Getting Out of America
I paid 50k a year to attend a target school, worked my ass off -- got top grades and finally landed a banking job. Now that I've joined I see this stupid ass tax that House of Rep. just passed ( given the political capital to be earned, will prob. pass Senate and get Obama's big sleazy signature ) and I see no benefit remaining in the US.
Treasury bubble + Quantitative Easing = Shitty US dollar value in the end, hence no advantage for anyone wanting foreign currency advantages. Rising socialism reminds me of Chavez and cheap ass South African politics. All in all Europe and Asia are much better, I'm done with this shit.
This is just the beginning, wait until they start passing taxes for the national healtcare plan ( which will never work as a national health care plan for 300 million people is insanity ) and then we'll all be getting taxed Europe style, but unlike them we have a mexican drug gang problem, massively inflated currency, high crime rate and two losing wars ( Iraq goes to Iran, Afghanistan goes to Taliban ). So what's the benefit? Ironically, Canada looks better every day.
I did the same thing. I went to a top-tier, but non-target school. Busted my ass, got a great GPA, landed an internship, did an incredible job, and now I've got a job as an analyst at a BB. I beat out a bunch of ivy-league kids for the position.
I'm sick of all these 'average joes' who barely graduated from High School complaining about compensation for people doing shit they couldn't understand if they had it gift-wrapped in a "for dummies" book.
I feel like I'm living through Atlas Shrugged...
What I've been hearing is that this will lead to talent going to either top MM or foreign based (DB and UBS) banks. You don't have to leave, but if the weakening dollar is the concern, go work for a bank in Australia. Sounds stupid now, but I'm predicting the AUD (Australian Dollar) will be the least affected by this global recession. I'm already long on the Australian Trust ETF (FXA).
P.S. - I don't have the slightest clue what a good IB in Australia would be, just hedging the loss due to currency.
You want to escape insipient socialism by going to Europe or Asia?
I recommend China. If that doesn't work out, France.
@chim- best aus ib is macquarie
it's going to spread people. if US banks pay less others around the world can afford to pay less and still get talent. We live in the 21st century- where labor markets are global.
This is true, however with the expected hyperinflation to hit, you might be able to get "more bang for the buck" abroad. That was my point.
NAB > Macquarie
You sound like a tool to be honest. How about not joining a shitty firm that needs government money to survive and thus not have to worry about your bonus being taxed to high hell?
So GS, JPM and MS are crappy firms?
i think most of the BBs actually took government's money...
which is why most talent is moving to boutiques
I started moving towards leaving the country four months ago. My first move will probably be to London, then once I've got some solid language skills some place further afield.
Get your ASSETS out of America.
So what do you do? -I work for an investment banking firm. Oh okay; you are like my brother, he works for Edward Jones. -No, a college degree is required in my profession
If you continue to work in the US and just move your assets abroad each year that wouldn't help in terms of US inflation, now would it? That wouldn't solve the problem posed by ChimChim. (I note that "hyper"inflation is going too far).
move out please less competition for me
Spoken like a true socialist.
I am unable/unwilling to compete, so please lower the bar to my level.
"I'm a fly Malcolm X, buy any jeans necessary." MITT ROMNEY 2012
You guys are idiots, US is still the most capitalistic society, unless you want to move to China or Singapore where they won't tax your bonuses that high but lock you up if you complain about anything...
If you are in college right now, work for two years at a BB, make somewhat less than you would have a couple years ago, then lateral somewhere else. However, as an analyst, if you think your life is significantly worse to the point where you are considering moving to a straight up socialist country in Europe or one without any social freedoms like in Asia, then you are a huge tool. Stop whining. We have it better than a lot of people.
Don't forget that the EU zone is pretty much gonna collapse, its just that the largest EU economies haven't yet acknowledged the severity of the eastern Europe housing bubble.
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