The recession can't touch me!

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Poll

Votes: 3

The recession can't touch me!

Author:

First Incision

Topic:

Diaries

Posted:

Dec 11, 2001

Comments:

The liberalist media conspiracy tells me that the US is currently in a recession. People are losing their jobs; it's a Bad Thing. But then I heard that yet again, the Fed is cutting interest rates.

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I don't work. I have a negative income in the form of a steadily increasing student debt. I have no job to lose, and falling interest rates are cutting back on my only liability.

In addition to not having a job to lose, I have guaranteed employment after graduation from medical school. As long as I don't flunk out of school, I will get into a residency program somewhere, and will have a job for 3 years.

As a resident, I will have no social standing amongst my peers (all shit flows downhill), but I will have the letters "MD" behind my name. This will give me more social standing among the general public than Martino Cortez PhD. And as a bonus, I will actually exist.

I'm sure there are some things I'm glossing over. Maybe my pay will be lower, and it will take longer for me to pay off my loans. Maybe the hospital where I work will have financial troubles and will be understaffed. Maybe they will lay off all the nurses, and I will have to work 120 hour weeks rather than 100 hour weeks. But don't harsh on my moment, dude.

	Hate to deflate your balloon (none / 0) (#1)
	by Blarney on Tue Dec 11th, 2001 at 07:33:02 PM PST

	You're right about the lower pay and taking longer to pay off the loans, but in the event of deflation the loans will become maybe a bigger problem then you've anticipated. Consumer prices fell 0.6% last month. That doesn't sound like a lot, but if this keeps up that's deflation of 7% a year. When you got a loan, at 5% for example, and you expected 2% inflation, your real interest rate was 3%. Not too bad, someday you will pay it off. But with deflation of 7% and a 5% loan, the real interest rate is 13% and you're screwed! You'll be asked to pay the loan back in new, bigger dollars while you earn even less of them. In fact, we're all screwed with deflation, except those of us who have large amounts of actual cash. Why would a capitalist invest in a factory when he can just leave his money under the bed and watch it grow in value 7% each year? Why wouldn't a corporation just lay off everyone, sell all their plant for scrap, and keep the money growing in the bank until things improve again? Industry grinds to a halt. Already large companies like IBM are hoarding their cash. The government of the US needs to go around and "deficit spend" - in other words they need to print more dollars. But so long as the rich people who control our elected officials like the idea that they can get more purchasing power in exchange for absolute idleness, this might not happen. Hello Mr. Hoover....

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