can crank out a ed-tech degree, pivot and grab a six figure work from home job. The choice is yours.
Phoenix – My wife and I did a heavy birthday party circuit these last few months. We’ve met a lot of PA’s. People who we would never imagine were PA’s based on what came out of their mouth and how they carried themselves. The number one thing they wanted to get across was that they do absolutely everything a MD does.
WFH is real. It’s productive. It’s going to kill commercial real estate.
BR,
Yeah, I have some co-workers who think they should do procedures I do without the degree I have.
What is the most interesting thing is, each one of them is someone who hasn’t even mastered the skills in the current title they possess. Hey how about you perform your current job over 50 percent before you even think about doing something outside your scope of practice?
It’s some freak ego crap. Me, outside my scope, never.
I told her, well, I would love for you to do this procedure, I have done it thousands of times and would love to be able to offload this task to you since it gets you so excited. Not sure what your fascination is with it. So either get your degree, or write your congressman a letter to have a law passed that would allow you to stick latex items into the private parts of people. You seem so excited to do it-hop on board the train.
I know some of these old goats, complaining about the young people, and how they don’t want to work like they did, and how easy they have it now. Of course they had pensions, whether corporate or public sector, health insurance was almost free, all sorts of pay differentials and double time and a half. Home at night, many times with a stay at home wife, kids all taken care of. Nice house, cheap low property taxes. Now fast forward 30 /40 years or so, and the young people don’t have most of those cushy benefits, the old goats house now costs 4 or 5 times more than theirs did, property taxes in the double digits, and two incomes to run the house. A little self awareness would go along way.
Healthcare system in this country is absolute shit.
To assess this aspect of national health care system performance, the report authors examined three important measures: preventable mortality, defined as deaths that could have been prevented with timely and effective care; infant mortality, defined as deaths per 1,000 live births; and healthy life expectancy, defined as being in good health at age 60. The U.S. ranked last on the first two outcomes and second-to-last on the third, resulting in an overall last-place ranking on the measure of healthy lives. In contrast, France and Sweden ranked first and second, respectively, on the overall measure.
That the U.S. achieves the worst health outcomes among major industrialized nations aligns with the findings of other experts, including the prestigious Institute of Medicine (IOM). In its 2013 report, “U.S. Health in International Perspective: Shorter Lives, Poorer Health,” the IOM documented that the U.S. generally has worse health outcomes and higher premature-death rates in all age groups and income levels than the average among 16 other high-income nations.
The unemployment # were fixed …..it so , who’s to say they aren’t as well ….
Healthcare–read the Jake tapper daughter episode
https://pagesix.com/2022/12/19/jake-tappers-daughter-almost-died-after-being-misdiagnosed/
I am somewhat of an expert in WFH having been doing this now for seven years and being the first department in our U.S. based subsidiary to move nearly the entire team to WFH well before the pandemic. The big piece that the reporters mostly miss and the old CEOs can’t comprehend due to their lack of personal experience is that a happy worker is much more productive than a commuting zombie.
I was always in the unique position of being able to choose when and where to work. I directly managed a team that worked 24-7 and had a dotted line to two teams in India that also worked 24-7. It was actually beneficial for me to work all different hours and days of the week so I would be available to help train and manage my reports on various shifts. Especially, considering that the vast majority of our work arrived between 4pm and midnight, all with SLAs promising 7am delivery. If you’ve been around here for a while, I used to lament the horrible reliability of NJTransit rail service so frequently that I would wake at 5am and would drive into the city, arriving at our corporate office at 53rd and 3rd Ave. around 6:30am which worked well since the early bird for parking was only $20 for the day making my drive to work cost less than $10 more a day than commuting. On the rare day which I carpooled, it would actually be cheaper to drive and park in Manhattan than it was for two people to commute by train. The truth to the commute on the Montclair-Boonton Line was that at least once per week, I would leave my home at 7:30am and would not arrive at work before 10am. About once every two months, I would not even make it into work as I would be forced to return home when it looked like a 4-hour commute was not in the cards. And the funny thing about it was, I could drive to our plant in Union NJ in 30 minutes, but this would not provide me the exposure I felt was necessary considering my position in relation to the other managers in our company. So instead of rolling out of bed at 7am and arriving in Union at 8am and getting home by 5pm. I would wake up at 5am, be at work at 6:30am and would get home by 430pm on a good day.
My direct supervisor, three steps down from CEO, was in his early 60s and fiercely against WFH. He felt exposure time in the office was key to success. Sadly, he was one of those managers who was always on the phone and nearly the only way I was able to communicate with him was through sign language as he could never get off the phone. If you scheduled a meeting with him, it would have to be canceled 90% of the time. If you have ever worked in a large corporate environment, you’ve run into directors like him.
Well when “the D” got sick (2015), we spent more than half of a year in the hospital. Though this director swore me to promise I would not put work in front of my son’s health, I still managed to be relatively productive from the side of a hospital bed. Though, I probably only got in about four hours a day of work, I focused it almost entirely on that 4-midnight time frame since that was when most of the specialist staff stopped bothering us and the nurses would provide our only interruptions (it was also when the hospital WIFI became usable). Then in 2016 and 2017 when D spent much less time in the hospital but enormous hours at therapy, I worked from home and was productive as ever. This is when I realized how valuable the flexibility in my schedule was to my well-being. I could work out in the morning if I wanted to, see D’s school play, my other kid’s hockey game and occasionally get some grocery shopping done when the stores were empty. If something came up when I was out, I could step away from what I was doing and could either solve the issue or delegate the solution. But the key was that the flexibility helped my personal life just as much as it helped my employer. Now, when they called me at 8pm, it didn’t bother me. I hadn’t woke up at 5am to drive in or 7am to spend four hours of my day in a train. I was fresh and awake. I wasn’t annoyed, like in the past, when I had returned home from my 11 to 12 hour day away from the home, having missed my son’s silly school concert, only to be forced to login from home two hours after I got home from work, exhausted from my long commute and work day.
