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	<title>Y Gen Out Loud &#187; Business</title>
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	<description>news 4 Gen Y x Gen Y</description>
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		<title>Book review:  Y&#8217;s Up!</title>
		<link>http://ygenoutloud.com/business/book-review-ys-up/</link>
		<comments>http://ygenoutloud.com/business/book-review-ys-up/#comments</comments>
		<pubDate>Tue, 30 Mar 2010 01:30:23 +0000</pubDate>
		<dc:creator>Regan Mathias</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Commentary]]></category>
		<category><![CDATA[Advice]]></category>
		<category><![CDATA[Book Review]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Jobs]]></category>

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		<description><![CDATA[In this economy, it's important that Gen Y understand not only how to get a job, but how to keep that job.  Reporter Regan Mathias reviews a book with tips on how Gen Y can succeed in this market.


Related posts:<ol><li><a href='http://ygenoutloud.com/business/gen-y-job-outlook-not-all-bleak/' rel='bookmark' title='Permanent Link: Gen Y job outlook not all bleak'>Gen Y job outlook not all bleak</a></li>
<li><a href='http://ygenoutloud.com/business/gen-y%e2%80%99s-job-search-up-close/' rel='bookmark' title='Permanent Link: Gen Y’s job search up close'>Gen Y’s job search up close</a></li>
<li><a href='http://ygenoutloud.com/commentary/adventures-in-job-hunting/' rel='bookmark' title='Permanent Link: Adventures in job hunting'>Adventures in job hunting</a></li>
</ol>]]></description>
			<content:encoded><![CDATA[<p><a href="http://ygenoutloud.com/wp-content/uploads/2010/03/Ys-Up_photo.jpg"><img class="alignleft size-full wp-image-882" title="Y's Up_photo" src="http://ygenoutloud.com/wp-content/uploads/2010/03/Ys-Up_photo.jpg" alt="" width="201" height="293" /></a></p>
<p><a href="http://www.amazon.com/Ys-Up-Trenches-Succeed-No-Guarantees/dp/1439236534/ref=sr_1_2?ie=UTF8&amp;amp;s=books&amp;amp;qid=1269878727&amp;amp;sr=8-2" target="_blank">Y’s Up! 85 Tips From the Trenches to Help You Succeed in Today’s No-Guarantees Job Market</a></p>
<p>By James J. Simon and Nicole D. Simon<br />
Paperback 192 pages<br />
BookSurge Publishing $15.99</p>
<p>A quick skim of <em>Y’s Up! 85 Tips From the Trenches to Help You Succeed in Today’s No-Guarantees Job Market</em> is rather unimpressive. Many tips, such as “Number 60: Dressing to Impress,” seem so obvious that nobody should need a book for this advice. Others, such as “Number 10: Empowering Your PowerPoint,” seem very useless. Who in Generation Y doesn’t know how to use PowerPoint? Still other tips, such as “Number 16: Less is Sometimes More,” feel too cliché to apply in real-life situations.</p>
<p>However, an in-depth reading of <em>Y’s Up!</em> provides invaluable insight for anyone starting a career. James Simon and Nicole Simon have 25 years of combined experience in the business world and it shows in their work. It is clear that they have experience in both entry-level and managerial positions. From both perspectives, they offer advice on how to ace an interview, how to ensure a promotion, and how to secure a job in a tough economy.</p>
<p>Reading the tips that may seem dumb at first glance can actually be quite educational. Yes, everyone knows to dress for success, but not everyone knows what that entails. The authors offer more than just what is appropriate office wear. They offer advice on how to avoid a bad impression if someone spills his coffee on you during the day (a back-up shirt in the car never hurt anybody) and other scenarios that you may not think about until it is too late.</p>
<p>Their advice on PowerPoint is actually useful – even to technologically savvy Generation Y. Knowing how to use the program is not enough to guarantee success. Simon and Simon point out the traps that many people get caught in when presenting with PowerPoint. Too much information on one slide can be overwhelming and reading directly off the slide gives the impression that you are ill prepared and lack confidence.</p>
<p>Even the cliché “Less is Sometimes More” offers knowledge that could help a career. Everyone is guilty of being a little verbose at times or offering unnecessary information. Perhaps this seems innocent, but as the authors illustrate with another cliché, time is money and nobody in the office appreciates it when her time is wasted.</p>
<p>The one area lacking in this book is advice on obtaining a job. The final tip, “Number 85: Maximizing Your Chances for a Successful Interview,” is longer than any other tip. Yet, resumes are barely mentioned and many of the tips for interviews are not included in the real-life example, which makes it hard to translate their advice into action. Still, Simon and Simon acknowledge that there are other books better suited for those attempting to find jobs and ace interviews. This book is designed to guide those who already have jobs.</p>
<p>Overall, the authors provide excellent insight into the mind of a manager. Their book offers a unique perspective that could only be written by those who have been there. They provide the reader with detailed career advice, but more importantly, they create the mind-set of a person driven to succeed. With these tips, your career could go a long way.</p>


