Comments on: Money Isn’t Everything

By: Jim G

Jim G — Sun, 08 Jun 2008 06:38:55 +0000

“”These are people’s lives,” said an investment banker in his 30s who was laid off in November at a Bank of America office in New York. “It’s not head count. We’re not cattle.”"

Amen to that person. Companies who hire people have a responsibility to those people IMO. No different than marriage or having kids. Sure if you are out of money you are out of money, but the companies that have no severance pay and that give you 30 minutes notice to vacate your office are not one of the bright spots in American culture.

When I was laid off the fifth time in five years after college, my reaction to the news was mental numbness. Different from depression. Maybe a psychologist would know what numbness is. Straw on the camel’s back perhaps.

But for a high flying stock broker — the bigger they come, the harder they fall I suppose. So yes it must be tough even if they have a decent savings account to live off of.

By: Mari

Mari — Tue, 27 May 2008 16:43:06 +0000

I was a high-paid lawyer who lost my job about a year ago. I’ve been doing contract work to make ends meet. I lost my job due to a number of factors, some of them having nothing to do with me, but I know a large part of the problem stemmed from issues with mental illness. I suffer from depression and terrible anxiety; sometimes my anxiety is so bad that I cannot even start working on an assignment, and so I delay and delay until the project is late and put together at the last minute. It kills me that I do this to myself. I hate it and I have not found a way to handle my anxiety. In addition, once I start feeling like I’ve screwed up, I avoid my co-workers, which I know only makes the situation worse. As for being a high-income person who lost her job, I think I feel the same shame that anyone else feels. In my case, it might be worse because I can’t solely blame it on the economy. Also, I always excelled in school and went to one of the top law schools in the country. For those of us whose identity is based in part on being high-achievers, to be fired is one of the worst things that can happen.
M
p.s. – hey, if I was in the NYT, I’d boast a little, too!

By: Angela

Angela — Tue, 27 May 2008 15:40:11 +0000

Liz, I don’t remember saying it was not a big deal that you were in the NY Times. I would not have found your site or Furious Seasons if it was not for the article.

I think it’s a really big deal – I just thought it was time to move on – but I should add that if you feel you have been anonymous in your writings, I can understand why it was great to see your name in print.

As I mentioned I have been quoted in the NY Times several times but it was because I had a television show that received a lot of attention. I never got the thrill of seeing my name in print – but that’s just me.

I look forward to reading your website every day. Please know that.

I apologize if I sounded harsh. Please forgive me.

By: Rachel

Rachel — Tue, 27 May 2008 02:21:20 +0000

On the other hand, losing their jobs may help some of these bankers take a breather. One of my friends is a first year associate about to get laid off from Bear Stearns (kind of a miracle he hasn’t been already), and while he is going on interviews and sending out his resume along with everyone else, he no longer works until 1 in the morning or all weekend long. In spite of his impending unemployment, when I see him now, he is relaxed. He can meet me in Bryant Park for a real lunch break. The perpetual state of stress I’ve grown accustomed to seeing him under is gone.

Oh, and Liz, celebrate being in the New York Times as long as you like. It’s a very big deal and don’t let anyone tell you otherwise!

By: Dibs

Dibs — Mon, 26 May 2008 20:42:55 +0000

It would be easier to be sympathetic if it wasn’t for the enormous salaries these people have previously earned. A friend of mine is a trader and he knows the risks, and budgets accordingly. If the market crashes or his company collapses he can survive. So really, the people with the problems will be the arrogant schmucks who blew their bonuses on cristal and rolexes, and first class vacations to dubai.

Oh, and the speculators who knowingly undermine companies and currencies? Screw ‘em, because they have been screwing us.

Yes, of course we should be sympathetic, and yes they are human, but sometimes karma will come and bite you on the arse.

By: Tom Jones

Tom Jones — Mon, 26 May 2008 20:38:20 +0000

“These are people’s lives,” said an investment banker in his 30s who was laid off in November at a Bank of America office in New York. “It’s not head count. We’re not cattle.”

I think the problem that most ‘ordinary’ people encounter with this statement is that when investment bankers were dealing with mergers and acquisitions were they considering the effects of the outcome, layoffs? People losing their job for the greater good. As investment bankers, such unfortunate trivialities didn’t concern them unless it affected the bottom line. If an Enron employee was miserable during the height of the bubble then I think there’s a problem. If it only happened during the inevitable bankruptcy then…. is it clinical depression or just shitty times? I think for those gamblers it’s just bad luck and all I can say is ride it out. My God, you’re 30 years old.

By: David

David — Mon, 26 May 2008 19:37:41 +0000

Hi Liz, I’d just like to make a couple of points. First off, this is YOUR blog. You’re never going to make everyone happy. You know how the song goes “you can’t please everyone so you got to please yourself”. I think you’ve earned the right to toot your own horn a little or at least bask in the warm glow of seeing your name in the Times. We’re proud of you. You fought through your illness (as many of us continue to do) and have done something truly impressive. Secondly, your first attempt at Team Trouble wasn’t just trying to help one person with their problem. It was (or should have become) a discussion on what people with mental illness can or should be expected to do. “Dear Abby” had pretty good success “boring” people with advice. I hope you continue in that vein as opposed to just linking to other articles, etc. I was in group therapy for a few years and found that the perspectives of those of us with a condition were, in many cases, at least as valuable as those of health professionals. It helps to know that there are others out there who understand. And lastly, I thought I’d mention I saw your video on Huffington post and you do a killer Yosemite Sam impersonation. Pkew, pkew, pkew! David

By: Lucy

Lucy — Mon, 26 May 2008 16:56:15 +0000

With all due respect to Angela, I disagree…it is a very big deal and I think it is fine to celebrate it!…c’mon, does that happen every day?..and it was a cute photo of you! Seriously, I think it is important and wonderful for “mad” people to have someone like you so they can realize it’s OK to BE CRAZY!!

By: Mary

Mary — Mon, 26 May 2008 16:47:34 +0000

I was struck by your comment that pain is the same. As someone who’s never made much money, I’m tempted to not feel sorry for very high-income people. But one of the things I remember most from years of therapy is a very similar remark my therapist made when I was feeling guilty that he was having to deal with his mother’s terminal cancer while I was complaining about things in my life: Pain is pain. My pain was just as real for me as his pain was for him. It’s something that’s really stuck with me.

By: scott

scott — Mon, 26 May 2008 02:55:19 +0000

I think the tendency may be to think that these Wall Street types all make millions and maybe they are getting what they deserve–that their greed is catching up to them. But that is a fairly simplistic view of things. What of all the lower paid employees involved? the administrative assistants? the newly hired traders right of school? the employees who stock has become essentially worthless?

The greed that caused the issues rocking the markets today, the subprime meltdown, while pervasive, were not the fault of everyone who worked on Wall Street.

Having known a few Wall Street types, they do get driven very hard. I too hope they have access to, and utilize, good pyschological help.

(and I never thought you needed to get over yourself)