Thursday, September 28, 2006

Frum economic crisis

Before you read this blog, please accept my apologies for it being written in a disjointed way (I am sitting in remedies class now). I would like to thank Ezzie for letting me post this. Just so you know a little about me-- I too grew up in Cleveland with Ezzie, and attended the same grade school that he did. Ezzie and I have been friends for about 18 years and we still continue our friendship (it was thru him that I met my wife). I've been married for about 18 months and I am the father of a beautiful son (he is four months old). Thank G-d life is good.

I read the post about the frum economic crisis and I've had some of my own theories of why this is so. I have been pondering these ideas for about two years and I've spoken these theories with Ezzie numerous times--he agrees with me. So I decided I must post my theories. Here it goes...
Back fifty to sixty years ago, when all the holocaust survivors moved to America, they knew nothing of college, and especially nothing about graduate schools. The ones who survived the horrible massacre moved to America, worked hard, I mean real hard, and started businesses (they where known to be business smart). A large amount of them became extremely successful in things like nursing homes, hotels, real estate, construction companies etc. So they had children, and those children took over those businesses. If you looked 15-20 years ago nursing home owners owned one or two nursing homes, or one or two buildings. Now, nursing home owners own ten nursing homes and real estate owners own ten buildings. Business has become monopolized.

People speak of "street smarts" or "business savvy" as if it means something in this day and age. That's not true. We now live in a world in which a frum person needs to got law school, medical school, dental school, or become an accountant to be comfortable. I am in law school, and let me the first to tell it' not for everyone. I feel I could be much more successful as business man, but that doesn't mean anything, what business am I going to do. People cannot create new businesses anymore, there is no such thing. I mean the two wealthiest people that I know (really know, not just heard of them) never stepped foot in college, probably never even went to high school. Those people run huge businesses, but I bet if they started today they wouldn't make it. People can’t be creative anymore, they can only be innovative. I know what everyone is going to say “look at the owners of google and yahoo, they started businesses!” The creators of google and yahoo, took technology and made it better, they innovated. They didn’t actually create anything.

So what is the point of the aforesaid information? Let me explain.

Due to the fact that that people cannot rely on "business smarts" in the present time, they feel a justifiable need to go to some sort of graduate school, be it law school, medical school, dental, school, business school etc. That causes an influx of people in professional school which makes the job prospects once they're done minimal. People fall into debt, as a result of graduate school loans they spend the next thirty years paying them back.

The above is the reason for the frum economic crisis.

Ezzie will expand on this idea.