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Just 25 days left in my Notice Period. I am holding an offer for 29 fixed, but looking for something better.
I have 7.5 years of experience as a Business Analyst/Product Owner in Banking.
Currently in EY working on lending transformation projects. Designing customer journeys and PO role for implementation.
It would be really nice if anyone can refer me in thier organization for similar role.
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I think we all could use a good laugh
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The groupthink here is blaming it all on Covid. Which yes contributed a ton of inflation.
However this happened right on top of
08’s decade long ZIRP era that pumped even more money into the economy pre covid that is taking years of pull back to cycle this (and Covid) out. In order to afford 0% rates we bought trillions worth of bonds from other countries for many years (aka quantitative easing) which resulted in comparable levels of inflation to Covid but over a longer period - which happened to occur directly leading up to Covid. So yes in this sense the financial crisis had reverberating effects on today’s market, requiring more intense interest rate policy than if we didn’t have a decade of unprecedented spending leading up to Covid.
Typically drastic interest rate hikes like what we’ve seen over the last couple years results in immediate economic reset - borrowing is more expensive so ppl save more vs spend, companies invest less, unemployment rises, competition increases and prices stabilize. We are finally seeing this effect but it’s so lagged due to the bloat we’ve had circulating in the market over the past 15 years almost.
Essentially we were due for an economic reset prior to Covid but instead doubled down, propping it up for another few years and are finally starting to see that reset.
the pandemic played a role in reshuffling the social order, economy, politics, enforcement… whether or not the virus was human-made in Wuhan, the way most of the countries deal with the pandemic was calamitous; first time in human history where governments locked down entire populations. economy stalled by preventing people working, preventing people with passive incomes to get in deep trouble, ambitious solutions being tested and financed with taxpayer money, individuals, non-profits making money from taxpayers than later on became free loans!!!! For a pandemic with 4-5% death rate it was a series or bad decisions that screwed up the middle class, small businesses. Huge losses and a change in the people look life that will take one generation to change, maybe. the way politicians handle the pandemic was pitiful, the way health providers treated people with medium-severe covid cases was a lot worse. In the end, whether is a pandemic or a bubble burst, the middle class will pay the bills, suffer the consequences of loss of real salaries and the wealthier will continue to became, little by little, richer, getting a hand on all the democratic institutions to make the system to work form them
I mean, I started my career post recession. Wages were suppressed for many years so it took me years to get back to market normal or whatever (started at $35k at Big 4 in 2010 so to get to entry level wages now took many years). Personally I think I could be making more now if I could've started higher then, but maybe that's BS since market rates are market rates. That being said: saving was harder because wages were less so I do think my net worth took a hit in terms of what it could be if I had that extra money to save.
We are paying for the quantitative easing during COVID. lets not forget about 3 years ago we had quiet quitting and the great resignation. This is just the blowback from all that easy money that was pumped into the economy.
And the decade of QE leading up to Covid…
The whole world stopped working for several months in 2020 and governments printed a ton of money to spackle over that massive drop in the entire planet’s GDP. At some point we have to make up for that.
Good point.
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It is manufactured. Covid was the biggest upward transfer of wealth in human history. This isn't accidental, nor random.
You should reconsider your field as a chemist
It’s inflation and no bigger economic plan to bring us out of this. A lot people find it easier to blame “covid” but it’s been 4 years ….. History repeats itself.
Long game. Oligarchy has been working towards this for quite some time.
Definitely the covid stimulus. Fed effed the country over.
That would’ve been a more logical argument for how the fed effed the country over than Covid stimulus
Yes, the US economy is still feeling the effects of the 2007-2008 financial crisis in several ways:
Long-term Unemployment: The crisis led to significant job losses, and while the unemployment rate has improved, some individuals who lost their jobs during the recession struggled to re-enter the workforce. For my part, i was laid off for about 5 years took jobs that paid significantly less than I should have been making. Those lost earnings I have never recovered.
Wealth Inequality: The recovery has been uneven, with wealth inequality increasing. Many households lost significant wealth due to falling home prices and stock market declines.
Regulatory Changes: The crisis prompted major regulatory changes, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which aimed to prevent a similar crisis in the future3.
Public Debt: Government interventions to stabilize the economy, including bailouts and stimulus packages, significantly increased public debt.
Housing Market: The housing market took years to recover, and some areas are still dealing with the aftermath of foreclosures and depressed property values. I can tell you I almost lost my home.
These lingering effects highlight the profound and lasting impact of the financial crisis on the US economy.
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The future of the internet is illiterates posting to each other using chatGPT, enabling us all to watch the AI talk to itself.
Fortunately it is easy to identify at present
For obvious reasons, the government never let the housing and financial markets experience the real fall out from the financial crisis. We’ve been dealing with the results ever since.
Yep, you're spot on.
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Those employees making statements are the ones who caused the financial crisis. Half should be in jail. Certainly don’t care what they say.
Yes, I know it did
Today’s job market is hot. Softening but still hot.
Absolutely.
As you get older, you will understand how decisions and events impact the future permanently and significantly.
I was interviewing with the big banks in 2009.
They all had like one spot available, and there were dozens of us interviewing.
I eventually got in at a crappy little community bank and have clawed my way up over the past 15 years. Ultimately happier now than I would have been at these massive banks, especially seeing how public perception now believes how corrupt and dysfunctional they are.
These are the banks that enabled Madoff and Epstein to do what they did.
You don’t want to work with people like that, for any amount of money.
Canadian banks are now being investigated for money laundering in relation to fentanyl trafficking.
Warren Buffet seems to be dumping bank stock because he thinks that investigation may spread to US banks.
Do yourself a favor and study history.
We were thankful in 2008-2009 to just be graduating at that time, learning from industry mistakes we made without having to make them ourselves.
I also hear a lot of finance folks say they wish they would have bought Bitcoin in 2010. Instead they lost tons of money on options, real estate, stock crashes, margin calls/the XIV liquidation.
Things would have been a different today for them if they played it right instead of wrong.
Choices matter far into the future.
And there’s always a choice.
In 2010, one bitcoin was $0.06 and went up six-fold to $0.40, then crashed 25% to $0.30.
If you invested just $100 at its peak that year, and toughed out the crashes, you’d have $14 million today simply by not selling.
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I agree with comments here, however I’ll add that financial institutions are lowering borrowing standards again.
in a few decades the financial sector became the ”player“ that needs to invent risky products to make huge profits by creating bubbles that sooner or later will burst, letting people with cash (or access to it) to capitalize on that and becoming wealthier.
Of course it did,
Personally is hindered my career and I’m super far behind on retirement. I also didn’t make enough to buy a home on the downturn so instead of having a paid off home now or one with under $100k owed, I’ve got a decent mortgage left
It impacted a lot of people. People seem to forget that the economy really started to pick up steam around 2015-2017 but jobs still paid low for me until 2019 even with an MBA
The last 6 years has been some amazing economic growth
its true, I dont even know if you comment comes from a real person or a bot. you can pay to personalized a bot to make your agenda present itself in FB, instagram, etc. How did we ended up living in the great revolution of information characterized by disinformation. how people can read and watch internet content and believe its true?