I was e-mailing Claudio, who reads this blog sometimes. He’s a young guy with a pretty wife and young children. That means he’s in the workforce, chopping out a living, with a future ahead. As opposed to me, who has children his age, and who watches the world go insane from the sidelines, more or less. He pointed me at this article on ZeroHedge.

America’s Top Graduates Don’t Want Jobs On Wall Street

It seems that investment bankers don’t want to return to New York City and 90+ per hour work weeks from their work-at-home plague jobs.

The number of applicants to banking analyst programs is hard to track, but business school data, which captures a slightly older cohort of potential financiers, shows a broad decline in interest in investment banking.

“The technology sector has just completely changed the game. The opportunity cost is simply too high to be sticking around in a job where you’re not getting the treatment that you want.”

The slave-like existence in the well-compensated mainstream sounds very much like other social situations where those who have suffered explain that success requires that you must suffer even as I did.

So that game is changing and the participants will change it, not the CEOs.

At the same time, some people are asking themselves whether there will be a chair for them when the music stops. Yes, it’s in another ZeroHedge article:

On some level, we all know that it is just a matter of time before our society implodes.  When that day finally arrives, where will you want to be living?  I know that most of you have thought about this at some point.  Even if we don’t admit it to others, most of us have spent at least a little bit of time thinking about worst-case scenarios.  Our world is getting a little bit crazier with each passing day, and that was definitely true today.

Many of the people who read this blog have contemplated that question as I did. DRJIM, my friend from California, moved to Colorado. Others of you are embedded in secure areas and you’ve mentioned it. But the world (not just the US) is becoming increasingly unsettled.

A friend of mine called me the other day. He’s a younger guy (age of my children, with children of his own) and used to work for Goldman Sachs in NYC. He left New York City and lives in a nice house, good job, wife is a nurse – who can get work anywhere. A job offer came to him that would cause him to move back to New York City. I asked him if he was nuts.

There is not enough whiskey in Ireland that would get me to move to New York City. I don’t even want a connecting flight through JFK wherein if airline things went sideways, I might have to spend the night – same with Atlanta.  I don’t fly armed anymore… I can handle an overnighter in LA because I’d stay with my kids in the police biz.

He said, “It’s a lot of money.” I asked him if he wasn’t making enough money. He said it was – I told to think it through again.

 

Yeah,  that’s about right.

New York City – 2022

15 COMMENTS

  1. I’ve been in NYC a few times, and I didn’t care for it. It’s a Big City, and like all Big Cities it has it’s charms, along with all the problems Big Cities have.

    When I lived in Illinois, going “Up to Chicago” was a special treat that rapidly faded when I lived there, and later when I had to drive in for work.

    Same with SoCal. Fun at first, but after 35 years I was through with it.

    I have no desire these days to go to Big Cities unless I have to.

    • First time going to Chicago as a kid (folks were visiting relatives there) I thought it was too many people crammed together. Growing up on a farm gives you a different idea of normal.
      Have had zero interest in mega-cities every since – if feels like you don’t even have space to breath there.

  2. It’s all about the cost-benefit analysis.

    Rural or semi-rural living where the cost of living and taxes aren’t outrageous, where you can go outside and not normally have to worry about some random rando playing knock-out games or stab-the-idiot or have to worry about getting caught in the crossfire.

    Subtle hint. If you have to stay indoors all day and wear body armor when venturing out, it’s not safe enough.

    So, yeah, if you are pulling down a million or two a year and can afford a helo every day or live in the same building you work in.

      • Was just about to say the same thing – if I were a zillionaire, and could afford a 40th floor condo level on Central Park West with a helo on the roof pad, and could always have a security team covering me with machineguns, then it would be a great place for one of my many homes.

        Otherwise, I’ll day-visit by car and that’s about it. It’s no place to live any more.

        -Kle.

  3. What shall it profit a man to gain the whole world and lose…

    And these days I wouldn’t swap the big city for the compound unless the cash was so stratospheric as to make fixed location meaningless.

    That said, I enjoy the Island from time to time.

  4. gotta toss in my 2¢
    born in the Bronx almost a year before Pearl, grew up there and the northern suburbs. we learned to make an effort to understand people with accents and help those whose English was less and whose skin was all shades from albino to ebony; all this (not quite tolerance, more compassion) far moreso than those I met later on from around the rest of our country.
    I never had any problem walking on any NYC street (even as a very white Whitey was never assaulted) in any area or taking the subway (system) any time day or night. I came back after the Service and opened my practice right in the middle of Midtown. I got the H*ll out after two years of Dinkins; I foresaw what the pols (excluding Giuliani) were going to do (and did) to the City.
    I appreciate the opportunity I had to grow up in one of the great multicultural cities and the “eyes” it gave me.

    • As a kid, the hustle, bustle, and things available in Chicago were fabulous. The Allied Radio stor on Western Ave was my 10 year old version of Disneyland.

      The first year or so I lived there weeknds with a girlfriend were OK, but the traffic and congestion got to me. A few years later my employer would send my into The City regularly, and I was glad I’d learned my way around, but dreaded it.

      That same employer had me flying all over, so don’t get me started on O’Scare…

      WSF thinks DIA is bad….HAH! A cakewalk compared to ORD. Or LAX, for that matter.

      • DIA inside is ok. Getting there and back out? Not so much.

        My worst airport terminal experience was Atlanta. My late arriving flight was at one section and my connecting flight at the section furthest away. The “subways” weren’t working. Trotted my fat ass all the way there and made it with about two minutes to spare totally sweat soaked. Felt sorry for the person who had to sit next to me. Other times I had to transfer in Atlanta wasn’t much better.

  5. Word For The Day — vaxxport.
    * vaxxport — a government-issued identification/certification of all current inoculations plus all prior inoculations
    Used to conduct business such as shopping, utilities, fuel.
    Initially required to cross state boundaries, then required to cross county lines… then required to leave your residence.
    A vaxxport is necessary to avoid assignment (aka ‘one-way ticket’) to ‘re-education camps’.

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