Thanks Rick. The problem just got reinforced for me. I had three rooms in a lodge reserved for some family vacation next month in Glacier National Park and we got an email saying they were canceling our reservation because they don't have enough workers. Guess we all need to see how we can help.
Great comments Rick. I still do a few days each year in a tent with family. Teaching the grandkids the joy of camping and thrift. Nothing like making you appreciate your bed like sleeping on an air mattress for a couple nights.
Thanks Richard, but after reading your comments I would love to see you do a full article on travel. I did a couple laugh out louds reading about having the rifle pointed at you for stepping off the sidewalk and the Israel story. Would love to hear more!
Ha, touché Peter! That's a good point. I didn't like that bailout either when it happened. However, as you probably know, the government ended up making over $15 billion for taxpayers from the Tarp bailout. And they extracted a pound of flesh with Dodd Frank to help battle the moral hazard ethical issue. I think they did a good job eliminating any thought of any banker that they should go out and take ridiculous risks because the government will bail them out. I haven't studied the student loan issue a lot, but I don't think there is any consideration to punish student loan borrowers like congress did with the banks to address moral hazard. Or any thought that a discharge of student loan debt would help all taxpayers the way TARP did. In any event, I understand your point that student loans are a problem for many. One thing I love about community lending is that you can address every loan situation uniquely. Public policy is not so flexible. Good luck as you pursue a solution.
Good question Peter, but it's a bit beyond my scope of expertise. The moral hazard of forgiving student debt, the obligation of universities to prevent students from racking up debt for degrees that don't have the cash flow to pay them back, and the anger a mass forgiveness would create from those who sacrificed and paid their debt back are issues way beyond those I dealt with in community lending. I know many who labor under student loan debt, so I understand your interest in it. The pain is real. But I don't have the answers to that realm of finance.
I agree with you Richard. I managed quite a few people who rose to managerial positions without a college degree. They may have worked harder because they had something to prove. I assume I was like most CEO’s, I never cared who had a degree and who didn’t. Just if the job was getting done. In today’s fast paced world it seems less relevant what you learned where, compared to how quickly you can learn what’s needed as things change. If the choice is between a non-college grad who has earned a recent certification of a skill in demand, versus a college grad who hasn’t stayed current, I think most of us will value the employee who has the skill we need right now. Perhaps a better example is a sales position. I had many employees who had very high emotional intelligence who could connect with customers and hit sales goals without a degree. College pedigree has no relevance in that environment. My sense is the current college age folks are talking to their debt laden friends, or seeing their parents defer retirement goals so they can go to college, and asking if there is a better way. Thanks for all the good comments!
Comments:
Thanks Rick. The problem just got reinforced for me. I had three rooms in a lodge reserved for some family vacation next month in Glacier National Park and we got an email saying they were canceling our reservation because they don't have enough workers. Guess we all need to see how we can help.
Post: Labor Pains
Link to comment from July 30, 2021
Great comments Rick. I still do a few days each year in a tent with family. Teaching the grandkids the joy of camping and thrift. Nothing like making you appreciate your bed like sleeping on an air mattress for a couple nights.
Post: Go Away
Link to comment from July 15, 2021
Thanks Richard, but after reading your comments I would love to see you do a full article on travel. I did a couple laugh out louds reading about having the rifle pointed at you for stepping off the sidewalk and the Israel story. Would love to hear more!
Post: Go Away
Link to comment from July 15, 2021
Good observations! Thanks for sharing your experience in this area of helping others.
Post: Lending a Hand
Link to comment from July 10, 2021
Thanks Andrew. I find I learn the best lessons from the George's that practice what I hear preached.
Post: Lending a Hand
Link to comment from July 10, 2021
Ha, touché Peter! That's a good point. I didn't like that bailout either when it happened. However, as you probably know, the government ended up making over $15 billion for taxpayers from the Tarp bailout. And they extracted a pound of flesh with Dodd Frank to help battle the moral hazard ethical issue. I think they did a good job eliminating any thought of any banker that they should go out and take ridiculous risks because the government will bail them out. I haven't studied the student loan issue a lot, but I don't think there is any consideration to punish student loan borrowers like congress did with the banks to address moral hazard. Or any thought that a discharge of student loan debt would help all taxpayers the way TARP did. In any event, I understand your point that student loans are a problem for many. One thing I love about community lending is that you can address every loan situation uniquely. Public policy is not so flexible. Good luck as you pursue a solution.
Post: Lending a Hand
Link to comment from July 9, 2021
Good question Peter, but it's a bit beyond my scope of expertise. The moral hazard of forgiving student debt, the obligation of universities to prevent students from racking up debt for degrees that don't have the cash flow to pay them back, and the anger a mass forgiveness would create from those who sacrificed and paid their debt back are issues way beyond those I dealt with in community lending. I know many who labor under student loan debt, so I understand your interest in it. The pain is real. But I don't have the answers to that realm of finance.
Post: Lending a Hand
Link to comment from July 9, 2021
Thanks Bob. I used to sing that line to my kids when they would whine about something.
Post: Lending a Hand
Link to comment from July 9, 2021
I agree with you Richard. I managed quite a few people who rose to managerial positions without a college degree. They may have worked harder because they had something to prove. I assume I was like most CEO’s, I never cared who had a degree and who didn’t. Just if the job was getting done. In today’s fast paced world it seems less relevant what you learned where, compared to how quickly you can learn what’s needed as things change. If the choice is between a non-college grad who has earned a recent certification of a skill in demand, versus a college grad who hasn’t stayed current, I think most of us will value the employee who has the skill we need right now. Perhaps a better example is a sales position. I had many employees who had very high emotional intelligence who could connect with customers and hit sales goals without a degree. College pedigree has no relevance in that environment. My sense is the current college age folks are talking to their debt laden friends, or seeing their parents defer retirement goals so they can go to college, and asking if there is a better way. Thanks for all the good comments!
Post: Beyond Saving
Link to comment from June 21, 2021
Well said! Thank you.
Post: Beyond Saving
Link to comment from June 21, 2021