The Untouchables from PBS' Frontline

If you missed it, you can watch it on the PBS website. It does make the DoJ look like the big loser though.

Watch Alarm Bells In The Housing Market on PBS. See more from FRONTLINE.

Why you can't compare a household budget to the budget of a country

Paul Solman, writing for the PBS Newhsour's The Business Desk, explains why you can't compare a family budget to the budget of a country. Essentially, his answer is that a country can tax and a family cannot, but it should make sense that lopping off some zeroes to compare the spending of an apple to orange orchard is not a sound analogy.

What Happens to a Dream 'Betrayed?' Authors Blame Trade for Middle Class Demise From PBS Newshour

Value of Education from PayScale.com

PayScale.com offered their first Google Hangout on the Value of Education, aka is it worth it to go to college?

The discussion was wide ranging and had a good mix of speakers--a marketer, an economist and a school counsellor--though the moderator could have done a bit more to distribute time amongst all of the panelists.

A story from NPR about a high achieving student choosing the trades over college seems to echo some of the arguments made by the speakers, while also addressing the only the remedial student enters the trades argument. It's a shame that we are still dealing with that stereotype, but this weird belief that only the stupid, usually male, students become tradespeople just won't die in the minds of some parents--and kids.

One area they didn't touch on was when you needed a degree, or a graduate degree, to do the job that you want. For example, if your local authority only hires teachers with a graduate degree to teach in the K-12 schools, you can go to school for a year to be a Teaching Assistant--but that is not a Teacher. And without the four year degree you can never progress into higher level administration or even into instructional or curricular design. In some cases college is the only way to get into a profession, so suggesting that they just pursue the "lite" version of the career is also a waste of their time and money.

However, their point about taking the associate degree, getting some work experience and pursuing additional education with the assistance of their employer is one we try to impress on our students all the time.

There are also some cases where a trade and a degree can go hand in hand. For example, a person who pursues a degree in history but who also works as a carpenter--whether as a full-time worker and a part-time student, or vice versa--may be able to use their trade to leverage their degreed career. As a carpenter and a historian, they could work in a museum (or form their own company) to build and repair exhibits; they can work in historical interpretation as a carpenter; they can also use their skills and knowledge to preserve historic homes or buildings. I wish sometimes that people would consider how a trade and a college degree can enhance one another, rather than the liberal arts depriving our economy of a plumber. (In fact, a chemistry class would have helped the plumber who told me that I could boil lead out of my water--but I consider him to be unusual and not the norm.)

They are also trying to continue the conversation on Twitter with the hashtag #valueofed, but they couldn't have anticipated the Twitter shutdown during their hangout.

Points to PayScale.com for using Google Hangouts. I'm looking forward to more of these.

CEO Income Compared to Average Worker from the Company, an Infographic from PayScale.com

How America turned poverty into a crime by Barbara Ehreneich

How America turned poverty into a crime is an essay by Barbara Ehrenreich, author of Nickel and Dimed, Bait and Switch and, most recently, Bright-sided, takes a look at poverty in America in the wake of the meltdown and the changes that have occurred in the past ten years since the publication of Nickel and Dimed.

The Girl's Guide to Homelessness by Brianna Karp

During her homeless year, Brianna Karp chronicled her homeless experience on the blog The Girl's Guide to Homelessness. She was young, educated and according to her own account, had worked for over a decade, even as a teenager, at a variety of jobs that left her with plenty of marketable skills. When she was suddenly laid off from a job that she loved, she was forced to move back in with her parents, though coming back into the household with her abusive mother would not make this a long stay. However, Brianna was resourceful: she was able to use the unexpected inheritance of a trailer and move onto a local Walmart parking lot, find a place to shower and soon a job--though she did remain homeless, she was able to enter a community of homeless activists.

And she also met the man she thought she would marry. A significant portion of the book is devoted to her romance with a man from Scotland who would ultimately abandon her, and in the cruelest of ironies for a homeless activist, abandon her to the elements in the middle of winter. (Yeah, asshole is not quite the word...)

Brianna is remarkably resilient, turning a string of misfortunes into a job, a blog, a book deal and finally finding a stable job, at least at the time of the epilogue, and a place in the homeless activist community.

Caveat emptor: If you have any association with the Jehovah's Witnesses, you may not be happy with Brianna's depiction of the church or their position on several issues, or how she categorizes the group as a "cult"; however, she is basing her description on her experience with the church. I would also like to give a fair warning for the brief depictions of child sexual and physical abuse. These warnings should not scare readers off from the book, especially since I think it is an important book for librarians who have no or limited experience with homelessness, to read, since many homeless people use libraries for places to job search, research and rest, and Brianna's book does put a youthful, educated, female face on homelessness after the recent recession.

Malled by Caitlin Kelly

In 2007, Kelly, at that time a freelance journalist, decided to take a part time job in retail so that she would always have some dependable funds in her account for living expenses. When she heard about a new North Face store opening up in a suburban mall, she decided to apply there and despite her lack of experience in retail, but plenty of life and travel experience, as well as fluency in two other languages than English, the management at the new store decided to hire her. According to Kelly, she was a consistent top-seller at her store, and the store that she was employed at was one of the top performing stores for that company.

