This is the problem with generalisations. I agree that there are many people (of all generational charcteristics) out there who are working hard, and saving for their future. There are also many out there who are not.
Earlier today, for instance, Bloomberg reported on the fact that much of Wall Street was caught up with a young generation of analysts who never, ever, visited the companies that they covered, and nver ventured outside of New York in order to issue their earnings' forecasts, etc.
Many of the same venture capitalists originally came from the younger end of town, whilst many in the IT /tech /telco sectors of the market were generally fresh out of University and sold the markets on concepts, rather than proof of concepts.
Witness, for example, many of our local and overseas IT /internet comapnies and how many of these were sold on Business Plans such as free connections, and solicitation of on-line advertising.
In due course,many of these young venturists will become better known as visionaries ahead of their time, but instead of working through VC and early stage incubators, many of them were seduced by the relative easiness of the stag profits that they could earn.
True, this culture was all pervasive throughout all generational categories, but whereas the older generation invested their dollars, the younger generation failed to deliver the goods.
As for the tech boom, in 1999 and in 2000, I would love to have been there to participate in the tech profits, but was not (as my previous postings have attested to).
Regarding the law, many concerned have worked damn hard as articled clerks, for little or no genuine reward. Many are now being promoted into partnership at sub-35 whereas 10+ years ago, many would not have made partnership until late 30s, early 40s. Maybe, this is a reflection on the quality of today's lawyers. Or perhaps, it could be a reflection on their chargeout rates which, for many Tier 1 firms now approximate $550 -600ph for partners, and $350ph for <4y post-qualified lawyers.
As for the whole governance thing, I also recall many attempts being made by concerned shareholders to establish gosvernance programs, etc throughout the mid to late 90s, but in many cases, these people were eventually drowned out by institutional shareholders, or by executive shareholders. Anyone remember the perils of OneTel, or UEC, for for that matter.
Goldie, overall, I agree that we all have to share the burden of responsibility when it comes to being accountable for greed, etc. But, when was it last said by management, executives, or sales and marketing executives that they got it wrong in their forecasts, in the quality of the client that they were pursuing, etc.
Today's youth represents tomorrow's future and must be nurtured and developed to succeed. But, I would have thought that the greed of '87 would have taught us all a lesson this time round. But, perhaps not. Maybe this is one of the reasons why Nickoo keeps on reflecting on past behaviour as being inidicative of today's behaviour, and the anticipatory behaviour of tomorrow.
I have always thought that you take the lessons of the past, examine them, understand them, and learn from them. But, maybe not.
If so, then as a society we are all failing in properly educating our young, and not so young, and in being communicative (ie: in terms of passing on our wisdom, etc). Time, however, will tell more on this.
