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The True State Of The Economy: Record Number Of College Graduates Live In Their Parents' Basement

Tyler Durden's picture




 

Scratch one more bullish thesis for the housing recovery, and the economic recovery in general.

Over the past several years, optimists had often cited household formation as a key component of pent up demand for home purchases. So much for that.

Recall that last August, the WSJ noted that in a report on the status of families, "the Census Bureau said 13.6% of Americans ages 25 to 34 were living with their parents in 2012, up slightly from 13.4% in 2011. Though the trend began before the recession, it accelerated sharply during the downturn. In the early 2000s, about 10% of people in this age group lived at home." It concluded, quite logically, that "the share of young adults living with their parents edged up last year despite improvements in the economy—a sign that the effects of the recession are lingering."

Of course, the "improvements in the economy" were once again confused with the ongoing Fed- and corporate buyback-driven surge in the stock market, which has since been refuted to have any relationship to underlying economic conditions, and instead is merely the key factor leading to record class disparity - a very heated topic among both politicians and economists in recent months.

But going back to the topic of Americans living with their parents, today Gallup reported that 14% percent of adults between the ages of 24 and 34 - those in the post-college years when most young adults are trying to establish independence -- report living at home with their parents. By contrast, roughly half of 18- to 23-year-olds, many of whom are still finishing their education, are currently living at home.

While this is an approximation of the Census Bureau's own results which should be released in a few months, a 14% print in the critical 24-34 age group means that the percentage of college grads (or those otherwise falling into this age group even if uneducated) living in their parents basement has hit a fresh all time high.

As a reminder, this was the most recent visual update from the WSJ as of last year:

 

Here is what Gallup had to say about this distrubing result:

An important milestone in adulthood is establishing independence from one's parents, including finding a job, a place to live and, for most, a spouse or partner, and starting one's own family. However, there are potential roadblocks on the path to independence that may force young adults to live with their parents longer, including a weak job market, the high cost of living, significant college debt, and helping care for an elderly or disabled parent.

 

A statistical model that takes into account a variety of demographic characteristics indicates that three situational factors are most likely to distinguish the group of 24- to 34-year-olds living at home from their peers:

  •     They are much less likely to be married.
  •     They are less likely to be working full time and more likely to be unemployed or underemployed.
  •     They are less likely to have graduated from college.

Being married may better explain why young adults move out of their parents' home than why single adults live at home. For those living at home, their situation may have more to do with their job or income status than their marital status. Being single, however, may make living with parents a more feasible option for young adults than it would be if they were married.

 

Employment status ranks as the second-most-important predictor of young adults' living situation once they are beyond college age. Specifically, 67% of those living on their own are employed full time, compared with 50% of those living with their parents.

 

 

The unemployment rate, as calculated by Gallup, among those in the workforce is twice as high for post-college-aged adults living with their parents as it is for their counterparts who are not living with their parents, 14.6% vs. 7.1%.

 

The underemployment rate, which combines the percentage unemployed with the percentage working part time but wanting full-time work, is 32.8% among those living at home and 15.4% among those living on their own. In other words, among young adults who live with their parents and are working or actively looking for work, nearly one in three are in a substandard employment situation.

The employment observations are not surprising: after all, one would never voluntarily live with their parents into their thirties, unless one was pathologically lazy and unwilling to branch out on their own of course, if the labor situtation in the economy permitted getting a job which allowed one to at least afford rent.

Neither is it surprising that college grads, saddled with a record amounts of student debt, now well over $1 trillion, or more than the total US credit card debt outstanding, is also crushing college graduate confidence about being able to be cash flow positive once they seek to start lives on their own with the associated cash needs.

However, the marriage observation is more disturbing, and goes to the argument of incremental household formation: namely there is none. In other words, that missing link that at least superficially would provide for some semblance of justification for the rise in house prices that had nothing to do with investor demand and offshore illicit cash laundry using US real estate, is gone.

And while this conforms with Gallup's own implications of these data, there is more bad news:

A 2012 report from Ohio State University sociologists showed that it is increasingly common for young adults to live at home with their parents. The high costs of housing and a relatively weak job market are key factors that may force, or encourage, young adults to stay at home.... The biggest impetus for leaving home seems to be marriage, easily the strongest predictor of one's living arrangement among those between the ages of 24 and 34. This indicates that if the marriage rate increases in the future, the percentage living with their parents may decline. Earlier Gallup research suggests that most unmarried Americans do have a goal of getting married someday.

 

Also, those who have secured full-time employment or have earned college degrees are more likely to have gotten a place of their own to live. An improving job market and economy should lead to a decrease in the percentage of young adults living with their parents.

To sum it up: a record number of college grads are optin not to start a household and instead live with their parents, and just as relevant:

"An improving job market and economy should lead to a decrease in the percentage of young adults living with their parents."

Considering that the percentage of young adults living with their parents is now an all time high, what does that say about the true state of the job market?

He knows the answer.

 

Update: just hours after we posted this, Gallup released a follow up report that was largely as expected, and confirms the desolate picture beneath the glitzy surface:

Young Adults Living at Home Less Likely to Be "Thriving"

 

Young adults between the ages of 24 and 34 who live at home with their parents are significantly less likely to be "thriving" than those in the same age group who don't live with their parents.

 

 

These results are based on Gallup Daily tracking interviews conducted from Aug. 7-Dec. 29, 2013, in which adults younger than 35 were asked about their current living arrangements. Fourteen percent of those between the ages of 24 and 34 report that they live at home with their parents.

 

Gallup classifies Americans as "thriving," "struggling," or "suffering," according to how they rate their current and future lives on a ladder scale with steps numbered from 0 to 10, based on the Cantril Self-Anchoring Striving Scale. People are considered thriving if they rate their current lives a 7 or higher and their lives in five years an 8 or higher.

 

... even after accounting for marital status, employment, education, and a number of other demographic variables, those living at home between the ages of 24 and 34 still are less likely to be thriving. This suggests that while living with one's parents may have some benefits for young people who have not yet found their full footing in society, the net effect of living at home lowers young adults' perceptions of where they stand in life. In other words, even among young adults who have equal status in terms of being single, not being employed full time, and not having a college education, those who do not live at home are more likely to be thriving than those living at home. Something about living at home appears to drive down young adults' overall life evaluations.

