Youth Radio - Topic: recession

The Recession Hits Home

rgee — Fri, 10 Feb 2012 12:34:13 -0600

This story was originally published on L.A. Youth.

By Jennifer Gonzales-Romero

My mom, my brother and I used to go to the movies or eat out almost every weekend. We weren’t rich but I could tell my mom wasn’t struggling because she could always afford to take us out. Things changed in June 2009 when my mom was laid off from her job as an assistant property manager for a property management office.

I never thought she’d lose her job because she’d been working there for eight years. But since she didn’t look worried, I didn’t worry either. My mom had savings and the government gave her unemployment—money you get from the government every two weeks after you’ve been laid off. But she still made sure to budget her money.

We didn’t eat out or go to the movies as often. Out of habit, I’d ask my mom to buy me clothes when we were at the store but she said she couldn’t. So I would mostly ask my dad whenever I went over to his house because he had a job. Many times my junior year I’d come home after band practice and see my mom on her laptop looking for jobs, but she wasn’t having much luck. I didn’t think it would take two years for her to find a job and that she’d struggle to pay her bills.

The summer before senior year, I researched colleges. My dream school was the University of La Verne because I thought its small class sizes would be better for me. Tuition cost $31,300 a year but I thought financial aid would cover everything since my mom was unemployed. By the end of the summer I knew that I couldn’t depend on my parents to buy me new clothes and pay for my senior year expenses so I kept my summer job at Little Caesars.

In late September my mom started dating an old classmate from New Orleans. He and his daughter moved here and my mom and them moved into a three-bedroom home. My brother and I stayed in our apartment and my dad moved in with us so we could continue going to school in South Gate. My mom and her boyfriend got married in December.

My mom started to worry

At the beginning of 2011, I started to notice that my mom was struggling. Her mail was still sent to the apartment where I lived with my dad, so she would call almost every other day asking me whether her unemployment check had arrived. When I would say no she would say “OK” in a worried voice. She had been receiving unemployment for a year and a half and to keep getting it she had to prove she was still looking for a job. She told me she was worried that they wouldn’t believe she was having trouble finding one and that they would cut her off.Her husband wasn’t working either because he was having trouble finding a job in construction. I felt bad.

One day in March, I was doing homework in my mom’s room. She was sitting on her bed going through papers when she told me she was behind with her car payments. She started crying and said that she didn’t know how she was going to pay for her car and for rent. It hurt me to see her cry and I started tearing up too. I wanted to help her but I didn’t know how. I knew that if she couldn’t pay her car loan that they would take her car away, but she needed it. How else would she go to job interviews or pick my brother and me up so we could stay at her house?

In April, my mom scored a temporary job as an assistant property manager. I was hoping that they would keep her permanently. But after five weeks they didn’t need her anymore, so she went back to looking for a job. Around the same time I noticed that my mom’s husband was borrowing her car more often. I asked my mom what happened and she said he sold his car and they used the money to pay for rent. Still, I didn’t think their situation was so bad because they still had their home and money to buy food. But now that I look back, my mom had been worrying about a lot of bills.

In May I decided that I wanted to get my prom dress made so that it would be unique. I asked my mom if she could help pay for it since my dad had offered to pay $100. I think she knew how much it meant to me so without any hesitation she said she could pay $100 too. I was so excited. I didn’t feel bad for asking because if she had said no, I would have understood. I wanted prom to be perfect and I was just thinking about that.

A couple of weeks later my mom picked up my brother and me from my dad’s house, and I gave her three letters from the unemployment office. When she read them, she looked worried. I asked her what was wrong and she said that they were no longer going to give her unemployment. When she started driving she remained quiet and looked like she was thinking. Then she started crying and said that she had a lot of bills to pay and she didn’t know what she was going to do.

