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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?

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.

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!

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.

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.

brb dropping out of law school

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/

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.

MORE STIMULUS!!! MORE DEBT!!!!

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

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

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

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.

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.

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.

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.

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.

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.

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

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

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

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

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

ETA: Now we're down 500.

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.

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...

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?

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........