Dow is down 400 points

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
User avatar
romothesavior
Posts: 14772
Joined: Fri Jun 26, 2009 4:29 pm

Re: Dow is down 400 points

Postby romothesavior » Thu Aug 04, 2011 3:27 pm

Anonymous User wrote:Sitting at the desk in my major wall street firm. No panic, work coming in at a steady pace, everyone is busy.

Last time stocks fell because industry hit a tough patch. Today stocks are falling because people are selling stocks. Corporate deal, litigation, and regulation spending is humming along, IPOs are hot, and companies are sitting on massive war chests plus strong earnings.

Chill.

Appreciate the insight, and clearly you know a lot more than I do about it. But hasn't the past week or two of stock activity wiped out all gains made by the market this year? Isn't that a bad thing?

Eco
Posts: 325
Joined: Mon Aug 09, 2010 11:37 pm

Re: Dow is down 400 points

Postby Eco » Thu Aug 04, 2011 3:33 pm

There is a huge risk of a double-dip recession now. Tomorrow job numbers come out. If they're not good, things are going to get even worse. Obama needs to stop pandering to the tea party--the country needs a stimulus package that will be completely focused on rebuilding the country's infrastructure. That'll put tens of thousands of people back to work.

User avatar
KeepitKind
Posts: 201
Joined: Sat Apr 03, 2010 6:38 pm

Re: Dow is down 400 points

Postby KeepitKind » Thu Aug 04, 2011 3:34 pm

Eco wrote:There is a huge risk of a double-dip recession now. Tomorrow job numbers come out. If they're not good, things are going to get even worse. Obama needs to stop pandering to the tea party--the country needs a stimulus package that will be completely focused on rebuilding the country's infrastructure. That'll put tens of thousands of people back to work.


ya, that's what we need - and make it shovel-ready!

Eco
Posts: 325
Joined: Mon Aug 09, 2010 11:37 pm

Re: Dow is down 400 points

Postby Eco » Thu Aug 04, 2011 3:36 pm

A lot of people keep saying "Well Obama already spent 800 billion and that got us nowhere!" That is a FALSE statement. First, about 400 billion of that was pure tax cuts, not stimulus money. The rest was used to keep banks and car companies from collapsing.

We really, really need another stimulus. The deficit is not the problem. The job market must recover, when it does, we get more taxes/revenue=end to the deficit.

Morgan12Oak
Posts: 451
Joined: Tue Mar 23, 2010 1:59 am

Re: Dow is down 400 points

Postby Morgan12Oak » Thu Aug 04, 2011 3:41 pm

Sigh, the answer is not chasing bad money with more money. Throwing a few hundred k to create a job or two is not productivity. That will increase numbers but not solve the underlying problems. We've done nothing to fix the root of the problem that caused the 2008 crash and the next dip will be far worse. While the world reacted with monetary changes to alleviate the last crisis, they no longer have that option.

It is time for the correction to finally begin... which they should have let happen 3 years ago.

User avatar
Grizz
Posts: 10583
Joined: Mon Jan 04, 2010 6:31 pm

Re: Dow is down 400 points

Postby Grizz » Thu Aug 04, 2011 3:41 pm

brb dropping out of law school

User avatar
quakeroats
Posts: 1399
Joined: Mon Oct 26, 2009 8:34 am

Re: Dow is down 400 points

Postby quakeroats » Thu Aug 04, 2011 3:42 pm

Eco wrote:There is a huge risk of a double-dip recession now. Tomorrow job numbers come out. If they're not good, things are going to get even worse. Obama needs to stop pandering to the tea party--the country needs a stimulus package that will be completely focused on rebuilding the country's infrastructure. That'll put tens of thousands of people back to work.


Who cares about the jobs numbers? There's a much bigger risk out there: http://www.theatlantic.com/business/arc ... is/239763/

User avatar
romothesavior
Posts: 14772
Joined: Fri Jun 26, 2009 4:29 pm

Re: Dow is down 400 points

Postby romothesavior » Thu Aug 04, 2011 3:43 pm

Morgan12Oak wrote:It is time for the correction to finally begin... which they should have let happen 3 years ago.

Please explain what the "correction" is.

User avatar
ndirish2010
Posts: 2951
Joined: Mon Dec 14, 2009 4:41 pm

Re: Dow is down 400 points

Postby ndirish2010 » Thu Aug 04, 2011 3:44 pm

MORE STIMULUS!!! MORE DEBT!!!!