 

Bottom Line

 

This research on the well-being of young adults living at home with their parents is the first of its kind at Gallup, although research conducted at Ohio State and elsewhere suggests that living at home is increasingly common among those younger than 35 today.

 

The data show that those between the ages of 24 and 34 who live at home tend to be unattached -- in the sense that they are not married and less likely to have a full-time job -- and also to be less well-educated. The research reviewed in this report underscores the idea that living at home may have some emotional costs for young adults -- particularly in terms of their perceptions that they are not enjoying the best possible life, beyond those associated with being unemployed or unmarried.

 

Times may change. If marriage rates rebound, if the job market for young adults improves, and if more young Americans go to college, then living at home may be less common in the years ahead, and if that happens, the overall well-being of young Americans may improve.

Yes indeed: times may change if... Then again, when times change they may get far, far worse.

 

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Fri, 02/14/2014 - 16:25 | 4437464 Troll Magnet
Troll Magnet's picture

I hope they're buying Obamacare!

Fri, 02/14/2014 - 16:29 | 4437475 Supernova Born
Supernova Born's picture

Would a Cheeto eaten at a lesser depth taste less sweet?

Fri, 02/14/2014 - 16:31 | 4437481 InjectTheVenom
Fri, 02/14/2014 - 16:32 | 4437484 Almost Solvent
Almost Solvent's picture

He's not even wearing a belt.

 

Or the belt is the same color as the pants.

 

I can't tell, but that looks like an apple in his pocket, or he's just glad to see me :)

Fri, 02/14/2014 - 16:38 | 4437503 Divided States ...
Divided States of America's picture

At least these basement dwellers realize that they CANNOT AFFORD to move out and that they need to SAVE more money first IF they actually FIND a JOB first. The ones that still move out even when they cannot afford it are the over entitled ones.

Fri, 02/14/2014 - 16:44 | 4437512 wee-weed up
wee-weed up's picture

O-ba-ma! O-ba-ma! O-ba-ma! O-ba-ma! O-ba-ma!

Dumb shits!

Fri, 02/14/2014 - 16:42 | 4437516 Gankfest
Gankfest's picture

I like how most jobs go to the dumbest people applying for them...

Fri, 02/14/2014 - 16:48 | 4437530 0b1knob
0b1knob's picture

< 100% = percentage of college graduates who voted to re elect Choomboy

< 100% = percentage of college graduates who will never pay off their student loans

Fri, 02/14/2014 - 16:52 | 4437539 wee-weed up
wee-weed up's picture

Oh, he'll forgive all student loans before leaving office...

And make us taxpayers pay for them!

Fri, 02/14/2014 - 17:03 | 4437574 FEDbuster
FEDbuster's picture

"Ma where's the meatloaf!?!"

The "Step Brothers Generation" ....

Fri, 02/14/2014 - 17:04 | 4437598 TeamDepends
TeamDepends's picture

Joining the Future Captains Of Industry Club did not produce the results he had hoped it would.

Fri, 02/14/2014 - 17:12 | 4437638 Skateboarder
Skateboarder's picture

The image on his screen has been photoshopped. Can't quite tell what it's supposed to be.

Fri, 02/14/2014 - 17:18 | 4437651 zuuma
zuuma's picture

looks like a young Steve Dahl - chicago shock jock of the 70s & 80s

Fri, 02/14/2014 - 17:33 | 4437708 Richard Chesler
Richard Chesler's picture

You mean Stephanie Dahl?

 

Fri, 02/14/2014 - 19:25 | 4438020 TruthInSunshine
TruthInSunshine's picture

"Times may change. If marriage rates rebound, if the job market for young adults improves, and if more young Americans go to college, then living at home may be less common in the years ahead, and if that happens, the overall well-being of young Americans may improve."

IF
IF
IF
IF

IF UNICORNS MAKE IT RAIN SKITTLES, BITCHEZ!!!

#becauseObama
#gonnaGitMeSumObamaFreeShit
#RepublicansWillSaveUSA..NOT
#Jellin'LikeAfelonWithBubblesByYellen

#NewNormalUSSA

Sat, 02/15/2014 - 01:01 | 4438866 boogerbently
boogerbently's picture

I didn't know Tyler smoked !

Sat, 02/15/2014 - 09:41 | 4439158 GetZeeGold
GetZeeGold's picture

 

 

 

YES WE CAN!!!

 

Hey mom......throw a bag of Cheetos down here.

Sat, 02/15/2014 - 09:49 | 4439165 Element
Element's picture

Mish ... i8086 ... DOS 1.0 ... Marlboro Country.

 

He does it for the bitchez.

Fri, 02/14/2014 - 19:44 | 4438083 fonestar
fonestar's picture

There's 41,167,079,850 troy ounces of silver on Earth.  There will only be 21,000,000 Bitcoins ever mined.  Obviously, Bitcoin is much more scarce and represents much better value.

Let fonestar know if you need a hand getting your Bitcoins today!

Fri, 02/14/2014 - 19:50 | 4438103 akak
akak's picture

Yes, and there will never be more than around 30,000 unique akak turds, which by your 'logic' are therefore even more rare than bitcoins and hence even more valuable.

Get your akak turds now!  Supply is limited!

Fri, 02/14/2014 - 19:58 | 4438139 fonestar
fonestar's picture

Are your turds capable of being transfered around the globe in minutes with no regulation?  Does anyone recognize what an akak turd is?

If you're not here to buy Bitcoin off fonestar why are you commenting?

 

https://localbitcoins.com/accounts/profile/Fonestar/

Fri, 02/14/2014 - 20:03 | 4438152 akak
akak's picture

 

Are your turds capable of being transfered around the globe in minutes

I would bet that you'd be surprised at how fast people would be willing to pass them to others.

Plus, they're portable, divisible, and easily recognizable (at least after I've been eating my usual morning poppy seed muffin).

Fri, 02/14/2014 - 21:02 | 4438316 Ness.
Ness.'s picture

At least I can put one of akak's turds in my hand.

