http://www.thebigmoney.com/articles/judgments/2009/04/23/elizabeth-warren-my-hero?page=0,0
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Generalized Human Experience
4 months ago
Monday, April 27, 2009
Thursday, April 23, 2009
School Searches and the Supreme Court
http://www.slate.com/id/2216608/
I posted on this topic back in January. Now the Supreme Court has heard oral argument, and things don't look so good for the right to privacy in the school system. We'll see what the Court actually decides when the opinion is published.
I posted on this topic back in January. Now the Supreme Court has heard oral argument, and things don't look so good for the right to privacy in the school system. We'll see what the Court actually decides when the opinion is published.
Wednesday, April 15, 2009
I will return to these topics . . .shortly
Two articles have caught my attentions:
(1) This article makes what is probably the most important point of this year. It discusses the rising cost of health care v. wages and some changes.
(2) Judge Posner's opinion on mutual funds / CEO compensation and evidence on breach of fiduciary duty.
I'm packing for vacation tomorrow, and leaving soon, so I should get back to this the end of next week. Ta ta for now.
(1) This article makes what is probably the most important point of this year. It discusses the rising cost of health care v. wages and some changes.
(2) Judge Posner's opinion on mutual funds / CEO compensation and evidence on breach of fiduciary duty.
I'm packing for vacation tomorrow, and leaving soon, so I should get back to this the end of next week. Ta ta for now.
Monday, April 13, 2009
The Cost of College v. Payout
I saw this article on Slate, and it resonated with me. As a lawyer, my college loan debt level is approximately $100k. Fortunately, I have a job I like and I make decent (but by no means the mega-bucks Big Law pays) money. Right now, I am looking at paying about $800 a month for the next 10 or 15 years. I had some scholarships, but largely my family simply could not afford to pay for college, so my education was financed by government loans.
One part of the article I noted is the part that discusses the sociology degree and its comparative worth. There are a lot of degress that aren't worth the paper they are printed on in the open market. I remember back to the meetings with my academic advisor - one of the rarest topics was whether the major I picked had any significant employment prospects. The ivory tower academics can provide some very expense and ultiamtely worthless pieces of paper, and even that degress that have value do little to prepare students for their future.
I went through three years of law school, a largely practical education, full of discussions on case law, precedent, argument, and so forth - and my on-the-job training still continues. For degrees like psychology and sociology, at least a Master's level degree is basically required in order to participate fully in the job market - and for jobs that pay $30k to start.
So I add my voice to the chorus - we need to seriously consider revising the seconday education system. The liberal arts education has become a joke. Certainly there are necessary areas that need to be taught - writing, literature, math - but there is an awful lot of fluff in the cirriculum. For example: two credits of physical education - in my case, archery and golf. What a waste of $1,000 (I went to a private undergrad @ $500 a credit hour). Put a joke in here, but my ethics class was a joke too - I learned nothing in it.
There is another aspect too - many of these degrees are basically "toxic" debt - they aren't worth it. Why are we, the taxpayers and goverment, investing in the education of individuals, sometimes to the tune of $200,000 plus, when their chances of paying it off in any reasonable amount of time are zero?
One part of the article I noted is the part that discusses the sociology degree and its comparative worth. There are a lot of degress that aren't worth the paper they are printed on in the open market. I remember back to the meetings with my academic advisor - one of the rarest topics was whether the major I picked had any significant employment prospects. The ivory tower academics can provide some very expense and ultiamtely worthless pieces of paper, and even that degress that have value do little to prepare students for their future.
I went through three years of law school, a largely practical education, full of discussions on case law, precedent, argument, and so forth - and my on-the-job training still continues. For degrees like psychology and sociology, at least a Master's level degree is basically required in order to participate fully in the job market - and for jobs that pay $30k to start.
So I add my voice to the chorus - we need to seriously consider revising the seconday education system. The liberal arts education has become a joke. Certainly there are necessary areas that need to be taught - writing, literature, math - but there is an awful lot of fluff in the cirriculum. For example: two credits of physical education - in my case, archery and golf. What a waste of $1,000 (I went to a private undergrad @ $500 a credit hour). Put a joke in here, but my ethics class was a joke too - I learned nothing in it.
There is another aspect too - many of these degrees are basically "toxic" debt - they aren't worth it. Why are we, the taxpayers and goverment, investing in the education of individuals, sometimes to the tune of $200,000 plus, when their chances of paying it off in any reasonable amount of time are zero?
Tuesday, April 7, 2009
Past, Present, Future
Some days just are not nearly as fulfilling as others.
Today I was tasked with 341 Meetings of Creditors, which is a highly routine event in which the clients meet with the trustee in bankruptcy. For chapter 7 bankruptcies, the ideal outcome is one involving a finding of no assets. There's lots of jargon and etc., but generally most cases are straightforward.
