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.
Samyn you have not been keeping up with the news. Wall street is not crippled, far from it, they are actually back and quite profitable. Citigroup is arranging to pay back the TARP funds, Goldman has made big profits, and JP Morgan is hiring. You should also note foreclosures are FAR LESS than the country as a whole, real estate has dropped less, and crime will set ANOTHER record low in NYC this year with no evidence of any uptick whatsoever. This does not point to a collapse of the economy...that argument was more interesting last January.
We will definitely have large deficits for the next couple of years..but I am confident with Bloomie at the helm the priorities of keeping crime low and job creation will be at the forefront. Our finances are in fact in the best hands that they can be. Thanks for the usual scare tactics though.
Citigroup is still losing billions. The only reason they are repaying loans as quickly as possible (along with the other banks and financial firms) is to come out from under government scrutiny and control. They want to pay themselves billions in salaries and bonuses without any controls by government. Meanwhile, they are hoarding cash and not lending. Nor are they willing to adjust mortgages for the masses of homeowners facing foreclosure because of predatory lending rate hikes. Banks are not being behaving like banks or good citizens.
The naked, inhumane greed of our financial and commercial systems has never been more apparent. Alan Greenspan made a comment in his last book regarding the accelerating decline in "civility and civilization" that threatens to destabilize world economic markets. That incivility is not only seen in street crime that we keep a small-minded focus on, but also in the shocking incivility of financial captains of industry that will do anything to line their own pockets, irregardless of the suffering caused. These are shocking crimes that threaten the health of world markets.
"Do not put your trust in nobles, Nor in the son of earthling man . . ." -Psalm 146:3
I agree with what you are saying Design, but it has nothing to do with the idea that the economy is crashing in NYC. It WAS crashing in January, but it is no longer..it is not skyrocketing either, however.
NYC is doing quite well, everyone was talking about foreclosures and how they are all over and you can get a bargain. That is not so NY bargain is not really a bargain as I had went thinking I get good deal on foreclosures in LI and ended up now trying to remodel my current tiny home to get some space. 300k will land you in worst part of LI if close to city however if you are willing to commute than you can get a nice property but it'll only take you 2 hours to get to and from work not worth it. I think quite soon NY will be either you're very well off or you're poor. There will only be a small amount of poor.
Citigroup is still losing billions. The only reason they are repaying loans as quickly as possible (along with the other banks and financial firms) is to come out from under government scrutiny and control. They want to pay themselves billions in salaries and bonuses without any controls by government. Meanwhile, they are hoarding cash and not lending. Nor are they willing to adjust mortgages for the masses of homeowners facing foreclosure because of predatory lending rate hikes. Banks are not being behaving like banks or good citizens.
The naked, inhumane greed of our financial and commercial systems has never been more apparent. Alan Greenspan made a comment in his last book regarding the accelerating decline in "civility and civilization" that threatens to destabilize world economic markets. That incivility is not only seen in street crime that we keep a small-minded focus on, but also in the shocking incivility of financial captains of industry that will do anything to line their own pockets, irregardless of the suffering caused. These are shocking crimes that threaten the health of world markets.
"Do not put your trust in nobles, Nor in the son of earthling man . . ." -Psalm 146:3
First, remember that "this too will pass".
Second, if the bonuses are too high and the banks would make money by lending, then competition will correct a temporary inefficient state. If the bonuses are overly high, then other banks will be more profitable, and eventually shareholders will have the management replaced or a different firm will buy out the company and make the changes to make it more profitable. If the banks act like "bad citizens" for long enough, then people will stop transacting with them or a competitor will come in with a business plan partly based in a marketing campaign centering on how it is a good citizen.
NYC is doing quite well, everyone was talking about foreclosures and how they are all over and you can get a bargain. That is not so NY bargain is not really a bargain as I had went thinking I get good deal on foreclosures in LI and ended up now trying to remodel my current tiny home to get some space. 300k will land you in worst part of LI if close to city however if you are willing to commute than you can get a nice property but it'll only take you 2 hours to get to and from work not worth it. I think quite soon NY will be either you're very well off or you're poor. There will only be a small amount of poor.
It doesn't need to be that way--what's causing home prices to remain so high is the NIMBY-ism that prevents construction of more housing in places all over the city and the suburbs.
One of the main things I worry about is the ensuing regulatory environment that banks of all sizes and scale will have to face in the US...especially concerning compensation. I understand that it's popular to hate-on "banker's bonuses" but what people don't understand is that at the most basic level, money is the product and service that banks provide and it is also how they reward and retain top talent. It's no longer about wanting to keep the smartest and hardest working people from leaving to go to a competing bank. The issue has become more about keeping people in the industry. And as much as people hate to admit it, this industry's success is vital to our economy. Im not sure how many people are going to put in 80+ hour workweeks in banking when they are no longer rewarded accordingly.
... The only time people were thrown off was with the housing boom. They didn't expect the govermnet to be able to pull off another bubble that quickly after the tech/telecom bust. For all intent and purposes what is happening now should have happened after the tech bubble. they prolonged the inevitable....
So true. The tech & housing bubble were just 'sugar highs' that put off the inevidible result of the jobs that disappeared over the last 20 years as a result of NAFTA and GATT.
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.
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.
