Counterpoints to the media's fear mongering

This article made several scary statements:

http://money.cnn.com/2008/09/23/pf/job_impact/index.htm?post...

"Everybody is at risk," according to John Challenger, chief executive of global outplacement firm Challenger, Gray & Christmas.

With all due respect, Mr. Challenger, I am not at risk. Why? Foresight. I have a job that is very stable is immune to the economy. So while my peers sought out exotic jobs with perks, I sought jobs with potential for advancement and stability. I can say that I have zero chance for job loss barring misconduct.

Why would you, Mr. Challenger, assume that I am in the same basket as everyone else? Do you not acknowledge that some people have taken the effort to hedge their career against market risks? Do you then assume that everyone is stupid, or that everyone is affected by the economy?

My question is this: why would a prominent news outlet post this quote? What is their rationale? Would it be fair to say that they want all of us to be scared for our jobs?

The article goes on to say this:

Alicia Zajaceskowski, 40, was laid off from her job as a loan officer at a San Diego, Calif. bank in July, and says her search is getting tougher.

Zajaceskowski, who has also worked at JPMorgan Chase (JPM, Fortune 500), spends each day looking for jobs, and says she's running into more competition than ever.

"It's hard to get an interview," she said. And if she does, it's even harder to stand out. "I have been to interviews were there were 37 people."

Misspelling aside, I started working as a hiring manager in the mid '00s. It was common for me to see 1,000 resumes for the same job. It was also standard practise to interview as many qualified candidates as possible within the alloted time before offering the position to the top candidates.

In my experience, I interviewed 50-100 candidates for a single position.

With all due respect to Ms. Zajaceskowski, I was interviewing highly technical candidates with engineering degrees, and most of the candidates held advanced degrees, e.g. MBA, JD, Master's, PhD, etc.

The presumption is that these candidates were the top 99th percentile as compared to the general population in terms of education.

The logical assumption would then be that these people in the 99th percentile should have an easier time in finding a job than the general population.

So, a well-educated person faced 50-100 competitors in a good economy. How then can a loan officer say that facing 37 competitors in a "down" economy be harder, implying that the economy is the cause of poor job prospects?


My thesis is this. What kind of picture does this article paint for you? Should you re-examine your current job/career path? Should you decide for yourself if your job is stable? If you feel that your job is unstable, what do you think could be done?

I do not like being painted as a victim of the economy. Instead, I believe in the ability of each and every person to improve their own situation regardless of the economy.

If you at the top of your professional game, then what are you afraid of?

http://money.cnn.com/2008/10/23/pf/college/student_loan_fugi...

This article is a prime example of the media's fear mongering.

Idealistically, everyone could learn about anything they want in the interest of higher learning with no penalty.

Realistically, a college education could only be justifiable if accompanied with a commensurate increase in earning power.

While the second half of the article touches on options to get out of student loan debt, the first half of the article paints a bleak picture.

In my opinion, student loan is the best type of debt when used with caution. Here's why.

Assuming you plan wisely, a college education would increase your earning potential tremendously, if you have the right degree from the right school. I have no statistics to back up this assertion, but in my experience as a hiring manager, most of the positions I fill require a degree with the right major, even if the school is so-so. This requirement is non-negotiable, and especially true for government or other bureaucratic jobs.

Student loan is the only debt I know that you have the right to deferment and forebearance under federal law without filing for bankruptcy: http://studentaid.ed.gov/PORTALSWebApp/students/english/diff...

If you have economic difficulty, return to school, take a low-paying job to serve the public, or any number of qualifying events, you may be able to defer or even get partial or full forbearance.

Student loan interest, even if administered by private lenders, also tends to be lower than other types of loans, although this is becoming less true recently as all loans have seen a hike in interest.

Student loan interest is also tax deductible. Consult your tax professional.

Even if you defaulted on your student loans, would this be better or worse than defaulting on another type of loan, say, credit card? What do you think?

Why then would the media portray this relatively benign topic in such light?

Don't fall victim. Educate yourself. Empower yourself with knowledge. Think rationally about your position. Make an informed decision.