One gets me is how, well, care-worn most of the trustees are. I have met only one trustee who I would classify as even remotely personable. Put it this way: if I was at a bar, sitting at the bar enjoying my drink and watching a game, and any one of most of the trustees I encounter would sit down next to me and order a beer, I would probably get up and move.
Most of them I have met (one exception) just seem, well, sad - careworn, unhappy, and overall miserable.
It worries me, a little bit - what is my future going to be like? Here I am, 25, finally starting my career; where am I going to be, who am I going to be, in ten or fifteen years? If I met the future me know, would I even like me?
I look back at the younger "me's," and I can still see the seeds of the current "me." I might try to talk some sense into my past self, but other than that, I probably wouldn't change a lot.
But if I were to wind up like some of the trustees I meet . . . well, I really don't like that thought.
Today I was tasked with 341 Meetings of Creditors, which is a highly routine event in which the clients meet with the trustee in bankruptcy. For chapter 7 bankruptcies, the ideal outcome is one involving a finding of no assets. There's lots of jargon and etc., but generally most cases are straightforward.
One gets me is how, well, care-worn most of the trustees are. I have met only one trustee who I would classify as even remotely personable. Put it this way: if I was at a bar, sitting at the bar enjoying my drink and watching a game, and any one of most of the trustees I encounter would sit down next to me and order a beer, I would probably get up and move.
Most of them I have met (one exception) just seem, well, sad - careworn, unhappy, and overall miserable.
It worries me, a little bit - what is my future going to be like? Here I am, 25, finally starting my career; where am I going to be, who am I going to be, in ten or fifteen years? If I met the future me know, would I even like me?
I look back at the younger "me's," and I can still see the seeds of the current "me." I might try to talk some sense into my past self, but other than that, I probably wouldn't change a lot.
But if I were to wind up like some of the trustees I meet . . . well, I really don't like that thought.
Musings on Bankruptcy
I was reviewing the number of bankruptcy filings so far this year, and to my surprise there really hasn't been any noticeable increase in them. That mirrors my own observations in the course of my employment, that we haven't had any spike in business. When clients ask about whether we have seen any major spike in business, I do not have any good answer for them.
After thinking on it, I have some thoughts. First, due to the state of the economy, the layoffs, impending foreclosures, and all the other horrible consequences are "long-tail" events. Folks struggle on for a good long time before consulting bankruptcy attorneys. It might be a year or more after someone loses his or her job that she finally thinks of the "b-word." In the mean time, they get harrassed by creditors, struggle to make payments, and generally live in a state of wretched existance.
Why does the "b-word" have such a horrid connotation? In the Northern District of Illinois, we are already on case number 12,000. Twelve Thousand(!) cases filed so far this year, in an area of perhaps 6 million people. That means 0.2% (two-tenths of one percent) of the people have filed for some form of bankruptcy - or 1 in 500. The occurrence is not that uncommon.
Secondly, the damage to one's credit isn't that bad, in the grand scheme of things. Certainly it will be on your credit report for a decade, but if you are at the point where you are considering bankruptcy already, your credit is probably already thoroughly screwed over anyway.
Basically, if someone makes less than the median income for their family size, has no assets with any equity, and can't pay off their debts in the next 2 years, they should be meeting with a bankruptcy attorney now.
Instead, people struggle with the decision, and the terrible connotation of bankruptcy, for months and years, through all the harrassment, aggravation, and the general unpleasantness, for no good reason at all.
After thinking on it, I have some thoughts. First, due to the state of the economy, the layoffs, impending foreclosures, and all the other horrible consequences are "long-tail" events. Folks struggle on for a good long time before consulting bankruptcy attorneys. It might be a year or more after someone loses his or her job that she finally thinks of the "b-word." In the mean time, they get harrassed by creditors, struggle to make payments, and generally live in a state of wretched existance.
Why does the "b-word" have such a horrid connotation? In the Northern District of Illinois, we are already on case number 12,000. Twelve Thousand(!) cases filed so far this year, in an area of perhaps 6 million people. That means 0.2% (two-tenths of one percent) of the people have filed for some form of bankruptcy - or 1 in 500. The occurrence is not that uncommon.
Secondly, the damage to one's credit isn't that bad, in the grand scheme of things. Certainly it will be on your credit report for a decade, but if you are at the point where you are considering bankruptcy already, your credit is probably already thoroughly screwed over anyway.
Basically, if someone makes less than the median income for their family size, has no assets with any equity, and can't pay off their debts in the next 2 years, they should be meeting with a bankruptcy attorney now.
Instead, people struggle with the decision, and the terrible connotation of bankruptcy, for months and years, through all the harrassment, aggravation, and the general unpleasantness, for no good reason at all.
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