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February 9, 2009
London Doing Even Worse Than New York
"
Clearly, the financial crisis has pummeled both [New York and London]. Major banks have collapsed, and others are expected to require more infusions of taxpayer cash if they are to survive. London and New York share an unemployment rate—7.4%—that is only expected to climb as financial services jobs disappear by the tens of thousands and the loss reverberates in the broader economy...By many measures—the state of its financial markets, home prices, jobs and economic diversity—the British capital has fallen further...Another key component, the housing markets, exploded in both cities in recent years. Though London's bubble has burst, New York's has just deflated." — Crain's
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Comments
And they can't even get the snow cleared.
Posted by: daveinbedstuy at February 9, 2009 9:34 AM
but everyone gets two days off work to frolic in it
Posted by: dittoburg at February 9, 2009 9:37 AM
"...New York's has just deflated."
Poor use of tense.
***Bid half off peak comps***
Posted by: Brownstones Half Off at February 9, 2009 10:08 AM
I didn't frolic. But I did supervise the Great EVLL as she shovelled :-)
Posted by: bxgrl at February 9, 2009 10:15 AM
i think i was too young to even notice the last recession (the one in the 80s). there was in in 2001 right? i didnt seem to notice that one either, but this one seriously has me in a really bad funk. it's impossible to ignore it seems this time no matter how hard i try and every week i keep hearing of people i know getting laid off, many of whom have zero prospects and no savings. i even a slight mild panic attack on the train this morning. is anyone else feeling this way?
*r*
Posted by: PitbullNYC at February 9, 2009 10:22 AM
You had the panic attack becuse its your 32nd birthday, not becuyase of the economy
Posted by: dittoburg at February 9, 2009 10:25 AM
panic attack?! your taking this way too seriously. You have your youth, your friends, and health! this recession will pass in time.
Just look at it this way....you could be married and supporting 3 kids with a hefty mortgage to pay.
Don't worry about it ........
Posted by: troll at February 9, 2009 10:31 AM
no it's definitely not that. ive been feeling like this for a few weeks now. it just hit me much harder today. maybe cuz they fired more maintenance people in my office building friday evening. hey Thor Equities if youre reading this i have two words for you. YOU S*CK
*r*
Posted by: PitbullNYC at February 9, 2009 10:32 AM
I think it's normal Rob. Most people are feeling a little nervous. Focus on the good things. This will pass and spring is almost here.
If it makes you feel any better, I have two acquaintances who were laid off last month and both landed better jobs this past week.
One landed a GREAT job which pays what she was looking for for full time work to work only 3 days a week.
Job are out there.
It sounds like with your personality, you could score a new job if you had to pretty easily. Don't worry about it. It doesn't help to worry. It does absolutely nothing.
Posted by: 11217 at February 9, 2009 10:53 AM
ENY...bxgrl has a very nasty landlord who is a regular poster here. But that's a joke really.
Posted by: daveinbedstuy at February 9, 2009 10:58 AM
You wouldn't be normal if you didn't have a few anxiety attacks, rob. we all listen to the drumbeats of doom from the newspapers- that's what sells them but I would talk to people like dave, who are real insiders to get a better perspective. Was at unemployment last week and even they say people are hiring but you may have to look in another career area than the one you've been working in. You sound like you have a lot of diverse skills- that's always a plus.
When I'm really gasping for air I try to remember that 7+% unemployment is still 93% employed (please- don't anyone disillusion me. I'm gasping for air this morning).
Posted by: bxgrl at February 9, 2009 11:00 AM
As in the Great Evil Landlord. Think twirling moustachios and the dreaded midwinter knock on the door :-)
Posted by: bxgrl at February 9, 2009 11:02 AM
ah! The Great Beloved, Mr. Snark! I admit I may have overstated the twirling moustachios for the Great EVLL. She has to draw them on in eyebrow pencil.
Posted by: bxgrl at February 9, 2009 11:11 AM
"When I'm really gasping for air I try to remember that 7+% unemployment is still 93% employed (please- don't anyone disillusion me. I'm gasping for air this morning)."
You and me both bxgrl. I had a nice little anxiety attack at 8am - or maybe it was too much coffee...either way...it's no fun.
The work will come. Say it with me..."I will find work, I will find work".
Posted by: cobblehiller at February 9, 2009 11:19 AM
Cobblehiller:
I don't know what line of work you are in, but have you tried a headhunter or other job seeking service yet?
My two friends used them to get work, and found them very helpful. They definitely got them interviews, which seems to be the hard part.
Posted by: 11217 at February 9, 2009 11:24 AM
I was at unemployment last week- the counselor was a sweetheart who basically told me to enjoy the time off- my hearing is a big issue. I can't function in an office environment, can't deal with phones and forget group conversations.At this point I am limited to working remotely, which was why my last job was so perfect for me. SO I'm gasping for air- do you have a spare oxygen tank?
