Portfolio Diversification for Workers
W. Michael Cox, chief economist for the Federal Reserve Bank of Dallas, is one of the most prominent cheerleaders for markets, always finding ways to put an optimistic face on the economy. Here he has outdone himself, explaining the need to hold two jobs to get by as portfolio diversification.
Scott, Janny. 2006. “Cities Shed Middle Class, and Are Richer and Poorer for It.” New York Times (23 July).
“Firefighters who want to live in high-priced cities can work two jobs, said W. Michael Cox, chief economist for the Federal Reserve Bank of Dallas. “I think it’s great,” he said. “It gives you portfolio diversification in your income.” Pay for essential workers like plumbers and cabdrivers will tend to go up, he said.