patrick.net

We are still only in the early stages of the Internet revolution and I think that Gen Y is going to be the ones who grow up online and will really figure out how to make good use of them.

Yep. They will take Web 2.0 to the next level. Think Second Life.

They will be fine, one cannot get pregnant from cartoon sex.

*Trademark contrarianism follows*

I am not ready to declare "Gen Y" a loss. I think it is essentially difficult for any leading generation to recognize the saving qualities in following generation(s), with a few extraordinary exceptions. Even then, I would remind, that the GI Generation/Greatest Generation was commonly thought to represent a spoiled, lazy and unproductive lot by elders until WWII called them to service (WWI and the Depression had jaded most of the older generations).

I can see some genuine talents and advantages Gen Y carries which may be essential skills in the 21st century global competitive workforce, not the least of which being the very thing we criticism them for: their homogeneity of thought and action. Organizing lots of people to do the same thing could be very important. There is precedent, again referring to the GI Generation. Don't deny a generation its chance to rise to the challenge.

More broadly, I see the opposite of a "America in Decline" and "lost R&D/Engineering" culture. I see an America that's strength is its incredible openness to change -- even difficult, painful change. It's not all that hard for a large, organized national competitor to storm onto the scene and overtake any leaders in the short run, for a couple decades. What is hard is to create a culture in which risk taking, change and dislocation are part of the accepted culture. We shed old industry with minimal unrest, unlike pretty much everywhere else in the non American/Anglo economic world. We let obsolescence happen. We suffer, and make it so people not adding productively suffer. Destructive. Painful. Unfair. But ultimately it breeds incentive for those who don't wish to accept that fate to innovate, change and relocate (physically and occupationally). We are even readily willing to move around within our own country, something very rare world wide. As I read Patrick.net I notice that well over 80% of the non-immigrant posters are in-migrants of some sort or another. This is an incredible strength which gives me great confidence in the next Century of "American Dominance".

I almost hesitate to use that term because it's become so maligned. But it's also what I believe. I'm no jingoistic patriot. I think this country is f-d up beyond belief, especially lately. But I also think this is part of the painful process of creative destruction, and that we'll heal ourselves and get on with the business of moving things forward.

Jimbo,

Yes, he has an engineering degree from a first tier school.

Here is a good description of the generation in question:

http://www.astrofuturetrends.com/id29.html

I think engineering is dead because it does not drive markets anymore.

Anecdotally--I work with a young woman who is probably Generation Y--she is 26 or 27, and while she is pretty aimless in the workplace, insofar as she has no interest in putting any special effort into anything, I also know that she saves a set largish amount of $ each month and that she picks up hours at a second job to manage this when needed. She is also starting to play around with investing.

It seems as though she has no interest in putting forth any more effort than absolutely required to get paid and not get fired, but then again why give away energy for free? She saves her energy for her own interests. If she is typical, Gen Y might do pretty well--possibly at the expense of people around then who have been trained to go the extra mile.

then-->them

What do you think of the MFE program at Berkeley Randy? You must work with some of those guys. Are they graduating good people? Is the reputation of the program high?

http://www.haas.berkeley.edu/MFE/current.html

Eliza, I would argue that she is a trailing Gen-Xer.

Heck, I am sometimes aimless at work. :)

If she is typical, Gen Y might do pretty well–possibly at the expense of people around then who have been trained to go the extra mile.

Think of yourself as a business, would you go the extra mile for your customers at the expense of your bottom line? Is that even "ethical" in terms of doing your best for shareholder value? :)

WWII American Generation not perfect but did great things.

Baby boomers, the most selfish generation in history. They had the most prosperity to start out with, thought they were better than their parents, leached off of them, and then threw them in old age homes. The hippies who became the 80s yuppies taking without giving anything back. The first generation to view credit as an extension of income.

Gen X, very ideological still recovering from being told every day that the world was going to end with them. They tend to be very honest, hate political correctness and live life to its fullest. As I've said before on some threads, we have very blurred political boundaries and don't seem to fit as pure Democrat or Republican. Unfortunately we seem to be repeating the materialism of the boomers, generally seem to be very bad with money.

Gen Y, too early to call, give em a break they are barely out of college, but most of the ones I've met seem very rational. I'd put my money on them before the baby boomers or even the X'rs. They are bearing the brunt of this war and do so without complaining.

I took classes from Stanford's mathematical finance "department" (or was it financial mathematics?). What troubled me was that professors considers themselves mathematicians, not businessmen.

I rather "become" a businessman that invents new math. Look at all those creative loan products. They deserve a Nobel peace prize. :)

My favorite generation would be the Victorians. Even though they were uptight they seemed to always be doing interesting things for the sheer enjoyment of discovery. They loved nature, and enlightenment. The progressives came from this group.

dryfly, don't remember seeing you around patrick.net for a while. If you've been gone, welcome back (hopefully I'm not hallucinating!). Been hanging out over on CR's boards lately? Tanta's been on a tear over this whole subprime implosion... :o

Baby boomers, the most selfish generation in history.

