Gen Y most likely to hold low-paying jobs in retai

[Pr0d1gy]

Was just perusing an article about the 9 youngest billionaires. Funny thing, five of them inherited their money; Three were Facebook founders (and thus at Harvard, not really very disadvantaged); One other guy.

Lots easier to get to a billion if you start with 500 million. And so on, down the line....

I don't dispute that one bit, but billionaires are the .01 or .001% and they usually are old money. That certainly does not make it right and, in fact, is just another example of the problem with this country. What could you possibly need a billion dollars for? It used to be in this country that guys who made a million or more a year paid 70% or so in taxes and things worked really well back then. Now guys make a hundred million a year and pay 10-20% and the country is falling apart.

 

[intogamer]

The example I used is what Mitt Romney did with an awesome toy company called KeyBee Toys that I used to love.

Uh, I think kids these days couldn't care about plastic toys. The lower cost of consoles now affords far better entertainment value.

 

[Jhhnn]

Uh, I think kids these days couldn't care about plastic toys. The lower cost of consoles now affords far better entertainment value.

Your opinion doesn't counter the fact that Bain looted & destroyed Kaybee toys.

If there were no market for plastic toys, then stores wouldn't have aisles & aisles of them for sale.

 

[Londo_Jowo]

I think Walmart had more to do with KayBee Toy's demise than did Bain.

 

[Pr0d1gy]

I think Walmart had more to do with KayBee Toy's demise than did Bain.

Not true. The decline of KayBee Toys can be traced to their lack of national advertising competition as compared to Toys R Us, who spammed every cartoon on every channel for decades. KayBee could have spent a huge portion of Mitt's salary on their advertising and actually put up a fight against Toys R, but instead they were just internally sabatoged by greed just like this country has been.

I really would not be surprised to find some kind of link between Romney and the higher ups in Toys R at some point.

 

[Vdubchaos]

It's really not ok. When you have a bunch of people making $7 an hour selling multi-thousand dollar TV's, stereos, and such it is just another example of how warped our "economy" has become. They cut costs in production, in retail, demand goes down, yet prices continue to climb. Demand will disappear if we stay the course. These retail sales people used to be able to make 6 figures if they were really good, I know from experience.

What do you expect.

Rich need to keep getting richer and Wall street supports an unsustainable model.

Meanwhile people that do REAL work get shit/less.

Welcome to reality.

 

[Pr0d1gy]

What do you expect.

Rich need to keep getting richer and Wall street supports an unsustainable model.

Meanwhile people that do REAL work get shit/less.

Welcome to reality.

Preaching to the choir my friend, preaching to the choir.

 

[Londo_Jowo]

Not true. The decline of KayBee Toys can be traced to their lack of national advertising competition as compared to Toys R Us, who spammed every cartoon on every channel for decades. KayBee could have spent a huge portion of Mitt's salary on their advertising and actually put up a fight against Toys R, but instead they were just internally sabatoged by greed just like this country has been.

I really would not be surprised to find some kind of link between Romney and the higher ups in Toys R at some point.

http://www.politifact.com/truth-o-m...ure/video-blames-bain-capital-demise-kb-toys/

PolitiFact disagrees with your assessment.

But toy industry analysts agree that far more than debt drove KB Toys into bankruptcy court. It was a troubled company before Bain bought it, and Bain wasn't able to fix it. Did more debt hurt? Probably. But to blame Romney and Bain for the chain's downfall is to ignore critical facts that would give a different impression. We rate this claim Mostly False.

Other people in the business also feel it was due to competing with large chain stores

But even with no debt, it would have been losing money, said Jim Silver, editor-in-chief of Time to Play magazine."Their business model was obsolete," he said. "The world had changed. KB had not changed."

Small mall toy stores, such as KB's, couldn't carry enough inventory — or stay tidy. But mall rents were high, and leases long, limiting KB's ability to shift to compete with its larger rivals. Meanwhile, Target, Walmart and Toys "R" Us could carry far more toys and heavily discount the hottest merchandise.

 

[Pr0d1gy]

http://www.politifact.com/truth-o-m...ure/video-blames-bain-capital-demise-kb-toys/

PolitiFact disagrees with your assessment.



Other people in the business also feel it was due to competing with large chain stores

Yeah, you're right. Paying yourself tens of millions of dollars a year while your company is losing to it's primary competition had nothing to do with it.



lmfao

 

[Londo_Jowo]

Even though there were KayBee stores in the malls where I shopped I never spent a dime in any of them because the prices were too high compared to Toy's R Us and most were in disarray/difficult to move around. I'm sure I'm not the only consumer that felt that way.

