My learned colleague Alan Newman tells me that this article is a good general overview of what is going on on Wall Street. Not my field, but I consider the bankers, financiers, executives, and real estate professionals who made a lot of money over the last decade to be corporate welfare queens. And I'm nervous about my retirement funds.
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Don't worry Prof. Lee, you will probably never be able to retire (in the traditional manner) anyway. Unless of course, you are wise enough to develop a nearly debt-free lifestyle while you are still relatively young. Your only hope will be to find personal satisfaction with a 'modest' standard of living that can be supported during the economic roller coaster ride ahead of you. On the other hand, you could choose to become a corporate welfare legal representative and live high off the neverending battles among the queens.
Nothing personal intended here. I'm very tired today, and I'm leaving job #1 to go directly to job #2 today so that I MAY be able to retire in the next few years. Good luck with your retirement funds.
This is not a bad mantra to get us through the next stage in our collective lives: "to find personal satisfaction with a 'modest' standard of living that can be supported." Nothing wrong with that.
To each his own. I also believe that a modest standard of living is all that is needed for satisfaction and comfort. It's the excesses which abound in the American way of life that I believe are a root cause for the financial crisis. I never felt that I was a do-nothing loafer because I had no desire to live in an opulent style and no wish to belong to the country club.