I began to share my findings with that same director and really desired the same treatment for my Process Analyst. She was a work animal and frequently worked 12 hour days. She had asked me if she could work from home, especially considering her long hours. The cost for car-service for her was easily $300 per week, but we had no choice as the trains didn’t run when she needed to return home. Though she interacted with lots of people to perform her role, they were rarely in New York. My boss begrudgingly gave me the okay to allow her to work from home too. Her productivity skyrocketed. Her frequent complaints of long-hours at the office disintegrated with her improved life/work balance. Heck, she was nearly ready to leave the company due to her hours and now we were getting more from her and she was happy to provide it.
At this point my director was in his mid sixties and his commute from Long Island was beginning to take its toll on him. Lo and behold, he began working from home one day per week after his wife suddenly passed. Then a few months later, twice per week. Then it was three days and eventually he decided that once a week in the office was plenty enough. This was around mid 2018. This is when I approached him about moving everyone on my team to WFH due to the benefits to the company. This mainly being the scheduling flexibility it provides, so we could put the people where and when the work came in.
Then the Pandemic hit in early 2020 and I looked like a friggin’ genius. This was followed by our entire company quickly shifting to working remotely and our two most productive years in 2020 and 2021. 2022 is still ahead of budget, but it won’t be a blockbuster year like our prior years mainly due to to drop in speculative transactional work such as SPACs, NFTs, IPOs, etc.
How much does our company save per year by not having to lease office space? Figure $1500 per year for the average employee. How much does the average employee save in commuting costs? $12,148 according to recent research. How much time doe the average worker save in time? 102 hours annually. Then there’s the cost to the purchase and upkeep of business wear. Meal costs. Etc.
Though the real benefit that is difficult to measure by metrics is the impact that well-being has on the work being performed. IMO, this is where the greatest gains from my team has come from. If I call someone to work overtime, they are happy to oblige now. I see less human error as my workers are less tired with the stress of commuting removed. The demand for standing desks, special office chairs, fancy headsets and corner offices is over. Everyone is happy. Until the power or internet goes out. But now it does not take down the whole office. We moved all of our local servers to a cloud farm in Chicago which makes tunneling in much more secure and our systems much more reliable.
Originally, like most others, I thought the recession would provide the impetus for the return to the office as employers got the upper hand over employees. But the more time companies have had digesting the results of remote employment, the more they are beginning to realize that a happy worker is a productive worker. Little is gained by working in the office. Disruptions are greater, single points of potential failure are increased, costs are higher to both worker and company, lost time due to sickness is greater and often less technology is harnessed. There are other benefits to society as well. Terrorist attacks, such as a 9-11, are less likely. Less commuting means less environmental damage. Commuting cost savings leaves workers with more discretionary dollars to spend and more time to spend it.
Anecdotally, the Walnut Street Station lot in Montclair (where I used to commute from) is now at about 75% capacity full. But it still varies greatly. Keep in mind, this was a station with a 5-year waiting list for a permit. I’ve heard there is no waiting list now.
Your mileage may vary, and certainly some professions, such as manufacturing, have little choice but to continue in their current form. But my experience strongly suggests that WFH is here to stay and will gain even further with more technological breakthroughs, especially in the metaverse, which may bring the blue collar home too. It will be interesting to see where all of this goes.
Honestly, the new generations have it much easier 3b. I don’t know what you are seeing. They didn’t have to compete for jobs like previous generations. Like Phoenix said, you used to have to be at the top of your class or have connections to get a teaching job. Not anymore…
The workers have all the power now….and when workers have all the power they become chitty workers who demand more than they put out. What do you think WFH is? It’s not good for business, but it’s good for the worker. This is all sourced from bad demographics.
You have all these old people that need to be taken care of and not enough younger workers to replace their labor. What you get….a job market and economy that was the exact opposite of what you grew up and lived in. You lived in a high population growth era that led to massive growth in the economy from said population growth. What happens now? How do you grow an economy in which workers call the shots?
Businesses had an endless supply of workers during your lifetime. This led to workers competing with each other in fear they may lose their job. This led to workers taking orders from the boss in fear of losing their job. Now, they make the demands…let that sink in. “I’m not working if I have to leave my house.” People are taking advantage and doing less and less work because they can…there is no one to replace them. This is bad for business and the economy…remember that.
This labor market has made unions irrelevant. Why do you need them in this environment? Well, they are getting huge raises (what did train workers get? 25% over 2 or 3 years? ….so maybe it empowered these unions even more. Hope teachers union steps it up next contract….I am stuck at 1% over the next 3 years.
Package includes $44.9 billion for Ukraine – the largest amount of assistance yet
Pony up, kids. Grandpa just spent your money before you even made it.