<p>Related posts:<ol><li><a href='http://ygenoutloud.com/business/gen-y-job-outlook-not-all-bleak/' rel='bookmark' title='Permanent Link: Gen Y job outlook not all bleak'>Gen Y job outlook not all bleak</a></li>
<li><a href='http://ygenoutloud.com/business/gen-y%e2%80%99s-job-search-up-close/' rel='bookmark' title='Permanent Link: Gen Y’s job search up close'>Gen Y’s job search up close</a></li>
<li><a href='http://ygenoutloud.com/commentary/adventures-in-job-hunting/' rel='bookmark' title='Permanent Link: Adventures in job hunting'>Adventures in job hunting</a></li>
</ol></p>]]></content:encoded>
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		<title>How credit card reform affects Gen Y</title>
		<link>http://ygenoutloud.com/business/how-credit-card-reform-affects-gen-y/</link>
		<comments>http://ygenoutloud.com/business/how-credit-card-reform-affects-gen-y/#comments</comments>
		<pubDate>Sun, 21 Mar 2010 23:40:07 +0000</pubDate>
		<dc:creator>Briana Conner</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Y Gen TV]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Credit Cards]]></category>
		<category><![CDATA[Gen Y]]></category>
		<category><![CDATA[legislation]]></category>

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		<description><![CDATA[Y Gen TV reporter Briana Conner examines how the new credit card rules will affect the buying habits of Generation Y.


Related posts:<ol><li><a href='http://ygenoutloud.com/us/the-death-penalty-and-gen-y/' rel='bookmark' title='Permanent Link: The death penalty and Gen Y'>The death penalty and Gen Y</a></li>
<li><a href='http://ygenoutloud.com/y-gen-tv/the-gen-y-vote-in-2010-elections/' rel='bookmark' title='Permanent Link: The Gen Y vote in 2010 elections'>The Gen Y vote in 2010 elections</a></li>
<li><a href='http://ygenoutloud.com/business/gen-y-job-outlook-not-all-bleak/' rel='bookmark' title='Permanent Link: Gen Y job outlook not all bleak'>Gen Y job outlook not all bleak</a></li>
</ol>]]></description>
			<content:encoded><![CDATA[<p>With the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 now in full effect, you may have noticed changes to your credit card statements along with a flurry of announcements about new terms and disclosures. The law sets new rules for how credit card companies must treat consumers. For example, credit card companies can’t hike interest rates retroactively on previously existing balances, but they can increase current interest rates with a 45-day notification.  Y Gen TV reporter Briana Conner examines one important aspect of the new law that will affect the buying habits of  Generation Y under 21 years old.</p>
<p>For more information about all the new regulations, check out the fact sheet at <a href="http://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/" target="_blank">www.whitehouse.gov</a>.</p>
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<p><em>Follow <a href="http://www.youtube.com/ygenoutloud" target="_blank">Y Gen TV</a> on YouTube</em></p>


<p>Related posts:<ol><li><a href='http://ygenoutloud.com/us/the-death-penalty-and-gen-y/' rel='bookmark' title='Permanent Link: The death penalty and Gen Y'>The death penalty and Gen Y</a></li>
<li><a href='http://ygenoutloud.com/y-gen-tv/the-gen-y-vote-in-2010-elections/' rel='bookmark' title='Permanent Link: The Gen Y vote in 2010 elections'>The Gen Y vote in 2010 elections</a></li>
<li><a href='http://ygenoutloud.com/business/gen-y-job-outlook-not-all-bleak/' rel='bookmark' title='Permanent Link: Gen Y job outlook not all bleak'>Gen Y job outlook not all bleak</a></li>
</ol></p>]]></content:encoded>
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		</item>
		<item>
		<title>Gen Y job outlook not all bleak</title>
		<link>http://ygenoutloud.com/business/gen-y-job-outlook-not-all-bleak/</link>
		<comments>http://ygenoutloud.com/business/gen-y-job-outlook-not-all-bleak/#comments</comments>
		<pubDate>Sun, 21 Feb 2010 06:48:12 +0000</pubDate>
		<dc:creator>Regan Mathias</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[featured]]></category>
		<category><![CDATA[Gen Y]]></category>
		<category><![CDATA[Jobs]]></category>
		<category><![CDATA[Unemployment]]></category>

