Korean Job Discussion Forums

[recessiontime]

I think we've been in hard times since....2008 maybe 2007. When will things go back to pre 2000 levels?

Or have we crossed some line of no return where the next decade or two is riddled with economic misery?

[BaldTeacher]

[Radius]

[AsiaESLbound]

Hard to say. It was supposed to end in 2008, but only got worse. The thing that's strikingly odd is the CEO's who fired the most employees made the most money and the stock market is doing just fine. It's over 10,000 points most of the time and big day trader investors such as banks and executives make big money off of the regular daily ups and downs.

However, in reality, the job market only gets worse. If you asked someone in the money when this depression is going to end, they'd laugh in your face and go, "what are you talking about? Life's good. Everything's fine, just go get." If you asked the other 98%, they'd basically say, "Who knows?"

When you chat with rich people, who are your relatives, friends, and people you meet out in the world in tourist places, planes, and trains, they usually don't feel there's any problem with the system and job market, but all of us not in the money searching for a way to pull off a great career know there are huge problems brewing. As for when opportunities are going to pop, you have to make it happen through self employment or you inherit money or career opportunity via nepotism. I.e. Your dad is a bank president who knows all the guys in the money so he gets you on to broker loans. With all the nepotism, it doesn't require high qualification to get the good career opportunities, it only takes an easy psychology degree and a relative referring you. Despite the many silver spoons dictating who is, "have," the well heeled feel if you are a, "have not," then you haven't pulled your weight in making it happen. I disagree as you can do all the right things, but opportunity is tough to get in such a tight market if no one feels a need to bring you on since you are not the nephew or son of the business president. It's not a lack of resources and money, it's the banks and executives are keeping the purse strings pulled tight so there's very little investment and job creation in Western countries. If you know some history, it's always been a tight, but nepotistic job market. There's no magic bullet.

The depression only ends when you are in the money. While the job market is tight as 1930's on steroids, the only way out of a depression is your individual success via self employment or inheritance if not in a highly specialized skilled trade and even a skilled trade warrants taking the self employment route vs. searching for these jobs that pay low and play hard to get.

[Gatsby]

Not until people stop voting for Republicans.

A vote for a Republican is a vote for the Great Depression II.

The Republicans brought us the first Great Depression. And even after electing FDR, the Republicans used tactics of obstructionism and scurrilous character assassination that greatly prolonged the Depression -- the same tactics they are using today.

Read your history.

And repeat after me:

"I will never, ever vote for another Republican so long as I live."

[koreabust]

the rich will keep getting rich. until there is a revolution like in the past things will never change. In the past people fought, bled, died for freedom and equality. these days the powers, governments have set it up to prevent protests or rebellion. they use the military to end it quick. and if a rebellion were to take place, the international governments would step in to squash in to prevent any other nation peoples to have a similar idea.
we are being repressed economically . sure its not as bad as 200 years ago
but still we are surfs to people in power,

[sallymonster]

[sallymonster]

[rogue123]

In absence of some revolutionary technology spurring a ton of investment, and so job creation and effective demand, it seems hard to envision the U.S. pulling out of its current stagnation anytime soon.
Allan Greenspan once wrote an article entitled "The Great Malaise" (1980) which is remarkably prescient in a number of respects. He argues that a return to the Great Depression is unlikely given legislative changes (such as deposit insurance to prevent a run on banks), and also the ability of the Federal Reserve to "flood the markets with paper-claims", but that five major imbalances--if they continue--could threaten the U.S. and global economy: These were (1) real estate speculation, (2) the related ballooning of mortgage and consumer debt in relation to household incomes, (3) the sinking deeper and deeper into debt of non-oil-producing third-world countries, (4) the increasing vulnerability of the complex and little-understood Eurocurrency system, and (5) the so-called dollar-overhang problem-in Greenspan's words, "the evident excess of dollar-denominated
assets in government and private portfolios throughout the
world." (quoted in "The Great Malaise," Monthly Review, 1988)
Here is his conclusion:
"Thus in today's political and institutional environment, a replay
of the Great Depression is the Great Malaise. It would not be a period
of falling prices and double-digit unemployment, but rather an
economy racked with inflation, excessive unemployment (8 to 9
percent), falling productivity, and little hope for a more benevolent
future." (Monthly Review, Ibid.)
I will note this is the same man who presided over the largest asset bubble in the history of the world, spurring it further with easy money policies. All the more remarkable because he seemed well aware of the imbalances likely to precipitate the current economic mire. Though, the experience of stagflation of the 1970s along with his fervent belief in monetarism seems to have led to a mistaken preoccupation with inflation--a bogey yet to show itself this time around, and unlikely given the amount of excess capacity, decline in housing values, and rampant consumer deleveraging, all pointing toward a lack of profitable investment opportunities and declining consumer spending. A process that would seem to extend the Great Malaise well into 2011 and most likely beyond--given that the political climate in DC is calling for austerity measures that will only add the prevailing head-winds.

[BaldTeacher]

What many people fail to talk about is the fact that oil production is at a plateau. When it starts to drop (and it will), it will be a real kick in the balls.

[Gatsby]

Sallymonster wrote:

[RMNC]

It's a great reason to jump ship on America. I'm not a big "sky is falling" type of guy, but America is truly unsustainable. I expect to see some real problems for America in the next 10-15 years. Korea has a solid infrastructure that America doesn't.

[Gatsby]

One more thing, Sallymonster, regarding:

[recessiontime]

Gatsby, in places like Canada the media is actually owned by a handful of companies.

Secondly, while the media does report facts it does put it's own bias behind it. What's worse is that they selectively choose what airs and what does not and special interests are a big part of this. This is the reason, wikileaks is breaking a lot of the big stories while CNN is covering inane happenings.

[caniff]