Posted by: bxgrl at February 9, 2009 11:33 AM
"I don't know what line of work you are in, but have you tried a headhunter or other job seeking service yet?"
Yes, I'm working with several, I have a pretty extensive list of others, too. Unfortunately, most of my experience is in working with or for companies which are directly effected by this downturn - Banks, Corporate Law or design firms that do work for them. That said, I'm applying for jobs in other categories, something will turn up. I've been through this before 92/93 and found work then, I can find it now. It just may not be precisely what I have been doing. And yes, if I can get to an interview I can usually do very well. The feedback on my resume is very good. It's just getting the interview...
Posted by: cobblehiller at February 9, 2009 11:38 AM
Good luck to you. Sounds like something will turn up for sure.
Posted by: 11217 at February 9, 2009 11:41 AM
bxgrl, I was at unemployment last week, too - were you sitting next to me in Room 3?! ; )
Did you talk to Peter Andrews? That guy is a doll! What a great 'people person'! He told me that they couldn't do much for me, which was expected, but the delivery was so...so...so pleasant!
Posted by: cobblehiller at February 9, 2009 11:42 AM
Thanks 11217, much appreciated.
Posted by: cobblehiller at February 9, 2009 11:44 AM
Awwww- room one. I don't even know the counselor's name but h liked my resume and said he would fax it around. Did you go on wed?
Posted by: bxgrl at February 9, 2009 11:51 AM
Nope, Tues. Well, that is hopeful! Have you tried any of the agencies I mentioned? I can give you more, I can send them via EVLL, if you like?
Posted by: cobblehiller at February 9, 2009 11:56 AM
That would be great. EVLL is out for the moment- which is why I have been able to demean her all morning without retribution ;-).
If its ok, I'll have her forward you my email address too. There's a friend I do freelance work for on occasion who is very tied to several major City agencies. Maybe one of them might have something that would work for you so I'll ask. Just send me a bit more description of what you do when you email the EVLL.
Posted by: bxgrl at February 9, 2009 12:01 PM
Don't worry, EVLL is no doubt out looking for new and ingenious ways to torture you! As well she should! ; )
Ok, will do. I'll try not to repeat them, but there will likely be some overlap...
Posted by: cobblehiller at February 9, 2009 12:05 PM
Hey! Whose side are you on? The dungeon, the chains, the drudgery of chores- heck! Not many EVLL's have such great living conditions. Oh wait- those are my living conditions.
Posted by: bxgrl at February 9, 2009 12:14 PM
LOL! I'm not on anyone's side...I just like teasing and instigating!
I just sent EVLL an email for you. [If you've done all her chores she might even give it to you! ; )]
Posted by: cobblehiller at February 9, 2009 1:04 PM
She'd better- or her computer guru will pull the plug.
Nah- she's still out. How dare she - well, I have to go finish scraping the burnt toast now.
Posted by: bxgrl at February 9, 2009 1:36 PM
Action- thanks! Mexico's also good :-)
Posted by: bxgrl at February 9, 2009 2:13 PM
Landlord here. I have a new title, see end of Friday's Open Thread. The what called me a new name, which I add with pride to my lengthening list of acronymns, titles and achievements. C'hiller - passing the email along to the ever complaining tenant. Was out getting work today, too. Since my industry is also toast, I'm trying to reinvent myself. The hardest part is convincing people that you are perfectly capable of doing a job that you've never done before. How are you supposed to get experience, if you can't get experience?
Rob, happy birthday, and don't worry. While things are certainly not good now, if you listen to the media too much you will be suicidal in no time. They do nothing but hammer the negative, and tell us we're up a creek without a paddle day and and day out. If I hear "the Worst......since the Great Depression" one more time... What they forget is that most people lived through the GD, they also lived through the deprivation of World War II, and the many recessions that followed, we lived through the fear of 9/11, and we will certainly live through this. As others have told you, you are young, your life is flexible, you have lots of options, and you'll be fine. Bxgrl is right, 93% of people are working, and you will continue to be one of them.
Regarding London, they are very much paralleled with us, in terms of industries. So while their financial sector jobs may be declining, like us, they are the center of many other industries such as publishing, advertising, fashion, music, government, etc. They lived through being blitzed in WWII, and terror bombed all throughout the latter part of the century. They are tough people, they'll make it through, as well.
Her Royal "Asshat Princess" Montrose Morris, PBA
Posted by: Montrose Morris at February 9, 2009 2:59 PM
To follow up on your post about the media, MM...I found out from a friend who works for a major media outlet that the media is basically blocking all articles and stories that aren't doom and gloom "because they won't sell"
Meaning we are only hearing bad news right now because that's what's most popular. The media is so fickle and isn't really representative of the general public, but changes it's tune to whatever is the fashion of the moment.
