My Personal Credit Crisis

[davelj]

[quote=Rt.66]

Well said CA Renter. This is a glaring problem in the US. In my view corporate masters and the elite have somehow managed a mass brainwashing. Most Americans look at good union jobs as a negative. CEOs love this and perpetuate it; believe it. I have never been in a union, however its as plain to me as the nose on my face that us “workers” benefit from collective bargaining and also that non-union jobs benefit as well.

Workers will always need to unite to fight for fairnes with the elite. They do not put a human face on workers, you are just numbers, dollars, output.

The US is in a phase where all the hard work done by unions in the 50’s and 60’s is forgotten. Most today think corpoarations simply decided to start providing fair wages and benefits on their own.

[/quote]

In addition to what Allan said…

I have no problem with unions whatsoever, although I’ve never been in one, but…

If a union is trying to protect jobs that can be shipped to another country (where there are lower wages), by definition most of the gains will be short-term in nature. Because once the disparity between domestic wages (and benefits) and foreign wages gets large enough (and adjusted for differences in productivity), the jobs will start moving and the jig is up.

Look at the US auto industry. Absent an organized, effective global union, almost any job that can be shipped to another country where the task can be performed for less money, and adjusted for productivity and quality, that job will eventually move. That is reality. And if the jobs DON’T move… then the companies that continue to pay the higher-than-market wages will eventually go bust. Again, see the US auto industry. The UAW is reaping what it’s sowed over the last few decades. (File under: Be careful what you wish for.)

That’s the really disturbing part regarding the auto companies. Even if the unions agree to sharp cuts in wages and benefits, the auto companies will still barely survive. And the Japanese auto makers aren’t making any money either. The business is just brutally competitive.

And who’s to blame for that? Consumers are. We are. We want the best car we can buy at the best price. And there’s no room for any wage inflation in that game when you’re dealing with a global market.

So, yes, unions will fight for fairness – as they should – and they’ll get it for a while. Until they price themselves out of the labor market altogether.

[wannabe2077]

Union wages are too high. Union workers are getting paid $50/hour in benefits/wages. Highly talented engineers in Detroit get paid $60/hour in benefits/wages.

It is worse with government employees in California.

[wannabe2077]

Union wages are too high. Union workers are getting paid $50/hour in benefits/wages. Highly talented engineers in Detroit get paid $60/hour in benefits/wages.

It is worse with government employees in California.

[wannabe2077]

Union wages are too high. Union workers are getting paid $50/hour in benefits/wages. Highly talented engineers in Detroit get paid $60/hour in benefits/wages.

It is worse with government employees in California.

[wannabe2077]

Union wages are too high. Union workers are getting paid $50/hour in benefits/wages. Highly talented engineers in Detroit get paid $60/hour in benefits/wages.

It is worse with government employees in California.

[wannabe2077]

Union wages are too high. Union workers are getting paid $50/hour in benefits/wages. Highly talented engineers in Detroit get paid $60/hour in benefits/wages.

It is worse with government employees in California.

[HarryBosch]

[quote=ucodegen]I read the article further…

I had a bad feeling about what the A.T.M. would reveal about my balance, but I was shocked when I looked at the receipt: $196. We were broke.
..
“How the hell could we have run through so much money so quickly?” I asked her accusingly.

Umm.. he is in finance and he doesn’t even track his own expenses, cash burn rate?? He waits for the ATM slip to tell him his balance?

She thought it wasn’t worth agonizing over nickels and dimes. I was almost exactly the opposite. My answer to any money squeeze was to stop spending. I would skip lunch at work to save $7. If I arrived at the Metro just before the end of rush hour, I would wait for five minutes to save 50 cents on the fare.

.. and he waited for the ATM to tell him what his balance would look like??? Something is not quite right with his statements.. or this story. I am not going to keep putting excerpts from this point on in the article.. but if you read it, you might start wondering if this article is true. Not tracking your balance and running against the overdraft protection for a person who works in finance? Who warned about what was going on with Greenspan/Bernanke? .. I think some literary license was taken.