		<guid isPermaLink="false">http://ygenoutloud.com/?p=842</guid>
		<description><![CDATA[With the unemployment rate at 9.7 percent, Gen Y is nervous about their economic future. Reporter Regan Mathias finds that some companies, however, want to hire the younger generation. (Photo by Benjamin Rossen)


Related posts:<ol><li><a href='http://ygenoutloud.com/business/book-review-ys-up/' rel='bookmark' title='Permanent Link: Book review:  Y&#8217;s Up!'>Book review:  Y&#8217;s Up!</a></li>
<li><a href='http://ygenoutloud.com/business/gen-y%e2%80%99s-job-search-up-close/' rel='bookmark' title='Permanent Link: Gen Y’s job search up close'>Gen Y’s job search up close</a></li>
</ol>]]></description>
			<content:encoded><![CDATA[<p>With the <a href="http://www.reuters.com/article/idUSN1924647420100219" target="_blank">jobs-creation bill</a> possibly heading for defeat in the U.S. Senate next week, and the <a href="http://money.cnn.com/2010/02/17/news/economy/fed_minutes/" target="_blank">unemployment rate at 9.7 percent</a>, it’s no wonder that Generation Y is nervous about their economic future.</p>
<p>Even though the situation looks bleak, there may be hope for our generation. Some companies have managed to grow despite the recession, adding entry-level positions more often filled by recent college graduates.  <a href="http://www.homeaway.com/" target="_blank">HomeAway</a>, a vacation rental Web site, is one of those businesses.</p>
<p>“We don&#8217;t consider the age of applicants when recruiting,” said Lori Knowlton, vice president of Human Resources at HomeAway. “But we do find that we have many entry level applicants for our customer support and telesales roles. The most successful applicants for these jobs often have one to two years of experience in a customer service role and have strong technical skills.”</p>
<p>Other companies have grown around Generation Y. <a href="http://www.homescoutrealty.com/default.html" target="_blank">Homescout Realty</a>, a Chicago real estate company, was recently ranked the 16th best workplace in the Windy City for Generation Y.</p>
<p>“The age range of our agents works with the age range of our clients,” said Jordan Wilson, business operations manager for Homescout. “Our clients are all recent graduates and it is easier for our agents of the same demographics to connect with them. They are able to build relationships and build their careers with these clients. They will help them rent an apartment now and help them buy in the future.”</p>
<p>Still, a struggling economy makes finding jobs difficult, especially when fighting against negative stereotypes. As pointed out by <a href="http://www.jasondorsey.com/" target="_blank">Jason Dorsey</a>, author of <em>Y-Size Your Business: How Gen Y Employees Can Save You Money and Grow Your Business</em>, many employers have bought in to the idea that Generation Y isn&#8217;t as committed to hard work as previous generations.</p>
<p>“The biggest apprehensions I hear about Generation Y are that we act like we should be rewarded for doing the minimum, that we don’t carry ourselves in a professional manner at work, that we want constant praise, and that we are disloyal because we tend not to work for one company for many years,” Dorsey said. “It’s important to note that not all employers feel this way, but the ones who do tend to be quite vocal.”</p>
<p>On the other hand, Dorsey said that Generation Y does have some redeeming qualities. We are known for being technologically savvy, optimistic, good problem-solvers, and always striving for self-improvement. These qualities have not gone unnoticed by employers.</p>
<p>“In our entry level roles, our employees are using multiple systems to help our customers manage their property listing,” said Knowlton of HomeAway. “So it&#8217;s important to be able to solve problems effectively using a variety of tools and techniques.”</p>
<p>The key to landing a job, according to Dorsey, is highlighting these skills and addressing the concerns that employers may have.</p>
<p>“Focus on your achievements, desire to work hard, and willingness to learn on the job,” Dorsey advised. “Confront the Gen Y stereotypes head on. Let the potential employer know that you are committed to being on time – or a few minutes early – dressing professionally, working well with others of all ages and backgrounds, and trying to build a career rather than just look for a job.”</p>
<p>A lack of experience does not always mean that an applicant has nothing to offer a potential employer, Dorsey added. “One other tip taken from the front lines of job seeking: emphasize your past achievements rather than responsibilities. Potential employers want to know what you have accomplished and this could extend into the community or school if you don’t have much work experience.”</p>


