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A bit off topic, but it comes to bear on purchase power.(3 posts)

A bit off topic, but it comes to bear on purchase power.onespeed
Oct 9, 2002 12:36 PM
This stock market is throwing me for a loop. My current job is heavily involved in the securities class action side of things. The Dow Jones (down over 200 today alone), is now below what it was when I started working here almost 5 years ago.

Truly scary for someone closer to retirement, not so much for someone that relies on litigation in the securities market for a paycheck. I havent had to watch or worry about my job, but it is with morbid fascination that I watch that ticker symbol close down everyday. How low can it go?

I just want to keep riding. Wish I didnt need to work to do it.
re: A bit off topic, but it comes to bear on purchase power.kinger
Oct 9, 2002 1:32 PM
Well, I've got plenty of time to ride at the moment but unfortunately it's due to the downturn in things like the market. I've been in Telecom/IT management for 10 years now and haven't had a full-time job in almost 10 months. Several contract jobs but nothing permanent. Be happy your career/job is secure in this environment. Then again, I do get to rise every morning and get on the bike without worrying about making it to work at 8:00. If only I could have that without the stress .... sigh.
re: A bit off topic, but it comes to bear on purchase power.fbg111
Oct 9, 2002 2:26 PM
Yeah, when I was in NYC I had a few friends who invested a lot of their paychecks in stocks and used the monthly gains as their spending and leisure money. Needless to say, they're not buying many new things or going out much right now.

I work in the IT industry, and consider it one of my most valuable learning experiences to have lived in NYC during the rise and fall of the .com economy. I was always skeptical of it, having seen firsthand that so many of these "businesses" were essentially useless, had no true revenue, and created no wealth or anything of lasting value. Like Warren Buffet said in his 2001 Berkshire Hathaway report, so many of the .coms' de facto business plans consisted of tricking money out of irrationally exuberant investment bankers and venture capitalists. I thought ibankers and VC's were supposed to be smart, but I see now that's just a carefully constructed image intended to put people more at ease when handing over their life savings or crucial business resources. They'll be reconstructing that image for a long time, me thinks...

Anyway, the whole thing is a big mess, and lots of people got financially hurt b/c they didn't adhere to the old maxim, caveat emptor. And lots of other people did the hurting b/c they allowed their greed to get the better of them. Especially the CEO's at Enron and other such companies, and the ibankers, analysts, and vc's who sacrificed their own intellectual integrity to perpetuate the whole get-rich-quick ponzi scheme.

There are lots of lessons about human nature to be learned here and I for one hope that if I am ever in a position of trust or power, that I will remember what happened the past few years and be strong enough to resist the temptation that so many others succombed to. It's a slippery slope, and the first steps may seem inocuous and easily rationalized, but once you're on it, it's hard to turn back.