[/quote]

Ucodegen,

I track my finances through online banking just about every night. And sometimes I am surprised when I see a lower balance than expected – then I talk to my wife and find out that she had to use the debit card on XYZ expense.

It is not that hard and probably happens more often in joint accounts that an ATM slip balance is a surprise. Sometimes you need to spend some money and you dont have time to tell your spouse or you forget or they forget or …

In fact, his surprise at the ATM slip balance makes his story more credible to me as a married person with one joint account between my wife and I.

[HarryBosch]

[quote=ucodegen]I read the article further…

I had a bad feeling about what the A.T.M. would reveal about my balance, but I was shocked when I looked at the receipt: $196. We were broke.
..
“How the hell could we have run through so much money so quickly?” I asked her accusingly.

Umm.. he is in finance and he doesn’t even track his own expenses, cash burn rate?? He waits for the ATM slip to tell him his balance?

She thought it wasn’t worth agonizing over nickels and dimes. I was almost exactly the opposite. My answer to any money squeeze was to stop spending. I would skip lunch at work to save $7. If I arrived at the Metro just before the end of rush hour, I would wait for five minutes to save 50 cents on the fare.

.. and he waited for the ATM to tell him what his balance would look like??? Something is not quite right with his statements.. or this story. I am not going to keep putting excerpts from this point on in the article.. but if you read it, you might start wondering if this article is true. Not tracking your balance and running against the overdraft protection for a person who works in finance? Who warned about what was going on with Greenspan/Bernanke? .. I think some literary license was taken.

[/quote]

Ucodegen,

I track my finances through online banking just about every night. And sometimes I am surprised when I see a lower balance than expected – then I talk to my wife and find out that she had to use the debit card on XYZ expense.

It is not that hard and probably happens more often in joint accounts that an ATM slip balance is a surprise. Sometimes you need to spend some money and you dont have time to tell your spouse or you forget or they forget or …

In fact, his surprise at the ATM slip balance makes his story more credible to me as a married person with one joint account between my wife and I.

[HarryBosch]

[quote=ucodegen]I read the article further…

I had a bad feeling about what the A.T.M. would reveal about my balance, but I was shocked when I looked at the receipt: $196. We were broke.
..
“How the hell could we have run through so much money so quickly?” I asked her accusingly.

Umm.. he is in finance and he doesn’t even track his own expenses, cash burn rate?? He waits for the ATM slip to tell him his balance?

She thought it wasn’t worth agonizing over nickels and dimes. I was almost exactly the opposite. My answer to any money squeeze was to stop spending. I would skip lunch at work to save $7. If I arrived at the Metro just before the end of rush hour, I would wait for five minutes to save 50 cents on the fare.

.. and he waited for the ATM to tell him what his balance would look like??? Something is not quite right with his statements.. or this story. I am not going to keep putting excerpts from this point on in the article.. but if you read it, you might start wondering if this article is true. Not tracking your balance and running against the overdraft protection for a person who works in finance? Who warned about what was going on with Greenspan/Bernanke? .. I think some literary license was taken.

[/quote]

Ucodegen,

I track my finances through online banking just about every night. And sometimes I am surprised when I see a lower balance than expected – then I talk to my wife and find out that she had to use the debit card on XYZ expense.

It is not that hard and probably happens more often in joint accounts that an ATM slip balance is a surprise. Sometimes you need to spend some money and you dont have time to tell your spouse or you forget or they forget or …

In fact, his surprise at the ATM slip balance makes his story more credible to me as a married person with one joint account between my wife and I.

[HarryBosch]

[quote=ucodegen]I read the article further…

I had a bad feeling about what the A.T.M. would reveal about my balance, but I was shocked when I looked at the receipt: $196. We were broke.
..
“How the hell could we have run through so much money so quickly?” I asked her accusingly.

Umm.. he is in finance and he doesn’t even track his own expenses, cash burn rate?? He waits for the ATM slip to tell him his balance?

She thought it wasn’t worth agonizing over nickels and dimes. I was almost exactly the opposite. My answer to any money squeeze was to stop spending. I would skip lunch at work to save $7. If I arrived at the Metro just before the end of rush hour, I would wait for five minutes to save 50 cents on the fare.

