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Originally Posted by loquitur
Host, that's my risk, isn't it? If I end up falling flat on my face, then I will have no one to blame but myself for not having the foresight to see the oncoming train wreck. And I'll deal with it when/if that happens. But let me give you a hint: knowing more than one area of law helps cushion blows like that, and practicing in a firm that has expertise in helping clients through both good times and bad also helps.
But you're right, there is risk. Big risk. And I could possibly fail, quite badly, and the govt won't bail me out. That's why I'm also entitled to the upside.
Roachboy, the fact that I took debt on to go to law school is a datum, but it's not the fulcrum of my argument. The fact that I'm a free man and can't be required to give my work away on terms I don't agree to is the fulcrum. You may have heard of the Thirteenth Amendment, which prohibits involuntary servitude.
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Do you own stock or bonds or other securities, loquitur? Those in the bottom 50 percent own less than 8 percent of all US stocks and bonds, it may even be less than 5 percent.
When you say that the "gov't won't bail you out".....what do you think "went down", this past sunday, and with the "stick save" by the Fed, with another huge interest rate cut, yesterday, and a 400 pts. gain in the Dow?
What the Fed is doing is "bailing out" you and the very people who you regularly bill for your professional services, and it will have the consequences of making the few dollars the "bottom half" of the popuilation have to spend, buy much, much less, as we already see at "the pump".
Is your hubris or complacency so great that you haven't realized the Fed had been busy transferring the small amount of wealth from the least of us, to the "investor class"? What do you think this is about?
Is it capitalism, or is it more appropriately described as the rule of a corporatist oligarchy?