Don't study stem

Man, you people are so delusional.

>No technicians or union laborers get paid as much as "STEMdrones" unless you're a Zhang in academia.
>Brainlets can't ace exams
>People in finance or law also make money for other people unless they own a business. Engineers can do that too.

Eh nah, I got a master in CE and earn more than my law and finance friends. I'm constantly bombarded on LinkedIn with job requests and haven't worked a single unpaid overtime hour in my life.

>t. European

>you just make money for someone else
Exactly. My dream is to have my own thing going, but it's hard to do that with my current skill set. But I'm slowly moving towards more and more applied stuff.

Being a lowly tradesman and owning your own company, you can make 5 times as much as a stupid STEM graduate working for a big corp.

>People in finance or law also make money for other people unless they own a business. Engineers can do that too.

engineers are much easier to replace since you don't have to trust them with your money. a bad CFO can run a company to the ground but a bad engineer will get replaced in a week.

>No technicians or union laborers get paid as much as "STEMdrones" unless you're a Zhang in academia.

they also don't work as much, which is something you forget. per hour they make more.

>Brainlets can't ace exams
exams are about grinding

good for you. its because you are in an european country with socialist laws. how many times the minimum wage do you make? 3-4?

yep. if you are renting your time you need to be in a high position. stemtards can't get there(unless its a tech company but come on how many are them really get there)

Nice try but you should be making alot more money than you do. Did you know the average banker makes millions a year? And you'd be lucky to even to get to one million euros

>engineers are much easier to replace since you don't have to trust them with your money. a bad CFO can run a company to the ground but a bad engineer will get replaced in a week.

Comparing a CFO to a lowly engineer? Nah. Crappy high-level engineering managers can make a factory go to china faster than you can say Ni Hao. Entry level people in both STEM and Finance can be replaced.

>No technicians or union laborers get paid as much as "STEMdrones" unless you're a Zhang in academia.
bls.gov/ooh/architecture-and-engineering/mechanical-engineers.htm
indeed.com/cmp/Ibew/salaries

Still objectively false

>exams are about grinding
Yeah, doing well in college is about hard work. Who would have thought

>says this while using a machine he used credit to purchase, through the internet, a service he probably has automated bank payments to sustain.

Retarded retard/10.
“Finance” has never caused damage. The economy moves in booms and busts. Everyone knows this. We, out of the goodness of our hearts, made options so everyone can hedge against the economy. Just through that invention finance has done more for you than science.

I'm got a bs in bio a couple years ago. Got lucky with a good job but a high school dropout could do it. Pretty sure I'm just gonna get into IT when I'm done here. Such a waste of time

OP is right you know. You have to be mentally ill to stay in academia and I mean literally fucked in the head. None of the PIs I know are normal, they think about their work 24/7 autistically obsessing over the data their student/postdoc slaves churn out.

I'm doing a PhD in biology and I almost never work more than 7 hours a day, never working on weekends. I'm one year in and have made more progress than all the fags working 12+ hours a day for years. Working overtime and not getting paid for it is retarded, if you think otherwise stop wasting my oxygen and kys.

Explain collateralised debt obligations for me

if you are average in law and finance you will have boring work and shit pay also.

There is no education that automatically grants all graduates wealth, stimulating work and comfy lives. It all depends, if you are good you have options, if you suck your job will suck. This goes for all fields.

You can use google, that’s just another way for retail investors to be long a credit market. If you want to buy you don’t even need to know how it works.

>the market uses regulation to prop up bad banks so the fucks don't even have to pay up if they bankrupt themselves

This right here is the worst fucking thing. It's now in bank's interest to risk everything, because the more you risk, the greater the potential reward, and if you don't risk everything some other bank will and will outperform you, and if you lose everything the government will take money from every citizen at gunpoint to cover your losses. Risking everything has been deliberately made to be the only rational play for banks to make.

I meant the 2008 crash

It’s very simple. You (the bank) had retards who wanted houses and retards who wanted exposure to the corresponding debt. Under normal conditions, you can only give so much credit before your risk managers fuck you in the ass, but because of the high demand from retail investors, you were disposing of your risk so quickly and accumulating capital so quickly that you had to keep investing. You saw more retards who wanted credit, and more retarda who wanted exposure, so you kept giving credit and you kept selling.

That was the boom, but nothing grows forever. After all the good debtors had their houses, there was still high demand for CDOs, so what do you do? Do you tell your clients “No thank you sir! I do not want any more money! Please keep your money ans go away!”. No! You readjust risk measures based on demand keep satisfying your clients. Stupid clients but still clients. Then when the bulk of the debt was from shit debtors, the chain of defaults killed many big holders. This killed the liquidity of these investors which caused
1) No more money flowing because there was no money to flow
2) Every asset had to be sold to fulfill the obligations of the firms, so even unrelated assets went down in the selloff.

That’s 2008. Retards like to blame it on the banks but think about this: if someone came to you saying they’ll give you 5$ for your shit, would you not take the money and go to the toilet to bundle your collaterized shit obligation?

that is somehow one of the less confusing explanations I've seen for this

Because I don’t know you so I have no incentive to spin it so that you vote for me or donate to my nonprofit or whatever other bullshit. This is literally what happened, it was just stupid. Dumb people doing dumb things.