.. and he waited for the ATM to tell him what his balance would look like??? Something is not quite right with his statements.. or this story. I am not going to keep putting excerpts from this point on in the article.. but if you read it, you might start wondering if this article is true. Not tracking your balance and running against the overdraft protection for a person who works in finance? Who warned about what was going on with Greenspan/Bernanke? .. I think some literary license was taken.

[/quote]

Ucodegen,

I track my finances through online banking just about every night. And sometimes I am surprised when I see a lower balance than expected – then I talk to my wife and find out that she had to use the debit card on XYZ expense.

It is not that hard and probably happens more often in joint accounts that an ATM slip balance is a surprise. Sometimes you need to spend some money and you dont have time to tell your spouse or you forget or they forget or …

In fact, his surprise at the ATM slip balance makes his story more credible to me as a married person with one joint account between my wife and I.

[HarryBosch]

[quote=ucodegen]I read the article further…

I had a bad feeling about what the A.T.M. would reveal about my balance, but I was shocked when I looked at the receipt: $196. We were broke.
..
“How the hell could we have run through so much money so quickly?” I asked her accusingly.

Umm.. he is in finance and he doesn’t even track his own expenses, cash burn rate?? He waits for the ATM slip to tell him his balance?

She thought it wasn’t worth agonizing over nickels and dimes. I was almost exactly the opposite. My answer to any money squeeze was to stop spending. I would skip lunch at work to save $7. If I arrived at the Metro just before the end of rush hour, I would wait for five minutes to save 50 cents on the fare.

.. and he waited for the ATM to tell him what his balance would look like??? Something is not quite right with his statements.. or this story. I am not going to keep putting excerpts from this point on in the article.. but if you read it, you might start wondering if this article is true. Not tracking your balance and running against the overdraft protection for a person who works in finance? Who warned about what was going on with Greenspan/Bernanke? .. I think some literary license was taken.

[/quote]

Ucodegen,

I track my finances through online banking just about every night. And sometimes I am surprised when I see a lower balance than expected – then I talk to my wife and find out that she had to use the debit card on XYZ expense.

It is not that hard and probably happens more often in joint accounts that an ATM slip balance is a surprise. Sometimes you need to spend some money and you dont have time to tell your spouse or you forget or they forget or …

In fact, his surprise at the ATM slip balance makes his story more credible to me as a married person with one joint account between my wife and I.

[patb]

Management salary is too high.

When you have POS like Roger Smith making 20 Million,
and Rick Wagoner getting 14 million to cancel the electric car,
well no surprise, if the Union guys want their piece.

[quote=wannabe2077]
Union wages are too high. Union workers are getting paid $50/hour in benefits/wages. Highly talented engineers in Detroit get paid $60/hour in benefits/wages.

It is worse with government employees in California.
[/quote]

[patb]

Management salary is too high.

When you have POS like Roger Smith making 20 Million,
and Rick Wagoner getting 14 million to cancel the electric car,
well no surprise, if the Union guys want their piece.

[quote=wannabe2077]
Union wages are too high. Union workers are getting paid $50/hour in benefits/wages. Highly talented engineers in Detroit get paid $60/hour in benefits/wages.

It is worse with government employees in California.
[/quote]

[patb]

Management salary is too high.

When you have POS like Roger Smith making 20 Million,
and Rick Wagoner getting 14 million to cancel the electric car,
well no surprise, if the Union guys want their piece.

[quote=wannabe2077]
Union wages are too high. Union workers are getting paid $50/hour in benefits/wages. Highly talented engineers in Detroit get paid $60/hour in benefits/wages.

It is worse with government employees in California.
[/quote]

[patb]

Management salary is too high.

When you have POS like Roger Smith making 20 Million,
and Rick Wagoner getting 14 million to cancel the electric car,
well no surprise, if the Union guys want their piece.

[quote=wannabe2077]
Union wages are too high. Union workers are getting paid $50/hour in benefits/wages. Highly talented engineers in Detroit get paid $60/hour in benefits/wages.

It is worse with government employees in California.
[/quote]

[Author]

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