Kelly's account as a retail salesperson and her examination of the industry focuses on two areas: how poorly retail salespeople are paid and how poorly they are treated by the customers that they are there to help, despite how essential they are to the company and the lipservice that companies pay to the quality of their customer service. She talks about the makeup of the staff at her store: usually minorities (though, minority to who and where? I always wonder), but well educated and ambitious, some with college degrees, others are former military, some are single parents, but they all seemed to be trapped on the retail roller coaster, moving on or up only if they can escape retail. Retail sales is not a career, Kelly argues, you can barely make a living at it, the physical demands are enormous, there is no concern for perfecting a professional salesforce, and the staff just doesn't seem to care--but they would do anything to get out of their retail jobs.

Kelly describes how the corporate focus on the bottom line means that frontline sales staff will remain poorly paid--supposedly shareholders don't want to pay salespeople more, but shareholders are always the villains--and not given adequate tools to perform their jobs. Indeed, the fact that many corporations are apparently clueless about sales, ergonomics, customers and products, is a recurrent theme in the book. The corporate mindset appears as inexplicable and implacable as Kafka's Castle.

A different generation?

I think it may be a generational difference, but I am surprised that she was shocked by how retail salespeople are treated, mainly because almost every person I know has had some experience working in retail as a teenager or young adult. This was Kelly's first experience on the other side of the till (or cash wrap, as she prefers) and at times she appears a little naive at how craptastic a job in retail can be.

She is right about one thing: it is not going to get better for retail workers unless customers stop shopping at stores with crummy service, and who become know for treating their sales associates poorly, as well as for crummy products. And though I liked the book and the immersive journalism, Kelly could have gotten that response from any teenager on their first job--and I would have liked to hear more about how teenagers and young adults can be exploited by this industry, in addition to the few glimpses of mature workers who, after the economic downturn, found themselves working in retail.

I might have enjoyed Barbara Ehrenreich's Nickel and Dimed more, but I still think that Malled is an important part of the immersive journalism literature on workplaces.

Reporting on the Wall Street Meltdown wins Pulitzer

Jesse Eisinger and Jake Bernstein writing for ProPublica on the Wall Street Money Machine won the 2011 Pulitzer for National Reporting. Their reportage is also distinguished in that this is not an print publication, but appeared online on the ProPublica website.

At the time of this writing, the Money Machine's RSS feed was not working; however, the ProPublica feeds are accessible.

The OUTLOOK for hiring

According to a story on CNN Money, the outlook for hiring is on a 12 year high. Now, I don't want to be a grump, but "outlook" is like looking into a crystal ball--it's not actual hires.

NBC blamed layoffs on the winter weather and last week's Business Week suggested that private enterprise won't start to hire until they are sure the recovery is real.

July's Labour Force Survey

Statistics Canada has released the Labour Force Survey for July 2010, and though there are job losses, there is some good news for students in the 15-24 year age bracket, with increases that meant it was at least better than this time last year. The analysis also indicated that college/university age students did better finding employment than roughly high school age job seekers.

If you go to the bottom of the release, you can review the information by province.

CBC has also prepared a comparison between the US and Canadian data for July.

The Bonus Battle (or you really can explain anything with pictures)

Dan Roam, the author of the Back of the Napkin, explains to bankers why the public is so mad at them. (um, duh). Anyway, when I watched it the first time and he mentioned "murders and acquisitions" I also enjoyed a Freudian mishear.

When will the job market recover?

JobBait has provided an analysis, historical and two forecasts, about when the job recovery will occur.

If you are interested in their data and how they reached the conclusions in their analysis, they will be holding a webinar on July 21, 2009, about the analysis. If you work with patrons who are wondering about the job market, or are interested in labor market analysis yourself, you may want to sign up for the webinar.

The Meltdown: The Story So Far

If you haven't seen I.O.U.S.A yet, you can watch a 30 minute speed version. There don't appear to be any more public events scheduled, at least on the website, but if you have a documentary night in your library, you may want to include this movie to your roster.


Once you've tackled that, take a look at this article from the New York Review of Books, where Bill Bradley, Paul Krugman, George Soros, Nouriel Roubini, Niall Ferguson and Robin Wells comment on what happened and what is coming. Since you have watched I.O.U.S.A you will be struck with shudders when you read:

...it seems reasonable to anticipate a much more rapid explosion of federal debt to somewhere in the region of 140 or 150 percent of gross domestic product.

It's enough to make you want to go back to bed sometimes.

But in the world of better news, and because I work amongst many Krugman fans, when he says, things are improving, I am happy to make link to The Man.

More about Paul Krugman.

But what kind of work?

