Those of us of the “recession generation” will most likely remember college as a time of budget cuts, walkouts and copious amounts of Top Ramen. And chances are, we won’t be too hasty to invest in the stock market any time soon after graduation, at least according to a recent National Bureau of Economic Research paper.
Ulrike Malmendier of UC Berkeley and Stefan Nagel of Stanford looked at the investment propensity of “Depression babies” and found that they were more than a little hesitant to do their shopping at the stock market. As it turns out, the mental trauma of financial shocks are long-lasting, especially for those who endure them in their formative years (18-25).
According to their research:
… individuals growing up during recessions tend to believe that success in life depends more on luck than on effort, support more government redistribution, but are less confident in public institutions.
So long after the recession has receded, it’ll still leave a bad taste in your mouth (probably the stench of metal left from all that penny pinching).
Will Recession Forever Scar Young Investors? [Wall Street Journal]
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Posted by
Alex Bigman on Monday, September 07, 2009 03:14 pm
Go ahead and buy yourself something pretty; you’re about to save a ton of money some pocket change on campus parking permits. In light of this whole economic buzzkill, UC Berkeley’s Department of Parking and Transportation has graciously decided to throw commuters an (extremely) modest but surely appreciated bone. OK, this may mostly be a move to keep indignant staff members happy, but either way it looks like about 1,000 student commuters will benefit. See if you qualify: read more »
With an increase in UC tuition and a global recession on our hands, it’s probably more important than ever to find a job. Business owners in Berkeley have some encouraging words for you: good luck.
With students cutting back on superfluous spending and employers cutting back on hiring, there’s more competition for the dwindling number of jobs available to students. The unemployment rate in Berkeley has jumped from 7.4 percent last December to 11.9 percent in July, just under the current national average.
And a sad economy equals sad students (which means Le Petit will probably be the only business to see an increase in revenue). On the bright side, not having a job will leave you lots of time to protest the tuition hike by following Mark Yudof around or vandalizing his property or whatnot.
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Local Businesses See Decrease in Hiring [Daily Cal]
While the recession continues to rage across the nation and the world – taking down banks, car manufacturers and even a small chunk of Starbucks in its path – Berkeley has maintained a surprising amount of economic stability.
And apparently UC Berkeley and its students are to thank for keeping the whole Berkeley bubble afloat on the raging sea of recession. That’s right, give yourself a pat on the back for splurging at the Asian Ghetto last night.
Students are generally less reliant upon employment income and therefore more insulated from the recession. We even rake in a good $400 million to the Bay Area’s economy each year.
Basically what this all translates into is more reconstruction and renovation. Enjoy the jackhammers, kids.
Image Source: dan taylor under Creative Commons
Local Development Continues to Thrive [Daily Cal]
Posted by
Alex Bigman on Sunday, June 28, 2009 10:33 pm
For all our bitching, it seems that our fair city has kept its economic footing remarkably well throughout this whole recession thing. The Berkeley City Council passed a neat budget this week; no layoffs and about one percent growth. Whether a result of good governance or just another manifestation of our singular un-normalness, we could care less. We’ll take it, and we’re not about to toss out the recession card either, which has nicely excused our financial shortcomings thus far. For the curious, here’s the scoop and a theory or two on our unique little prosperity: read more »
Posted by
Alex Bigman on Wednesday, June 24, 2009 04:51 pm
As if finding a job weren’t difficult enough as it is (as we write this from our cardboard platform in People’s Park), hard times have wedged yet another wrench into the employment process. Easy-profit endeavors like selling drugs or scheming may seem like good alternatives these days. On a related note, the UC Berkeley Career Center wants to remind you that scheming is a two-way street, and you don’t want to be on the schemed side. Watch out for fraudulent job postings on their job board; here are a few things to look out for: read more »
Posted by
Alex Bigman on Friday, April 17, 2009 07:13 pm
Frugality is quite the craze nowadays. In Berkeley, (formerly) middle class citizens are taking cautionary spending to a whole new level, taking a cue from the folks who seem to get by on just about nothing. Berkeley’s homeless shelters and free meal programs have been experiencing a major strain lately as demand grows at an utterly disconcerting pace. The Clog can only pray that the hipster population doesn’t latch onto these: read more »
Posted by
Alex Bigman on Wednesday, April 15, 2009 04:34 pm
As if venturing out of Berkeley’s academic bubble and into the real world wasn’t terrifying enough already, graduating seniors are in for an especially limp, possibly sweaty economic handshake these days. And they’re scared. While wwoofing is always a good option for the hippie escapist, UC Berkeley offers a range of other suggestions and strategies for seniors who intend to bite the bullet. Here’s what the Career Center has got to offer: read more »
Curb your spending, and just maybe you’ll be able to afford all your textbooks and readers this semester. Lifehacker offered an interesting top ten guide to saving, so here’s our ripoff.
Reuse Stuff
Grab a Klean Kanteen–we’ve heard tell they’re the safest and most durable water bottle on the market, though that’s up for debate. Sure, it’s kinda costly for a water-holder, but imagine all the moola you’re saving by saying buh-bye to plastic. Oh, and it’s, like, good for trees or something.
Get some reusable shopping bags (canvas works well), and if you shop at Trader Joe’s, you get the chance to win a discount on groceries. If you shop at Whole Foods (though that’s not really saving money, but OK), you can get an automatic credit on that day’s purchase.
read more »
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