U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-02-2009, 06:30 AM
 
4,010 posts, read 8,924,417 times
Reputation: 1585

Advertisements

If they moved the HQ, beyond a few HQ type jobs and a bigger number of bruised egos I don't think it would make much difference in employment in Charlotte. I don't see why someone operating a check sorting machine now, would lose their job if the HQ moved. It's clear that no matter what happens, BofA isn't going to be doing any more growing like it did from the NCNB to BofA phase. Charlotte is going to have to move on. In the scheme of things, the rise of the national finance industry in Charlotte has lasted about 20 - 25 years which is a very minor portion of the city's history.

When I moved here in the 70s, NCNB, First Union and Wachovia were nothing more than regional NC only banks and Charlotte was still one of of the biggest cities in NC which means there was a lot going on here besides finance. It will be the same in the post Wall St. world.
Reply With Quote Quick reply to this message

 
Old 10-02-2009, 06:48 AM
 
Location: State of Being
35,885 posts, read 67,009,663 times
Reputation: 22370
Quote:
Originally Posted by MisterSquishy View Post
Of course BoA is going to leave Charlotte. And with everything from financial services to lawyers to sandwich shops having a large percentage of their business coming directly or indirectly from having them here, the effects will be wide-spread and devastating.

The only significant difference in circumstances between the recovery of the city of Pittsburgh and the decline of Detroit was the competence of its government--and I'm not putting my trust in the people who can't even finish 485.

The locals who were never happy to see Charlotte expand in population like it did and are always yelling that if we don't like it here we should leave will be happy, I'm sure, with whatever worked-over corpse remains of the city after everyone who moved here over the last two decades has no choice but to take their advice.

I wonder what the job market is like in Austin right now.
If that is how you are interpreting the concerns that the "natives" have - you are totally off track.

The people who have moved here in the last few years have children in school, have neighbors and church members they have grown close to, and have become part of the community - with most of them being very involved in their HOAs, schools, etc.

No one is wanting anyone to have to leave. But the stark facts are - jobs are GONE and if they don't come back - what else can be done but for folks to have to go where the jobs are? I do not know why this is such a strange thing to suggest. My hubby has had to move about every 6 years b/c of career moves. This is NOT an unusual phenomenon at all! It is the rare person who can live in one spot all his/her life (I surely haven't! - and if my hubby's company gave him the opp to make another career move - we would do it)

It is a very sad situation b/c folks are having problems selling their homes here (the ones who HAVE left or are planning to leave). No one is "happy" about that at all! And if they have to leave their houses empty and just go on . . . or have to go into foreclosure - that is not only bad for the family's economic situation (and future) - it has a negative effect on communities, as well.

My concern has been with folks who continue to move here and insist on buying a new home instead of buying inventory homes - so folks CAN leave this region for a new job elsewhere. We all have to put food on the table! We have to do what we have to do - to keep our families intact and moving forward.

It is a sad situation and no one is gleeful to see our friends, neighbors, coworkers, church members, school children (and their parents who volunteer and help make our schools strong) having to head off to another area. BUT THIS MAY BE WHAT IS NECESSARY - not only for newcomers but for natives, as well!

I have surely had to do it! Several times! You do what you have to do. I pray that new corporations will move into the region and provide jobs. I pray that folks out of work will figure out a way to perhaps start a business - and be successful at it so they can not only stay - but perhaps hire some other folks who are out of work!

Our situation here has not yet completely unfolded. I do blame Ken Lewis' and his overly inflated ego for at least in part creating the mess we are in with the banking sector right now. Maybe others see it differently.

I will surely state this: I won't be unhappy to see Ken Lewis pack up and leave our fair city. Just knowing he is here - with his millions of $$$$ - kinda seems unfair - when I know so many folks who are out of work (either directly or indirectly) b/c of BofA.
Reply With Quote Quick reply to this message
 
Old 10-02-2009, 06:56 AM
 
332 posts, read 866,165 times
Reputation: 106
Is Charlotte becoming the Detroit of the South?
Reply With Quote Quick reply to this message
 
Old 10-02-2009, 07:20 AM
 
Location: State of Being
35,885 posts, read 67,009,663 times
Reputation: 22370
Quote:
Originally Posted by eccentricbeethoven View Post
Is Charlotte becoming the Detroit of the South?
I don't think so. There is a wholly different type of demographic here. Detroit had many different problems that have impacted the city.

Here, our out of work employees tend to be either white collar or construction, altho some assembly plants have left the region. We had already dealt with losing the majority of our furniture and textile jobs - so those folks were not impacted by the recent economic downturn - except insofar as any of them out of work are competing with even more folks for the few remaining positions that may be open.

There is always a "domino effect" - so when workers are laid off - they no longer patronize some of the businesses they may have regularly used in the past. So in any city dealing with high unemployment, you will have this effect. This is widespread, with everything from Dry Cleaners to privately employed housekeepers, childcare workers, restaurant employees, etc. being affected.