Fri, 02/14/2014 - 21:42 | 4438424 nmewn
nmewn's picture

I need that picture (up top) autographed by fonestar ;-)

Sat, 02/15/2014 - 09:43 | 4439160 GetZeeGold
GetZeeGold's picture

 

 

 

A limited edition to be sure.

Sat, 02/15/2014 - 11:28 | 4439309 derek_vineyard
derek_vineyard's picture

how many beenie babies were made?  22 million? 

Fri, 02/14/2014 - 17:17 | 4437655 StackAttack
StackAttack's picture

Its Zero Hedge, of course!

Sat, 02/15/2014 - 16:37 | 4440145 Element
Element's picture

Some aussies will get this, it's Carlo Kopp, in his wonder years:

http://www.infotech.monash.edu.au/assets/images/about/schools/clayton/tu...

And no Skateboarder, he's not been photo-shopped, that's pure-breed Carlo.

 

This is his new gaming rig:

http://www.csse.monash.edu.au/~carlo/mxhistory.html

Fri, 02/14/2014 - 17:28 | 4437692 Ass. Manager
Ass. Manager's picture

Wedding Crashers, not Stepbrothers.

Fri, 02/14/2014 - 17:35 | 4437715 FEDbuster
FEDbuster's picture

I know, but both are still classics delivered by Will Ferrell.  The Wedding Crashers living in Mom's basement and the Step Brothers living with Mom and Dad as long as possible seem to work well together.

Fri, 02/14/2014 - 18:22 | 4437846 TruthInSunshine
TruthInSunshine's picture

It's also:

Chaz: "Mom, can we get some MEATLOAF!?"

-and then, 3 1/2 minutes later-

Chaz: "MAAA, THE MEATLOAF!!!" 

Just sayin'

Fri, 02/14/2014 - 19:27 | 4438038 Sloppy Joe
Sloppy Joe's picture

True state of the economy? How about the true state of "American" education?

Fri, 02/14/2014 - 16:53 | 4437533 Headbanger
Headbanger's picture

But wwhat happens when they live in fucking Florida and there are no basements!!??

Oh fuck!

YOU FUCKING STUUUUPID OBAMALAMA FUCKTARDED SHIT BALLS GOT ALL YOU DESERVED!

oh wait..  And enjy your slavery!

Fri, 02/14/2014 - 16:55 | 4437555 RaceToTheBottom
RaceToTheBottom's picture

Have you ever tried to get in a swimming class in college?  In my years (back before electricity), the class that was hardest to get scheduled in was a scuba class.  Everyone took it their senior year where they had some scheduling priority.

 

I also think it is responsible of them to live in their parent basement (while swimming underwater).  They will save money and fight the debt scum

Fri, 02/14/2014 - 17:16 | 4437654 Headbanger
Headbanger's picture

Why yes I've had numerous scuba classes back in the day.  Along with learning how to evacuate a ditched aircraft under water.

But what's this "electricity" thing you mentioned????

Fri, 02/14/2014 - 18:19 | 4437839 General Decline
General Decline's picture

HUET training. I had to do that in Louisiana prior to flying out to an oil rig a few years ago. It was actually kind of fun.

http://m.youtube.com/watch?v=CQqVOfbEmCI

Fri, 02/14/2014 - 19:46 | 4438099 Rafferty
Rafferty's picture

I say great.  Hastens the end of the Cultural Marxist university programming as students see the worthless nature of their Gender Studies and Reparations Studies 'qualifications'.

Fri, 02/14/2014 - 21:45 | 4438434 pods
pods's picture

Of course that assumes said aircraft doesn't hit the water at a 75 degree angle at ~400 knots.

pods

Sat, 02/15/2014 - 01:30 | 4438892 Paveway IV
Paveway IV's picture

In that case, Bell will not be liable for any resulting damage or bodily harm - that's well outside the recommended operations envelope for their aircraft. Pilots are urged to avoid this particular maneuver without proper authorization and training. Violations may result in an administrative hold on flight priviledges for up to 24 hours per incident. 

Fri, 02/14/2014 - 17:47 | 4437744 Jumbotron
Jumbotron's picture

"But what happens when they live in fucking Florida and there are no basements!????"

They do what mine do.  Live in an outdoor shed.  And there is always the loft in the barn.  Hay is quite toasty on a cold Florida night.  Not to mention the body warmth of the critters.

Fri, 02/14/2014 - 18:15 | 4437834 ThroxxOfVron
ThroxxOfVron's picture

"Live in an outdoor shed."

I lived in the panhandle of Florida in the early '80's and whole families lived in sheds with corrigated aluminum siding roofs.  Parents bought flip-flops for their daughters to meet the shoe requirement for public school attendance.

Back then, and I doubt much has really changed; they sold those girls cheap by the evening and even cheaper by the hour.  Fucking sad.  

The Youth should slaughter these damend corrupt politicians and bureaucrats and financial leeches, etc.; but, they are fucking brainwashed from diaperdom through college to suck it up by their parents, teachers, the media, the churches...

Fucking sad...

Fri, 02/14/2014 - 18:26 | 4437857 TruthInSunshine
TruthInSunshine's picture

The The

The Beaten Generation

When you cast your eyes upon the skylines
Of this once proud nation
Can you sense the fear and the hatred
Growing in the hearts of its population

And our youth, oh youth, are being seduced
by the greedy hands of politics and half truths

The beaten generation, the beaten generation
Reared on a diet of prejudice and mis-information
The beaten generation, the beaten generation
Open your eyes, open your imagination

We're being sedated by the gasoline fumes
and hypnotised by the satellites
Into believing what is good and what is right

You may be worshipping the temples of mammon
Or lost in the prisons of religion
But can you still walk back to happiness
When you've nowhere left to run?

And if they send in the special police
To deliver us from liberty and keep us from peace

Then won't the words sit ill upon their tongues
when they tell us justice is being done
and that freedom lives in the barrels of a warm gun

Fri, 02/14/2014 - 19:20 | 4438017 The 22nd Prime
The 22nd Prime's picture

Excellent. I haven't heard that in ages. For the non The The generation.

http://www.youtube.com/watch?v=ustXRPke9lM

 

Fri, 02/14/2014 - 21:07 | 4438332 Ness.
Ness.'s picture

Yes!!  The The fans.  Here's one I'm sure you'll appreciate.