Hey Phoenix,
Assume you type patient information into software and at some point HIPAA modifies what you can and can’t do. I do the same for banking. Basically, the subject experts sit in the US or UK and I have to extract information out them on what they expect software to do (or not do with many regulatory matters). It then becomes trying to herd cats in India to find who around at 8AM US time to help solve Poland teams reliance on them. We were supposed to have a 100% Krakow dev team (pod) but my POS IB decided not to compete hard in Krakow market so now 80% work done in India and 20% Poland. I am left managing what crap has been hastily handed over from India, what will be delayed bc Poland team can’t resolve then explaining this to business executives who have zero clue about tech constraints. We are nerds in a single room, for all they care.
The workers have all the power now….and when workers have all the power they become chitty workers who demand more than they put out.
No, they don’t have all the power. They are transmitting the amount of wattage they should with the current their amplifier is being provided.
You don’t offer a future, like the mammary pension you receive from cradle to grave, why should anyone have any loyalty to you. It balances out.
Most republicans are against Unions. Really don’t know any that aren’t, sure there is an outlier or two. Most republicans are also pro-police. Police overwhelmingly are union members. So why don’t republicans complain about police unions?
Phoenix says:
December 20, 2022 at 9:30 am
“And to all you boomers – or should I say, “old codgers.”…”
3b says:
December 20, 2022 at 10:24 am
“I know some of these old goats…”
As a tail-end boomer it’s very weird being thought of as ‘old’. The transition from raising kids and being ‘in your prime’, to being thought of as old, literally seems to have happened overnight. Oh well…
Republicans are masters of cognitive dissonance.
Bystander.
Sounds dreadful. I’m off to work soon, maybe I should feel grateful.
You are clearly doing God’s work making sure the wealthy get richer. Too bad they don’t appreciate your hard work.
Maybe you will get a Yeti tumbler for the holidays. Your story reminds me of Christmas vacation-got any relatives with an RV willing to snag your boss and bring him home to you?
All joking aside, my condolences.
Lib,
I am all ears. How exactly is a WFH worker more efficient than an in person worker? You keep promoting this idea that WFH increases productivity. If that is the case, why did productivity numbers get destroyed…lowest since they started keep records. So explain it to me…how is a WFH worker more productive than an in person worker.
U.S. workers have gotten way less productive. No one is sure why.
Bosses and economists are troubled by the worst drop in U.S. worker output since 1947
https://www.washingtonpost.com/business/2022/10/31/productivity-down-employers-worried-recession/
Small: I am a tail ended as well. The years fly by! I get angry when I hear some people my age and older complaining about the young people. Yes, some are self absorbed and entitled but they are many that are hard working and making their way in this world, and yet there are so many old timers that constantly knock them down. It’s not right, and the older generation should acknowledge they have made a mess of this country, Republican, Democrat does not matter, they are all to blame. Now I hear some of them moaning because they did not sell a year ago. It’s like it’s never enough, and they are never grateful or satisfied.
This reminds me of the young’uns I work with. I’m pretty seasoned like you SGC so they all look up to me as some sort of guru- until they make the 5 year mark and then they think they know everything.
The difference between a 23 year old woman and a 31 year old woman is staggering.
Yet they look so similar. I don’t need to be a teacher, where I work is pretty much like a female only high school. It’s fun to watch these young girls manipulate grown physicians-absolute masters at it. They try to play me as well.
A song that describes them really well:
https://www.youtube.com/watch?v=J657LHqAD4g
Check that last paragraph….that is screaming to me what the issue is. Manufacturing is “in person” jobs. Their productivity didn’t drop…but why did the rest? You know why. People worked hard at first from WFH to prove they can be productive (they were actually doing more work)….now as time moves on, they become complacent and unmotivated. Human nature is a biatch.
“Employers across the country are worried that workers are getting less done — and there’s evidence they’re right to be spooked.
In the first half of 2022, productivity — the measure of how much output in goods and services an employee can produce in an hour — plunged by the sharpest rate on record going back to 1947, according to data from the Bureau of Labor Statistics.
The productivity plunge is perplexing, because productivity took off to levels not seen in decades when the coronavirus forced an overnight switch to remote work, leading some economists to suggest that the pandemic might spark longer-term growth. It also raises new questions about the shift to hybrid schedules and remote work, as employees have made the case that flexibility helped them work more efficiently. And it comes at a time when “quiet quitting” — doing only what’s expected and no more — is resonating, especially with younger workers.
Productivity is strong in manufacturing, but it’s down elsewhere in the private sector, according to Diego Comin, professor of economics at Dartmouth College. He noted that productivity is particularly tricky to gauge for knowledge workers, whose contributions aren’t as easy to measure.”
The Great Pumpkin says:
December 20, 2022 at 9:27 am
“It takes the professionalism out of the profession…”
Professionalism died a long time ago. I think it’s a major reason for the decline of once-venerable institutions like the FBI and NIH. It’s also the reason that even though I work in a beautiful, expensive office building in NYC, I’m subjected to seeing the ugly, repulsive feet of the men that come to work in sandals, with their hairy toes and curled, dirty nails on full display when I grab a snack in the cafeteria. Having those slugs WFH is a huge bonus in my book.
Like Phoenix said, you used to have to be at the top of your class or have connections to get a teaching job. Not anymore…
no one said that
Ever!
Lib: The example you gave is as detailed as ever, and spells it all out. As for the rest , I would just let it go; it’s simply not worth it.
In my work, lately all you need is a pulse and a license. When I started, you had to have a connection or a reputation. Nope, such a shortage. Anyone going into my field doesn’t need to even think about what is a “great college” no one, absolutely no one, cares where you went to school. It’s a freak show.
