Registered: Sep 2008
05-14-12 01:42 AM
Quote from sle:
What I see is that employers actually compete for top talent, even at the very junior level. Which, oddly surprised, is consistent with the new normal - you either are a skilled talented professional (top 5-7%) and get highly paid jobs, or you are not and struggle to survive.
Personally, I think the new normal has to do with the technological displacement of the low skill jobs. When I started on Wall Street in 1996, every managing director had a secretary. Nowadays, twenty managing directors share a single secretary, cause they write their own emails, schedule their own appointments etc. These jobs are gone and people that would have taken them before have to scrape by.
I think there is a dislocation in peoples thinking on the wealth divide. There is a view it will continue that a small percentage of people can recieve high income. The problem is debt will default on mass soon and money won't be worth anything. This is the problem people seem to be missing. They have become so obsessed with becoming the one percent that they have not appreciated that the one percent is not sustainable any more. If the problems in the banking sector continue you can forget the one percent having the money. The whole system will collapse. It is that serious.
Anyway nice discussion but in the long term pointless.