<p>“It’s complex BC. It’s not just WS. Trash collectors make (and deserve) 6 figures.”</p>
<p>Why? If prices and salaries are all cut by a factor of 10, does that really change anything?</p>
<p>“It’s complex BC. It’s not just WS. Trash collectors make (and deserve) 6 figures.”</p>
<p>Why? If prices and salaries are all cut by a factor of 10, does that really change anything?</p>
<p>Quite an interesting approach, cross the board pay cuts. It would certainly benefit visitors! I always wonder how the city attracts so many when a drink in an average bar or club is over $15 and a deli sandwich over $20 many places. I feel like I’m using Monopoly money when I travel most places.</p>
<p>Secretaries make $150K? Not at my law firm. Where do I sign up?</p>
<p>Deflation is kind of like that but it isn’t across the board. It’s pretty uneven. But so was the ride up.</p>
<p>I am applying for the job Oldfort(secretarial that is). I have a JD and an MBA, and I do word, excel, ppt and I run a mean xerox. How is the medical and what are the vacation benefits??? My old law firm paid overtime to secretaries, is that included too? 150K? not a typo? Why go to college? Or law school for that matter, since I think the “average” law salary is a lot less…A secretarial course is about a year, and steno is a thing of the past.</p>
<p>No wonder I have trouble hiring support staff…</p>
<p>I too am curious about just what firm has raised support staff salaries to 150K ! I will submit my resume asap for that 9-5 job !</p>
<p>I wouldn’t assume that a highly paid NYC secretary does not have undergrad or even advanced degrees.</p>
<p>I’m probably missing something: is the proposal to slash costs and salaries 10% nationwide? Slash salaries in the private sector while union contracts remain in place (thinking of public school teachers here) - could be the best thing to happen to public education in years as people stampede to work in the schools.</p>
<p>“Sucking the money out of Main St looks to have made NY City a bubbletown with widely varying income ranges. Deflation should narrow that range. Especially if you can’t continue to suck the money from Main St in a leveraged way. So compensation goes down for everyone as do prices. Is that so bad?”</p>
<p>Then how is the debt paid off?</p>
<p>All of those secretaries have minimum college degrees. They often send out communication on their boss’ behalf and work their boss’ hours (that means when their boss is traveling globally they could expect calls or emails at strange hours). Oh, my assistant won’t get paid as much this year because of bonus cut, but at least she’ll still have a job (I think). </p>
<p>Many babysitters in the city are almost like surrogate mothers. They have family credit cards. They take kids to doctors, shopping, school trips. They often start before 7 and stay until parents get home. Someone I know has 2 sitters to cover long hours because she travels so much.</p>
<p>“Then how is the debt paid off?”</p>
<p>Bankruptcy and loan adjustments.</p>
<p>Deflation is usually politically unacceptable because most Americans are debtors. Inflation is acceptible, even desired, for the same reason. I’m a saver and of course, get screwed by inflation unless I can stay ahead of it - that takes a lot of effort though I’ve managed to keep the vast majority of my gains through two bubbles now.</p>
<p>I’m a saver too. </p>
<p>If we have bankrupcies and loan adjustments then the lenders are screwed instead of the borrowers.</p>
<p>I guess everybody is screwed.</p>
<p>I used to work at a corporate headquarters and we had a lot of executives with secretaries but they had titles of administrator up to executive administrator and they did a much than a traditional secretary. They had to dress well, be able to organize events, know how to use various pieces of office equipment, supervise other administrators, arrange appointments with other executives, work late when required, sometimes deal with personal issues, control access to the executive.</p>
<p>Lenders as a class are privileged anyways. The Fed will nurse them back to health over the long run. But employees and execs won’t get the perks that they’re used to. For the individual, effort is need to avoid holding debt that has a decent chance of blowing up. I think that that’s what everyone is trying to do - get as much yield as possible in stuff that’s either guaranteed, likely to be bailed out (for those that like a lot of risk), insured or is too big to fail.</p>
<p>Yup, I would say it is pretty heroic of Blankfein or whatever his name is at Goldman Sachs to forgoe his bonus this year given that he only earned 34,000,000</p>
<p>Can we all agree that no person’s annual value is that much?</p>
<p>If someone came up with a renewable process that could replace gasoline in the US and that was safe, inexpensive and non-polluting, 34,000,000 would be way too little as a reward.</p>
<p>Shuffling money around? I don’t think too highly of that. But he manages a lot of people that shuffle money around and maybe that’s worth a little more?</p>
<p>Yes, those high paying secretary jobs are not 9-5 by any means and it’s hard to find qualified people willing to do the job.</p>
<p>Those of you who have not worked in this industry need a little education: The people who work on Wall Street don’t give a crap what happens to the local economy; they don’t even give a crap what happens to Short Hills, where many, many live…unfortunately, and no, I don’t live in SH, I have seen this first hand for more than 20 years…one of the reasons I got out of “the business” after I saved every penny of every bonus I ever received (and no, the ranges of $$ we are talking about here were never in my vocabulary…)</p>
<p>I totally agree that if cutting these bonuses is going to have such a detrimental effect on the NYC/NYS/NJ economy, then a way has to figured out to mandate that $$ go back into said economy…either through taxes or mandate…</p>
<p>The ones that I saw were usually older with no kids or were through with raising kids.</p>
<p>Agree with Rodney–bypass the bonuses; get the money straight into the economy (since it’s our money anyway.) It’s hard to believe anyone’s still advocating trickle down economics.</p>