PumpkinFace says:
December 20, 2022 at 11:24 am
Like Phoenix said, you used to have to be at the top of your class or have connections to get a teaching job. Not anymore…
no one said that
Agreed and it’s sad…
Decline of America or maybe even human civilization. Being a professional means something, too bad new generations think it doesn’t matter. Actions determine character. Character determines said business or country long-term.
SmallGovConservative says:
December 20, 2022 at 11:21 am
The Great Pumpkin says:
December 20, 2022 at 9:27 am
“It takes the professionalism out of the profession…”
Professionalism died a long time ago. I think it’s a major reason for the decline of once-venerable institutions like the FBI and NIH. It’s also the reason that even though I work in a beautiful, expensive office building in NYC, I’m subjected to seeing the ugly, repulsive feet of the men that come to work in sandals, with their hairy toes and curled, dirty nails on full display when I grab a snack in the cafeteria. Having those slugs WFH is a huge bonus in my book.
3b and Lib,
Please address the productivity declines that I pointed out.
Pumps,
I’m not a teacher. My job title is not instructor.
I am a “preceptor.” I get paid a pittance to make sure some new kid doesn’t make a critical error on my watch.
It’s called you put experienced with inexperienced-see one, do one, teach one.
Pumps,
Since nearly everything you say and do is backed by nothing, I ask for you to provide me the same privilege in responding to the recent drop in productivity.
I am guessing, and I feel it is a generally well-educated guess, the drop is due to a combination of mainly two things. One, much of the productivity gains stemmed from the stimulus the world governments provided their citizens. Stimulus removed, productivity gains disappear as the demand for solutions to get more done with less are diminished. The reason manufacturing is holding on is due to the supply line shortages and the attempt to race to fill the gaps. The recession, combined with manufacturing’s tendency to overproduce after a shortage, will no doubt result in bloated inventories resulting in their drop in productivity soon enough. The second issue is indeed, the need for all of us to take a much needed breather after the last two years of madness. Though, I would argue, the day of reckoning for ALL workers is almost here. I’ve been repeatedly saying that this Spring into the Summer is going to be ugly time for nearly 15 months now. A lot of people are going to lose their jobs. The journalists are going to say, it’s the end of the world as we know it. Just like in 2000 and 2008. Then calmer minds will prevail. Smart money will move into the markets providing the stimulus for companies to spend to hire and the whole bull/bear cycle will repeat itself.
Though one thing will always remain the same. The dumb money will be too scared to pull the trigger when the world is ending. That same dumb money that thought NFTs, SPACs and Crypto were more valuable than bread and butter. These same brainiacs will miss the recovery, afraid they’ll lose their hard-earned money again. You will be among them.
As always, the recovery will be lead by the small-caps who don’t need to borrow to succeed. They will grow due to their leanness and flexibility. By the time you see the S&P and Dow recover, you will mostly have missed the boat as your money will be tied up in P&G and J&J.
SGC,
Come work with me. You will see some of the most beautiful faces, whitest teeth, and gorgeous smiles that rival anything Hollywood has to offer.
“I’m subjected to seeing the ugly, repulsive feet of the men that come to work in sandals, with their hairy toes and curled, dirty nails on full display when I grab a snack in the cafeteria. Having those slugs WFH is a huge bonus in my book.”
Libturd,
Excellent write up on WFH. It doesn’t work for every industry and every person. But I think it works well for people who mostly read/analyze/write all day, and especially for those with goal-based compensation. Think about how Pumpkin has a full time job inflating the njrereport comment count, which is entirely remote. No in-person meetings involved, and he’s been pumping up the count for years.
In other news, it appears the ten-year may be resuming it’s upward climb.
And yes, I have the day off. You an always tell by my ability to proofread my posts before posting them. :P
SGC,
What kind of weird guys go to NYC office cafeterias wearing sandals?
Sounds like something guys in the media industry visiting from CA would do.
Could it just be human nature?
You want to deal with unmotivated workers working from home, who don’t give a flying f/k about the company while they are quietly quitting?
This covid shutdown created a disaster in the labor market (forced so many to retire early or just quit) for companies that want to get chit done. Recession is coming because productivity says so….productivity got slammed and it will create inflation as you are paying more to the worker than you get back. Economy needs to take a hammer to the head to clean all this mess up now.
“I am guessing, and I feel it is a generally well-educated guess, the drop is due to a combination of mainly two things. One, much of the productivity gains stemmed from the stimulus the world governments provided their citizens.”
Thanks NoOne.
And yes, the shoe does not fit everyone.
It has become clear as day as those who have never spent a day home with their kids are adamantly against remote working. Ask Elon how many times he has taken mass transit to work, or even driven himself. I’m fairly certain, the number of times can be counted on one hand. Ask Jamie Dimon and the other loud mouths too.
“Adversity makes men, and prosperity makes monsters” – Victor Hugo
I’d say the decade-long asset/prosperity bubble engineered by central banking ZIRP helped create the luxury belief bubbles such as ESG investing (so seemingly easy to make money that people started shoehorning their favorite social justice causes onto their investment managers, rather than focusing on the terrific difficulty of actually making returns,) or installing DEI committees in their companies and organizations ( hey, the company is making lots of money and/or getting tons of funding, so lets hire a lot of deadweight who will harass our productive employees with unproductive meetings while sabotaging the effectiveness of future hires by sacrificing the pursuit of talent and skill to rainbow quotas.