 

[werepossum]

http://www.politifact.com/truth-o-m...ure/video-blames-bain-capital-demise-kb-toys/

PolitiFact disagrees with your assessment.



Other people in the business also feel it was due to competing with large chain stores

A takeover bid inevitably raises stock prices, making the company purchased not worth the cost according to previous market valuation. That's why anyone with two functional brains cells realizes that companies like Bain do not buy up healthy companies and loot them, because Bain would very quickly go broke. The two main types of companies purchased are those known to be in trouble and therefore priced under the market value if they can be turned around, and sound but small companies the fund managers believe are poised to quickly expand with some additional capital and savvy, expansion-minded management. But some people for political reasons prefer to play pretend, that there are evil rich Republicans looting the world while laughing maniacally.

 

[Pr0d1gy]

A takeover bid inevitably raises stock prices, making the company purchased not worth the cost according to previous market valuation. That's why anyone with two functional brains cells realizes that companies like Bain do not buy up healthy companies and loot them, because Bain would very quickly go broke. The two main types of companies purchased are those known to be in trouble and therefore priced under the market value if they can be turned around, and sound but small companies the fund managers believe are poised to quickly expand with some additional capital and savvy, expansion-minded management. But some people for political reasons prefer to play pretend, that there are evil rich Republicans looting the world while laughing maniacally.

I don't know what planet you are on, but being the #2 company in America in your field is about as far from being unhealthy as you can get. I know you guys think these guys are geniuses and you worship their cocks but the rest of us aren't as easily mislead.

 

[werepossum]

I don't know what planet you are on, but being the #2 company in America in your field is about as far from being unhealthy as you can get. I know you guys think these guys are geniuses and you worship their cocks but the rest of us aren't as easily mislead.

Being the #2 company in your field when the #1 company AND the #3 through #12 companies are eating your lunch is absolutely the definition of an unhealthy company. Really big companies fall really hard when the paradigm shifts, and with very large overhead (relative to smaller competitors) a really big company has to turn around very quickly or it will fail. In KB Toys' case, it was not only locked long term into an obsolete business model by long term leases, but the #2 company's traditional advantage over smaller companies (e.g. its brand name and buying power) was negated because much of its smaller, leaner competition were actually larger companies with more brand name and buying power. Those in the toy business - an especially cutthroat business because up to half your profit is in one month - knew this, which is why KB Toys stock was not an attractive investment.

Bain's failure was not allowing KB Toys to fail, it was in thinking that they were smarter than those investors and analysts who had already concluded that theirs was an obsolete business model without an easy way out.

EDIT: Just in case you can't tell, I'm not saying these guys were geniuses. I'm specifically saying they made a stupid decision. It's one thing to invest in a steel company and get wiped out by changes in import tariffs and cheap dumped foreign steel; it's quite another to jump in where the experts say to avoid only to find you don't have a solution after all. Usually when companies look significantly undervalued, there's a damned good reason.

 

[Pr0d1gy]

Usually when companies look significantly undervalued, there's a damned good reason.

Yeah, the reason is the people who make the speculations are about to take them over, rob them blind, and then dump them on the curb. We've seen this stuff before. All of your long-winded rambling isn't going to sugarcoat it.

 

[nehalem256]

Yeah, the reason is the people who make the speculations are about to take them over, rob them blind, and then dump them on the curb. We've seen this stuff before. All of your long-winded rambling isn't going to sugarcoat it.

So you are arguing that investors dump a stock because they know someone is going to buy it out at a premium?

 

[Pr0d1gy]

So you are arguing that investors dump a stock because they know someone is going to buy it out at a premium?

I am arguing that insider trading, corporate raids, and basically theft are the norm these days...

 

[EXman]

so what we have a generation of college grade store clerks big deal . What they were taught was useless anyway. Everyone wants to be a doctor and thats bad . Look how many people are killed in hospitals every year because the trained staff sucked. As long as Americans support professional sports with men making millions while playing a game nothing will be as it should be. When americans stop buying tickets to those games that will be a sign that the good ship freedom has righted herself.

I think you need to include/replace sports guys with Kardashian worshipers, American Idol types, and Disney channel that make kids want to be a star and not a functional part of society.

 

[bfdd]

So glad I was able to see the light in High School and never got myself into that whole mess. Been gainfully employed since then making around or more than the avg household. I tried to educate others then, sadly none would listen.