 

Armageddon Days Are Here (Again)

 

If the real Jesus Christ were to stand up today
He'd be gunned down cold by the C.I.A.
Oh, the lights that now burn brightest behind stained glass
Will cast the darkest shadows upon the human heart
But God didn't build himself that throne
God doesn't live in Israel or Rome
God doesn’t belong to the yankee dollar
God doesn't plant the bombs for Hezbollah
God doesn't even go to church
And God won't send us down to Allah to burn
No, God will remind us what we already know
That the human race is about to reap what it's sown

 

http://www.youtube.com/watch?v=lel0PzhU6Pk&feature=kp

Fri, 02/14/2014 - 18:09 | 4437808 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Education is equally proportional to lack of intelligence with people these days. The more educated the more intellectually disabled one is these days. Not everyone but it only seems that way.

Businesses need to stop looking strictly at education and use different metrics like IQ tests and not overall IQ by itself but the breakdown of things like fluid intelligence, quantative reasoning, crystallized intelligence, read and writing ability, etc that are part of the test to weed out overly re-educated intellectually disabled morons  and find the individuals who by the intelligence measurements fit best based on the task(s) required for a job when they don't have experience or when there is a load that do have experience. It needs to be a blend of both to better find qualified or entry level worth the time to train candidates for jobs.

If you don't think the public re-education system and re-education propaganda outlets like TV are creating intellectually disabled individuals consider this. Besides the IQ measurement this consists of the following to be considered intellectually disabled.

https://en.wikipedia.org/wiki/Intellectual_disability

Diagnosis

According to the fourth edition of the Diagnostic and Statistical Manual of Mental Disorders (DSM-IV),[14] three criteria must be met for a diagnosis of intellectual disability: an IQ below 70, significant limitations in two or more areas of adaptive behavior (as measured by an adaptive behavior rating scale, i.e. communication, self-help skills, interpersonal skills, and more), and evidence that the limitations became apparent before the age of 18.

...

They tend be good at hiding the IQ test part if you use older tests but consider the symptoms

Signs and symptoms

 

Social skills lacking, check

problem solving skills lacking, check

self help skills lacking, check (you can blame the government on this one big time)

 

You see these 3 with educated people all the time these days

...

They used to called these people mental retards or mental morons before the language change.

 

Fri, 02/14/2014 - 18:17 | 4437822 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Having an automated keyword filter then some H.R. cunt (who also happens to be intellectually disabled in many cases) doing a quick screening to verify information a task that can be taught to 2 year old is not the best way to find candidates for jobs. Especially in a crowded field.

You hire stupidly you get stupid and stupid begets more stupid.

Fri, 02/14/2014 - 18:18 | 4437844 ThroxxOfVron
ThroxxOfVron's picture

IF You aren't some kind of favored 'minority' that meets a fucking 'diversity' initiative or garners a tax rebate for hiring -or aren't the progeny of oligarchs/mobsters; -Your resume gets deleted/trashed.

God help You if You are hard working white and without a favored degree...

Fri, 02/14/2014 - 20:01 | 4438148 TuPhat
TuPhat's picture

My son went through that.  He had a good degree in engineering and there was some demand but all the racial minorities got hired first.  Then the women got hired.  He was worried but he did get a job.  He had excellent grades or he wouldn't have been hired.  This was last spring but I'm sure it isn't any better now.  The govt. controls hiring.  It has nothing to do with ability. 

Fri, 02/14/2014 - 20:42 | 4438246 cynicalskeptic
cynicalskeptic's picture

'Diversity' in engineering used to be - and probably still is - hard to come by.  Not a lot of minorities unless you're counting South Asian (Indian and Pakistani) and Chinese although female numbers are rising.  Depending on the specific field there are usually enough jobs for those with decent grades - but higher salaries go to minorities to meet the diversity quotients.    If you're a female black engineer you won't have any problem finding a job.

The one real problem - mainly in DP and Comp Sci - is the use of H1B visas to bring in cheap help.  A real scam as companies are supposed to prove ther aren't 'qualified' US candidates before being allowed to sponsor an H1B.

Sat, 02/15/2014 - 21:28 | 4440910 tyrone
tyrone's picture

Employers want.. yes, they WANT... to hire all those H1Bs.   Indians, Pakistanis, Taiwanese, Koreans, French, German, etc., who have technical degrees.  Why?  Because, they have an EDUCATION.  They know something useful.  They can solve problems.  If they did their college prepatory education in their home country, they are so far ahead of most American born and educated students.  I am referring to a persons grade school and high school education specifically.  Besides, when they start working, they don't bring a whole lot of baggage along either.  They were taught from childhood, the value of an education.  It is a privilege, not a right, in their country.  Contrary to most American born graduates.  

Sun, 02/16/2014 - 11:01 | 4441968 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Wrong. Tyrone.

They hire them because they are cheap and can work them like pack mules with them puting up less resistance. The other reason especially now is they don't have to provide them health insurance. Big loophole in Obamacare that allows temp agencies to thrive providing pack mules.

You seriously think businesses who view workers as human 'resources' give a fuck about them as far as being a human being. They don't, especially when the companies are large enough where everything is impersonal in nature. There is no humanity only resources to be exploited...

Education and intelligence are not the same thing. Being better dog trained to do a task doesn't necessarily make you more intelligent anymore than a dog that can roll over and fetch as opposed to a dog only being able to roll over mean that one dog is more intelligent than the other. Education is dog training if it doesn't teach people to use their brains to become intelligent...

They don't want intelligent workers because intelligent workers wouldn't put up with being treated like dogs. They want trained human fidos who are just educated enough to fetch and not intelligent enough to ask why.

Sat, 02/15/2014 - 21:28 | 4440911 tyrone
tyrone's picture

Employers want.. yes, they WANT... to hire all those H1Bs.   Indians, Pakistanis, Taiwanese, Koreans, French, German, etc., who have technical degrees.  Why?  Because, they have an EDUCATION.  They know something useful.  They can solve problems.  If they did their college prepatory education in their home country, they are so far ahead of most American born and educated students.  I am referring to a persons grade school and high school education specifically.  Besides, when they start working, they don't bring a whole lot of baggage along either.  They were taught from childhood, the value of an education.  It is a privilege, not a right, in their country.  Contrary to most American born graduates.  

