EVERY asset class is up this year
Stocks out of control
Housing out of control
Lumber out of control
Copper wiring out of control
Used car prices exploding up
Even rolexes are trading at prices unheard of
Workers are refusing to work min wage jobs
This is hyper inflation boys / Jpowell and Yellen are only refusing to acknowledge it publicly because it was cause panic.
Any BB that raised their base this year has ONLY kept up with with the hyper inflation of the past 12 months
Any BB that hasn't - hope you all enjoy your 20% drop in salary this year
1) Wouldn't this apply to all jobs?
2) Banks don't need to give 20% raises because of the thousands of people waiting to break-in
This argument is fundamentally flawed because just because there are 1000s of people waiting, they are of lower quality than the people whom they would replace. There's a reason they are waiting and not in the industry--if banking wants to be seen as a mediocre profession with mediocre people sure. If they want to continue to attract at least some "top" candidates, it's gotta change
This job is 70% wordsmithing, arranging logos, and CRM tracking in your first year. We might as well just be expensive secretaries
totally understand that, but clients still want to feel like they are working with smart people. They're not going to pay the same fees if some randos from Podunk state are working on their deal
You're right that we are on the verge of a dollar crisis/hyperinflation, but the Fed will never raise rates. That would cause their beloved stock market bubble to collapse and destroy the phony "wealth effect". The debt based zombie economy would absolutely collapse if they even tried to raise rates to 2.5% like they did in 2018. If they tried to go to 5%, we would have a financial crisis far worse than 2008. The government would have to default on its debt and cut spending. Companies have not been covering actual inflation with wages for a long time. Everybody knows the CPI is rigged and severely understates inflation. You have to be responsible for protecting yourself from the rising cost of living unfortunately.
this is depressing to read
It is but you gotta prepare yourself. It seems you recognize the dire situation we are in, Get out of the dollar while you can. I just wish I was already older with wealth to invest instead of in college starting from scratch.
Wow inflation sucks. We need a trillion dollar stimulus bill to aid people in these trying times.
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