New York to lead U.S. cities for job losses in 2009 (real estate, foreclosures)

[justfarr1030]

Report: New York to lead US cities in job losses - Yahoo! News

^Your thoughts?

[Moderate Guy]

Originally Posted by justfarr1030

Report: New York to lead US cities in job losses - Yahoo! News

^Your thoughts?

We're in for an awful bloodbath. Things will nosedive, get worse, bottom out eventually, then start rising. I see a time frame of about 18 - 24 months.

[bmwguydc]

It looks like a challenging 2009 is coming to NY and LA if the projections are correct. Let's hope that the numbers are going to be on the shallow end of the losses forecast and that they don't exceed projections.

I do think that there are forthcoming shakeouts in several industries that will negatively impact the employment climate in the short term, since there are a few places that appear to be on the brink. But, after that, with consolidation, and a recovering economy in place, things should begin to perk up.

[Moderate Guy]

Originally Posted by bmwguydc

It looks like a challenging 2009 is coming to NY and LA if the projections are correct. Let's hope that the numbers are going to be on the shallow end of the losses forecast and that they don't exceed projections.

I do think that there are forthcoming shakeouts in several industries that will negatively impact the employment climate in the short term, since there are a few places that appear to be on the brink. But, after that, with consolidation, and a recovering economy in place, things should begin to perk up.

One does indeed hope for the best while taking measures as much as possible to cover worst case scenarios. I fear that there'll be a domino effect triggered by the financial sector meltdown and extending to other sectors that might appear on the surface to be unrelated.

Of course, I know our economy is resilient and it's not long-term doom and gloom - but it surely is going to hurt a lot in the next several months.

[justfarr1030]

Originally Posted by Miles

We're in for an awful bloodbath. Things will nosedive, get worse, bottom out eventually, then start rising. I see a time frame of about 18 - 24 months.

Promise?

I already said that things will get ALOT worst before they get better so yea that sounds about right. But I will keep hope alive.

[samyn on the green]

When this economic crash was first reported here over four months ago people laughed and mocked the messenger. Now with daily reports of the increased criminal activity and people close to them losing their jobs we can all see for ourselves the pieces to the horrorshow puzzle coming together. All of the New York eggs have been placed in the finance/insurance/real estate basket and that basket and been repeatedly smashed with a ball peen hammer. Times will get tougher and with the only answer from government being more debt there is no light at the end of this tunnel.

[jawny08]

Great, right in time for the next census too.

Of course NY and LA have the most jobs to begin with so you'd except the largest losses there. We'll have to see if what the stimulus plan has in store. It is expected to help older cities with old infrastructure like NY and Philly.

[NJ Chutzpah]

it depends on what the total job losses will be

If you lose you job, you will probably have to take a lower paying one, and probably move to a cheaper area of the city like northern manhattan

[Moderate Guy]

I understand the rationale for the government bailout and why it gained so much bipartisan support. However its implementation leaves a lot to be desired and something as major as this stimulus was intended to be should have been more wisely constructed.

Bankers are a major culprit in getting us where we are today talking about job losses, plummeting portfolios, despair, foreclosures, short-term panic and apprehension.

How could we not ensure that our money did not end up in the pockets of banking execs, who flagarantly and callously awarded themselves raises and bonuses, for tanking the economy?

What a pathetic tragedy.

[cirlin6]

Samyn, I think people were skeptical of your position that a crime wave would grip New York as it did in the 80s and 90s. I think the most recent crime report had crime down in New York City again. The economic situation is bad, but I'm still in the camp that we're not going to fall back into the dark ages because of it.