Sun, 02/16/2014 - 20:16 | 4443329 pitz
pitz's picture

Employers stopped considering domestic talent over a decade ago during the last big tech crash.  Now they go straight to the H-1B's, the thousands of qualified American citizen resumes in their resume queues be damned.

Fri, 02/14/2014 - 18:20 | 4437847 cheetahbaby
cheetahbaby's picture

A self-licking ice cream cone!!!

Sat, 02/15/2014 - 15:28 | 4439975 shovelhead
shovelhead's picture

Smells like a pile of Sociology to me.

Fri, 02/14/2014 - 18:53 | 4437946 Dr. Destructo
Dr. Destructo's picture

Or at least the most inexperienced.

It works that way with any type of job such as 'compliance officer' within a bank such as HSBC. Hire a guy who doesn't have a clue about the job; unfortunately he had a brain and taught himself during his free time and ended up as a whistleblower!

Man that was classic.

Fri, 02/14/2014 - 16:50 | 4437529 eatthebanksters
eatthebanksters's picture

Jeez, with video games, free rent and food from parents, Obamacare, Obamaphones, welfare and more...why would these kids leave?  Aren't these the same kids that got trophies just for showing up? 

Fri, 02/14/2014 - 17:32 | 4437704 Freddie
Freddie's picture

 Aren't these the same kids that got trophies just for showing up?

LOL!  What a FU country.   These parents were like helicopter parenst when these kids went to college.  I remember standing in lines, going to dept to try to get in classes, standing in line again, etc etc. Computers have imrpoved that but the parents did everything for many of these kids.  

Find the books, check out the dorm, furnish it.  One realtives kid was at a well know state school and they have there own upscale cafeteria in the dorm with older ladies cooking and feeding the kids.  It is like a 4 star resort.  Many of these children are so pampered it is a joke. 

I guess it is like their modest reward for a life of debt serfdom and total shit especially after O-Muslim who most voted for.

Sat, 02/15/2014 - 00:39 | 4437821 Jumbotron
Jumbotron's picture

Cows and sheep are fed, housed and cared for before......well.....you know.

 

 

Fri, 02/14/2014 - 21:14 | 4438364 cynicalskeptic
cynicalskeptic's picture

Counterpoint - Most of the kids who did Community College - or none at all - were home until their thirties.  the worst were all the second gen Italian boys - Mama cooked, did theeir laundry and all else for them.  These were the guys who thought they'd be 'rich' taking over their father's lawn care business (which is now facing stiff competition from first gen Hispanic immigrants who work harder).   Others eneded up as journeymen electricians or plumbers working for some uncle by deafault.  The kids that went to second or third tiewr colleges and got Accounting or general 'Business' degrees found that the world ahs changed and much of that worl is now getting outsourced.  Banks and corporations are now sending basic accounting functions like A/P and A/R to Indis now - even your local accountant sends basic tax returns there to be done.

The ones that went to 'good' schools without any concern for the 'employability' of their degree are having problems getting PAYING work though they manage to line up unpaid or minimal paying internships.  Eventually - through the connections their parents have - they'll usually manage to find something.  The power of these connections is not to be underestimated.  This group may end up home for a while for pragmatic reasons.  We're close to NYC which is a brutally expensive place to live so it's far cheaper to bunk home and pay commutation costs.   Even a decent paying job is only going to get you a share in a crowded apartment in Manhattan or Brooklyn.

Going from growing up in a blue collar family to living in an upper middle class burb is a contrast.  You cannot put a price on the inherent advantages those growing up here have.  Someone knows someone who knows somene whether ti be summer jobs, internship or jobs on graduation.  The right 'credentials' - coming from the burbs and a decent school, going to a 'good' college - and knowing enough people DOES make a difference.  The 'degrees of separation' - the networking - makes a BIG difference.  

If you went to a 'good' college and got an 'employable' degree - it's hard NOT to find something and most will do pretty well.  The kids of the truly well off who are employed in high level jobs in corporate America are set.   Dad golfs wih someone or knows someone who will find a place for their kid.  

The really well qualified - top schools, good grades and experience - will get enough offers on their own.   The ones in finance are paid obscene amounts.  You have some going on to Wall Street with a calculated plan on staying a limited time, saving up and then bailing but many of those are ofen turned to the dark side - seduced by the $$$.

 

Sat, 02/15/2014 - 12:51 | 4439511 failure to perform
failure to perform's picture

you are correct.

Fri, 02/14/2014 - 16:48 | 4437532 Dr. Richard Head
Dr. Richard Head's picture

Good luck with the whole savings thing in the ZIRP environment and the institutional support of artificially high real estate prices outpacing, at least for now, any possible savings rate.  Fuck this ponzi, fuck the fiat, and Fuck Yellen in her arse with her own cock.

Fri, 02/14/2014 - 18:33 | 4437871 TruthInSunshine
TruthInSunshine's picture

Some say Janet Yellen's clitoris is 5 1/2 inches long

And that she'd regularly flip open her zipper at FOMC meetings and "dare the Bernank to compare," a challenge that he never did take up...

All we know is that they both love massive asset bubbles!

Fri, 02/14/2014 - 21:10 | 4438348 lotsoffun
lotsoffun's picture

we had all better get used to loving massive asset bubbles, because we are getting hillary's next.

Fri, 02/14/2014 - 21:13 | 4438351 lotsoffun
lotsoffun's picture

and she's got it in for white guys, worse than big bad bama, because his whole problem is that in the end, he knows he just a coconut 'passing'.

 

Fri, 02/14/2014 - 17:28 | 4437700 Stuck on Zero
Stuck on Zero's picture

This is bullish for sump pumps.