<p>Related posts:<ol><li><a href='http://ygenoutloud.com/business/book-review-ys-up/' rel='bookmark' title='Permanent Link: Book review:  Y&#8217;s Up!'>Book review:  Y&#8217;s Up!</a></li>
<li><a href='http://ygenoutloud.com/business/gen-y%e2%80%99s-job-search-up-close/' rel='bookmark' title='Permanent Link: Gen Y’s job search up close'>Gen Y’s job search up close</a></li>
</ol></p>]]></content:encoded>
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		<title>Gen Y’s job search up close</title>
		<link>http://ygenoutloud.com/business/gen-y%e2%80%99s-job-search-up-close/</link>
		<comments>http://ygenoutloud.com/business/gen-y%e2%80%99s-job-search-up-close/#comments</comments>
		<pubDate>Sun, 21 Feb 2010 05:47:35 +0000</pubDate>
		<dc:creator>Samantha Scharff</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Gen Y]]></category>
		<category><![CDATA[Jobs]]></category>
		<category><![CDATA[Unemployment]]></category>

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		<description><![CDATA[The notion of being handed a full time job straight out of college is quickly fading for graduates in the 21st century. Gen Y job seekers share with reporter Samantha Scharff about how they're dealing with the new reality.


Related posts:<ol><li><a href='http://ygenoutloud.com/business/gen-y-job-outlook-not-all-bleak/' rel='bookmark' title='Permanent Link: Gen Y job outlook not all bleak'>Gen Y job outlook not all bleak</a></li>
<li><a href='http://ygenoutloud.com/business/book-review-ys-up/' rel='bookmark' title='Permanent Link: Book review:  Y&#8217;s Up!'>Book review:  Y&#8217;s Up!</a></li>
</ol>]]></description>
			<content:encoded><![CDATA[<p><a href="http://ygenoutloud.com/wp-content/uploads/2010/02/finding-work.jpg"><img class="alignleft size-medium wp-image-831" title="finding work" src="http://ygenoutloud.com/wp-content/uploads/2010/02/finding-work-198x300.jpg" alt="" width="198" height="250" /></a>The notion of being handed a full time job straight out of college is quickly fading for graduates in the 21st century. A recent statistic brings it home further. Less than <a href="http://www.washingtonmonthly.com/college_guide/blog/the_true_cost_of_college.php" target="_blank">20 percent of students </a>in the class of 2009 had jobs when they graduated. This leads us to ask what is in store for the next generation? How are recent college graduates dealing with the situation?</p>
<p>Michael (who, like the others interviewed for this article, asked to be referred to by first name only), a 22-year-old graduate of The University of Texas at Austin, describes the job search as much more difficult than he had expected. Graduating with excellent grades in economics, he thought finding employment wouldn’t be as strenuous as the reality has proved. The main drawback has been his lack of experience.</p>
<p>“I think I’m a highly credible candidate for the companies I’ve been applying to, but the majority of them won’t even consider hiring me because I don’t have two to three years of prior experience,” Michael said. “This just frustrates me because I don’t understand when they would have expected me to gain that experience while I’ve been working hard on my degree.”</p>
<p>Others such as Katlyn, a 24-year-old art history major, have found looking for a job in such specialty fields even more taxing. Currently a graduate student at UT focused on museum and community-based art education, Katlyn’s main concern is if the economy doesn’t get better her area of expertise will be less in demand.</p>
<p>“When times are bad and the economy worsens, art education programs are usually the first to be cut,” she noted. “This leaves me extremely anxious about the field of study I’ve chosen. It’s my passion, but what if I can’t find a job for years to come?”</p>
<p>While Stephanie, 23, expected a challenge in finding her dream career, she wasn’t prepared for the fact that even jobs she’s over-qualified for are difficult to come by. “It’s not even the jobs with high salaries or great benefits that are hard to find these days, but with this economy it feels like any job at all is hard to find!”</p>
<p>Like many in her generation, having a fall back plan to support herself is imperative.  Stephanie is waiting tables while pursuing her employment goals.</p>
<p><em><br />
</em></p>


