Generation Depression

Over at Scholars & Rogues, Greg Stene puts out a pretty sobering thesis but one I've been talking about coming for a long time now: The end of the so called "Millenial Generation" as the driving consumer force in America.

We may be witnessing the absurdly quick end to the Millennial Generation.

This coming Monday, September 29th may take care of it all.

For years:

• we had the advertising world getting a handle on the Millennials at a huge cost and professional upheaval of all it once held true
• we had the world of employment turning itself upside down to accommodate the Millennials’ justified lack of employer-loyalty, work performance on their own terms, and the quick-shift from employer-to-employer they represented
• there was the idea of friendships made in social groups being more important than those made at work
• the world of casual friends on social networks was good enough for a lot of people
• the form of independence from the Millennial stereotype so carefully crafted as the youngsters refused to accept the limitations of the stereotype and grew beyond it every two years or so, keeping marketers from ever really understanding them
• and the confidence in themselves and the future, that some older people around them never quite got used to …

It all ends over this short weekend.

Two things came up this Thursday night, the 25th.

First, the apparent coming agreement on the massive $700,000,000,000 bailout has been tossed up on the rocks of uncertainty (sounds like a place where it rains a lot) in a mess of a president, two contenders, two political parties, a power struggle and just way too much to bother with here.

So, the money markets become even more unstable, even more unsure of the future. You begin to kiss off investment money into companies and their expansion because money is far too valuable to invest in anything remotely risky, and nearly any company’s survival these days is a real risk.

You begin to kiss off jobs, since companies can’t expand without investment and loans. You begin to kiss off sales since people are afraid to spend money because they’re afraid of losing their job and their homes.

Second thing, announced relatively late this Thursday evening. Washington Mutual (WaMu) failed … the United States’ largest bank failure ever … “the biggest bank failure in history,” according to the New York Times. Regulators rushed in, took over, and sold the whole damned thing off to J.P. Morgan Chase.

This biggest bank failure ever. Tonight. In this country.

And in this crisis of confidence, the Millennials died.

Absolutely. Those of you in that vital 18-35 age bracket like myself? I got news for you.

We're screwed.

The time to start doing what your parents did that you made fun of, as in work two jobs to pay the bills, cut up those credit cards, clip coupons, scrimp and save and treat your job(s) like the lifeline(s) they are is pretty much NOW.

You're not going to like the next several years. You're going to be pretty broke. Your parents are going to be broke and they're not going to be able to help you anymore. You're going to have to sell the video game consoles and the plasma TV and the give up the nights out getting plastered pub crawling with your crew, dig?

You're not going to be the next Bill Gates. You're not going to be CEO of the company. You're going to be working a shitty job where you're going to be making a choice between food, gas, and your bills from week to week. If you lose your job, and eventually you will, it's going to be pretty bad for you and your loved ones. Your company's going to reduce headcount. Your friends are going to get laid off. You're not going to get that raise or bonus this Christmas, ok?

1) Make a budget. Figure out what you're spending each month on bills, rent, credit cards, food, gas, whatever. Figure out what you're making now. Figure out what you need to cut to come out ahead. Then cut it. Cut it now and save up some money. You're gonna need it when things get truly shitty in the months and years ahead...and yes, I said years.

Do you work for a bank or financial firm? Your job's in real, real trouble. You most likely will not have it next year. It's just beginning, folks.

And it's going to get significantly worse. Suck it up now. Hate your boss? Hate your job? Hate your co-workers? You'd better get over it. You're gonna need the money. Got credit cards? Got a car payment? Got that $15 bucks a month on that MMO or Netflix or satellite radio or the cell phone contract or the broadband internet deluxe cable service?

Start figuring out where you can make cuts now, then DO IT. I did.

2) Make friends at work. You're going to need contacts to get jobs. Quit acting like you're the most important person at your job, you're not. You will be downsized or replaced. You will get stomped on by other folks who are gonna claw over your corpse to advance. Be worried about keeping the job you have, not getting the job you want.

3) Get your shit together. You're gonna have to. It's going to be hard. You have no idea. Your grandparents and great grandparents did. Ask your parents about 1977-1981 sometime. Your idea of a downturn is the dot-com bust. That was nothing compared to what's ahead.

4) Be prepared, as I keep saying. You know this is coming if you're reading this. Act on it. Don't wait.

5) Remember how we got into this mess. Easy credit. No regulation. Rampant greed. Tax cuts and massive spending on wars and bailouts and profit profit profit always profit. You've read my posts. You know what's going on.

Finally, VOTE on Election Day. That's how you make a difference. It starts by getting educated on the issues and voting. Local, County, State, National. Learn who the candidates are, what they stand for and vote.