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Posts Tagged ‘lawyer glut’

75% Of Law Schools Need to Close?

Maybe colleges should offer pre-law reality courses. First, teach about how expensive the law degree really is. Second, show movies comparing and contrasting the fun of law school with the stress and tedium of legal work, and third, create charts and tables displaying the employment statistics for outcomes awaiting law school graduates. – Ilene

75% Of Law Schools Need to Close?

Courtesy of Jr. Deputy Accountant 

Somehow I stumbled into the world of jaded law school students – either current or former – and it isn’t pretty. At least with accounting you A) don’t have this cockfight over who went to the better school B) as much student loan debt and C) a better chance at a job even if it does mean you have to compromise your integrity a tad along the way. Wha?! 

Someone employed in accounting (not to rub it in) should verify these numbers and confirm that they’re f*^ked up. Please.

Higher education. Pffft:

If the law schools are producing 45,000 new JDs annually and our nation only needs 19,000 or 16,245 new attorneys to replace the 1/40 that retire, then 57.8% or 63.9% of the law schools need to close, assuming that they all produce the same number of new JDs each year.

So, now we finally have a number to use--60%. As in, "Cut the number of law school seats by 60%." Or, "We need to close 60% of the law schools." However, since our nation already has a huge backlog of unemployed and underemployed-involuntarily-out-of-field attorneys, it would be better to cut the number of law schools by 75%.

The kids in Berkeley have been quiet about getting their fees jacked up since November of 2009 so I guess they figured out how to pay for it. I’ve dealt with some of them and no offense to UCB but they have some serious work to do for what they’re charging these kids. The least they can do is let them out knowing how to properly use the word your. 

Close ‘em. Open a f*^king book and don’t "pay" $65,000 a year to be told to open the wrong ones. 

The education factory has failed. See also Low Loan Repayment Is Seen at For-Profit Schools via the NYT:

At some for-profit colleges, the repayment rates were startlingly low. For example, 33 of the 86 Corinthian Colleges’


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Zero Hedge

Meet Skopos Financial, The New King Of Deep Subprime

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

When last we checked in on the subprime auto ABS market Santander Consumer was busy paying the US government $9 million to settle charges that the subprime auto lender had illegally repossessed some 800 vehicles from active duty service members and had attempted to extract fees from another 350 soldiers in connection with repossessions the bank didn’t even execute. As we noted at the time, Santander wasn’t about to let a few disgruntled soldiers and a measly $9.35 million fine slow down the securitization machine which is why the lender was launching the DRIVE-2015 A deal, a $700 million ...



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Phil's Favorites

Can Consumers Carry US Econ While Business Prepares For A Storm?

Courtesy of Lee Adler of the Wall Street Examiner

Real Core Durable Good Orders (all orders except transportation equipment and defense capital goods) rose by 1.5% year to year in March. That was the actual, not seasonally adjusted number (NSA), but adjusted for inflation.

On a month to month basis, the number was so-so. Orders rose by 12.8%. That compares with the average March gain of +12.5% for the past 10 years. It is also greater than the March 2014 gain of +12.2%.

When we break down the components on a “real” inflation adjusted basis, which gives us an idea of the actual volume of new orders, the picture becomes more problematic.

The headline seasonally adjusted (SA) number for total new durable goods orders rose by 4% month to month. As the SA number so often does, this clearly overstated the actual increase in busin...



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Sabrient

Sector Detector: Sector rotation model stays bullish, but neutral rankings and technical resistance flash caution

Courtesy of Sabrient Systems and Gradient Analytics

Last week, stocks cycled bullish yet again. In fact, the S&P 500, NYSE Composite, and NASDAQ each closed at record highs as investors positioned for the heart of earnings season in the wake of strong reports from some of the Tech giants. Notably, Utilities stocks got some renewed traction as yield-starved investors returned to the sector. Although our trend-following sector rotation model remains bullish, strong overhead technical resistance and neutral rankings in our SectorCast quant model indicate that caution is in order, and this might not be the moment for a major upside breakout, particularly given the expected softness in earnings reports.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly funda...



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Kimble Charting Solutions

Apple weekly breakout in play, $150 remains upside target

Courtesy of Chris Kimble.

CLICK ON CHART TO ENLARGE

Apple closed last week at an all-time weekly closing high at (1) in the chart above. Apple recently broke above its 4-year rising channel, came back to test old resistance and pushed higher, setting this new record high.

In November of last year, when Apple was trading below $110 per share, the Power of the Pattern shared that Apple’s upside target stood at $150. (See post here) 

Below is a long-term update on Apple

...



