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Old 09-16-2008, 08:27 AM
 
Location: New York
1,999 posts, read 4,978,849 times
Reputation: 2035

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Tens of thousands have lost their jobs in the last few weeks and it will only get worse. These were not menial jobs, brokers, bankers and accountants all on the street. All of these people will not be able to find gainful employment in todays climate. This will have a trickle down effect that will effect everyone in the area. Banking is what drives the New York economy and with this crash we are looking at a unprecedented financial meltdown. Lehman, AIG, Merrill and Bear Sterns all New York institutions are gone or soon to be gone. Reduced to a shadow of their former selves or purchased by foreign entities for pence. Tax revenue is crashing and all of the parasitic programs from Albany will find that the host can give no more blood. There will have to be massive cuts in transit, welfare, education and social services. The infrastructure will deteriorate, the white collar workers who pay taxes will leave for greener pastures as fast as they arrived. Left in their wake will be those too poor to leave and people who purchased property during the bubble that is worth significantly less than the paper used to acquire it.

The illegal immigrants here to work menial jobs will find that they have no work. No need for dishwashers when the demand for restaurants crash. No need for construction workers when nothing is getting built. What will these people do? Their teenage anchor babies now Americanized in ghetto street culture will turn to gangs and crime. The safety that many have come to expect from NYC will turn to terror. No longer will the transient white collar workers be able to ride the subway at night and no longer can they park their cars in Brooklyn and expect them to not get broken into. We are looking at a return to 70's-90's type crime or worse. Those that have moved here in the last fourteen years better learn how to wield a stiletto, you are going to need it to ensure your safety as the crime wave hits harder than Mike Tyson circa 1986.
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Old 09-16-2008, 08:39 AM
 
Location: Back home in Kaguawagpjpa.
1,990 posts, read 7,613,897 times
Reputation: 1082
The economy isn't chrashing. This is bad, but it isn't as bad as some people make it out to be. Wall St. is taking a big hit, funny how this is happening under Bush's watch ( but that's another story). We are heading into a recession-a deep one. Though, I don't think NYC will turn back into the 70-early 90's because bankers are loosing jobs on Wall St.
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Old 09-16-2008, 09:09 AM
 
Location: Bergen County, NJ
9,847 posts, read 25,160,139 times
Reputation: 3627
I think luckily Bloomberg has managed the budget fairly well and planned for this. Under another Mayor, perhaps one with less financial know-how, the city would be in a much worse situation.

The current situation makes me re-think my stand on term limits. I'm for the limits but I feel pretty confident with Bloomberg handling the local economy whereas the other possible candidates I have no confidence in.

Meanwhile, over on the national front, McCain is saying the American economy is "fundamentally strong,"
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Old 09-16-2008, 09:13 AM
 
Location: Bergen County, NJ
9,847 posts, read 25,160,139 times
Reputation: 3627
[quote=DuckMeat;5288045] However, those professionals in the investment industry will have a tough time getting a job...and most will probably not be able to re-enter the industry for sometime..possibly years. [quote]

I think older people will have the most trouble. Many 35+ folks still have the mindset of being able to work for a company your whole life, and will have a lot of trouble with this transition. Some have worked for these companies like Lehman their whole adult lives, so you can imagine they will have the toughest time with this.

But younger qualified folks should be able get on their feet quickly.
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Old 09-16-2008, 09:32 AM
 
1,278 posts, read 4,086,954 times
Reputation: 319
Quote:
Originally Posted by samyn on the green View Post
Tens of thousands have lost their jobs in the last few weeks and it will only get worse. These were not menial jobs, brokers, bankers and accountants all on the street. All of these people will not be able to find gainful employment in todays climate. This will have a trickle down effect that will effect everyone in the area. Banking is what drives the New York economy and with this crash we are looking at a unprecedented financial meltdown. Lehman, AIG, Merrill and Bear Sterns all New York institutions are gone or soon to be gone. Reduced to a shadow of their former selves or purchased by foreign entities for pence. Tax revenue is crashing and all of the parasitic programs from Albany will find that the host can give no more blood. There will have to be massive cuts in transit, welfare, education and social services. The infrastructure will deteriorate, the white collar workers who pay taxes will leave for greener pastures as fast as they arrived. Left in their wake will be those too poor to leave and people who purchased property during the bubble that is worth significantly less than the paper used to acquire it.