When suddenly the returns/assets/cash inflows drop, I’m hoping decision makers drop the luxury belief lifestyle that were set up in organizations.
Pumps,
You always miss the point. It’s a supervisor’s role to ensure his workers are productively using the time they are being paid for. Working from home or in a cubicle does not change this one bit. Sure, some of the complaints I’ve had to deal with have changed. I used to have to deal with lots of political BS, such as, Joe won’t shut up about how great Trump is, or Sally is a closet Nazi. Now it’s, Joe needs to let us know when he plans to take a 90 minute dinner (he’s hourly btw so he punches out for dinner). Or Sally needs to communicate more effectively her job status’ in Teams. But at the end of the day, I still judge my workers by the quality and amount of work they produce or solutions initiated. This does not change based on where their ass is located.
Lazy existed in the office too.
Lib: Again, well said, but as I noted it was all for naught. We who WFH/ Hybrid should be able to have a rational conversation on the topic and give our experiences and note what we are seeing , and how it’s playing out for ourselves and all the family and friends we know who are living and doing it. However, the topic is closed here and when it arises, it’s shut down, the hatred and venom , the belief that one person with zero experience living or doing it knows best, and the childish name calling. It’s not worth it, and it is what it is. Best we all steer clear of it for a number of reasons.
Lib,
How the f/k do you motivate and get on someone’s ass that is WFH? Remember, you can’t fire them, you don’t have anyone to replace them with. WFH is an abomination for businesses unless they are a business like bystander’s, based on outsourcing and providing a chit product in the name of cost.
Like you point out….the employee doesn’t rev0lve around the company’s schedule, it now revolved around the employee’s schedule….and they all have their own unique personal schedule at WFH. Good luck with that chit if you run a company and have to manage these people. Not a good time to be a manager, that is for sure.
Geeeeezus.
I have a front row seat to a “Director” level human functioning in a leading biotech. That worker is “international” so meetings start at 6AM. Day runs until 6PM followed by at least 2 or 3 hours of work each night after dinner. No time list to commuting no time lost to drop-ins and idle chatter. Yet, she likes it.
That person is being courted by one huge East Coast Pharma-machine that wants workers at least 3 Days a week in the office and a return to the absolute crap that is East Coast weather. This is NOT a draw. This is a deficit. Returning or not to offices is now a huge differentiator in employment terms. I suspect it will remain that way going forward.
As a teacher, it’s never been about where you went to school unless you are the “leader” at a place that needs gravitas. No, teaching is still about how the classes go and how the kids feel about you. I personally am having the best year that I’ve ever had in education. Well funded, public, very well run, with respectful, kind and insanely talented kids who are https://youtu.be/afam2nIae4o
Of course heaven is my home, but I’m not homesick:
https://youtu.be/bqtfl0gt5fM
Again, you only look at it from the perspective of the worker. How do you think the owner feels? You think Elon Musk thinks it’s optimum for him to hire WFH employees? The guy doesn’t hold back and tells you how it is…he hates it. Now why does he hate it? Could it be that he cares about getting chit done? Hmmm
Let’s be serious…a professional job getting paid six figures or more to wfh is the equivalent of hitting the lottery. It’s better than owning any business and it is not sustainable long-term.
3b says:
December 20, 2022 at 12:14 pm
Lib: Again, well said, but as I noted it was all for naught. We who WFH/ Hybrid should be able to have a rational conversation on the topic and give our experiences and note what we are seeing , and how it’s playing out for ourselves and all the family and friends we know who are living and doing it. However, the topic is closed here and when it arises, it’s shut down, the hatred and venom , the belief that one person with zero experience living or doing it knows best, and the childish name calling. It’s not worth it, and it is what it is. Best we all steer clear of it for a number of reasons.
3b is correct Pumps. You are too far disconnected from being renumerated based on performance to understand that location does not matter. Sorry that we get to work from home and you don’t. Sorry that teachers are so technologically inept that their students who watch TikTok and Reddit all day could not somehow learn anything from you remotely.
If Elon was willing to pay me 1/10,000th of what he makes a year, I would work for Tesla, in the office, 24 hours per day.
You really are a blockhead.
Think he’d be willing to pay me?
Lib,
Nah, how about the kids absolutely stopped giving a f/k under remote conditions. Good luck with these students when they become WFH workers. Good f’ing luck!
But let’s use your son, who is highly motivated, to say that remote learning works. Your kid is the anomaly, not the norm.
lol
Elon Musk
@elonmusk
·
4m
As (outgoing) Chair of House Intelligence, did you approve hidden state censorship in direct violation of the Constitution of the United States
@RepAdamSchiff
?
My kid is Elon Musk.
See it now?
Excerpt from Stanford University language guidelines.
Other listed terms include “immigrant,” which should be replaced by “person who has immigrated” or “non-citizen,” to avoid referring to people by single characteristics, while “walk-in hours” is swapped out for “open hours” in order to include those with disabilities. The common phrase “beating a dead horse” is also cautioned against, based on the idea that it normalizes violence against animals.
“ It seems like hiring in still crazy”
Dark Brandon will get re-elected
Dark Brandon? With the poopy diapers?
Yes, and most workers are not Elon Musk…. see it now?
WFH is a liability to businesses because workers can’t be trusted to do the right thing. Human nature says so. You can’t trust people, and if you do, you are a fool.
Libturd says:
December 20, 2022 at 12:39 pm
My kid is Elon Musk.
See it now?
Done arguing Pumps.