I thought about saying, “It will be OK, things will get better” but it didn’t seem right because I didn’t know whether things would get better. My brother and I kept quiet for the rest of the car ride. I wanted to offer her money but the only money I had I was going to use to buy my prom ticket. I didn’t want to be selfish but I didn’t want to miss out on one of my most memorable high school experiences. I couldn’t understand why she couldn’t find a job. She had a college degree, she was outgoing and hardworking, so why wouldn’t anyone hire her? She couldn’t help pay for my prom dress The next day she called and told me that she was having trouble paying rent and that they were going to move into a one-bedroom apartment. She told me she couldn’t give me the $100 anymore. I understood and told her it was OK. But now I didn’t have enough money either so I didn’t know what I was going to do.

My next paycheck wasn’t until the day of prom. I didn’t want to ask my dad for money because he couldn’t afford it and I knew he would get mad that my mom couldn’t contribute since they always split the expenses for me and my brother. My mom suggested I use some of the money I had saved for college from selling pastelitos, a Central American meat pocket, at school. I didn’t want to but it was the only way I could get money fast. I promised myself I would pay back every cent after my next few paychecks. Then my mom asked me if she could borrow $120 from my pastelito money. I was shocked she was asking me for money, but I said yeah. It showed how badly she needed it if she was asking me.

Although it hurt to hear what my mom was going through, it felt nice to finally have a way to help her. I had fun at prom because I was hanging out with my boyfriend and my best friend and her date. I was excited prom was finally happening and graduation was approaching. Around the same time, I found out that the University of La Verne was going to give me about $24,000 in grants and scholarships, which left me with about $11,000 to pay myself or through loans for the rest of the tuition, books, food and personal expenses.

One of the loans had to be taken out by one of my parents, and it was the loan with the most money, $4,000. I asked my parents but they didn’t want to take out the loan because my dad had bad credit and my mom had no income. I understood but it meant that I would be able to take out only $7,000 in loans so I would have to work part-time while going to school. I hoped I would make enough money to pay for my phone, gas and other expenses.

In June my mom went for a second job interview as a payroll clerk. I knew how hard my mom was looking for a job and I was hoping that they would hire her. After the interview she picked me up so we could open a checking account. She said they would call her later in the day to tell her whether she got the job. When we were opening the account with a banker, they called her. She stepped outside the banker’s cubicle while I finished opening my account. When she was done she came in crying with a smile on her face. I knew it was good news. She said they gave her the job and she would start next week. I was happy so I gave her a hug.

Afterward, we picked up my little brother and celebrated her new job by going to a restaurant to eat tacos. Now that my mom has a job, things have gotten better for her. She and her husband moved into a three-bedroom apartment and she’s been paying her bills off. She also has extra money again so she and her husband go out to eat on weekends sometimes. When my mom lost her job I was busy with my own life—just worrying about school, being in band and college applications. But as I watched my mom struggle, I realized how hard it is to make money and how the economy could affect even those who are good at budgeting their money or have a college degree.

Seeing my mom struggle makes me worry about whether I will get a job after I graduate from college. I realize now that it’s hard for a lot of people to get jobs, especially young people because we’re inexperienced. I now know how expensive life is when you’re an adult I’m scared about one day living on my own because I will have to pay for rent, groceries, utilities, the Internet, cable and all this other stuff. My job at Little Caesars is minimum wage and I couldn’t support myself on that.

Looking back, I could have asked my mom if she had enough money to pay all her bills. If I knew that earlier, I could have understood that she was struggling. If I had saved my money from my job instead of spending it on clothes, I think I could have paid for my prom dress myself. Now, I’m more appreciative of what my parents are able to give me. My mom has agreed to pay for my car insurance. I appreciate her help because I know it’s hard for her since she is still trying to pay off her bills.

To thank my dad, I’m helping around the house more and contributing to some house expenses since he is letting me live with him for free while I go to college. I wish my mom didn’t have to go through that financial struggle, but I’m glad I’ve learned from it. Save money for emergencies. Make sure I don’t go into debt. This is the perfect time to realize that before I’m living on my own.