The illegal immigrants here to work menial jobs will find that they have no work. No need for dishwashers when the demand for restaurants crash. No need for construction workers when nothing is getting built. What will these people do? Their teenage anchor babies now Americanized in ghetto street culture will turn to gangs and crime. The safety that many have come to expect from NYC will turn to terror. No longer will the transient white collar workers be able to ride the subway at night and no longer can they park their cars in Brooklyn and expect them to not get broken into. We are looking at a return to 70's-90's type crime or worse. Those that have moved here in the last fourteen years better learn how to wield a stiletto, you are going to need it to ensure your safety as the crime wave hits harder than Mike Tyson circa 1986.

lol samyn, this is a gross exaggeration. Hard working immigrants turning into ghetto gang thugs?? NYC in living "terror" ?? I think you watch to many movies.

Yes, what happened is bad, but not as bad as the OP would like to make it.


And to the person who blamed it all on Bush, I am not a Bush fan, but if you go back and read about the recession you will discover many of the downturns began b/f he was in office and at the beginning of his presidency. Don't believe everything the media tells you.
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Old 09-16-2008, 10:02 AM
 
2,541 posts, read 11,306,417 times
Reputation: 988
No the top execs and senior management have plenty of money, and probably gave themselves a nice severance package

They will just get together and start up their own companies

it will be small but it will be something
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Old 09-16-2008, 10:06 AM
 
7,079 posts, read 37,848,440 times
Reputation: 4088
Lehman isn't closed. It's filed for bankruptcy. The executives are still there, getting their salaries. Many will lose their jobs, but not all!
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Old 09-16-2008, 10:12 AM
 
3,225 posts, read 8,542,449 times
Reputation: 903
Quote:
Originally Posted by samyn on the green View Post
Tens of thousands have lost their jobs in the last few weeks and it will only get worse. These were not menial jobs, brokers, bankers and accountants all on the street. All of these people will not be able to find gainful employment in todays climate. This will have a trickle down effect that will effect everyone in the area. Banking is what drives the New York economy and with this crash we are looking at a unprecedented financial meltdown. Lehman, AIG, Merrill and Bear Sterns all New York institutions are gone or soon to be gone. Reduced to a shadow of their former selves or purchased by foreign entities for pence. Tax revenue is crashing and all of the parasitic programs from Albany will find that the host can give no more blood. There will have to be massive cuts in transit, welfare, education and social services. The infrastructure will deteriorate, the white collar workers who pay taxes will leave for greener pastures as fast as they arrived. Left in their wake will be those too poor to leave and people who purchased property during the bubble that is worth significantly less than the paper used to acquire it.

The illegal immigrants here to work menial jobs will find that they have no work. No need for dishwashers when the demand for restaurants crash. No need for construction workers when nothing is getting built. What will these people do? Their teenage anchor babies now Americanized in ghetto street culture will turn to gangs and crime. The safety that many have come to expect from NYC will turn to terror. No longer will the transient white collar workers be able to ride the subway at night and no longer can they park their cars in Brooklyn and expect them to not get broken into. We are looking at a return to 70's-90's type crime or worse. Those that have moved here in the last fourteen years better learn how to wield a stiletto, you are going to need it to ensure your safety as the crime wave hits harder than Mike Tyson circa 1986.
Wow! I'm a packing my gears and heading out West. Oh, but then there's earthquakes out there. Well, I'm a heading to Texas. Darned - there's hurricanes there, and tornados in the Midwest.

Guess I'll just stock up on water, milk, bread, arm myself with that stiletto.
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Old 09-16-2008, 10:16 AM
 
Location: Yorktown Heights NY
1,316 posts, read 5,172,090 times
Reputation: 444
The economy is definitely not crashing, but there will be some pain ahead. The biggest impact in the city and throughout the state will be on government spending since Wall Street companies and their employees pay a big chunk of the taxes. School budgets and other spending will decrease. Real estate prices in the city and some burbs will probably decline too since some streeters will need to unload their apartments and many others will stay put rather than trading up. Real estate in the Hamptons will definitely feel a big hit, since the beach house is the first thing to go when things get tight. But I hardly think this is going to be a return to the 70's (which, by the way, really wasn't that badl!). Unless of course things spiral out of control in the next few weeks and months.
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Old 09-16-2008, 10:33 AM
 
3,225 posts, read 8,542,449 times
Reputation: 903
maybe i'm just getting paranoid - as i've been known to be sometimes - but is that sanitation thread suddenly getting more visitors/viewers since the wall street demise of the past day or so?
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