Wall Street may lose 36,000 jobs

[flashl]

NEW YORK (Reuters) - Wall Street, the lifeblood of New York City's economy, could lose over 36,000 jobs because the financial credit crisis has rocked markets and stunned the U.S. economy, estimated James Brown, a labor market analyst with New York state's labor department.

...

Losing one in five jobs on Wall Street could have dire consequences for the city's economy.

...

At the end of last month, there were 182,300 people working at banks and brokerages, down more than 5,000 jobs since September. The smaller scope of the layoffs seen so far, however, likely reflects the lag between the end of severance payments and when job hunters file for unemployment benefits, Brown explained.

Unlike much of the nation, layoffs and falling profits on Wall Street pose a bigger risk to New York City's economy than the housing-led downturn that threatens the nation, according to economists and Mayor Michael Bloomberg.

Reuters

[glowing]

1. I guess trickle up works sometimes.

[sabbat hunter]

10. Wall street losing jobs

hits the NYC economy hard, and that is all economic classes.

[BleedingHeartPatriot]

2. You know, this sounds mean, but I wish the Wall Street jobs had gone first before manufacturing,

service and IT. We wouldn't have missed them much, now they're the final economic straw.

[TomInTib]

3. At least this will divert the City Gov's attention away from ending rent-control.

I know a lot of dancers, actors and production people who I am far more concerned about than some Wall Street pirates.

[A HERETIC I AM]

4. Of course. Because every single person that works in the financial industry in New York is

a "pirate".

Ask some of those dancers, actors and production people just how happy they are that another very vital segment of the workforce of Manhattan is facing the loss of their jobs.

Not everyone subject to a job loss on Wall Street is a trader making $400,000 a year. Many, many of them will be clerks, assistants and low level employees just doing their jobs, working hard, trying to get ahead, just like everybody else.

The "fuck them" attitude exhibited on this thread and on this one in GD is shameful.

Jesus fucking christ, these are people too, many of them just as progressive as the members of this board. Gloating over someone losing their job merely because of the industry they work in is disgusting.

[TomInTib]

5. I am not gloating. Far from it. Read my post, again.

Deal is, I just care nothing of the financial sector. I am not nearly smart enough to even begin to fathom the workings of the stocks and bonds markets.

But I am partial as hell to folks in the Performance biz.

And I can call anyone any damned thing I want.

Money for nothing.

[A HERETIC I AM]

6. Yup. And the buildings those folks you know work in just appeared out of the ether

I did read your post.

If you are indeed "not nearly smart enough to even begin to fathom the workings of the stocks and bonds markets" then let me tell you this;

If it wasn't for the financial markets in this country, damned few of the major projects you and I take advantage of every day, from roads and highways to public works and buildings, including THEATERS, would not exist.

"Money for nothing"

Money for advancement. Of the Arts, of agriculture, of infrastructure and civilization.

Money for nothing, indeed.

edited for sentence structure and clarity

[Raejeanowl]

9. It's Not The "Pirates" Losing Their Jobs

The pirates will remain fat and happy and find new treasures to loot or new ways to loot them. It's the smaller guys that are getting canned. They, too, struggle to pay their rent.

Show biz has it's own plunderers and con artists.

[leftofthedial]

7. that's a start

[A HERETIC I AM]

8. THERE it is!

That train is never late!

[phantom power]

11. I'm sure they can all find jobs picking lettuce for $50K/year.

[barnel]

13. mccain didnt say 50k a year, he said $50 an HOUR for lettuce

so these people will be clearing 6 figures, and get fresh air to boot!

WOO HOO!

A WIN/WIN FOR EVERYONE!

[barnel]

12. In honor of their tradition, I am cheering this job loss

as they have done each and every time other americans lose their jobs

and while this 'dislocation' may be painfull to them now, I'm sure in the long run they will 'benefit from globalization'

I encourage them 'be more competative', adapt to the global economy (translation: accept poverty), and SUCK EGGS as they learn how it feels be be on the receiving end of their garbage

I only wish they had to train their H-1b Indian replacement before they were fired, like people in tech do

These bastards have encouraged all this misery for everyone else (tech in particular), I hope it hits them HARD