ERE has a hopeful post, Not Hiring? Tell That to the 4.4 Million who Found Jobs, possibly in response to the news that 300, 000 jobs were lost in March. The post does point out that some people did get jobs, but then suggests that because WalMart is hiring clerks that this is compensation for the loss of a stable, middle class salary-paying job, probably with health insurance.

Now I do think it is important to talk about the World of Good News (go to the Hour for more) but the argument that one job is just as good as another, now take your castor oil, is just silly. This doesn't take into account that some of the hires were probably part-time trade downs from full-time employment--so even if you were classified as the exact same type of worker, 22 hours a week is not the same as 40 hours a week. You can't just trade a job for a job--they aren't alike. For crying out loud, at least read Nickel and Dimed if you have never had to take a minimum wage job.

Rant over.

Anyway, I do want to draw people's attention to some of the interviews on Metro Morning about laid off workers--mature workers who are having a hard time either finding equivalent work to what they have lost. Or they have remade themselves, by exploring some of the skills they haven't used in a while. I agree that we should no longer use the term McJobs--like you're showing your age if you use dude--because it is no longer cool and is demeaning to people who need to work to eat.

You don't need to interpret tea leaves stuck in a cup

To understand that people who work sitting down get paid

more than people who work standing up.

from Will Consider Situation by Ogden Nash

There isn't money in anything, so do what you love

Because I work in a career centre on a university campus, I spend time talking with students, and wonder what they are thinking about the economy and well, just what is going to happen to them in general.

I'm not the only one (and I didn't think I was):

• I don't know any libraries that come on to campus to recruit new grads (they expect us to come to them, usually at ALA if they are gathered en masse) but you may be interested in last year's story about the slowing of corporate recruitment on campus.
• Minnesota Public Radio did a forum asking college students and their advisors about the job market and how confident they felt. The title of the post comes from one of the speakers at the forum in response to Ben Stein's advice (which isn't all bad, unless you can't stand bodily fluids. [And if you were counting on no vomit in libraries, one of the internship position questions I got asked at a public library was, what would you do if a child vomited in the library? Answer: clean it up].) 
• 247 Townhall, a project of One Economy (which also has some great resources on the Beehive), has some interviews with college students about their views on the economy, what their expectations are and how to fix it. They are also looking for more content.
  

What messages can people come away with from these forums and articles? Know what you can do with your degree and where the jobs are in your area. Look at the labor market and do some research (librarians are the only ones who have to cower when someone says, you better know how to research, cuz you better). There are still jobs out there, but you have to be realistic about pay, and you need to start looking now (December 2008 was the time you should have started, but if you haven't, crying won't put the milk back in the carton). And more school is not the solution.

I found a flaw

Keeping up with the bailout/meltdown coverage, Alan Greenspan testified at a congressional hearing about the practices at the Federal Reserve--which he presided over for 18 years--that could have contributed to the meltdown. Essentially, Greenspan says that by trusting banks to regulate themselves, he believed that they would show more astute self-interest than living from quarter to quarter. They did not and the system melted like a candle burnt at both ends.

Yahoo's Tech Ticker is a bit kindlier to Greenspan than the NYTimes article. Bill Moyer's Journal also carefully dissected Greenspan's testimony in light of Greenspan's intellectual allegiance to Ayn Rand. Yes, what you read can make a difference--not only to you, but many, many others.

It's the economy, baby

Since the economy is on everybody's mind and lips, it may not hurt to do some tracking about what is being said about the economy in these turbulent times. During my daily work, I have to read labour market information and stay on top of economic indicators in general. Sometimes, I come across items that I think that everybody should take a look at, or they offer a summary of what is happening.

Again, without historical perspective it is difficult to determine WTF is happening--and even then, experts won't always agree. But it can help you feel better if you know just a bit about what is going on.

And you might get a question on these in an employment interview--reference librarians, if you don't read or follow at least one newspaper you're going to blow these questions. You might save yourself on pop culture--Daft Punk for 200, Alex?--but reading the newspaper is a requirement.

So, for today, watch Yahoo Tech Ticker explain the 5 signs of a recession.

The meltdown and the bailout

The meltdown and the bailout are examples of how macroeconomics--large scale economics--can affect a person's microeconomics, your own little-big life and budget. But what the heck is going on?

What a good question, and since I am not an economist--generally skeptical and willing to wait for a little historical perspective--I have a few resources that will help you make up your own mind:

• NPR's This American Life is looking at the meltdown and explaining what is happening on Wall Street and Main Street, by looking at the housing crisis, as well as what is happening on Wall Street.
• ProPublica items tagged Wall Street Bailout, will help you keep on top of the stories.
• Business Week Behind the Cover Special Feature on the Bailout. In general, Business Week will have good up-to-date reporting on the bailout, so you might want to add it to your news reader.
• Silobreaker's Freetext Search Map on the "meltdown" will allow you to explore news stories and their connections.
  
• The Trillion Dollar Meltdown, published in January of this year, is looking awfully prescient. 
  
• If you want a historical view of past financial fiascos, the Wall Street Journal published a round-up on the five best books about past financial crises.