New York 'faces 165,000 job cuts'

Discussion in 'Wall St. News' started by S2007S, Oct 15, 2008.

  1. S2007S


    Again I will say that with these type of job losses in NYC alone RE prices are going to plummet 25-30% over the next 12-18 months.

    New York 'faces 165,000 job cuts'
    New York City skyline
    The US financial sector is centred on New York

    New York City could lose as many as 165,000 jobs as a result of the crisis in the financial sector, the city's chief financial officer has warned.

    Comptroller William Thompson estimates the positions will go over the next two years, including 35,000 directly employed in the financial sector.

    The 165,000 figure is more than double the earlier prediction Mr Thompson made in July of 80,000 job losses.

    Since then the health of the US financial sector has worsened sharply.

    As the country's financial industry is centred on New York, the city is bearing the brunt of the downturn that has seen Lehman Brothers seek bankruptcy protection, and fellow investment bank Merrill Lynch bought by Bank of America.

    'General recession'

    Mr Thompson said the increase in his job cut estimate reflected "the spreading of the economic troubles to other industry sectors as the nation slips into a general recession".

    William Thompson stands to the right of Mayor Michael Bloomberg
    Mr Thompson is in charge of New York City's purse strings

    His fears are shared by New York City Mayor Michael Bloomberg.

    Mr Bloomberg has already ordered a cut in New York City's budget as the losses among Wall Street firms mean they may not have to pay most taxes to the city for a number of years - or at least until profits return.

    Last month he told all city agencies to cut their spending by 2.5% this financial year, and by 5% for the next.

    The US government is currently implementing a $700bn bail-out package for the financial sector, and, as part of the package, on Tuesday unveiled a $250bn plan to purchase stakes in a wide variety of banks to help restore confidence in the sector.
  2. Daal


    nuff of talk. what is your 'short New York' trade?
  3. Short steakhouses, bars and tittie bars.
  4. Yeah, screw the titty bars. But leave the nude bars alone!
  5. Is it 'tittie,' or 'titty?'

    We have to go to Canada to get nude. :mad: Damn politicians.
  6. JamesJ


    165k jobs... wow...
    didn't even know there were so many working in financials in NY....
    guys just shoving around other people's money and pretending you get value as customer...
    while 90% of them have no clue of real market, and just do what they learned in some university or college...
  7. Bribe the college freshman coed to model her new bikini for you in private, then turn on some music and flash cash. Worked for me... in a former life, of course. ;)
  8. You started 'Girls Gone Wild,' didn't you? :D
  9. No evidence! LOL
  10. MattF


    I'd keep an eye around the city as well...LI, Northern NJ, southern CT...might suddenly see a bit of sales springing up.
    #10     Oct 15, 2008