<p>Related posts:<ol><li><a href='http://ygenoutloud.com/business/gen-y-job-outlook-not-all-bleak/' rel='bookmark' title='Permanent Link: Gen Y job outlook not all bleak'>Gen Y job outlook not all bleak</a></li>
<li><a href='http://ygenoutloud.com/business/book-review-ys-up/' rel='bookmark' title='Permanent Link: Book review:  Y&#8217;s Up!'>Book review:  Y&#8217;s Up!</a></li>
</ol></p>]]></content:encoded>
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		<title>Top jobs in a down economy</title>
		<link>http://ygenoutloud.com/business/top-jobs-in-a-down-economy/</link>
		<comments>http://ygenoutloud.com/business/top-jobs-in-a-down-economy/#comments</comments>
		<pubDate>Thu, 13 Aug 2009 21:15:20 +0000</pubDate>
		<dc:creator>Kasey Ruedas Yanna</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[featured]]></category>

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		<description><![CDATA[Are you looking for a job?  Reporter Kasey Ruedas Yanna ferrets out the best paying industries in this economy for recent college graduates.


No related posts.]]></description>
			<content:encoded><![CDATA[<p><!--StartFragment--></p>
<p class="MsoNormal"><span><a href="http://ygenoutloud.com/wp-content/uploads/2009/08/jobs_Y-Gen.jpg"><img class="alignleft size-thumbnail wp-image-664" title="jobs_Y Gen" src="http://ygenoutloud.com/wp-content/uploads/2009/08/jobs_Y-Gen-150x150.jpg" alt="" width="150" height="150" /></a>During this economic recession, many recent college graduates are wondering what industries are paying top-dollar for Generation Y. It just so happens that the U.S. Census Bureau has a database, <a href="http://lehd.did.census.gov/led/datatools/qwi-online.html" target="_blank">Quarterly Workforce Indicators</a>, that provides local employment information and can answer questions like “What are the best paying jobs?”</span></p>
<p class="MsoNormal">With help from economic blogger <a href="http://www.civicanalytics.com/" target="_blank">Brian Kelsey</a>, I was able to navigate the QWL database and find the top paying industries for newly hired males and females between the ages of 22 and 24 in five metro areas across the country.</p>
<p class="MsoNormal"><strong> Austin-Round Rock (Texas)</strong></p>
<ol type="1">
<li class="MsoNormal"><span>Computer and Electronic      Product Manufacturing<span> </span>$43,884</span></li>
<li class="MsoNormal"><span>Securities, Commodity      Contracts, and Other Financial Investments<span> </span>$34,488</span></li>
<li class="MsoNormal">Merchant Wholesalers, Durable Goods<span> </span><span> </span>$33,312</li>
<li class="MsoNormal">Machinery Manufacturing<span> </span><span> </span><span> </span><span> </span>$31,944</li>
<li class="MsoNormal">Heavy and Civil Engineering Construction<span> </span><span> </span>$31,104</li>
</ol>
<p class="MsoNormal"><strong> Atlanta-Sandy Springs-Marietta (Georgia)</strong></p>
<ol type="1">
<li class="MsoNormal"><span>Performing Arts, Spectator      Sports, and Related Industries<span> </span><span> </span>$39,948</span></li>
<li class="MsoNormal">Securities, Commodity      Contracts, and Other Financial Investments<span> </span>$36,072</li>
<li class="MsoNormal">Electrical Equipment,      Appliance, and Component Manufacturing<span> </span>$35,700</li>