Not Easy For Japanese Youth To Get Ahead

rgee — Fri, 28 Jan 2011 16:26:50 -0600

In the U.S., there are certain sectors of the workforce that are very youth-centric. We even have companies like Mr. Youth that strive to make the work environment accommodating to young people. This is not the case in Japan. There, stark generational inequalities are pushing young people to leave the country, remain in school, or face unemployment.

According to the New York Times, the interests of older workers in Japan are protected, whereas younger workers often remain on temporary contracts without benefits and lower salaries for a long time. In Japan, the young people have been hit the hardest by the global economic downturn.

The Times article states, “A nation that produced Sony, Toyota and Honda has failed in recent decades to nurture young entrepreneurs, and the game-changing companies that they can create, like Google or Apple — each started by entrepreneurs in their 20s.”

President Obama Speaks To Students

rgee — Wed, 15 Sep 2010 08:53:50 -0500

President Barack Obama welcomed students back to school yesterday with a motivational speech in Philadelphia. The speech was aired nationwide.

President Obama spoke for twenty minutes about what an education means in today’s world. Not only does an education mean more now than ever he said, but students carry heavier burdens than they should, as the country deals with the recession and the war in Afghanistan. He recognized that students might sense this tension in their parents and guardians.

But he urged students not to scale back their dreams. “The farther you go in education, the farther you will go in life,” he said.
Obama told students that their success will determine America’s success.

Watch the whole speech here.

Why is it so Hard to Find a Job?

baustin — Fri, 06 Aug 2010 19:58:54 -0500

Money….it’s something I need right now. A job is something I pray for every night before I go to sleep. Reality: I don’t have a job that pays money. When I think about that, sometimes it makes me feel like I’m a failure. When my mom was 16 she had a job at McDonald’s. I have applied so many times and so far I’ve only had one interview and that was two months ago. I called to follow up every three days; I even sent additional copies of my application. Every time, they tell me they don’t have any available hours. I felt like a fisherman in the desert.

Can anybody feel my pain? Are jobs so hard to come by because of the recession? In a perfect world, I would have a job at either McDonald’s or Safeway’s. I’d make more than just minimum wage, I’d be working at least twenty, maybe thirty hours a week so I would still have time for Youth Radio and school, and be able to help my grandma. Unfortunately, this is not a perfect world, this is my harsh reality. Money plays a key role in my life. If I don’t have money then I won’t be able to go to prom, grad night, senior trips, or have a graduation party. No matter how good my grades are, how nice I am, or how positive I am, money is still an issue. I was crushed when I didn’t go to my junior prom because I didn’t have enough money. Right now there are a lot of financial obstacles that are getting harder and harder for me and my grandma to overcome. If I don’t get a job soon I’m afraid that we will be dirt poor. Not being able to find a paying job can make that my inevitable future. If I had a job I would be able to offset the cost of some of my senior activities. I would be able to prepare for post graduation and maybe even buy a car. I could start learning how to take care of myself and be a responsible young adult. I would be so happy if I could do that and even be on a career path. One thing I am grateful for is being at Youth Radio and all of the rewards that come with it. It could possibly lead to a job and hopefully it does. Maybe it’s not the right time for me to have a job; maybe it would be too big of a distraction. Hopefully some day I will not struggle to get money. For Youth Radio I am Brittany Austin to hear this commentary and more go to www.youthradio.org.

Fresh Off The Press: The Low Down On Youth Employment

rgee — Fri, 06 Aug 2010 16:46:58 -0500

Every month, the Federal Bureau of Labor Statistics publishes an update on the employment situation in the U.S. They just released their July Employment Situation report today.

Here’s the breakdown of the employment / unemployment situation for 16 - 19 year-olds today. The statistics are in three categories: Unemployment, Civilian Labor Force Participation, and the number of full-time employed youth.