But Charlotte has something going for it that Detroit doesn't. People who are in IT, money management, mortgage brokerage, etc are out of work, they typically not only have other skills/degrees (and certifications) that will allow them to get jobs somewhere - even if not in Charlotte. With auto factory workers - their skills are so limited to that one industry - it is not like they can just switch to another auto factory if those particular jobs simply do not EXIST any longer.

In addition, the demographic here would suggest that Charlotte has a ready and able workforce with the qualifications to step in and fulfill the employment needs of other corporations that would move here - which is what I am sure will happen (if not immediately - surely in the near future).

As for the construction workers - and that covers so many different fields - even if they do have to leave this region for work elsewhere - there IS work elsewhere. If things gear up for new commercial properties here, then there will be work soon for at least a portion of currently out of work construction workers. Again, they are not in the position of auto workers who literally have few transferrable skills. Now, I am not talking about folks in the administrative/management end of the auto industry. White collar workers - from engineers to financial types - may be able to find employment in other industries throughout the country.

So I dont see Charlotte and Detroit comparing on many levels - except that we both have high unemployment rates at this point in time. I sincerely hope we will never see the high rate of abandoned/foreclosed homes that Detroit has experienced. That will remain to be seen over the next 24 months.
Reply With Quote Quick reply to this message
 
Old 10-02-2009, 07:27 AM
 
332 posts, read 866,165 times
Reputation: 106
Quote:
Originally Posted by anifani821 View Post
I don't think so. There is a wholly different type of demographic here. Detroit had many different problems that have impacted the city.

Here, our out of work employees tend to be either white collar or construction, altho some assembly plants have left the region. We had already dealt with losing the majority of our furniture and textile jobs - so those folks were not impacted by the recent economic downturn - except insofar as any of them out of work are competing with even more folks for the few remaining positions that may be open.

There is always a "domino effect" - so when workers are laid off - they no longer patronize some of the businesses they may have regularly used in the past. So in any city dealing with high unemployment, you will have this effect. This is widespread, with everything from Dry Cleaners to privately employed housekeepers, childcare workers, restaurant employees, etc. being affected.

But Charlotte has something going for it that Detroit doesn't. People who are in IT, money management, mortgage brokerage, etc are out of work, they typically not only have other skills/degrees (and certifications) that will allow them to get jobs somewhere - even if not in Charlotte. With auto factory workers - their skills are so limited to that one industry - it is not like they can just switch to another auto factory if those particular jobs simply do not EXIST any longer.

In addition, the demographic here would suggest that Charlotte has a ready and able workforce with the qualifications to step in and fulfill the employment needs of other corporations that would move here - which is what I am sure will happen (if not immediately - surely in the near future).

As for the construction workers - and that covers so many different fields - even if they do have to leave this region for work elsewhere - there IS work elsewhere. If things gear up for new commercial properties here, then there will be work soon for at least a portion of currently out of work construction workers. Again, they are not in the position of auto workers who literally have few transferrable skills. Now, I am not talking about folks in the administrative/management end of the auto industry. White collar workers - from engineers to financial types - may be able to find employment in other industries throughout the country.

So I dont see Charlotte and Detroit comparing on many levels - except that we both have high unemployment rates at this point in time. I sincerely hope we will never see the high rate of abandoned/foreclosed homes that Detroit has experienced. That will remain to be seen over the next 24 months.
Thank you Ani for your deep insight.
Reply With Quote Quick reply to this message
 
Old 10-02-2009, 07:55 AM
 
Location: Dublin, OH
2,367 posts, read 3,412,115 times
Reputation: 1477
Quote:
Originally Posted by urbancharlotte View Post
Yes, suburbia does have a very bright future in Charlotte lol. I've always thought metro Charlotte's next 1 1/2 million newcomers will move to Union, Cabarrus, York, Gaston, and Iredell (not Mecklenburg). Charlotte is a very rare breed when it comes to cities. Charlotte goes from urban (central Charlotte), to suburban (everything past Dilworth), to rural in just a few minutes of driving. There is not a single metro of nearly 2 million quite like Charlotte when it comes to the "urban drop-off" effect. New Orleans and Richmond both have quick urban drop-offs, but Charlotte's CSA is nearly the size of these two aforementioned metros combined.

At any rate, Charlotte will see a lot of suburban growth in the future. However, I am still bothered by the fact that uptown maybe reaching its peak. Are we gonna build a "second uptown" like Atlanta's Buckhead or Midtown. If we don't, Charlotte WILL NOT be a very desirable nor sustainable city in the future.
Uptown honestly was doomed whenever they cut it off w/ that god awful and useless I-277....it stopped any chance of growing Uptown...there are still plenty of useless and bad surface parking lots in Uptown that disrupt the urban fabric, but let's face it, for any businesses that may move here, if they are looking for the cheapest land to build on, they will build in the suburbs where they can put in large 3-5 floor office parks (for instance like you see in Ballantyne or out on Tyvola where the old Coliseum used to be) instead of building in Uptown where prices are much higher, and you'd have to put in a tower to get the same amount of space, which again, is much more expensive to build...many great cities are like this, and they still have great large urban environments...the DC metro area comes to mind as many offices are out in suburban areas like Landover, MD or Reston, VA...the key is to try and establish transit to these areas and connect them to Uptown...maybe Uptown's future is to focus more on residential/hotel/retail/entertainment, and the jobs will be througout the city then...
Reply With Quote Quick reply to this message
 