<li class="MsoNormal">Telecommunications<span> </span><span> </span><span> </span><span> </span><span> </span>$35,436</li>
<li class="MsoNormal">Utilities<span> </span><span> </span><span> </span><span> </span><span> </span><span> </span>$34,680</li>
</ol>
<p class="MsoNormal"><strong> Los Angeles-Long Beach-Santa Ana (California)</strong></p>
<ol type="1">
<li class="MsoNormal"><span>Petroleum and Coal Products      Manufacturing<span> </span>$49,032</span></li>
<li class="MsoNormal"><span>Information Services<span> </span><span> </span><span> </span><span> </span><span> </span>$44,688</span></li>
<li class="MsoNormal"><span>Support Activities for Mining<span> </span><span> </span><span> </span><span> </span>$43,620</span></li>
<li class="MsoNormal">Securities, Commodity      Contracts, and Other Financial Investments<span> </span>$41,808</li>
<li class="MsoNormal">Heavy and Civil Engineering Construction<span> </span><span> </span>$41,736</li>
</ol>
<p class="MsoNormal"><strong>Chicago-Naperville-Joliet (Illinois)</strong></p>
<ol type="1">
<li class="MsoNormal"><span>Heavy and Civil Engineering      Construction<span> </span><span> </span>$45,936</span></li>
<li class="MsoNormal"><span>Performing Arts, Spectator      Sports, and Related Industries<span> </span><span> </span><span> </span><span> </span>$44,064</span></li>
<li class="MsoNormal">Utilities<span> </span><span> </span><span> </span><span> </span><span> </span><span> </span>$43,440</li>
<li class="MsoNormal">Securities, Commodity Contracts, and Other Financial Investments<span> </span>$42,756</li>
<li class="MsoNormal">Funds, Trusts, and Other Financial Vehicles<span> </span><span> </span>$38,088</li>
</ol>
<p class="MsoNormal"><strong>New York-Northern New Jersey-Long Island (New York)</strong></p>
<ol type="1">
<li class="MsoNormal"><span>Securities, Commodity      Contracts, and Other Financial Investments<span> </span>$62,760</span></li>
<li class="MsoNormal">Heavy and Civil Engineering      Construction<span> </span><span> </span>$52,824</li>
<li class="MsoNormal">Water Transportation<span> </span><span> </span><span> </span><span> </span><span> </span>$42,012</li>
<li class="MsoNormal">Utilities<span> </span><span> </span><span> </span><span> </span><span> </span><span> </span>$41,196</li>
<li class="MsoNormal">Hospitals<span> </span><span> </span><span> </span><span> </span><span> </span><span> </span>$40,848</li>
</ol>
<p class="MsoNormal">Many of these fields require a specific academic degree, and are clearly not for everyone. But if you have a penchant for numbers, computers, or science, you should do well even in this economy. How are you finding the job market in your city?</p>
<p class="MsoNormal"><span> </span></p>
<p class="MsoNormal">
<p class="MsoNormal"><span> </span></p>
<p class="MsoNormal"><span> </span></p>
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		<title>End of road for U.S. auto industry?</title>
		<link>http://ygenoutloud.com/business/end-of-road-for-us-auto-industry/</link>
		<comments>http://ygenoutloud.com/business/end-of-road-for-us-auto-industry/#comments</comments>
		<pubDate>Mon, 27 Apr 2009 17:09:04 +0000</pubDate>
		<dc:creator>Sam Elick</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Auto Industry]]></category>