Fair enough….agree to disagree. Let time decide who is right or wrong.
Chicago, I was just reading that editorial in the WSJ. Wonder why college tuition costs are rising but not outcomes?
I wonder how much money social justice “stakeholder groups” are grifting out of such projects?
The Elimination of Harmful Language Initiative is a “multi-phase” project of Stanford’s IT leaders. The list took “18 months of collaboration with stakeholder groups” to produce, the university tells us. We can’t imagine what’s next, except that it will surely involve more make-work for more administrators, whose proliferation has driven much of the rise in college tuition and student debt. For 16,937 students, Stanford lists 2,288 faculty and 15,750 administrative staff.
We might be in serious trouble due to the demographic decline in population growth. Capitalism has never experienced an era where massive population growth doesn’t exist. Remember, it’s all a Ponzi….the entire economy is one big Ponzi dependent on never ending growth. It’s no different than social security or pension system.
What’s interesting…how will the stock market work in a world with not much population growth? Won’t be able to just DCA passively and win, as the economy might not keep growing and instead decrease if the population doesn’t keep growing. Weird times, indeed.
“Outside the United States, other nations, such as France, Germany and Canada, have also seen productivity slow down, said Klaas de Vries, senior economist with the Conference Board. In a sense, the world is seeing a return to pre-pandemic levels, but he expects productivity to decline further in the coming months, with many economists forecasting a recession in 2023.
A recession next year may not have the “cleansing” effect on productivity that generally accompanies a downturn, de Vries said, because companies may be hesitant to resort to mass layoffs in such a tight labor market. This time, there’s a risk a recession could slow productivity further.”
It’s a shift…and like so many shifts it’s challenging.
Think of it this way….one tried and truism is that we need – as Judge Smails said: Ditch Diggers”…. now there’s a truism. We shored up the bottom …? Why? Because that’s where it matters to business owners. If they can’t adequately staff, they are done.
Some might not agree. The notion of being vital really matters today. Pandemic exposed a lot of really poor performers and it gave lazy people the reason to double down. But anyone who really tries in life does what they do despite the others.
So for the individual which everyone here celebrates, for that thinker it created headroom and actually made those people indestructible. .
Here is some insight, Blumpy. This seems like a reflection on you more than anyone else.
“workers can’t be trusted to do the right thing. Human nature says so”
The other huge wonder of the pandemic was how families and neighbors spent time together. Being single or disenfranchised from family during that time was surely terrible. But for those of us with families we liked being around, it was a wonder to have everyone around. To see work habits and correct issues with kids who had them? Priceless
SmallGovConservative says:
December 20, 2022 at 11:08 am
As a tail-end boomer it’s very weird being thought of as ‘old’. The transition from raising kids and being ‘in your prime’, to being thought of as old, literally seems to have happened overnight. Oh well…
Small, you have earned it! No matter what is said on the board its an honor to have gone through all the BS to get here! Job well done!
Finally the environment began to clean itself like nature intended when everyone stayed home.
Pumps, ed-tech degree > interview > wfh position. Fully distributed teams, slack channels, dog pics, six figures, platinum bennies. You’ll still save enough with the salary differential to make up for that pension that may or may not be coming.
I don’t know…the more I think about it, the more it seems obvious to me. This population decline combined with capitalism might very well be the biggest crises of this century.
I am honestly going to look into this. Thank you.
Your spouse enjoy it so far?
Boomer Remover says:
December 20, 2022 at 1:58 pm
Pumps, ed-tech degree > interview > wfh position. Fully distributed teams, slack channels, dog pics, six figures, platinum bennies. You’ll still save enough with the salary differential to make up for that pension that may or may not be coming.
Jim: I don’t deny as a tail end boomer we had our share of things. The early 80s for instance was a miserable time to start a career for many. However, overall I believe we had it easier than many of the young couples with children. We were very fortunate that myself many others I know were able to support a family on one income, when the children were young, as well as many other things that no longer exist for the younger generations. Of course it came with a lot of hard work, etc.
I just think some of the boomer crowd, ( and I am a tail end boomer) should be a little more grateful and humble, and realize how fortunate we were in many respects. The world has changed and not all for the best. We need to remind ourselves if we engage in bashing the younger generations.
It’s silly for Boomers to bash the same generations they raised. That being said, I’m 100% committed to have my children not live up to any of these younger generation stereotypes because the current crop of gen z hires I’ve seen the past few years have done just that.
BRT: I agree, I have said that to a few people, you raises them how can you now bash them. As for the Z crowd, I don’t know how that will play out. Parents raise their kids and hopefully right, but once they get out in their he world lots of other influences . Parents have hopefully done their job and these kids will thrive, but in the end there is no guarantee. I think the Z crowed may be having their heads filled with nonsense in school, and who knows what passes for an education in college today.
Conversely:
if you are in a terrible school teaching is usually awful.
You’re stuck in a demographic morass that will drag you down.
If you weren’t able to supervise your kid or if they decided to play twitch games all say and flunked their way out of any academic future.
Then you are feeling pretty screwed right about now.
And you know what? That’s life motherf-cker.
2:35 education is more about letting the smart kids thrive and yeah others fail.
There appears to be a market for technically literate ex-educators who have experience working within government systems. Folks who can relate to and level with their ex-adminis in a sales or technical capacity.
All I can say is, from the teachers I’ve seen, they aren’t coming in with much background knowledge in their subject area. It’s as if college was legit just a 4 year vacation where they pretended to take courses. That lack of knowledge alone makes it impossible for them to be effective.
