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James Robertson's avatar

I remember the Volcker era recessions very well, as I graduated from college in '79 and then Law School in '82. Those classes represented children born in 1957 which was the "crest" of the wave of Baby Boomers-4.3 million kids born that year, who were all entering the job market during the Volcker recessions. I lucked out and found a good job by spring of '83. Ironically, one of my classmates who ended up being one of the most sucessful lawyers from our class (head of Bankruptcy, Reorganization, M&A practice at a major int'l law firm) could not find a legal job and went to work at a major accounting firm for a few years, before he lucked out and landed a clerkship with a Federal Bankruptcy judge he had previously interned with. I hope that history will not repeat itself for the sake of all the young people entering the work force, but I agree with you things are likely to get very tough given current Fed policy.

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derek's avatar

Thanks Michael. Really appreciate your work even when it appears you might have a bias or let emotions distort your analysis (hey we’re all humans with these darn tricky emotions).

Definitely subscribing. Very fair price.

And thanks for the reminder about the QCEW report!

Lastly, I’m surprised that second homeownership is only 5%. Is any of the data skewed by the fact that many “second homes” are also part time AirBnb (as opposed to the second homes that are used exclusively by the owner) and might not land in the 5%? Seems like a lot of gray area between traditional second homes and part time rentals vs full time rentals?

Are the rest of the Airbnb is owned by corporate entities that don’t show up and that number?

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