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		<description><![CDATA[Reporter Sam Elick surveys the Big Three's current economic woes and what they mean for the future of the U.S. auto industry.
(Photo by James Allison III)


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			<content:encoded><![CDATA[<p><a href="http://ygenoutloud.com/wp-content/uploads/2009/04/gm_photo.jpg"><img class="alignleft size-medium wp-image-389" title="gm_photo" src="http://ygenoutloud.com/wp-content/uploads/2009/04/gm_photo-300x200.jpg" alt="" width="300" height="200" /></a>Although President Obama is not satisfied with the steps troubled automakers General Motors and Chrysler have taken to restructure their companies, <a href="http://www.salon.com/politics/war_room/2009/03/30/obama_speech/?source=refresh" target="_blank">he maintains</a> that they cannot be allowed to fail. The President&#8217;s support comes on the heels of a rather bleak year for the once flourishing American car giants. The U.S. auto industry has <a href="http://www.voanews.com/english/2009-03-30-voa37.cfm" target="_blank">lost over 400,000 jobs </a>in the past year alone, and more losses loom on the horizon as both GM and Chrysler try to avoid bankruptcy. Even Ford, the strongest of the Big Three, reported a<a href="http://www.tradingmarkets.com/.site/news/Stock%20News/2289213/" target="_blank"> first quarter loss of $1.4 billion</a> last week.</p>
<p>Recognizing the need for a new direction, the Obama administration has charged the newly-created <a href="http://blogs.abcnews.com/politicalpunch/2009/01/wall-street-tit.html" target="_blank">Auto Task Force</a> with supervising the restructuring of the auto industry. And over the past few months, the task force has been busy, making unprecedented government demands in an attempt to restore the once vital business.</p>
<p>Chrysler, which has been living off a $4 billion government loan, must <a href="http://www.google.com/hostednews/canadianpress/article/ALeqM5h2SCpAK6cdfnnfcRyEAdV9c9IlIQ" target="_blank">merge with Fiat, cut debt and reduce labor costs by April 30</a> if it wants an additional $6 billion to stave off bankruptcy. Chrysler and Fiat are currently in negotiations.</p>
<p>A few weeks ago, the government requested that Rick Wagoner, long time chief executive officer of GM, resign &#8212; which he did. Now the Obama administration has given the company until the end of May to reach deals with creditors and unions to cut its costs or be forced into bankruptcy. In response, <a href="http://money.cnn.com/2009/04/27/news/companies/gm_announcement/index.htm" target="_blank">GM today proposed </a>to shed 23,000 U.S. jobs by 2011, drop its Pontiac brand and reduce 40 percent of its dealer network.</p>
<p>The restructuring plan will give the Treasury Department, i.e. U.S. taxpayers, along with the United Auto Workers union, which controls the trust funds, an 89 percent stake in the automaker. Even with a plan, bankruptcy may still be a possibility, said new GM chief executive officer Fritz Henderson.</p>
<p>Despite the tough road ahead, Obama maintains that it is in America&#8217;s best interest to remain a viable competitor in the global automotive industry. The American auto industry &#8220;is an emblem of the American spirit; a once and future symbol of America&#8217;s success,&#8221; <a href="http://edition.cnn.com/2009/POLITICS/03/30/obama.autos/index.html" target="_blank">he recently said</a>. Furthermore, he said, &#8220;[W]e cannot, we must not, and we will not let our auto industry simply vanish.&#8221; <strong></strong></p>
<p>Not everyone shares Obama&#8217;s opinion. Recent <a href="http://politicalticker.blogs.cnn.com/2009/03/30/polls-americans-dont-like-auto-bailouts/" target="_blank">polls show that a majority</a> of Americans don&#8217;t like the auto bailouts. But how can the United States maintain its leadership in the global economy if it no longer contributes to one of the largest world industries? If GM and Chrysler disappear, we are looking at economic devastation within the United States that will ripple around the world.</p>
<p>I know that many look at the overwhelming government spending and control to save supposed market-driven entities and say, &#8220;this is socialism.&#8221; But consider the other options. There are none. We are backed into a corner, and push is coming to shove.</p>
<p>Forget the fact that the United States currently produces the <a href="http://en.wikipedia.org/wiki/Auto_industry" target="_blank">second most cars in the entire world</a> behind Japan. Forget the fact that GM owns 12 of the 20 American car brands, and Chrysler three more. The fact of the matter is that the spirit of America is intertwined in cars. The spirit of freedom that our country is founded upon is exemplified in our automobiles. Are we really prepared to change our most fundamental quality or will we fight to keep our identity?</p>
<p><em>(Photo by James Allison III)</em></p>


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		<title>AIG bonus grab</title>
		<link>http://ygenoutloud.com/business/aig-bonus-grab/</link>
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		<pubDate>Wed, 08 Apr 2009 23:05:49 +0000</pubDate>
		<dc:creator>Kasey Ruedas Yanna</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Bailout]]></category>
		<category><![CDATA[Wall Street]]></category>

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		<description><![CDATA[One month ago, the public found out that employees of U.S. bailout-recipient American International Group had received $165 million in bonuses. Taxpayers are incensed as lawmakers figure out what to do in response.


