Lehman and Merrill to pound already bloody job market http://www.reuters.com/article/fundsFundsNews/idUSN1445414820080915
Look for New York and New Jersey to take it directly in the ass this year and next *and maybe well into 2011 and 2012. Wall Street finally begins to take it in the ass as Main Street has been. NO JOY IN THAT. There's no way around budgetary crises at the state and local government levels within both states.
count both the professional market and the support marketplace (delivery boys, grocers, diners, restaurants, sandwich shops, etc.) its going to be vacancy city!
Where will all of these people end up? Can't be enough funds, banks, prop, etc to absorb them all. I read an article citing about 100,000 laid off in the financial sector in NYC alone.
All that nice NYC real estate is going to be selling offffff extremely hard, I think we could see prices in nyc fall 25-30% over the next 12 months..... All those thousands of jobs are lost and all those mulit million dollar bonuses gone. Also to be impacted are high end retail, high end restaurants and last but not least all those high end luxury auto places around nyc area.
I guess Daffy's Clothing Bargains for Millionaires near Wall St will have to be for Former Millionaires, or perhaps they should open a TJ Maxx there instead?
Conservative estimates have Wall Street job losses at 175,000. Don't be surprised to see more than that as that was before Lehman filed for bankruptcy. And then there's the jobs affected by the immediate layoffs - think a ratio of 3 or 4 to 1.
Don't hold your breath for this. Even if there's a liquidation of real state, wealthy foreign investors would buy it when they haven't finished placing the "for sale" sign.