Unemployment Rate [The number of 16-19 year-olds who are actively trying to get a job, but do not have one.]
* In July 2010, the unemployment rate for this age range is 26.1 percent.
* Since January 2010, the unemployment rate for youth has remained essentially unchanged, hovering around 25-26 percent.
* At the beginning of the recession (December of 2007), the unemployment rate was 16.9 percent. This means that the unemployment rate has increased by 10 percent since the beginning of the recession.
* Ten years ago in July 2000, the unemployment rate was 13.4 percent. Wow.

Civilian Labor Force Participation Rate [The number of 16-19 year-olds either employed, or actively trying to become employed. The total number of people participating in the job market.]
* In July 2010, the participation rate is 34.6 percent, which means a third of the population is actively employed or trying to be employed.
* Ten years ago, in July 2000, the participation rate was 51 percent. What a significant drop in the number of youth who are participating in the workforce! The number dropped from half the population, to a third.
* At the beginning of the recession (December 2007), the participation rate was 41.1 percent, which means the participation rate in the labor force has decreased by 6 percent among youth.
* The participation rate began declining steadily approximately one year ago.

Employed Full-time [The actual number of 16-19 year-olds who currently hold a full time job]
* In July 2010, 1,176,000 youth are full-time employees.
* Ten years ago, in July 2000, the number of youth that were employed full time was 2,437,000. This means that the number decreased almost by half.
* At the beginning of the recession, (December 2007), 1,972,000 youth were full-time employees. We can see that the recession has significantly affected how many youth are getting jobs.
* However, in January 2010, the number of full-time employed youth was 926,000. So between January and July of this year, the number of full-time employed youth has increased by 250,000.

The Rags to Riches Myth

ayesha — Wed, 23 Jun 2010 14:52:23 -0500

By Marco Salazar, Youth Communication

My father immigrated to New York from Ecuador in 1990. It was a myth in Ecuador that everyone who went to the U.S. returned to Ecuador a wealthy person. My dad knew it wasn't exactly true, and that he would have to work hard to achieve financial stability. But he also knew that even menial jobs in the U.S. paid more than most professional jobs did in Ecuador, and that there were minimum wage laws here that would guarantee he earned a certain amount.

He arrived with reasonable hopes, yet when I look at him 20 years later, I see my dad still struggling financially. I wanted to know how that happened and what he had to say about the recession taking away any stability he had, so I interviewed him for this story.

From College to the Factory

In Ecuador, my dad studied architecture for three years. Before he'd completed his degree, my grandmother stopped paying his tuition, and he couldn't afford to complete college on his own. So when he applied for and received a visa to the U.S., he thought, "What do I have to lose?"

Arriving in New York, he moved in with his cousins in Brooklyn. He had $3,000 that his mother had given him, but to his dismay it went quickly in this expensive city. After about three weeks he was almost broke after paying for food, rent, and other expenses.

He quickly understood that pay was higher here because prices were so much higher. In fact, the ratio of expenses to pay was about the same as in Ecuador. My dad began to wonder if he should have stayed in Ecuador, but he didn’t have enough money to travel back.

Although he’d studied architecture, he had to settle for a menial job here because his partially completed degree meant nothing in the U.S. He spent four months working at different factories, wishing he didn’t have to work so hard. His hands had blisters at the end of the day and the pay was poor.

Discrimination

Eventually, a friend found him a job at an electric company; my father was glad to be working at something he was at least interested in. For the next five years he worked as an electrician’s assistant, eventually gaining enough knowledge to become an electrician. He wired buildings during the hot summers and freezing winters. He wasn’t happy with the workload, but he did what he had to do.

After a year working there, my dad met my mom and two years after that, I was born and he met me. My mom already had two children who lived with us, but she was working too, so for a while we were fine financially.

Then one day my dad had an argument with a supervisor, who fired him. There was a lot of racism, he explained: His supervisor was Caucasian, as were his coworkers, and my dad felt discriminated against. “They would tell me to work harder, while the others weren’t told to work harder,” he said.