 

Fri, 02/14/2014 - 17:56 | 4437775 dtwn
dtwn's picture

My girlfriend's brother is living at home at the age of 27, gainfully employed, finishing school, saving pretty much everything he makes.  As far as I know he pretty much just pays for school, car, and flight lessons.  I'm sure he's got a big chunk of change saved up, he wants to buy a house though I keep telling him to wait and he can pick up anything he wants at a steep discount in a couple years.  Of course living with the 'rents does restrict his freedom a bit.

Fri, 02/14/2014 - 20:04 | 4438154 TuPhat
TuPhat's picture

Flight lessons?  My condolences.  My son in law is a commercial pilot.  Too many pilots keep the wages low.  Can barely pay his student loan payments.

Fri, 02/14/2014 - 22:12 | 4438493 TruthInSunshine
TruthInSunshine's picture

Purgatory exists between Billary's badonkadonk & Yellen's phallic length clit.

Fri, 02/14/2014 - 17:04 | 4437605 HoleInTheDonut
HoleInTheDonut's picture

Outside of being pudgy and generally looking like a dork, this guy's got it made.  Nice dot matrix printer, what looks like a Turbo-XT, lots of 5.25" floppies, wood paneling, drinking coffee and smoking menthols right there at his awesome all-in-one workstation!

Fri, 02/14/2014 - 17:10 | 4437629 Tijuana Donkey Show
Tijuana Donkey Show's picture

Dude, you realise this is a selfie of Fonestar, right? That's his magical shitcoin machine, powered by Unicorn farts and perpetual motion eCONomies.

Fri, 02/14/2014 - 17:28 | 4437696 FEDbuster
FEDbuster's picture

That's the guy who started Anonymous and Bitcoin.

Fri, 02/14/2014 - 18:34 | 4437880 TruthInSunshine
TruthInSunshine's picture

Whisper Rumor (and a strong one at that) is that photo is a very recent one of the elusive Satoshi himself.

Fri, 02/14/2014 - 19:24 | 4438023 fonestar
fonestar's picture

You morons didn't understand Satoshi's supreme creation at $5.  Do not understand it at $650.  Will not understand it at $60,000.

In fact I doubt you understand much at all.

Fri, 02/14/2014 - 19:51 | 4438110 TruthInSunshine
TruthInSunshine's picture

Some say Satoshi has cracked cold fusion, and that he sleeps inside out.

All we know is that he's quite elusive.

Fri, 02/14/2014 - 22:22 | 4438476 akak
akak's picture

I've heard rumors that Satoshi drinks lighter fluid through his ears (but only on Tuesdays), can telepathically summon chipmunks at whim, and curls up into a ball at the sight of mushrooms.  They also say that he lives in a trench in the Mid-Atlantic Ridge, and has a pet aardvark that can count to 100 by prime numbers.  I cannot vouch for the latter, however.

Fri, 02/14/2014 - 22:53 | 4438614 NickVegas
NickVegas's picture

Isn't Satoshi another name for the NSA?

Sat, 02/15/2014 - 01:18 | 4438883 Tijuana Donkey Show
Tijuana Donkey Show's picture

Uh, a fancy hashed log of transactions. Got it. What's the real difference between BC and Apache logs? The blockchain? I could start charging for IP addresses by that logic.

Sat, 02/15/2014 - 16:12 | 4440098 shiftless
shiftless's picture

Fonestar, I'm a genius with an IQ of 140+. I have been programming computers since I was in the 2nd grade. That was over 20 years ago, on a 286 with 1 MB of RAM running DOS 5.0. So you could say I do know a little bit about computers. More importantly, I know other details about the world and how it works. I can assure you, I do in fact understand what Bitcoin is, why it's popular now, why it's been going up in value....and why it's destined for epic failure.

There is one thing Bitcoin is good for: buying drugs online. It also has some value for speculators. You could make a lot of money, or potentially lose your ass. As an investment though, it's total SHIT. Anyone who 'invests' in or 'stockpiles' Bitcoin is buying a one way ticket to the poor house. You're playing with fire, while bathing in gasoline and juggling chunks of plutonium.

Angry much? Maybe it's because deep down inside you know I'm right.

Fri, 02/14/2014 - 17:21 | 4437672 25or6to4
25or6to4's picture

Yeah, my first thought when I saw this picture was what is this guy doing in my basement at my workstation....

Fri, 02/14/2014 - 17:51 | 4437747 Jumbotron
Jumbotron's picture

Porn......because his 14.4 kb dial up connection to AOL just wasn't cutting it anymore.

Fri, 02/14/2014 - 20:22 | 4438198 Clycntct
Clycntct's picture

My thought was I didn't think they had cameras that far back.

 

Sat, 02/15/2014 - 01:03 | 4438870 TruthInSunshine
TruthInSunshine's picture

He's reading Krugman's blog ("The Conscience of a Liberal Douchebag") whilst fapping to Manga.

Sat, 02/15/2014 - 08:34 | 4439092 Semi-employed W...
Semi-employed White Guy's picture

I hope that's not what I looked like with my 300 baud modem connected to a rotary phone and an Atari 400 in my parents basement.  The porn was mostly text-based then.  Oh there was some good ASCII art porn, so thank god for the Star-Micronics dot matrix printer I had.  We also had the wood paneling.  But I was like 13 and even then, had a job!

Fri, 02/14/2014 - 23:39 | 4438715 Wahooo
Wahooo's picture

Hey, that's Warlock!

Fri, 02/14/2014 - 16:36 | 4437492 General Decline
General Decline's picture

But aren't we told over and over again that home ownership is part of the American dream...  must go into crushing debt to "buy" a house that you really only rent from the govt.  Yeah, sounds like a great dream to me.  Are people that live in their parents basement really worthy of ridicule?  Not so sure anymore.

Fri, 02/14/2014 - 16:49 | 4437536 Hundred Dollar Bonus
Hundred Dollar Bonus's picture

Great Point Decline, I know plenty of people living in their "own" home with a brand new set of cars to go with it, both leveraged to the gills. Are they any smarter than the boy scout hacker with no debt?

Fri, 02/14/2014 - 17:02 | 4437596 General Decline
General Decline's picture

Yep.  No debt gives one a little extra $ to acquire tangible items, if you get my drift...

Fri, 02/14/2014 - 18:58 | 4437956 Carl Popper
Carl Popper's picture

Please dear god remind the young basement dwellers never to take their precious tangibles out for a day of boating.  

