Law School Discussion

Tough Times

Tough Times
« on: October 21, 2008, 05:45:32 PM »
100 year old investment banks dissolved.  A young president whose economic policies are dubious at best.  10 partners laid off at Jenner Block.  Some economists are saying that this recession will continue well beyond 2008 and into 2011.  Others are saying that our country faces huge systemic credit and banking issues that might remain unresolved, or take years to resolve.  Even at top law schools, people are feeling the burn; some people won't have jobs this summer, or next year.

I know I'm usually a debbie downer, but how do you feel about it?  And what do you plan to do about it?  Is it time to stock up on baked beans and spam?

Re: Tough Times
« Reply #1 on: October 21, 2008, 06:11:28 PM »
One industry will never suffer - medical.

If times are bleak by the time I graduate from LS, I think I'll just apply to medical school and incur another $200,000 in debt.

Re: Tough Times
« Reply #2 on: October 21, 2008, 06:13:43 PM »
If times are bleak by the time I graduate from LS, I think I'll just apply to medical school and incur another $200,000 in debt.

This assumes the banking system is still intact and that loans are available. At this point, I've been practicing martial arts and watching Mad Max more than studying case law. Judgment Day is at hand.

Re: Tough Times
« Reply #3 on: October 21, 2008, 06:15:40 PM »
Touche

Re: Tough Times
« Reply #4 on: November 03, 2008, 02:34:25 PM »
I say we all move to Thailand and set up a colony on one of the smaller islands, like Koh Tao.  Then we offer legal services at a steep discount.  Instead of offshoring jobs, offshore ourselves.

Absolute worst case, we can teach Engrish and stay drunk all the time, and our creditors will never know where to find us.

Re: Tough Times
« Reply #5 on: November 17, 2008, 02:09:37 PM »
100 year old investment banks dissolved.  A young president whose economic policies are dubious at best.  10 partners laid off at Jenner Block.  Some economists are saying that this recession will continue well beyond 2008 and into 2011.  Others are saying that our country faces huge systemic credit and banking issues that might remain unresolved, or take years to resolve.  Even at top law schools, people are feeling the burn; some people won't have jobs this summer, or next year.

I know I'm usually a debbie downer, but how do you feel about it?  And what do you plan to do about it?  Is it time to stock up on baked beans and spam?

They said all of that in the middle seventies and things came around.  The paranoia is a reality of its own and way overheated. 

Re: Tough Times
« Reply #6 on: November 17, 2008, 02:30:19 PM »
Its in the nature of economics to have peaks and vallies, booms and recessions. I am surprised at anyone who thought the world could maintain growth into perpetuity. Everyone thinks the sky is falling but it is all just part of the cycle.

Thats not to say we aren't going to start noticing some (potentially) drastic changes... I'm just not willing to go out and stock up on canned food and guns quite yet.

On a side note: I had to talk several people around my office out of withdrawing their money from WaMu, 401Ks, etc... anyone else experience this?

Talk Is Cheap

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Re: Tough Times
« Reply #7 on: November 23, 2008, 07:35:43 PM »

sheltron5000

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Re: Tough Times
« Reply #8 on: November 23, 2008, 11:51:43 PM »
<rant>

I get really irritated at the whole thing. Alot of the problems are manufactured by people who put too much stock in the, pun unintended, stock market. The stock market is not the economy and when big banks like citi that were doing fine go under because a lot of people have all these irrational fears I just throw up my hands.

There are only two real problems with the economy: loss of home values (making it worthless for people to continue trying to make mortgage payments) and fear. There is plenty of money changing hands out there for people to invest in the stock market, they are afraid. There is plenty of money for banks to lend, but they are afraid to do it because their investors are irrational. If their stock tanks they have to explain why even when it has nothing to do with their business practices.

Lindsey Graham, much though I loathe admitting it, was right when he said it is a "mental recession."

</rant>

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Re: Tough Times
« Reply #9 on: November 25, 2008, 06:37:29 PM »
* Phil Gramm