My mother didn’t make enough money at her factory job to support all of us. My dad had no choice but to work at a factory again. “I did it to support my family, not because I wanted to,” he told me. After three years of working at a quilt factory, he received a call from the electric company asking him to work for them again, and he accepted.

'Round the Clock

When I was in 1st grade I barely saw my dad during the week, only at night when I watched movies with him. My father seemed happy, as was I, but that happiness soon faded. My mom died in 2000, when I was 6, and my dad was left with not only me to support, but also my half-brother and half-sister. He knew he couldn’t take care of the three of us alone, so he sent my brother and sister to the Dominican Republic to live with their father.

My mom had been the one to drop me off at my babysitter’s, but now I had to wake up at 4 a.m. every day to be dropped off because that’s when my dad went to work. I slept there until school, and after-school I went back to my babysitter’s house until 7 p.m. when my dad arrived home from work.

I was excited when my father came home. He spent as much time with me as he could. I knew my dad not working wasn’t an option, but I wished he didn’t have a job just so we could spend more time together.

Recession Strikes

In spite of all the hours he worked, my dad made just about enough money to support us. In 2001 my uncle moved in with us, since he was having financial problems and he and my dad figured that sharing expenses wouldn’t hurt either of them. But eventually my uncle moved out to start his own family, and soon after that the electrical company made cutbacks and laid off my father. He was unemployed and scared, living off odd jobs.

Luckily, a few months later he was hired by Hal’s Electrical Company and after that, my stepmother (whom he married on a trip to Ecuador) and her son moved in with us. With my stepmother working and taking care of us part of the time, we were OK for about five years.

Then came the recession. With the TV full of bad news, my parents prayed all the time, asking God to help them keep their jobs. But in May 2009, my dad was laid off again, and my step-mom joined him on unemployment two months later. Now, my parents worry all the time.

'You’re My Hope'

Luckily there are benefits for laid-off workers, and with those benefits, we’ve been able to get by. My step-mom cleaned homes for a while; now she has a temporary job as a census worker on weekends, while my dad submits resumes to hundreds of employers. My parents put their faith in God, hoping he’ll help them.

"It’s hard to get a job nowadays; every job requires you to know English and have a college degree," my dad tells me. He understands English but speaks very little, while my step-mom doesn’t speak or understand English.

"It saddens me when my children come home from school and there’s nothing to eat. That’s why I work hard so I can put food on the table; every little bit of money I make, I spend it on food and bills, not clothes or purses for myself," my step-mom told me in Spanish.

My father has been working hard for the past two decades to become financially stable, but he’s not where he thought he would be. The recession has taken away most of what he worked for.

Even in good times, immigrants have it hard. They come to the U.S. alone and poor and often can’t speak or understand English. Most come with illusions of wealth but frequently they end up returning to their native countries. Those who stay usually do so knowing they may never have financial stability, but they hope that their children will be successful. (I know my parents feel that way about me; they’ve always told me so, and as I get older, I’m a little nervous because I know how great their expectations are).

In a bad economy, immigrants often feel the worst effects. “Isn’t it ironic how greedy business owners are the cause of the recession, yet we’re the ones suffering?” my dad said to me. “I’ve done what I can to support your growth and education. You’re my hope, and I look forward to seeing you succeed.”

Previously on Youth Radio:

Outside Lands Music Festival Shortens Schedule

eross — Tue, 22 Jun 2010 20:06:57 -0500

The third annual Outside Lands festival, held in San Francisco’s Golden Gate Park, has been shortened from three to two days after fewer tickets than expected were sold following the announcement of the concert’s lineup on June 1st. No more Friday the 13th, the concert will now begin Saturday, August 14th.

The lower-than-expected ticket sales are most likely a result of both the economy and decreased interest in the artists; this year’s headliners include Kings of Leon, Further, The Strokes, and Phoenix. In 2008-- the festival’s first year-- artists including Radiohead and Beck brought in 130,000 people, while last year only about 85,000 people attended.