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			<content:encoded><![CDATA[<p><a href="http://ygenoutloud.com/wp-content/uploads/2009/04/aig_logo.jpg"><img class="alignleft size-medium wp-image-376" title="aig_logo" src="http://ygenoutloud.com/wp-content/uploads/2009/04/aig_logo.jpg" alt="" width="137" height="66" /></a>It has been almost one month since the public became aware that U.S. bailout-recipient<a href="http://www.voanews.com/english/2009-03-18-voa51.cfm" target="_blank"> American International Group</a> had distributed bonuses totaling $165 million to several of its employees. Taxpayers are still incensed while lawmakers try to figure out what to do in response.</p>
<p>These bonuses were handed out only months after the U.S. government rescued the beleaguered insurance company from collapse with a bailout package that began at $85 billion and soon surged to <a href="http://www.reuters.com/article/ousiv/idUSTRE4A92FM20081110" target="_blank">$150 billion</a>. So far, AIG has received about <a href="http://www.voanews.com/english/2009-03-18-voa56.cfm" target="_blank">$170 billion</a> in government funds under the Troubled Asset Relief Program, also known as <a href="http://www.politico.com/news/stories/0908/13609.html" target="_blank">TARP</a>. To top it off, the retention bonuses were given to executives in the <a href="http://news.yahoo.com/s/ap/aig_outrage" target="_blank">financial products section</a> &#8212; the birthplace of the company&#8217;s downfall.</p>
<p>Needless to say, taxpayers across the country are infuriated that their tax dollars are funding lavish bonuses while individuals are left to deal with the brunt of the financial crisis. Lawmakers like Iowa Senator Chuck Grassley, ranking Republican on the Senate Finance Committee, are outraged that AIG executives had the nerve to issue bonuses soon after they were rescued from bankruptcy. In a March 16 radio interview, Grassley advised AIG executives to follow the examples of Japanese corporate leaders who mismanaged their companies and do one of two things, <a href="http://blogs.abcnews.com/politicalpunch/2009/03/gop-senator-aig.html" target="_blank">&#8220;resign or go commit suicide.&#8221;</a></p>
<p>So what does the company have to say for itself? AIG&#8217;s chief, <a href="http://www.nytimes.com/2009/03/19/business/19web-aig.html?_r=2" target="_blank">Edward M. Liddy</a>, said that while the bonuses were &#8220;distasteful,&#8221; the company had a legal obligation to honor employee contracts. Speaking of contracts, in exchange for the government bailout AIG had to hand over <a href="http://online.wsj.com/article/SB122156561931242905.html" target="_blank">80 percent</a> of its equity to the U.S. government. Most people would assume having control over 80 percent of a company would give the government the right to step in and refuse to deliver bonuses to employees who should be thanking taxpayers for their jobs. Such an assumption, however, would be incorrect.</p>
<p>Not to worry. The public outcry of disapproval has pushed elected officials to confront the issue. In the immediate aftermath, President <a href="http://www.google.com/hostednews/ap/article/ALeqM5jhZRXkU-OK1vT_clML0BesZWCDxAD979VNFO0" target="_blank">Barack Obama</a> said his administration would pursue every legal avenue to recover the bonuses given to over 400 AIG employees. But since, he has seemed to back off, asking the public not to criticize investors who are needed to buy up billions of dollars of bad mortgage securities.</p>
<p>And Congress, who practically demanded AIG executives&#8217; heads on a stick, also appear to have backed down from its initial outrage. On March 19, the House of Representatives passed <a href="http://www.govtrack.us/congress/billtext.xpd?bill=h111-1586" target="_blank">HR 1586</a>, which would impose a 90 percent tax on bonuses given to employees with family incomes above $250,000 who work at AIG or any company that has received at least $5 billion in government bailout money. That bill is currently stalled in the Senate.</p>
<p>On April 2, the House passed <a href="http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&amp;docid=f:h1664eh.txt.pdf" target="_blank">another bill</a> aimed at making sure bailed-out businesses don&#8217;t over-compensate their employees with taxpayers&#8217; dollars. This version, however, isn&#8217;t as strong as its predecessor. It would allow the bonuses if the Treasury Department and financial regulators determine they are not unreasonable or excessive. But this bill, too, remains <a href="http://www.google.com/hostednews/ap/article/ALeqM5jhZRXkU-OK1vT_clML0BesZWCDxAD979VNFO0" target="_blank">stalled in the Senate</a>, where Democratic leaders say they will wait to act on any bonus legislation until Congress returns on April 20 from its two-week break.</p>
<p>Trying to stave off the growing public outrage, and fearing for their safety, some of the bonus recipients have agreed to <a href="http://online.wsj.com/article/SB123784730479718425.html#mod=rss_whats_news_us" target="_blank">return their bonuses</a>, according to New York Attorney General Andrew Cuomo. Fifteen of the top 20 recipients from AIG&#8217;s financial products unit agreed to give back about $50 million. That sounds like a good start.</p>
<p>At the end of the day, should people be so surprised at the greediness AIG executives are displaying? These are the same people who spent over $440,000 on <a href="http://abcnews.go.com/Blotter/Story?id=5973452" target="_blank">a weeklong retreat</a> less than a week after the federal government committed $85 billion to the company&#8217;s bailout last September. How to prevent such avarice from seeping into our financial institutions in the future will certainly be a major topic for quite some time.</p>


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