User avatar
NYC Law
Posts: 1569
Joined: Thu May 26, 2011 3:33 pm

Re: Dow is down 400 points

Postby NYC Law » Thu Aug 04, 2011 3:46 pm

ndirish2010 wrote:MORE STIMULUS!!! MORE DEBT!!!!


Because the best time to go on a diet is when you're starving.

User avatar
fathergoose
Posts: 853
Joined: Fri Dec 11, 2009 3:36 pm

Re: Dow is down 400 points

Postby fathergoose » Thu Aug 04, 2011 3:47 pm

Does the "correction" involve me not having to pay back my loans? Because I'd be ok with that

User avatar
rayiner
Posts: 6184
Joined: Thu Dec 11, 2008 11:43 am

Re: Dow is down 400 points

Postby rayiner » Thu Aug 04, 2011 3:47 pm

romothesavior wrote:
Anonymous User wrote:Sitting at the desk in my major wall street firm. No panic, work coming in at a steady pace, everyone is busy.

Last time stocks fell because industry hit a tough patch. Today stocks are falling because people are selling stocks. Corporate deal, litigation, and regulation spending is humming along, IPOs are hot, and companies are sitting on massive war chests plus strong earnings.

Chill.

Appreciate the insight, and clearly you know a lot more than I do about it. But hasn't the past week or two of stock activity wiped out all gains made by the market this year? Isn't that a bad thing?


It's not a good thing, but banks are still lending and that is still driving deal work. And the sectors of the economy where capital markets work has been hot recently (mostly tech) are still in good shape.

User avatar
Grizz
Posts: 10583
Joined: Mon Jan 04, 2010 6:31 pm

Re: Dow is down 400 points

Postby Grizz » Thu Aug 04, 2011 3:48 pm

fathergoose wrote:Does the "correction" involve me not having to pay back my loans? Because I'd be ok with that

I'm counting on repayin my loans with a wheelbarrow full of Weimar style depreciated dollars.

User avatar
romothesavior
Posts: 14772
Joined: Fri Jun 26, 2009 4:29 pm

Re: Dow is down 400 points

Postby romothesavior » Thu Aug 04, 2011 3:50 pm

Grizz wrote:
fathergoose wrote:Does the "correction" involve me not having to pay back my loans? Because I'd be ok with that

I'm counting on repayin my loans with a wheelbarrow full of Weimar style depreciated dollars.

This line would be funnier if you didn't steal it from me.

FU Grizz. I hate you. I. Hate. Grizz.

User avatar
3|ink
Posts: 7331
Joined: Wed Dec 16, 2009 5:23 pm

Re: Dow is down 400 points

Postby 3|ink » Thu Aug 04, 2011 3:50 pm

ndirish2010 wrote:MORE STIMULUS!!! MORE DEBT!!!!

Why not? Our debt will increase significantly when we have to borrow more to pay off the additional interest we'll have to pay now that the GOP has ruined our credit.

User avatar
rayiner
Posts: 6184
Joined: Thu Dec 11, 2008 11:43 am

Re: Dow is down 400 points

Postby rayiner » Thu Aug 04, 2011 3:51 pm

Grizz wrote:
fathergoose wrote:Does the "correction" involve me not having to pay back my loans? Because I'd be ok with that

I'm counting on repayin my loans with a wheelbarrow full of Weimar style depreciated dollars.


Substantial inflation is the best thing that could happen to our generation (under 30). We have no savings or assets (because we can't get jobs). We just have tons of fixed interest rate debt. So when you're making $500 hyperinflated dollars per hour working at Starbucks, paying off your debt will be easy.

User avatar
fathergoose
Posts: 853
Joined: Fri Dec 11, 2009 3:36 pm

Re: Dow is down 400 points

Postby fathergoose » Thu Aug 04, 2011 3:52 pm

Grizz wrote:
fathergoose wrote:Does the "correction" involve me not having to pay back my loans? Because I'd be ok with that

I'm counting on repayin my loans with a wheelbarrow full of Weimar style depreciated dollars.

On the downside, $5,000 burgers are going to be a real bummer.