Boomers are individualistic, not necessarily selfish. Although I am a Gen-Xer with a Libra Pluto, that planet happens to be in the 5th house, which gives Leo-like influences.

Perhaps I am a Gen-X boomer.

Peter, two banks have applied for patents for creative loans. B of A with their 'keep the change' and I think I saw this other one on this site somewhere; the mortgage that requires no payments for the first year or more. They build it into the equity but it is a really stupid idea.

I would rather direct any new business idea at Boomers and Gen-Yers.

My biggest gripe with patents nowadays is that they are supposed to be for original inventions which are not just using something differently. Starbucks has a patent on the corrugated cardboard which goes around their cups, and there is a patent on the gummy paper that goes around a restaurant place setting.

The patent system is broken. It is becoming a huge barrier of entrance for not-so-well-capitalized inventors.

I don't find boomers individualistic at all. They all look the same to me. They all seem to have a fascination with buying 100K RVs, and living by themselves in mcmansions. We are definitely stereotyping on this thread with a broad brush but I gotta say, they are the group I can't interact with. They are just a bunch of people compensating for their failed ideology by going against all the ideals they aspired to in the 60's. To sum it up in one word, hypocrites.

I do like Victorian fashion designs. Also, Victorian tearooms. :)

I agree it is broken, but it is rightfully designed to be a barrier of entry. My problem is it is misused and is not protecting innovation, it is protecting repackaging which is not what it is for.

My problem is it is misused and is not protecting innovation, it is protecting repackaging which is not what it is for.

I suspect that many patents will get thrown out in courts. But the fear in infringements does send chill down the spine of a would-be inventor.

OMG yes, at least they knew the difference between how men and women should act. It was so refreshing in one of my MBA classes to meet ladies from Argentina, and Russia who actually were feminine and very bright. They actually dressed like girls.

I do not know why modern men think that clothing must be revealing to be sexy.

It usually goes the other way. You correctly pointed out that patents are given to the new less capitalized companies. What happens is the larger players in the industry intentionally infringe to force them to expend resources to protect the patent thus making them vulnerable. I can cite a great case where 'kiddie' a home product company making things like fire extinguishers almost destroyed a rival who invented a fire escape ladder. Even that was basically a rope ladder with metal rungs but the point of the case is what I'm talking about.

I guess you are right. One just need competent lawyers, always.

Yup, I am so desensatized that most female attire is just blah. I do have to tell you a funny story about this sexy girl in NM near the trinity site where the A-bomb was detonated. She owns a rock shop and I bought a piece of trinitite. She kept talking about how hard it was to meet men. She was such a spaz that I can imagine she scares them away, she was hot but talked like a man. With my girlfriend there she then pulls down her pants to show me and another guy in the store her frog tattoo right by her bush. She then joked and said that on the otherside she had a mouse but the pussy ate it. Funny, but not very lady like.

The other flaws that I see in boomers all the way down to the Ys is the failure to form lasting relationships. Everyone I talk to, and I mean everyone is stunned that I have been with my girl for 15 years. Literally some people pestering me to get married have two divorces in their past.

That's all the patent system has been reduced to. Just a bunch of little people in suits running around the courts and the patent office trying to either erect a barrier, or tear one down. It's a joke.

BTW I think Roswell NM is an up and coming place for real estate investing. It is one of the few places that has a tourist industry in NM because the whole UFO thing is so unique. It can't be duplicated in other areas. They are really evolving with the theme and it is quite a nice little town. I was talking to someone who is part of a group going to build a UFO themed hotel resort. This is going to be a chain reaction because other industries are going to jump onboard if the resort is built. It could turn into a non gaming Vegas type place. They even have a big airport here. It was something to drive down the highway and off in the distance seeing 747s dwarfing the trees between them and me.

Maybe I should become a patent lawyer. Lucrative and steady work. :)

Everyone I talk to, and I mean everyone is stunned that I have been with my girl for 15 years.

Nearly all of my friends have divorced at least once. I have had only one sweetheart in my entire life. Believe it or not.

Maybe I should become a patent lawyer. Lucrative and steady work. :)

There used to be one on this blog. Where is "escaped from DC?"

At one company I worked for we had a part time patent guy who made 200K a year. Yes, it is the most lucrative field of law IMO. Yes the injury ones do really well but as a steady income patent guys do really really well.

Just a bunch of little people in suits running around the courts and the patent office trying to either erect a barrier, or tear one down.

Your honor, tear down this wall!

I bet those guys still struggle to pay their bills. God lawyers are incompetent with finance. They sure live the rock star life though. A friend of mine's wife worked at a law firm. Man did she have stories, we had a good time once because we went to a baseball game and sat in the box.

bankruptcy lawyers will be big soon, already getting there

ha ha

I even herd Ron's voice in my head as I read that one.

God lawyers are incompetent with finance.

Can't argue. Any high-income professional can be culpable of this.