When I was a kid, I would always steal my parent’s
newspapers.
And I mean a kid. I have memories of stealing the Chicago
Tribune from my parents and we moved away from the Chicago area right after I
left first grade. My dad liked to have fresh paper, and I always put it back a
little worse for wear. I did this with all the reading material that came into
the house.
One constant as I grew up was the USA Today. What I like to
do even to this day to take the paper and sort the sections by how excited I
was to read the sections. With the USA Today, it still pops in my memory
because of color coding. I’d take it split it up and put the colors together.
Green then blue then maybe purple or red. It depended on the season – I would
savor the sports section during football season. This was especially true
because we moved around a lot, and the national reach meant that it covered the
teams I liked. It was hard to root for KC and Chicago in the Pittsburgh area
before the internet. I would buy the USA Today on my way into the family restaurant.
I saved my quarters. But that green section, money and business, I always read
first and got through to the things I wanted to read more.
Growing up, even though I was widely read, I was still
fairly apolitical. I joked about wanting to take over the world as an adult
goal but there was no ideology behind that other than desire for absolute
power. You know, kids are sociopaths and I was no different. I think part of this
is because for me everything was working. When I was younger and my dad was in
the military, I remember wanting the most up to date shoe, but I never really
wanted for anything. I went to school and got good grades and had good friends
and relationships. I voted for Gore and stayed up all night waiting for the
results to roll in. As it played out over the next few months I was
disappointed but not mad.
My sophomore year of 2001-2 is what really made me look at
the wider world. First, I was working in a way that I needed the money to help
support me. My parents helped out through college so I can’t pretend I was on
my own, but it is really eye-opening to know your price and the menu price you
put your labor on and figure out how much of a fraction you get of the total. And then you figure out what bills you can
afford when you make the minimum wage at $5.15 an hour. It was slow, but facing
economic realities for the first time make you think of your place in the power
structure and optimal ways to order it. The second piece was the day of 9/11.
It’s hard to forget the unity of that day, but for me there was a sense of
questioning my path. I was a declared chemistry major at that time, and that
morning I had a calculus class and then organic lab that we literally went
about normal business with. I had to catch up around noon and watch the replays
of the towers falling and then I went to an English class where the teacher,
Mark Brazitis, sat on his desk and said I can’t teach on a day like today and
we sat and spoke about our feelings. That had much more impact than if I found
the right unknown in lab that day. Then watching the run up over the next 18
months or so as that was used to justify a war in a place against a foe that
had no hand in the attack made me realize how tied I was to the wider world and
how tied the economic is to the political. I didn’t want to get drafted to help
provide cheap Iraqi oil and help Bush overcome his daddy issues.
Even then, things still worked. I changed my major and
graduated with honors and went on to grad school in English. Where I didn’t
finish my degree but I did ok in class and met some really good people. I then
got a job and moved to Chicago and got engaged and things were working.
But then things stopped working.
Here it is 2017 and the financial journalists are starting
to cover the tenth anniversary of the financial crisis. I don’t think I realized
what was happening at the time. In 2007 I was reading two or three different
newspapers a day and didn’t have a good sense of the potential problems. Some
banks were freezing redemptions to some funds, and in hindsight we collectively
know a lot more about the housing market peaking and the slow-motion effect
that had on different financial institutions from 2005 to 2008, but nothing
really struck me at the time that I should be looking out for. I had that job
teaching for one year and then when it didn’t work out I was looking for sales
jobs that summer I was interviewing at an auto dealership and I remember asking
about the dip in auto sales – It was labor day and August numbers had just been
released showing that it was the worst summer for a while. But I was confident
enough that things were working that I took the job. I took the job because
things were working and I figured though I didn’t want to be a car salesman, I
could make some quick money and figure out how to get back into teaching.
I still remember the day that everyone finally knew that
things weren’t working. While the who’s who of the financial world were in New
York at the Fed trying to stop a crash, I was in training at the dealership. I was
keyed in to what was going on, but I wasn’t aware of its magnitude. I knew it
was getting worse and worse because the trainer would look at his little net
book at every break and he was getting more and more agitated, This was a guy
who was a salesman in his blood and all the enthuse was gone from him. It was
the middle of September, and we had only been in training a couple of weeks. As
the initial stages of the crisis played out, people were scared. The most
important part to me was that you could see it in the foot traffic. As my
training was over and I was on the floor, there just weren’t the customers to talk
to. We tried more and more different things to try to get the traffic, but they
weren’t working. Managers were let go first, then sales staff. I sold three
cars in October. I sold none in November. I was let go in early December. It
would have been a day earlier but the first snow of the year fell, and they
wanted all hands to shovel out the cars.
Here’s where I’m glad there was a somewhat robust policy
response to the crisis. I was unemployed from that December of 2008 to fall of
2010. I had done, at that point, what I thought was right. With all the
advantages I was born with and then I went to school and got good grades, I
didn’t think I’d ever have a problem staying employed. It had stopped working
for me – in a way I know that even in good times it is stacked against so many
others. I collected unemployment and tried to figure out how to unbreak it. I applied
for teach for America like programs, got certified as a substitute teacher. I applied
for and was waitlisted for a master’s program for elementary education. I was
trying to get back into teaching at a time there was austerity, and even people
with teaching degrees and certifications were having problems finding substitute
positions.
What I also did was try to look and figure out what was
broken and how it was broken and what would need to happen to fix it. It’s a
deep dive, and included reading books on the economy both in what was being put
out in public by people trying to figure the same thing out, but also by people
looking at the problems of the past in the past. I took my lifelong curiosity and
tried to approach and learn about macro problems and learned about micro and behavioral
economics along the way as they feed into macro behavior. I joined twitter and
read and commented on the blogs to part of the community unwinding the economic
problem. In a world of abundant but finite resources, how do we best distribute
these resources? I stated my own blog.
But it wasn’t enough for me. I eventually got a job I like
working for a population that I feel I help, but I wanted to formalize my
learning. But things came in the way. Seven years ago, I met with the Director
of Graduate Studies at the University of Illinois – Chicago to look into grad
school. I was unemployed at the time and I found out that I might need some
classes to catch up and clear some prerequisites but you can’t really borrow
for undergrad classes if you already have a degree and you lose your
unemployment if you go back to school. I took a turn and got my MBA which
helped me instrumentally at work but it didn’t challenge me in the ways I
wanted to be challenged nor really teach me what I wanted to learn. It was a
good experience, but I need and wanted more.
It came about earlier in this year there was some turmoil at
work. The woman who had been my mentor for years was removed from her job and
the guy brought in to replace her had some chemistry problems with me and he
demoted me. I wasn’t happy and looking for other jobs. But none of the jobs
really excited me and what I really wanted to do was to go back to school.
Specifically, I have wanted to go to Roosevelt for econ for several years since
I learned that they are one of the handful of schools in the country that are explicitly
welcoming to non-orthodox schools of thought in economics. And for me, that is
the road that we will find on the macro-level the right answers to the economic
problem. Those who thought they had it fixed for a generation found out they
were wrong. Even Greenspan was surprised that his model failed. What happened was
I found myself working on the application to that and none of the jobs I found.
And they took me.
I start today. I’m excited. I’m nervous. I don’t fully know
what to expect. I’m really not sure how I will use this in my career, but after
the last year I decided to focus less on concrete career plans and more on
general directions. I like this direction. Maybe someday instead of skimming
the green section, I’ll be quoted in it.