Regardless of ticket sales, the city of San Francisco is pleased to host the event for its third consecutive year. San Francisco’s Recreation and Park Department is guaranteed $1 million this year for leasing the parkland and the festival will also bring in tax revenue to the city, not to mention create 2,000 short-term jobs for security guards, audio technicians, food vendors, and cleanup crews.

To see the full lineup, visit the event’s website http://www.sfoutsidelands.com/

Confessions of a College Advisor

rebecca — Mon, 05 Apr 2010 16:17:28 -0500

By: Dione Lien

When I was in high school thinking about college, the encouragement I got was "You can go anywhere. Money shouldn't be an issue." So when I started working as a college advisor, I imparted the same advice to motivate my students. I could get away with it several years ago, but lately I feel like I'm flat out lying.

What happened to one of my students this school year is a constant reminder that money is an issue. She got into UCLA, but her financial aid wasn't enough to cover her living expenses. She had to move out of the dorms and live with friends. Looking back, I had no idea her financial aid package wasn't going to meet her needs - or that her Mom couldn't make the family contribution.

So now I'm more careful. I have to ask: "Has anyone in your family saved for your college tuition? Is there anyone you can ask to help with expenses?" I find myself running numbers on cost of living, rent, and school fees, which I never did before.

Particularly in this economy, giving good college advice means setting realistic expectations that go beyond acceptance letters. That doesn't mean I say "get over it" when someone comes to my office with a long list of reasons why they can't imagine themselves at any other school but "the one." I listen. But I also try to be sure they are excited about all their options.

One student of mine had her heart set on Bennington College, one of the most expensive schools in the country. But her dad is a community college teacher. And his salary took a hit this year with budget cuts. That put her family in financial aid limbo. He makes too much ... but not enough. She is adjusting to the idea that she has to stay local or go to a public school in California, but she's disappointed. The ripple effects in her family are real. There's not enough money to go around, pitting her against her brother, whose college expenses are also tapping Dad's bank account.

Although it's hard to see it now, in some ways, she will have more security than my student at UCLA, who may spend her entire college career worrying about funding. Your "dream" school sometimes is the place that gives you financial peace of mind.

I was conservative when I planned for college.

I went to a high school where the focus was on vocational education, not higher education. My parents were always working, so college never came up until I brought it up. I didn't really go to them for help. They let me figure it out on my own. I handled all my applications and forms. So when the FAFSA - Free Application for Federal Student Aid - deadline came around, I didn't think of asking them. I did it myself. I was 17 years old.

My counselors - the ones who told me I could go anywhere - didn't talk to me about money. No budget planning. Nothing. But when it came down to making the choice, money was a factor. I chose University of California at Berkeley, the closest U.C., knowing I could easily finance my education if I lived at home.

A practical approach to college is now more important than ever as family incomes become less predictable, fees keep rising, and competition for fewer slots is a long-term reality.

When I tell people what I do, they reminisce about how much easier it was for them "back then" going to college, even to finance it. Sure, my job is harder now, but in some ways, it's more important.

Previously:

Boycotting for Jobs

ahowell — Thu, 25 Feb 2010 19:58:51 -0600

Hassan Cheney is a hustler.

It’s not what you think. Yes, the term “hustle” can mean making money illegally. But it also has deep roots in the African American community. Being a hustler is to earn money on any product or service you can offer.

“I see people with jobs hustling; working full time, but on the side braiding hair, or selling knives,” Cheney says, from his South Los Angeles neighborhood. “The hustle only lasts for so long. I’ve seen certain people with the same hustle go out make hundreds of dollars a day and (other people) only make 10 dollars.”

Twenty six year old, Cheney, hustles his music instrumentals. He needs the money to pay rent and tuition. Cheney is a senior at Cal State Northridge. His homework these days, however, consists of only one thing: finding a job.

“From the Valley to LA, I’ve been filling out applications wherever I can find a job,” Cheney says. “I know people with Masters and BAs and they can’t find work.”