Yet, they are late for work all the time. This is literally the one job where you can’t be late…ever. They don’t grade anything. They are off traveling every chance they get. Their lessons are a train wreck. Yet, they somehow think they are equivalent of people who put in 20 years of dedication in their own delusional minds.
It really makes me shake my head because whenever you take on a new class, you should spend hours per day prepping materials. I’m actually in that position now that I’ve picked up AP Physics C as well. I’m hoping this is the last time I ever pick up a new course as I’ve now taught 11 different courses in my 14 year career.
So is the corporate office
Boomer, what’s the job title if you don’t mind me asking
Stu: Just one caveat to your very thorough and convincing WFH post earlier.
You have the benefit of an established workforce, an existing business social dynamic, and significant time to evaluate personnel in the workplace. On a going forward basis, the future employees, and also the younger staff to be developed, may not benefit as decisively as you have demonstrated. Again, it is not a disagreement, just a point to be made.
I agree Chi.
Training and onboarding (especially setting expectations and goals) is probably the one place in my world where working in person may provide greater benefit. Again, I still go into an office twice a month. I do it to make sure people I don’t work with regularly remember I still exist and am available for them. Those or the least productive days for me as everyone wants to catch up on life and not business. I’m quite no-nonsense at work, so I really care little for the idle chatter.
At least ARKK didn’t make another 52 week low.
Huh? You have me confused. I did not push NTFs, SPACs, or crypto. i was actually against bitcoin for a long time. I could kick my ass for not buying back in 2012. Costly mistake. Didn’t realize the reality of bitcoin till it was too late to buy-in. It’s not going to die, understand this.
Who is the one who liquidated their entire position the first week of this year? Calling me dumb money, i take offense to that.
“Though one thing will always remain the same. The dumb money will be too scared to pull the trigger when the world is ending. That same dumb money that thought NFTs, SPACs and Crypto were more valuable than bread and butter. These same brainiacs will miss the recovery, afraid they’ll lose their hard-earned money again. You will be among them.”
Chgo: It’s a good point and valid. I know my company is already addressing that, but I cannot go into details.
The minute liquidity returns to the market, and it will in time whether that is 1 year or 5 years, it will be the same cycle over again.
Wow, on a trailing 5 year basis, ARKK is down 15% and the S&P 500 is up 42%.
That takes anti-skill, you couldn’t achieve that just with dumb luck.
But Cathie blames inflation or the central bank or something for her and her team’s total incapacity in the basic investment management functions of risk management and valuation. Never invest with someone who is huffing their own farts.
https://tenor.com/view/fart-south-park-gif-10578739
Right, let me hear how you are going to address this. All ears.
You can’t replicate that. These relationships and businesses took years of in person collaboration to get there. How do you create a new company with people you have never met? What could go wrong? Nothing…right?!
I think the part that you miss and that Elon musk understands; when an individual works from home, they slowly stop caring about the company at all. They lose their connection and are simply just going through the motions. In person, people develop serious connections with their company and co-workers that can’t be replicated through slack. Seeing your co-worker working hard motivates you to compete with them. You get none of that special sauce virtually. You just get an employee that cares more about their quality of life than working hard for your company. Good luck with this entitled mindset from this current crop of workers. Why do I have to go into work?!! (Crying sounds). Because you are f’ing paid to. Stfu with your entitled bs. Such babies these days.
3b says:
December 20, 2022 at 3:46 pm
Chgo: It’s a good point and valid. I know my company is already addressing that, but I cannot go into details.
For such a smart guy who usually isn’t biased…wtf is this? You are cherry picking the cycle. That’s disingenuous. You know that, and I know that. I could have made the same argument about the s&p getting killed by arkk at the top of the cycle…
The Fed took a bat to the head of all these high growth companies to take demand out of the economy. They are coming for your s&p 500 next. Again, you know it, and I know it.
No One says:
December 20, 2022 at 3:59 pm
Wow, on a trailing 5 year basis, ARKK is down 15% and the S&P 500 is up 42%.
That takes anti-skill, you couldn’t achieve that just with dumb luck.
But Cathie blames inflation or the central bank or something for her and her team’s total incapacity in the basic investment management functions of risk management and valuation. Never invest with someone who is huffing their own farts.
https://tenor.com/view/fart-south-park-gif-10578739
Truth right here from my experience. Agree with everything said here.
So much work when forced to teach a new class. I hate when they do this to me or force me to develop entirely new lessons based on their bs strategies/philosophies. I am at the point where I have been there long enough to see the strategies that they told me didn’t work being recycled with some new name/acronym and presented as a winning strategy.
BRT says:
December 20, 2022 at 2:51 pm
All I can say is, from the teachers I’ve seen, they aren’t coming in with much background knowledge in their subject area. It’s as if college was legit just a 4 year vacation where they pretended to take courses. That lack of knowledge alone makes it impossible for them to be effective.
Yet, they are late for work all the time. This is literally the one job where you can’t be late…ever. They don’t grade anything. They are off traveling every chance they get. Their lessons are a train wreck. Yet, they somehow think they are equivalent of people who put in 20 years of dedication in their own delusional minds.
It really makes me shake my head because whenever you take on a new class, you should spend hours per day prepping materials. I’m actually in that position now that I’ve picked up AP Physics C as well. I’m hoping this is the last time I ever pick up a new course as I’ve now taught 11 different courses in my 14 year career.
