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.

2 comments so far

  1. Mike B) on

    Not to mention for dog catchers and bartenders…

    Look, it makes sense. If we all work two jobs, we can be twice as productive for our economy, thus strengthening the dollar and making America the greatest land of all.

  2. sheila on

    great idea\’r!


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: