"If you look at normal recessions in the past, what usually happens is the rich fare very poorly because the stock market goes down quite a lot, and inequality tends to decline," according to Don Peck, author of "Pinched: How the Great Recession Has Narrowed Our Futures and What We Can Do About It."

"I wonder if the same thing may be happening with today's teens," he says.Imagine you're running a marathon and nearing the finish line when someone in the crowd suddenly trips you, fracturing your ankle. "Academic and historical evidence shows that people who get stuck in bad jobs or no jobs in the first few years of their careers not only start out behind, they never fully catch up," he says.The Great Recession could turn out to be the best thing that ever happened to teenagers. In 2010, the unemployment rate for workers age 16 to 24 was 18.4%, the worst on record in 60 years, according to the Economic Policy Institute.For those who do get hired, their first salary comes with a 10% "penalty" for graduating during a recession, while their median starting salary is $27,000 rather than the $30,000 average for 2006 and 2007 grads, according to a May 2011 study from the John J. Heldrich Center for Workforce Development at Rutgers University.And then there's student debt. © Milestone Direct Ltd. A disclosure statement is available on request and free of charge. This whole house of cards was built on these toxic loans that originated with Although it's hard to imagine in retrospect, the major financial story of the summer preceding the market crash was the price of gas, which hit an all-time high of $4.11 per gallon in July 2008.The market collapse and its subsequent impact on consumer spending quickly reduced the price at the pump for motorists. This won’t be just relying on a scroll through listings on a jobhunting website or sending out a few CV’s either – winners will do whatever it takes to get in front of hiring decisionmakers, such as making cold-calls or knocking on doors. There have been thousands of job losses at well-known places like Air New Zealand, the Warehouse, Vodafone NZ, Auckland Council, Fletcher Building, Sky City, Ngai Tahu and so on. The chief reason: Middle-class wealth is highly concentrated in homes, while the rich enjoy far more diverse portfolios. "With one eye cast wearily toward the possibility of a double-dip recession in the coming months, here is a limited accounting of the winners and losers of the Great Recession, so far.If true winners can be found in any recession, the wealthy certainly qualify in the Great Recession.According to the Pew Research Center, the simultaneous collapse of the housing and stock market bubbles resulted in a 23% decline in the median wealth of middle-income households between 2007 and 2009, while the wealthy experienced just a 12% decline. Plenty more are likely on the horizon as the initial government wage subsidy scheme has just ended, and as NZ has a large proportion of small and mid-sized businesses most of these job losses will go unreported.If a winner unexpectedly finds themselves without a job, you better believe they’ll treat their job search as their ‘new job’! "The same precipitous decline in home values that sucker punched American homeowners when the housing bubble burst has provided homebuyers with the rare opportunity to land the deal of a lifetime. ""They couldn't be blamed for the financial struggles that their families were having; many of the biggest scars that recessions leave are psychological, so that didn't affect teens. Two-thirds of 2010 college grads hit the pavement owing an average of $25,250 on their student loans, up 5% from the previous year, according to the Institute for College Access & Success.Don Peck, author of "Pinched: How the Great Recession Has Narrowed Our Futures and What We Can Do About It," says the timing of their birth may haunt "Generation R" for decades. "For buyers who can get a mortgage in the current market and who have that long-term view, this is really a golden opportunity," Molony says.Just one caveat: Don't buy unless you're planning to stay for a while. All rights reserved. They might not have known a global epidemic was coming, but they have read a history book or two so know that natural disasters, wars, famine, recessions, and other issues are normal events that occur over the course of a lifetime.This means they’ve probably already taken any number of deliberate steps to ensure they Winners will do whatever it takes to increase and solidify their income.


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