>No! You readjust risk measures based on demand keep satisfying your clients.

And this right here is where you do get to blame it on the banks.

There was no demand for exposure to high risk debt but a large supply of it, and there was high demand for exposure to low risk debt but a small supply of it. So the banks said, well, what if we present this high risk debt as low risk? Then the people eager for exposure to low risk debt will take it! And that's exactly what happened.

Nobody went to the banks saying they'd pay $5 for shit, they went saying they'd pay $5 for gold, and the banks realized they had no gold but had lots of shit, and so held out their shit and said, "this is gold." The people didn't want to have to take the banks' word for it; they wanted independent analysts without a conflict of interest to declare whether it was gold or shit. The banks directed the people to an "independent" analyst they knew would declare their shit to be gold, and who received kickbacks from the banks to keep declaring their shit to be gold.

And so banks knowingly sold shit to people while telling them it was gold, and paying off third parties to lend their claim credibility. And it blew up in everyone's faces and caused a recession, but there were no real consequences for the banks, so they'll certainly do it again.

You are not completely wrong but still, always blame the buyers, not the sellers. Due diligence should always be done by the sellers, who could easily have had their own analysts look at the securities. If you don’t do due diligence you want to be scammed. The banks were just smart enough to know that dumb money was overflowing.

*by the buyers
of course.

You can blame the buyers for getting scammed AND the banks for being scam artists. And as far as words go, we do. But as for actions, buyers (and those who trusted the buyers) lost their life savings, their retirement funds. There was no bailout for them. The sellers, on the other hand, received $700 billion dollars of taxpayer money. The government didn't make it appear out of nowhere; they took it from each of us. If any of us had refused to give it to them they would have issued warrants for our arrest. If we had resisted those they would have arrested us by force.

Prior to the housing collapse, the banks profited for years doing what it did. They didn't share those profits with anyone. But their debts they shared, and the government helped them do it. Now they're making profits again. They don't have to pay back what they took from us, and aren't, and they don't have to share the profits they're making now, and aren't.

Think banks are at all worried about getting into the same trouble again? When they keep their profits and we pay their debts?

ok goldman

>$700 billion

If only it were that small. $700 billion was "just" to save the banks during the crash. The total bailout commitment is $16.8 trillion. Motherfucking trillion. That's $16,800,000,000,000, or about $50,000 from every man, woman, and child in America. That's what we each must give the government to give to the banks, who will make enormous profits and share it with none of us.

the federal reserve is a privately run bank it should have been nationalised or broken up years ago
you should read the creature from jekyl island about who and how it was founded
the sinking of the titanic is also connected because most of the biggest opponents to it died on board.
some say it was not an accident

How much you get paid is a function of how necessary you are. Engineers are easily replaceable. STEM only requires moderate IQ and mechanistic skill. All an engineer does is take a well specified task and accomplish it. It's the management, finance, marketing, sales and other departments who actually have to do all the heavy lifting - dealing with uncertainty, risk management, strategy, mind games against competitors, dealing with the government, dealing with the actual end users, etc.

This. Engidrones don't understand that they are basically automata. On their own they are completely worthless to society. An engineer is just a tool that assists someone with a vision accomplish their task and solve some problem for people. But ultimately it's the leaders who matter.

>Yeah, doing well in college is about hard work. Who would have thought
Hard work is a meme that lets the unworthy (with IQ below 130) pass.

it really depends. In my country lawyers and doctors are the best jobs. New, inexperienced lawyer MUST get around 800 dollars a month (that's in the law) and after 2 years he MUST have >1000 dollars. I started working as a young engineer for 200 dollars a month and after 2 years i left to europe where i worked for one of the best companies in the world, after that i was an associate at this big project (all of which i actually lost money on because of high rent and general costs). I came back home with 3 years of experience and a lot of knowledge just to get 500 dollars a month, after 5 years of work i have 800 dollars, same as literally any lawyer no matter how shitty. And I'm a good engineer. STEM is a meme, especially if you're not in 2-3 developed nations in the world.

>dealing with uncertainty, risk management, strategy, mind games against competitors, dealing with the government, dealing with the actual end users, etc.
t. someone who didn't do engineering for a second in his life
whoever did do some engineering knows that an engineer does all this

That is the nature of finance. You learned a huge lesson: US Dollars are worth less than the shitstains on their fibres. Keep your wealth in gold, real state and companies. Liquidate only when you need to buy toilet paper.

yuropoor here, can confirm, OP is right. So, how can you save your carreer and become a trader or something? I am not a newbie, I had some minors in financial engineering but I guess it wasn't enough to find a job in trading. Should I borrow $20k or something and do a master's in a business school? is marketing still a thing?

AI is going to take a lot of basic legal jobs

I just got a job as an engineer at northrop grumman and i start in a month. $80k entry level wasnt even an engineering major. Did i make a huge mistake? I left the doctor path years ago its too late for that but i do sometimes regret it

I was a mechanical engineer for a couple of years. By the time you do this in any reasonably sized company your job title is usually no longer "engineer". Most engineers are pretty dumb, anyway.