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Insider Scoop

Will Barrick Gold Report A 50% Year-Over-Year EPS Decline?

Courtesy of Benzinga.

Related ABX Earnings Scheduled For April 27, 2015 What The Street Is Watching At Barrick Gold Notable earnings after Monday's close (Seeking Alpha)

Shares of Barrick Gold Corporation (USA) (NYSE: ABX) are up about 2 percent on Monday morning, as the company prepares to report its quarterly financia...



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Chart School

Forecasting Q1 GDP: Gazing Into the Crystal Ball

Courtesy of Doug Short.

The big economic number this week will be the Q1 Advance Estimate for GDP on Wednesday at 8:30 AM ET.

What do economists see in their collective crystal ball for Q1 of 2015? Let's take a look at the GDP forecasts from the latest Wall Street Journal survey of economists conducted earlier this month.

Here's a snapshot of the full array of WSJ opinions about Q1 GDP with highlighted values for the median (middle), mean (average) and mode (most frequent). In the latest forecast, the median and mean were quite close. The mode (ten of 62 forecasts) was a tad lower at 1.2%, and the second most frequent value, held by eight respondents, was bit higher 1.5%. In essence, 35% of the economists' forecasts fell within a narrow 0.3% range.

As the visualization above illustrates, despite the cluster in the midd...



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OpTrader

Swing trading portfolio - week of April 27th, 2015

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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All About Trends

Mid-Day Update

Reminder: David is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Digital Currencies

Why Bitcoin's male domination will be its downfall

Here's an interesting argument by Felix Salmon, although I think he is taking two correct observations and mistakenly attributing a cause-and-effect relationship to them: Bitcoin is going nowhere because women are not involved.

More likely, in my opinion, women are not involved in bitcoin because bitcoin is going nowhere (and they know it). Or maybe, simply, bitcoin is going nowhere and women are not involved. 

Why Bitcoin's male domination will be its downfall 

By Felix Salmon

Nathaniel Popper’s new book, Digital Gold, is as close as you can get to being the definitive account of the history of Bitcoin. As its subtitle proclaims, the book tells the story of the “misfits” (the first generation of hacker-l...



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Promotions

Watch the Phil Davis Special on Money Talk on BNN TV!

Kim Parlee interviews Phil on Money Talk. Be sure to watch the replays if you missed the show live on Wednesday night (it was recorded on Monday). As usual, Phil provides an excellent program packed with macro analysis, important lessons and trading ideas. ~ Ilene

 

The replay is now available on BNN's website. For the three part series, click on the links below. 

Part 1 is here (discussing the macro outlook for the markets) Part 2 is here. (discussing our main trading strategies) Part 3 is here. (reviewing our pick of th...

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Market Shadows

Kimble Charts: South Korea's EWY

Kimble Charts: South Korea's EWY

By Ilene 

Chris Kimble likes the iShares MSCI South Korea Capped (EWY), but only if it breaks out of a pennant pattern. This South Korean equities ETF has underperformed the S&P 500 by 60% since 2011.

You're probably familiar with its largest holding, Samsung Electronics Co Ltd, and at least several other represented companies such as Hyundai Motor Co and Kia Motors Corp.

...



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Mapping The Market

S&P 500 Leverage and Hedges Options - Part 2

Courtesy of Jean-Luc Saillard.

In my last post (Part 1 of this article), I looked at alternative ETFs that could be used as hedges against the corrections that we have seen during that long 2 year bull run. Looking at the results, it seems that for short (less than a month) corrections, a VIX ETF like VXX could actually be a viable candidate to hedge or speculate on the way down. Another alternative ETF was TMF, a long Treasuries ETF which banks on the fact that when markets go down, money tends to pack into treasuries viewed as safe instruments. In some cases, TMF even outperformed the usual hedging instruments like leveraged ETFs. There could of course be other factors at play since some of 2014 corrections were related to geopolitical events which are certain...

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Pharmboy

2015 - Biotech Fever

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

PSW Members - well, what a year for biotechs!   The Biotech Index (IBB) is up a whopping 40%, beating the S&P hands down!  The healthcare sector has had a number of high flying IPOs, and beat the Tech Sector in total nubmer of IPOs in the past 12 months.  What could go wrong?

Phil has given his Secret Santa Inflation Hedges for 2015, and since I have been trying to keep my head above water between work, PSW, and baseball with my boys...it is time that something is put together for PSW on biotechs in 2015.

Cancer and fibrosis remain two of the hottest areas for VC backed biotechs to invest their monies.  A number of companies have gone IPO which have drugs/technologies that fight cancer, includin...



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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

Thank you for you time!




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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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