Lawyers Paid Not to Work?

Sounds like the GM jobs bank, doesn't it? Some lawyers are getting paid $80K not to work:

http://finance.yahoo.com/career-work/article/107024/Getting-Paid-Not-to-Work

Before you rush to submit your law school application, remember, these are big, prestigious law firms--there's only about 100 to 150 of them nationwide. Consequently, only the top 10 to 15% of law school graduates get these jobs. If you do some rough math, most law school grads have less than a 10% chance of getting these positions, unless they attend a top twenty law school.

Most lawyers probably work for the government; insurance companies; or insurance-related companies. My dreams of following in Thurgood Marshall's footsteps did not work out exactly as I'd planned. Oh, well. Even if someone had told me back then what I was in for, I wouldn't have listened.

Shareholders of the World Unite: Power in Numbers

This is such a great idea, I can't believe I didn't come up with it myself:

http://features.csmonitor.com/economyrebuild/2009/05/07/one-mans-bid-to-bolster-shareholder-power/

Go to isuffrage.org to learn more.

Update on May 24, 2009: I am now affiliated with this program as a "field agent."

California Dreamin': Fiscal Irresponsibility

This is old news, but still worth sharing, because of California's upcoming special election:

http://online.barrons.com/article/SB123941269948510457.html

Chris Street, treasurer of Orange County, Calif., warns if the federal government backs California's debt, the market for city bonds will be harmed. "Why would anybody buy the debt of a local issuer if they can get federally backed debt sold by the state?" he asks. He should know. The OC declared bankruptcy several years ago. Barron's is too smart not to notice the irony of quoting an OC official about the demand for municipal bonds.

Just in case you forgot--the CS Monitor reminds you that taxpayers back and insure government employees' retirement plans. Ultimately, every dollar that goes to them--the police, firefighters, and teachers--comes out of our pocket. Other states besides California also pay disproportionate amounts for their public pensions, showing the system itself is fundamentally flawed. For example, Illinois had $40.9 billion in future general and special obligation bond debt service as of June 30, 2006 ($22.7 billion principal and $18.2 billion interest). $10 billion of that–almost half of the principal--was tied to public sector pensions. (From http://www.wh1.ioc.state.il.us/fiscalcondition/DebtLevels.htm.)

Meanwhile, in California, things keep getting worse:

San Jose officials said Tuesday that the tanking stock market could force taxpayers to pony up as much as $50 million extra the following year to cover losses in the city's retirement funds.

Things look even worse in the longer term, as city officials say the cash-strapped general operating fund could have to pour tens of millions of additional dollars into the city's two pension programs by 2013.

If it's not painfully obvious by now, the current government retirement system--which is tethered to the vagaries of the stock market--is untenable. It promotes civil war between taxpayers, Wall Street, and government employees. We need to eliminate the special pension plans given to public sector employees and let them have the same retirement plan most private sector workers have--namely, a 401k or a 403b plan. In exchange, taxpayers can boost some government salaries, which are easier to track and not tied to the stock market.

As for the upcoming special election, California's governor wants Californians to vote "yes" on all the measures in the upcoming special election. I've already voted by absentee ballot, but I voted "no" on some measures. I am sick of my legislature not being able to handle basic accounting. When your income declines, you need to cut expenses. Will Sacramento ever learn third grade math?

Bonus: Robert Frank on people buying property.

Bonus II: Steve Malanga on public sector unions:

http://online.wsj.com/article/SB124227027965718333.html

Sarah Jones: Incredible Performance

Lawyers and Dysthymia

Lawyers tend to suffer from all kinds of maladies. Now, we have to worry about "dysthymia," too:

My kind of depression is termed “dysthymia” in the DSM IV (mental health’s diagnostic “Bible”). With dysthymia, a person can still function—after a fashion. However, life’s colors are faded. It’s more difficult to enjoy pursuits that had, not long ago, brought pleasure. We withdraw from our closest relationships.

More here. I think the lesson is not to go into divorce law, aka family law. I used to make appearances for other lawyers in family court, and I got really sad after spending just an hour in court. Many people in family court are self-represented (pro se). It is hard to see people go at each other in public, especially when kids are involved.

Teacher's Unions Suing California

The CFT--California Federation of Teachers (how many teachers' unions are there?)--is suing California to get taxpayers to give them more money:

http://www.mercurynews.com/ci_12328660 (SJ Merc article published on 5/8/09, Sharon Noguchi)

Unbelievable. The timing of the lawsuit makes it appear they're trying to usurp the voters if we go against their funding demands. It's important to try to work with all entities, especially when education is involved, but that's hard to do when California's teachers' unions sue the state. After all, they're really suing the taxpayers.

WH Auden on Mass Media

Attributed to W.H. Auden, one of my favorite poets:

What the mass media offers is not popular art, but entertainment which is intended to be consumed like food, forgotten, and replaced by a new dish. This is bad for everyone; the majority lose all genuine taste of their own, and the minority become cultural snobs.

• "The Poet & The City" (p.83)