 

 

It was a lesson many of us on ZH learned too late. 

Fri, 02/14/2014 - 19:20 | 4438009 ebear
ebear's picture

Worthy of ridicule?  Yes.  Now, if they had the top floor and their parents lived in the basement, I'd be impressed.

Sat, 02/15/2014 - 00:50 | 4438846 Jumbotron
Jumbotron's picture

From the looks of that guy I think he has the top floor and has BURIED his parents in the basement.

Fri, 02/14/2014 - 16:32 | 4437477 InjectTheVenom
Fri, 02/14/2014 - 16:56 | 4437570 Freddie
Freddie's picture

Most of the young voted for the islamic so let em eat cake.  Maybe the white ones will wake up when they get beaten in a knock out game.  Morons.

Fri, 02/14/2014 - 19:02 | 4437969 RafterManFMJ
RafterManFMJ's picture

I live in a dark wet basement

Fri, 02/14/2014 - 19:21 | 4438016 ebear
ebear's picture

That's nothing.  I live in a shoe box at the bottom of a lake.

Fri, 02/14/2014 - 19:52 | 4438115 RafterManFMJ
RafterManFMJ's picture

Is...that YOU?! My precious, lost Gold Eagles?!

Fri, 02/14/2014 - 20:49 | 4438263 DaveyJones
DaveyJones's picture

my father used to wake us up a half hour before we went to bed

http://www.youtube.com/watch?v=Xe1a1wHxTyo

Fri, 02/14/2014 - 21:23 | 4438381 Mac Avelli
Mac Avelli's picture

LUXURY!! I once lived in a paperbag in a septic tank!

Sat, 02/15/2014 - 00:51 | 4438850 Jumbotron
Jumbotron's picture

I live in a van down by the river.

R.I.P. Chris.

Fri, 02/14/2014 - 19:47 | 4438105 Jannn
Jannn's picture

Guest Post: Thoughts Behind PBOC Gold Purchase Policy

http://www.ingoldwetrust.ch/guest-post-thoughts-behind-pboc-gold-purchas...

Fri, 02/14/2014 - 16:27 | 4437465 Say What Again
Say What Again's picture

I lived next door to that guy.  Now he runs a major bank.

Fri, 02/14/2014 - 16:32 | 4437487 Critical Path
Critical Path's picture

Weird, I thought he was the one behind all the fake facebook "like" fraud... what a guy

Fri, 02/14/2014 - 16:43 | 4437496 ZerOhead
ZerOhead's picture

Obama and Congress need to pass a law against kids over 16 living at home immediately.

After all... It's not only killing home prices generally but it's also costing our bankers BILLIONS in lost interest income potential...

Fri, 02/14/2014 - 17:08 | 4437614 Harbanger
Harbanger's picture

Barry bypasses Congress and creates any law he wants.  Our Majesty now rules over us by Executive Order.

Sat, 02/15/2014 - 15:55 | 4440059 merizobeach
merizobeach's picture

I don't have any sympathy for the Fascist in Chief, but if I had his job and had to "work with" those fuckheads in Congress, I would executive order everything that I wanted to accomplish.

Fri, 02/14/2014 - 16:58 | 4437567 TheMeatTrapper
TheMeatTrapper's picture

If you look at his monitor closely you can see he's posting to ZH about Bitcoins. 

Fri, 02/14/2014 - 17:14 | 4437631 vulcanraven
vulcanraven's picture

Hey it's Fon..... fuck, nevermind

Fri, 02/14/2014 - 16:33 | 4437466 lordbyroniv
lordbyroniv's picture

REVOLUTION..........BITCHEZ  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1(or not)

Fri, 02/14/2014 - 16:55 | 4437534 ZerOhead
ZerOhead's picture

I'm still more in the 'not' camp for the time being... something about the DHS buying billions of bullets for no particular reason comes to mind.

When TPTB fuck it up so completely that even the lights don't come on anymore... well that's a different story.

 

Fri, 02/14/2014 - 17:15 | 4437632 Harbanger
Harbanger's picture

If the lights don't come on anymore, it's a whole different event.  At that point it's not a revolution, it's a societal collapse and a return to the dark ages.

Fri, 02/14/2014 - 17:39 | 4437720 ZerOhead
ZerOhead's picture

When a complex system crashes you don't have much time to restart it before it's lost for good.

We were staring into the abyss back in 2008 (according to a waste basket vomitting Hank Paulson) and we have done absolutely nothing constructive to rectify the situation since then.

Just more money printing and more can kicking...

Fri, 02/14/2014 - 20:29 | 4438218 Clycntct
Clycntct's picture

We need to save this thread to come back and read the comedy after the sun comes back up to heat up the panels.

They didn't plan on the dark part. Oops.

Fri, 02/14/2014 - 16:28 | 4437470 superflex
superflex's picture

Fonestar exposed at his mining 'puter.

Fri, 02/14/2014 - 16:33 | 4437480 fonestar
fonestar's picture

fonestar lives in an attic.

Fri, 02/14/2014 - 16:32 | 4437485 InjectTheVenom
InjectTheVenom's picture

... can't tell if you're kidding or not

Fri, 02/14/2014 - 16:37 | 4437494 gafgroocK
gafgroocK's picture

 

 

He's upsidedown in BitCoin, so forgive him, it is the Basement

Fri, 02/14/2014 - 16:40 | 4437502 kralizec
kralizec's picture

LOL!

