Friday, November 14, 2008

Depression?

I hate to sound so gloomy (injured my tailbone) but we just got news jobless claims in the US reached 516,000 -a seven year high.

According to about.com, a depression is a severe economic downturn that lasts several years. And during the Great Depression of 1929, unemployment was 25% and wages fell 42%. Total U.S. economic output fell from $103 to $55 billion and world trade plummeted 65% as measured in dollars.

Okay so maybe we won't go into a depression because governments are "supposedly" smarter than they once were, but the world economy sure looks grim right now. Sometimes you think you only read about all these crazy events in history books, but look at where are right now; a big financial blowup, the making of capitalism and a few dirty hands. Perfect material along with the other shit conjured up by mankind.

Nevertheless, what still really beats the hell out of me is why I still know of so many people out there who are interested in looking at a job in finance. Aside from the fact that some of them don't even understand the nature of the field (only the $$$), they don't seem to be able to relate the current economy with their job prospects.

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