Video: Economic Downturn Hammering Upper E. Side of Manhattan

Discussion in 'Economics' started by ByLoSellHi, Oct 28, 2009.

  1. Check out this video, the real footage of dark space in the prime area of New York, and accounts of the economy by many formerly highly paid professionals who are now jobless, and in many cases, homeless.

    10 years ago, if anyone would have suggested this would be possible, they would have been dismissed without hesitation.

    And it could get much worse.

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  2. Refutes even more the notion of a "V" or "strong recovery".

    1. People who did not lose their jobs are not going to be a spending juggernaut once the downturn is perceived to have run its course. Many will have likely spent their savings and depleted assets to help family, so their spending power will be reduced. And when they no longer need to support family, they will likely rebuild their personal balance sheets with savings rather than go spending.

    2. Jobs will not be coming back in a rush... at least not in the USA. There will be a surprisingly high number of "structurally" unemployed... that is, there will be more job seekers than jobs available... jobs of ANY kind.
  3. wartrace


    I watched that last night on PBS (LOL- I don't have anything but an antenna for television) The two things that really stood out were the age of the people in that networking group of unemployed. Not one of them appeared to be under 45. Most will probably never return to the work they have experience in.

    The second thing that got me was the woman from Florida with all the roommates who is still going to lose her home. It is a lot worse than I imagined out there. BTW- The guy who bought the foreclosed home of one of her roommates (the older carpenter who lost his wife) made me spew my coffee when he said "You can't go wrong with real estate"......:eek:
  4. ElCubano


    I only saw 7 minutes, but a salon cmon men...bitching while getting a $200 weave, most people have been in a recession their whole lives..a quick solution for most of them is to downsize big time.
  5. Then you really have no idea how many people of all income groups and professions are literally losing their lives as they knew it.
  6. People have their priorities. They cut first which is most easily done without... cut deeper later if necessary. For many women, their hair maintenance would be far down the list of things to be cut. (The woman who lost her cell phone... wasn't going to spend on another one, but wasn't going to Super Cuts to save a buck, either.)
  7. TGregg


    I've only watched the first segment so far but it occurs to me that we have a bunch of people who are so hard up they can't pay their bills (the woman lost her cell phone and cannot afford to buy a new one), but here they are in a salon getting their hair done. Surely they would go to a discount place if they were that broke.

    When you are one step away from welfare, you don't shop for clothes at some boutique. You go to Walmart if you go at all.
  8. I don't think most people "assess the situation, then go into preservation lockdown mode"... they give up a little at a time as they try to hold onto their lifestyle and dignity.
  9. Exactly.

    Everyone clings to what they value most above all else, until the math does even these things in.
  10. TGregg


    Yeah, I guess that makes sense. If they were fiancially intelligent then they'd be more likely to be better off. If they do not talk about troubles then PBS wouldn't show it. And if they were reasonably bright but still suffered - they wouldn't have gone to the saloon. Or the salon, even. In which case, we wouldn't see them as well.
    #10     Oct 28, 2009