Well, actually it’s probably going to be less than $2, since JPM will probably fall on Monday.
BSC is the 5th largest brokerage company in America, brought down by the housing bubble created by Greenspan & company. These are the financial innovations on Wallstreet, creating bonus and money out of toxic loans.
Gold and silver both broke new highs. Market on Monday is most likely going to be terrible. I think we may be heading towards another 20% hair cut in the overall stock market.
Your and my life are going to be seriously affected by the current credit crunch no matter what, whether it’s heightened inflation or decreased economic opportunities (layoff). The entire credit pyramid when it crumbles is just not a pretty sight. It’s called deflation. Or more correctly, it’s called asset deflation.
What I expect going forward in the coming decade is
asset deflation and
This is the most lethal combination to wealth destruction. From 1980 to 2000, it was the best combination for wealth generation:
asset inflation and
Those lucky baby boomers who rode the entire up wave in stock markets were fortunate to reach multi-millionaire status. But going forward, I believe few people will be able to preserve their existing purchasing power. Collectively as a whole, the sum of purchasing power for all people has to be reduced thru the process of asset deflation and commodity inflation.
Better preserve your buying power before it’s too late. By the way, I think there is at most another 10% upside in gold. There should be a correction. If you jump in, don’t forget to jump out.
This year’s raise is less than previous year, but my raise is still about the double of the average engineers in my group. It’s fairly good by any measure.
One of the best ways to make more money is to invest yourself in your job and career. Whether it’s spending more time, volunteering, attending seminar and conferences, or picking up some broader knowledge. In the long run, it will pay off.
I was blessed to be recognized for my contribution, after pulling off a mission impossible, delivering a complex design in less than 4 months, which would have been normally completed for 8 to 10 months. I was working about 100 hours a week for about the last two months during that crazy schedule. It was a mis-management on the product map, but engineering came in and saved the day.
My working group has all the best people, so I probably won’t rise up to become a manager for another 10 years, even though I’m very experienced already. It’s very weird to have a (or multiple) former regional manager from a big company to work at the same (lowest) level as you are. But that’s just how good the quality of my working group is.
Unfortunately, by the time when I could possibly rise up to the next level, I think my industry would have been either outsourced to Asia, or being taken over by Asian companies. High-tech industry in the US is getting less competitive as China rises up. Therefore, before my retiring age is reached, I will probably need to find another career.
But I don’t think it would be such a big deal. I respect every profession as the necessary component of the entire society, and I’m sure I won’t have a problem doing something else.