User avatar
maxm2764
Posts: 529
Joined: Sun May 02, 2010 6:12 pm

Re: Dow is down 400 points

Postby maxm2764 » Thu Aug 04, 2011 3:53 pm

ITT: drop in Dow =/= drop in legal hiring.

I knew there would be some doomsday post about the Dow today.

User avatar
minnbills
Posts: 3153
Joined: Thu Sep 02, 2010 2:04 pm

Re: Dow is down 400 points

Postby minnbills » Thu Aug 04, 2011 3:53 pm

Ugh I hate the baby boomer generation. They're locusts I swear to god.

User avatar
Grizz
Posts: 10583
Joined: Mon Jan 04, 2010 6:31 pm

Re: Dow is down 400 points

Postby Grizz » Thu Aug 04, 2011 3:54 pm

romothesavior wrote:
Grizz wrote:
fathergoose wrote:Does the "correction" involve me not having to pay back my loans? Because I'd be ok with that

I'm counting on repayin my loans with a wheelbarrow full of Weimar style depreciated dollars.

This line would be funnier if you didn't steal it from me.

FU Grizz. I hate you. I. Hate. Grizz.

History major dawg. I didn't read the first page of the thread also

User avatar
NYC Law
Posts: 1569
Joined: Thu May 26, 2011 3:33 pm

Re: Dow is down 400 points

Postby NYC Law » Thu Aug 04, 2011 3:55 pm

minnbills wrote:Ugh I hate the baby boomer generation. They're locusts I swear to god.







ETA: Now we're down 500.
Last edited by NYC Law on Thu Aug 04, 2011 4:05 pm, edited 1 time in total.

User avatar
chem
Posts: 867
Joined: Thu Mar 03, 2011 8:14 pm

Re: Dow is down 400 points

Postby chem » Thu Aug 04, 2011 4:05 pm

Im almost positive I read somewhere on TLS, multiple times, that firms have been hiring in a way that anticipates a double-dip recession anyway.

Morgan12Oak
Posts: 451
Joined: Tue Mar 23, 2010 1:59 am

Re: Dow is down 400 points

Postby Morgan12Oak » Thu Aug 04, 2011 4:05 pm

Obviously a drop in dow =/= drop in legal hiring but lets get real here. This isn't one drop. It's 8/9 days down with bad economic indicators. Legal hiring is not always rational either. When managing partners in NY see these declines in the stock market and the massive destruction of wealth (some of it their own), I promise you they aren't thinking rationally.

The economy is terrible.

1) Official unemployment is at ~9%, but if you look at the actual unemployment including underemployed and people who have just plain given up, it is much closer to 20%.

2) Spending Power. Where is the future spending power coming from? The vast majority of college graduates are underemployed compared to their debt and many are even facing negative amoritzation with their student loans. The student debt burdens are almost acting as a mortgage for a huge amount of our generation which will severely hamper their present and future spending power.

3) Today we passed 100% of our annual GDP in national debt. The annual interest payments on it aren't getting any smaller...

backtothebeat
Posts: 77
Joined: Tue Aug 03, 2010 5:10 pm

Re: Dow is down 400 points

Postby backtothebeat » Thu Aug 04, 2011 4:07 pm

Morgan12Oak wrote:Obviously a drop in dow =/= drop in legal hiring but lets get real here. This isn't one drop. It's 8/9 days down with bad economic indicators. Legal hiring is not always rational either. When managing partners in NY see these declines in the stock market and the massive destruction of wealth (some of it their own), I promise you they aren't thinking rationally.

The economy is terrible.

1) Official unemployment is at ~9%, but if you look at the actual unemployment including underemployed and people who have just plain given up, it is much closer to 20%.

2) Spending Power. Where is the future spending power coming from? The vast majority of college graduates are underemployed compared to their debt and many are even facing negative amoritzation with their student loans. The student debt burdens are almost acting as a mortgage for a huge amount of our generation which will severely hamper their present and future spending power.

3) Today we passed 100% of our annual GDP in national debt. The annual interest payments on it aren't getting any smaller...


Word, and how about if we add the ridiculous prison population?

Anonymous User
Posts: 273590
Joined: Tue Aug 11, 2009 9:32 am

Re: Dow is down 400 points

Postby Anonymous User » Thu Aug 04, 2011 4:08 pm

minnbills wrote:Ugh I hate the baby boomer generation. They're locusts I swear to god.



Maybe there was something to those Obamacare death panels........




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.