Cheney definitely has his work cut out for him. Even before the recession, African Americans experienced higher rates of unemployment than any other group in the nation. But the wounded economy has worsened the job situation. The national unemployment rate hovers around ten percent, while the rate for blacks is at 16.5 percent.

The issue caught the attention of the Congressional Black Caucus. It wants President Obama to do more for the African American community. CBC Chairwoman, Barbara Lee (D-Ca) released a statement this month in response to a January jobs report.

“[January’s] jobs report is an encouraging indicator that our economy shows signs of improving now that the unemployment rate is below 10 percent. However, the unemployment numbers for African Americans have steadily increased over the last five months.”

One solution to the unemployment problem is to force businesses to hire African Americans, which has been the approach of The Millennium Panthers, a community organization born out of Black Panther Party. They released a study showing that African Americans spent $8.2 billion shopping at Los Angeles stores. Many of those stores where African Americans spend the most money don’t hire many black workers. The Millennium Panthers have organized the Greater Los Angeles Economic Blackout. It’s a boycott on stores that do business in the black community, but don’t hire black people.

“Their pockets are tight,” says Gerald Pitts, founder of the Millennium Panthers and boycott leader. Pitts says community members have noticed the disparity between residents and workers. “They don’t understand why no money is coming into the community, but they see other people coming into the community and rolling better than they are.”

Pitts and his group targeted a black-owned liquor store in the heart of an African American neighborhood in Los Angeles. He says the store only hired Latinos. According to Pitts, the store manager was feeling pinched by the boycott when he asked him, “Why are you trying to destroy me?” Which gave Pitts an opportunity to explain, “We’re not trying to destroy you, we’re trying to keep our youth employed and our people working too! Couldn’t you just hire two and two? We don’t mind to share…”

And sharing opportunities is exactly what Pitts says happened at the liquor store, “Now when you go in there, you’ve got two black employees.” Two black Americans, who Gerald Pitts argues, might not have been working otherwise.

Wall Street Woes

nfarghalli — Tue, 23 Feb 2010 14:19:50 -0600

Aired on American Public Media’s Marketplace on February 26th, 2010. Lauren's commentary is part of a three-part Youth Media International series for Marketplace. Has the economic downturn changed the way college graduates feel about Wall Street?

(download mp3)

By Lauren Silverman

A few years ago I secretly dreamed about working on Wall Street. I used to picture myself in a pinstripe business suit strutting past the Charging Bull before the opening bell.

Working there seemed cool. It was like working for the company that makes the blackberry – before the iphone…or working for Enron – before the bankruptcy.

I remember one day. It was August of 2009 right before the crash. I was interning for a big non profit. I went out to meet up with some friends who all worked in the same field as I did…and then I met a girl who was working in a whole other world…She had an internship with Goldman Sachs.

I tried not to choke on my coffee. Goldman Sachs was my Lady Gaga. She was working on some big corporate buyout --- but of course, she couldn’t say much – the information was “classified.” She got to work at 7:00 AM each day, and from the way she talked about stock analysis I imagined she knew how to use Bloomberg analytics like an elementary school calculator. To me, she was the queen bee, and I was just one of her workers.

Then the bailouts happened… And I changed my mind about Wall Street like that.

I remember watching the bailouts and bonuses fiasco from my desk with the other interns on TV and yelling at the screen. We were furious – I mean red in the face. Those companies seemed to throw around money like paper airplanes. Employees got their bonuses for losing big. And they didn’t seem to care about the risks they took.

Now, I know things are getting a bit better for the finance industry. I know banks have paid back some of the government bailout money. I know some investment firms are hiring again. But there’s a permanent cloud lurking over Wall Street and a bad taste that’s still in my mouth. I don’t feel envious about those queen bees anymore. Chasing the Wall Street dream left plenty of those workers without a hive.

So you won’t find me dreaming about a job on Wall Street. Most my friends feel the same way. The big financial institutions need to work on their reputation before my generation signs over ours.