Old 10-02-2009, 08:02 AM
 
Location: Dublin, OH
2,367 posts, read 3,412,115 times
Reputation: 1477
Quote:
Originally Posted by Whytewulf View Post
Yes Hugh was the Miracle worker and would have saved the financial industry. Get real. BofA was actually ok until ML and even then are going to benefit. The whole country/world was in a recession. ALL BANKS took TARP money, companies not even Banks, like Amex and Goldman, filed to be banks just to get that money. The gov't and the "people" made money on those loans. It's because of him Charlotte grew. Why do people only look at the last year when everything was under financial stress. Anyone remember 2001-2007? Yes, it's what have you done for me lately.




If it makes you feel better. "Technically he gets no golden parachute. He has no employment contract with the bank. And, even more unusual, in 2002 Bank of America froze the "supplemental" pension that Lewis and other bigwigs get. Lewis will still have an executive pension, but he hasn't accrued seniority benefits in it since then. The present pension policy at Bank of America is to have execs get more or less the same pension as everybody else" Now he still makes good money and some perks, but he isn't benefiting financially walking away.
Would B of A gotten into the Subprime Mortgage market w/out buying Countrywide? Subprime mortgages and their defaults are one of the key reasons for the entire financial collape....and ML lost $15Billion, yet he thought it was ok to pay $50 billion for them, and didn't disclose it to the stockholders...if he had, stock holders would have killed that deal, and ML would have had to either drastically reduce the price or go out of business like Lehman Brothers...which then, profitable pieces woudl be scooped up, like what Barclay's did w/ Lehman Bros...
Let's not pretend that had B of A not purchased Countrywide, or Wachovia not purchased Golden West, that those institutions would have been in better shape financially (and no, I'm not saying they wouldn't have gotten in trouble, but it would have been much less trouble).
Reply With Quote Quick reply to this message
 
Old 10-02-2009, 08:11 AM
 
Location: Dublin, OH
2,367 posts, read 3,412,115 times
Reputation: 1477
Quote:
Originally Posted by Whytewulf View Post
Why do you pay any fees to any Bank? I sure don't. You don't have to use BofA or any Bank. You should be happy for TARP, though so many people have no idea how it even works. Did TARP personally effect you? Did your taxes go up, did you write a check? The whole world went into a recession. I would say it was because of greedy companies, greedy customers and it being part of the econmic cycle. I can almost guarantee we will see another one in 25 years. Of course BofA is paying it back with their REVENUE... um they are in business. Also you may want to watch the news.. fees are going down.
Taxes will have to go up eventually to pay down our exploding debt (the promise Obama made on those earning less than $250K will be broken,it's only a matter of time)...we already were running a huge budget deficit thanks to the wars in Iraq and Afghanistan and unchecked spending in many other areas, and then they thought it prudent to borrow even more money to give to companies that should have been allowed to fail like any other company that gets in trouble...did Circuit City get a bailout? How about Lehman Brothers? Nope, and neither should have B of A, Wachovia, Citi, AIG, GM, Chrysler or any other company...
Reply With Quote Quick reply to this message
 
Old 10-02-2009, 08:19 AM
 
4,010 posts, read 8,924,417 times
Reputation: 1585
Agreed. BofA's troubles primarily come from from two things. The endless numbers of sub-prime loans it acquired through the purchase of Countrywide and the ones it made direct, and the other is the exposure to credit card debt. ML was bad but this was more like throwing the match in a building that had already been soaked with gasoline.

IMO, even though the govermment gave BofA ~$50B in social welfare and has paid them at least another ~$15B via AIG (which nobody talks about) this bank has a lot of issues in front of it. Where it ends up is anyone's guess as they are in uncharted territory now.
Reply With Quote Quick reply to this message
 
Old 10-02-2009, 08:20 AM
 
Location: Dublin, OH
2,367 posts, read 3,412,115 times
Reputation: 1477
Quote:
Originally Posted by anifani821 View Post
Yes, small businesses really are the "backbone" of America's workforce.

I am concerned about the thousands of folks currently out of work who have little or no prospect for replacing jobs that simply are no longer here.

Unless some major corporations come into this region, there are thousands of folks who will have to face that they must move somewhere else in the nation to find employment. So that is why I am hoping corps will move here (and soon, too).

But as far as sustained growth and viability - I concur 100% that small businesses are what we need to move forward with a stable business environment.
Regarding small businesses...I saw a stat on Fox Business News that said something like if every small business in this country (500 employees or less) hired just 1 new employee, the nationwide UE Rate would be cut in half....so, I don't think per se, we absolutely neede a major Fortune 1000 company to move here...if they would give incintives to small business...it would make a major impact...
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 09:58 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top