Some cultures are not used to wearing shoes all the time. A few people used to sneak in the flip flops on casual Friday and then it became a weekly thing for a while when most companies relaxed the dress code full time. I fail to see it being that common in NYC with broken glass, dog poop, and running from muggers on on the 7 train on the way back to Queens.
As far everyone else the memo said anyway we relaxed the office dress code to showing of patriotism, so I was all in. Here is a clip from SNL right after 9/11 a comedic masterpiece.
https://www.youtube.com/watch?v=3mLsU46h8IA
3b says:
December 20, 2022 at 2:16 pm
I just think some of the boomer crowd, ( and I am a tail end boomer) should be a little more grateful and humble, and realize how fortunate we were in many respects. The world has changed and not all for the best. We need to remind ourselves if we engage in bashing the younger generations.
3b,
I don’t think I ever bashed younger generations. I respect all working people and have certainly shown that when renting to many different people and also giving support to my children and grandchildren in life. I have received many letters from different younger people , thanking me for helping , educating and supporting them over the years. I know how tough it is out there for everyone.
Jim: I understand that, and it was not my intent to reference you personally, but rather Boomers as a group. I too respect all working people and all walks of life. I lots of wonderful hard working young people including my own kids; they are to be proud of.
Except Pumpkin, when Cathie was beating the S&P500 I also pointed out then that ARK was lacking in risk management and had no capacity for valuation. So my criticism has been consistent throughout.
Your knee jerk defensiveness about ARKK suggests maybe you have owned a position in this collapse after all, in contrast to your claims.
I’ve never seen anyone to be so defensive about, interested in, and make so many excuses for an investment they claim to have sold long ago, or maybe never bought, or owned and was going to keep investing more in every month no matter what, depending on which post of yours we pay attention to.
I think we should also ban the use of the expression, every Tom, Dick, and, Harry, people with these names could be singled out for abuse or perhaps made to feel self conscious, or vulnerable.
3B,
You are absolutely correct about some boomers feel they are entitled. We have a teacher friend who retired @55 , sold their Morris county house and retired to North Carolina. Husband inherited 10 million from his parents and stopped working @ 40. These people are probably the scum you are referring to, and I agree. Whenever we went out to dinner with them , they both treated the waiters like dirt. It got so we did not enjoy going out with them as a couple. Ironically we never went to visit them in Carolina( 15 years) , just could not handle their holy entitled attitude.
We actually would rather spend time with real friends and family.
“This political “fundraiding” from the Turnpike Authority’s barn of cash cows – financed by toll payers – makes it increasingly difficult to lower toll rates once the authority’s budgeted operational and capital costs are covered,” said Steve Carrellas, National Motorists Association state policy director. “Even with the possibility of federal financial relief that could lessen or end the authority’s anticipated commitment, what’s next?”
Carrellas said bond holders and investors are better protected financially than drivers who pay tolls, that make up 87% of the authority’s revenue stream.
https://www.nj.com/news/2022/12/nj-turnpike-agrees-to-pay-billions-to-help-fund-the-gateway-tunnel.html
No one,
I believe in the innovation investment thesis for the next two decades. Massive change is upon us. So when people bash ark, I take it as a punch in the face to people who support innovation by investing in it. Ark is the poster boy for investing in disruptive innovation.
You are correct, you did criticize her like many others for not protecting her pot after such a run up. Though, what did you expect her to do? Close down her funds? Become a value etf? I just think people need to leave her alone. She is good at what she does, but she is not perfect…who is?
I have zero positions in anything except DNA and ETH. Why would I lie? I don’t care if I am wrong, all I care about is learning from my mistakes and making money long-term.
Jim,
Those type of people are the scum of society. Good move avoiding those losers. Can’t stand people that belittle others.
Ark type stocks….housing. It doesn’t matter, the FED is taking a bat to the head. If you are holding an asset that didn’t take a bat to the head, be very very careful…it’s coming.
“Fannie Mae is reporting that 79% of Americans think it’s a “BAD TIME to Buy a House”.
❌🏠That’s historic housing pessimism. A record. We’ve never seen anything like it before.
Suggests that Housing Downturn will get even worse in Spring 2023…”
Remember how the markets work. The more people that expect declining prices, the less people will want to buy. Same exact thing will happen on the way down as it did on the way up….emotions will get involved and create unbelievable deals as it overshoots on the way down.
Never fails on the way up and never fails on the way down…
The market should have tanked today after the Japanese crisis yesterday, no? Anyone have any idea why it went green?
BRT, I believe it is learning engagement expert partner or something. mid senior. experience in Learning Management Systems, curriculum design and course development experience.
Jim: We have known a few couples like that; they are insufferable. We have distanced ourselves from them, and rarely ever see them if at all.
Thanks. My wife works a similar job, wfh, but her company seems to be stingy on pay. I think she can do better.
I’m not sure if pay is location based. We are in Hudson/Bergen. I am convinced that three years ago this same job would have paid $15-20K less… recent wage inflation is crazy. I see it in the open ads, and I infer from the movement between firms in industry and out of industry.
We have a trusted HR consultant who we hire for mock interviews and to be our advisor in the process. She said it was midpoint and fair.
I’ve worked from home for the last 13-14 years now.
In my last 3 positions I was a direct report of c-level. Company sizes ranged from $500m-$4b.
This is an encapsulation of everything that is wrong with social media: h**ps://twitter.com/ThisIsKyleR/status/1605211421876551680
Masking is back..
Passaic Public Schools