tag:blogger.com,1999:blog-3856837.post1785623436686166496..comments2023-10-24T09:06:30.200-04:00Comments on No More Mister Nice Blog: Steve M.http://www.blogger.com/profile/11963290427258439242noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-3856837.post-18533994015309701832012-03-01T11:50:11.102-05:002012-03-01T11:50:11.102-05:00I think that people tend to forget this basic fact...I think that people tend to forget this basic fact: most of these traders and bankers got their jobs through connections (family or otherwise), rather than their competence. The claim that they 'earn' their pay is a lie they perpetuate to avoid scrutiny/guilt, and given a pass by the rest of us because usually we don't care. At least part of how this economic mess occurred is that they bought into their lies, and they acted beyond their competence. So I am not surprised at all that they have do a bad job managing their own finances, I actually expect it.WWhttps://www.blogger.com/profile/03043041541974017039noreply@blogger.comtag:blogger.com,1999:blog-3856837.post-4664982229661056852012-03-01T10:18:09.301-05:002012-03-01T10:18:09.301-05:00Megan cites with apparent approval a commentator w...Megan cites with apparent approval a commentator who observes "A person who was making $18k a year and suddenly finds themselves making nothing, as a practical matter, can often break their lease and move in with mom and get on food stamps until a new job materializes and wind up with only a couple thousand dollars in debt."<br /><br />Lucky ducky!Rand Careagahttps://www.blogger.com/profile/04993454654652802173noreply@blogger.comtag:blogger.com,1999:blog-3856837.post-33521068695196479692012-03-01T08:04:36.369-05:002012-03-01T08:04:36.369-05:00Thanks.Thanks.Steve M.https://www.blogger.com/profile/11963290427258439242noreply@blogger.comtag:blogger.com,1999:blog-3856837.post-16641328641494134032012-03-01T07:54:06.278-05:002012-03-01T07:54:06.278-05:00I rate for the title too. Great one.I rate for the title too. Great one.M. Bouffanthttps://www.blogger.com/profile/04519088858760760560noreply@blogger.comtag:blogger.com,1999:blog-3856837.post-2746943098794478622012-02-29T23:45:34.325-05:002012-02-29T23:45:34.325-05:00I've had similar thoughts about "liquid s...I've had similar thoughts about "liquid savings" and what these guys purport to do for a living. It's far more important than the wanking they're doing about this year's income. It's also a reflection of the short-term thinking Wall St and corporations have adopted over the past decade or two.Unknownhttps://www.blogger.com/profile/03487865665511701608noreply@blogger.comtag:blogger.com,1999:blog-3856837.post-61144444161769218332012-02-29T18:32:50.331-05:002012-02-29T18:32:50.331-05:00Ha! Beat me to it, Danp. Nice muso reference, Stev...Ha! Beat me to it, Danp. Nice muso reference, Steve... one o'my childhood lullabies.BHhttps://www.blogger.com/profile/12991272246814476124noreply@blogger.comtag:blogger.com,1999:blog-3856837.post-24378315749310862842012-02-29T18:29:29.541-05:002012-02-29T18:29:29.541-05:00I don't know Megan McArdle, but I will always ...I don't know Megan McArdle, but I will always picture her now as Keith Richards' doppelganger. Thanks a lot Steve.Danphttps://www.blogger.com/profile/06368147966029831819noreply@blogger.comtag:blogger.com,1999:blog-3856837.post-55834016192962154072012-02-29T17:29:59.446-05:002012-02-29T17:29:59.446-05:00Yes. But you underestimate the power of experience...Yes. But you underestimate the power of experience and expectations. If you were raised in a comfortable, even rich family, went to prep school and ivy league college and then b-school or law school, and have made six figure salaries or more since your late twenties, you have never had to confront the concept of facing economic trouble. I was an attorney for many years, and know lots of people who made big money and basically spent it all as they went along. They never even imagined they might get fired and have to rely on savings. On the other hand, everyone I know who grew up with financial trouble or parents who lost jobs, struggled, etc. saves obsessively and contemplates possible financial ruin on a daily basis. Even if they are doing well. <br /><br />People are very much a product of their youth and early adult experiences. Don't underestimate that.Cerealhttps://www.blogger.com/profile/13091416350211267991noreply@blogger.comtag:blogger.com,1999:blog-3856837.post-59273581066520433312012-02-29T16:52:17.506-05:002012-02-29T16:52:17.506-05:00I guess if military families can contend with inte...I guess if military families can contend with intermittent moves, the rich will just have to learn how. Or enlist.Kevin Haydenhttps://www.blogger.com/profile/12517224395906528218noreply@blogger.com