6/11/2009

"U.S. college grads shun Wall Street for Washington"

I am sure that the relentless attacks by Obama and others has not helped either. From Alertnet:

U.S. college grads shun Wall Street for Washington
11 Jun 2009 12:03:20 GMT
Source: Reuters
By Wendell Marsh
WASHINGTON, June 11 (Reuters) - Wall Street may be losing its luster for new U.S. college graduates who are increasingly looking to the government for jobs that enrich their social conscience, if not their wallet.
In the boom years, New York's financial center lured many of the brightest young stars with the promise of high salaries and bonuses. But the financial crisis has tainted the image of big banks, and with fewer financial jobs available, Uncle Sam may be reaping the benefit.
"Some grads might have seen two of their older siblings go through the dot-com crash and the emptiness of that, and now the Wall Street crash, just chasing after the big bucks," said John Challenger, chief executive of job placement company Challenger, Gray & Christmas.
Some of the appeal of Washington simply reflects the grim reality of graduating in the midst of the worst recession in decades. The U.S. unemployment rate jumped to 9.4 percent in May, which means new graduates are competing with a large pool of older unemployed workers for a limited supply of jobs.
A report from the National Association of Colleges and Employers projected a 21.6 percent decrease in new hires among college graduates. Almost every sector was hit, with banking taking the biggest blow, dropping 70.9 percent.
"Students don't see the private sector as being as viable this year," said Edwin Koc, director of strategic and foundation research for the Pennsylvania-based NACE. . . .

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3 Comments:

Blogger ICONIC FREEDOM said...

"Students don't see the private sector as being as viable this year,"

Where do these kids think all the money comes from for the public sector?

LOL! How hilarious - apparently an expensive education doesn't guarantee intelligence.

6/12/2009 1:30 AM  
Blogger Martin G. Schalz said...

Bureaucracies do not encourage excellence for those who work there. They simply destroy self motivation, determination, and the ability to think for one's self in a fashion that achieves the end of being able to rapidly devise an efficient and correct solution to a problem.

To put another way, they simply become drones, and not productive workers.

If I were an employer, and I had a choice between a recent college grad vs a bureacrat, I'd choose the recent grad. At least with the new grad, I can guide them down a path that encourages free thought and effiency.

6/12/2009 7:38 PM  
Blogger Harry Schell said...

IF, you are right...money does NOT buy happiness or intelligence!

I think there might be another factor in this...given that the private sector is firing thousands of people every week, where does a a grad look for a secure job with an employer without significant performance standards?

Government, which is semi-recession proof, thanks the bottomless pockets of taxpayers.

For the moment.

6/13/2009 3:54 PM  

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