Fri, 02/14/2014 - 16:47 | 4437518 HyBrasilian
HyBrasilian's picture

It's like a 'virtual' Poseidon Adventure...

~~~

You start out in the boiler room... Make it up to the ballroom for one swingin party... get flipped upside down by a big wave... then go thru hell trying to make it back to the boiler room, [only to fall to your death into boiling oil at the last minute trying to stop a steam leak]...

Fri, 02/14/2014 - 16:54 | 4437550 Pseudo Anonym
Pseudo Anonym's picture

i wonder if that's robot trader in his mom's basement churning apple stock on his hft server. {~~~ but you're new here ~~~; you wouldn't remember him and his hot picks; i should say hot pics **** }

Fri, 02/14/2014 - 16:57 | 4437578 HyBrasilian
HyBrasilian's picture

whether it's robot trader or fonestar, I <3 the 70's wood paneling!

Fri, 02/14/2014 - 17:16 | 4437647 vulcanraven
vulcanraven's picture

...and just out of frame, a bottle of Jergens hand lotion next to a box of Kleenex

Fri, 02/14/2014 - 16:48 | 4437531 bluskyes
bluskyes's picture

It's a closet, not an attic

Fri, 02/14/2014 - 17:04 | 4437599 ZerOhead
ZerOhead's picture

Penthouse sounds better...

Fri, 02/14/2014 - 16:34 | 4437486 F em all but 6
F em all but 6's picture

LMAO

Fri, 02/14/2014 - 16:30 | 4437471 _ConanTheLibert...
_ConanTheLibertarian_'s picture

At least he got a color monitor! Yeah!! What's that? CGA?

 

EDIT: Tyler you bastard, you fooled me. That's colored in. Why???

Fri, 02/14/2014 - 16:53 | 4437541 bluskyes
bluskyes's picture

It looks like a green screen connected to an old XT, from the good old days - where if the fire in the Data-centre didn't kill you, the Halon would.

Fri, 02/14/2014 - 16:58 | 4437566 RaceToTheBottom
RaceToTheBottom's picture

First IBM compatible made in HongKong.

286 with 286K ram

Fri, 02/14/2014 - 17:10 | 4437627 HoleInTheDonut
HoleInTheDonut's picture

Just having the Halon around gave the job a real sense of danger and importance... those WHERE the days.

Fri, 02/14/2014 - 17:16 | 4437646 Tijuana Donkey Show
Tijuana Donkey Show's picture

The irony is the computers in the Halon protected datacenters had less horsepower than a modern Iphone. 

Fri, 02/14/2014 - 16:31 | 4437476 syntaxterror
syntaxterror's picture

Stats and economic data are meaningless in the Hope and Change era. Just queue up your buy orders folks.

Fri, 02/14/2014 - 16:33 | 4437478 Caveman93
Caveman93's picture

So, I'm 39 and lost my parent's...they passed on 15 and 10 years ago. What are these folks going to do when Mommy and Daddy pass away eh? Hope they got siblings!

Not an option to live with the dead is it or will Obama come out and Exec or that too soon?

Fri, 02/14/2014 - 16:34 | 4437483 lordbyroniv
lordbyroniv's picture

Inheritance...bitchez !!!!1111111

Fri, 02/14/2014 - 16:39 | 4437500 Supernova Born
Supernova Born's picture

Leave Mom in the tub, raise moths, and take up "hobbies".

Fri, 02/14/2014 - 18:06 | 4437765 HyBrasilian
HyBrasilian's picture

it rubs the lotion on its skin & places it in the basket

Sat, 02/15/2014 - 02:47 | 4438955 TruthInSunshine
TruthInSunshine's picture

...or else it gets Mt. Gox'd again.

Fri, 02/14/2014 - 16:49 | 4437527 bluskyes
bluskyes's picture

Just keep cashing the pension cheques

Fri, 02/14/2014 - 16:35 | 4437488 Yen Cross
Yen Cross's picture

  Who got Phonestar's picture for this article?  That person deserves a gold bar! ;-)

Fri, 02/14/2014 - 16:48 | 4437508 Winston Churchill
Winston Churchill's picture

Too old.fonestar has his sweet sixteen party next year(if the zits are gone by then).

Fri, 02/14/2014 - 17:02 | 4437588 fonestar
fonestar's picture

it's fonestar

Fri, 02/14/2014 - 16:34 | 4437491 IridiumRebel
IridiumRebel's picture

Finally! The picture of Satoshi.....who is actually from Levittown Long Island and created bitcoin(with no help from the NSA); his name is Lester Fuchs.

Fri, 02/14/2014 - 16:39 | 4437509 kralizec
kralizec's picture

...oh man, soda burns the nasal cavities...

+

Fri, 02/14/2014 - 16:38 | 4437498 Surging Chaos
Surging Chaos's picture

Sadly this doesn't get as much attention as it should. It's pretty depressing thinking of all the friends I went to high school and college only a handful of years ago that are now living with their parents due to sky high housing and a horrific job market. This is the second lost generation in the making.

Fri, 02/14/2014 - 19:43 | 4438084 pursueliberty
pursueliberty's picture

No doubt.  I'm just outside of Nashville Tn and don't how most could afford to even rent a decent house here.  I've upped my budget to 1400 and still not much luck.  Even a nice 1Br can get close to $1k in a apartment.  You'd have to make a lot or have no other debt to even be able to spend any money in the economy. 

 

Student loan debt will actually have a big part in killing the economy.  You take these kids right out of college, even the ones who get a good job, all that money isn't being spent on goods/services.  Shooting ones foot.

Fri, 02/14/2014 - 16:37 | 4437499 q99x2
q99x2's picture

Not me. I have two brothers and the younger is already hold up there He is armed to the hilt with guns and cross bows. Nice kid. Nobody ever says anything bad about him. Could end up in the cornfield otherwise.

Fri, 02/14/2014 - 16:39 | 4437506 thamnosma
thamnosma's picture

So where do they go if there's no basement?

Fri, 02/14/2014 - 16:47 | 4437521 superflex
superflex's picture

Fonestar is in the attic.  Must be some caliche or shrink/swell clay where he lives

Fri, 02/14/2014 - 16:44 | 4437514 PontifexMaximus
PontifexMaximus's picture

They will vote for......whom?

Fri, 02/14/2014 - 16:44 | 4437517 CrashisOptimistic
CrashisOptimistic's picture

So many of these things are about to leave the headlines.

The December Bakken report just released.  DOWN, not up, 48,000 bpd.  Winter effects for sure, but that is the steepest winter decline since the hype started. 

The rollover is coming.  When the Bakken has clearly rolled over and US oil ouput resumes its relentless, natural decline, the whole hype about bright future will be gut shot.

Fri, 02/14/2014 - 16:45 | 4437524 Frank N. Beans
Frank N. Beans's picture

a young Janet Yellen

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