Forum Post: Upward Mobility Going Into the 21st Century
Posted 11 years ago on Oct. 24, 2012, 11:48 a.m. EST by hchc
(3297)
from Tampa, FL
This content is user submitted and not an official statement
http://www.zerohedge.com/news/2012-10-24/guest-post-generational-wealth-and-upward-mobility
The ability for upward movement is a sign of health in a nation. The generation of recent graduates is going to have a hell of time just reaching the average middle class.
Radical changes are needed. A total makeover. As Jill Stein said last night. society is dependent on each generation coming in with fresh ideas and innovating. And our current generation is getting a shit education and will be so indentured to debt that creativity will be stifled.
http://www.huffingtonpost.com/2012/10/24/bank-of-america-mortgage-fraud_n_2009791.html
Sued for a billion? Trillions worth of derivatives, and we go for a billion? One billion. Thats like fining you $100 for robbing your neighbors.
Fed announces it will keep purchasing assets and giving wall st 40billino a month. Dow up a pathetic 8 pts since.
QE effect is wearing off. When it finally does, its going to be up to DC to fix these structural issues.
The real question is when does the market start to tank again, and what is the reaction to simply a "bigger" unlimited purchasing program? Because it seems that each one loses a noticable effect.
When that next program comes out, you know the cliff is close.
Since the Fed decided to start purchasing toxic housing assets from the banks, apps are actually down, along with refinances. Its not working. It never works. You cannot simply print your way out of this.
The most troubling thing going on right now is the stuff that isnt happening; as in, the people are not getting involved. They are mum. Totally mum. Try going out and talking about this stuff. You'll get told to shut the fuck up quick.
Goldman Sachs hedge fund summit today. Makes me think about what it is they do...
Perhaps being able to insure your bets is bad idea?!!
Perhaps being able to take people's mortgages and use them as your own slot machine is a bad idea?!!
Good thing we've heard a lot of credit default swap and glass steagall talk this election season.... Oh, wait.... Thats just online hear that stuff.
Their primary focus is removing any risk of losses.. They already make plenty of money every day, just eliminate all of the risks and they have the perfect business model.
The reason they are going to have a hell of a time is directly related to our educational system: for years what students have heard from educators is this: "don't listen to your parents, you can be anything you want to be."
What the parents advised was exactly this: Find a niche, chase the opportunity - because only money can set you free. And choose a college accordingly to gain some maximum educational cost to benefit ratio.
Ask a teacher how they would best advise today and you get a blank stare: this has been the mentality since the 70s.
And now we have graduates with hundred thousand dollar debts who can't find employment; I blame it all on the infantile philosophy of our educational institutions and those who they have empowered to take advantage.
The problem is college developed around the philosophy that education is a means to an end rather than a means in itself. These institutions maintained that with a degree one could get a better job. The results were in, and colleges could then charge more money because jobs would pay so well.
We all mostly bought into this philosophy that manual labor sucks, which is really just propaganda that colleges sold us so that we'd get our degrees. With degrees in hand, we could then ignore the fact that manufacturing jobs were being outsourced, since it didn't effect us.
Education serves but one of two functions: it either prepares people to assume a role as a tool of society in filling a particular niche or it serves to provide the foundation that will allow the student to pursue new knowledge. But the idea that "you can be whatever you want to be" is absurd because of limited opportunity.
Prosperity, too, has so well insulated children from anything that might pain them such as need, want, challenge, or physical labor... that they tend to believe the easy way out will best fit their material needs and continued comfort.