And the fashion of the moment is to say it's the worst everything since the Great Depression.
Which after talking to a couple people who have lived through it, think is absolutely laughable.
Posted by: 11217 at February 9, 2009 3:06 PM
"It is always darkest before the dawn."
Posted by: daveinbedstuy at February 9, 2009 3:14 PM
"It is always snarkest before the yawn."
Posted by: SnarkSlope at February 9, 2009 3:19 PM
I am not- for the record- ever-complaining. I am ever-whining. (Grumble grumble- princess is right!)
Posted by: bxgrl at February 9, 2009 3:23 PM
Give a g(i)rl a tiara and she thinks she's a princess...
Posted by: SnarkSlope at February 9, 2009 4:41 PM
is this the Open Thread?
Posted by: bk14 at February 9, 2009 5:32 PM
Well, judging from your completely off topic comment, it looks like yes...it must be.
Posted by: 11217 at February 9, 2009 5:42 PM
Team Princess: 2
I have to add that last night, not too, too late leaving my 90 year old aunt's after making sure she was settled in for the night, it must have been midnight...anyway, ALL of the cabs coming through the main streets of Greenwich Village appeared to be for-hire! When I looked out the front window at one point before leaving, I saw six cabs and all with their light on showing they were available.
When I went outside, the cabbies were fighting over me. It's been getting more extreme little by little. I can feel it...the minute I step out with a bag over my shoulder in my "demographic" (as they say) at that time of night, the cabbies are absolutely swooping in. I hear them gunning their engines and running lights to get around a corner to beat another cabbie to me.
Last night, I needed air and it was still mild so I walked down West 4th Street, a little depressed because that restaurant Sol has the "Seized by Marshal" sign up now for quite some time. Depressed/anxious with all the nervousness and bad news out there.
Anyway, I walked all the way to Sheridan Square and a couple of cabbies nearly had an accident fighting to pulled up to me first when I finally made the slightest motion with my hand, almost just a thought of lifting my hand, the slightest movement as I maybe moved only slightly away from dead center on the sidewalk a bit toward the curbside as I walked. I was being bad, testing it...and it was kind of fascinating.
I remember the days you couldn't find a cab for love or money...stand on the curb desperate. There are so many more cabs it seems AND, many fewer people taking them.
Yes, I feel the media is nothing but doom and gloom and I have been feeling very anxious for many reasons. The short walk last night to get air didn't make that much difference to the general mood.
I wish the media would stop hounding so much. It makes one afraid robberies and other crimes will suddenly blossom into what it was in the 70's. Let me say, for the record, in much of NYC, this is NOT, absolutely NOT(!) the NYC of the 70's. There is still crime in many areas but still, nothing rivals the levels of the 70's. The City was kind of exciting then, but trust me, you (I) wouldn't want it to suddenly return to what it was!
Posted by: BrooklynGreene at February 9, 2009 6:45 PM
President Obama has been on a tear talking down the economy recently. His thinking is clear; if he tells us the economy is doing fine, he automatically disqualifies himself as "The Great Saviour of the Economy". Not only that, but he also makes himself look like he was overstating the whole economic angle during the election run.
Now, if he keeps telling us all that everything has gone to shit. When the economy finally starts coming back, as it usually does, he looks like the calm and collected captain of the ship during the storm.
Furthermore, by pushing the "world gone to shit" routine, which is echoed by the obsequious toadies at the major media, he gets to push through 20 years of backed up liberal/socialist pet projects at the insistence of Pelosi and Reid.
Bottom line, they obviously have to do something to help the economy along. but it has to start with the objective of getting the trillion dollars to where it will continue producing jobs. Giving it to scam artists like ACORN for use in undermining the democratic process only digs a deeper hole. Use the money to start the immediate construction of some nuclear reactors for one. It still remains the most viable, long term solution to energy needs. what's more it's clean and safe.
Meanwhile, as was stated before, we still have 93% employment. and that's only 3% off of the theoretical high point of 96%. If you scored a 93 out of 100 on a test, I think you'd take it and be glad.
Posted by: Legion at February 9, 2009 8:35 PM
Legion, your "insight" into Pres. Obama's thought processes is nothing short of amazing. To think he would go through all of this sturm und drang, and put the fate of this nation's economy in further jeopardy, solely to make Pelosi, Reid, and the rest of us left wing socialist pinkos happy.
Give me a break.
Posted by: Montrose Morris at February 9, 2009 11:45 PM
montrose morris,
It is certainly not the president's only agenda but a coincidental and convenient side effect of the stimulus package. It goes with his line of thinking. Basically "trickle up" economics. It goes to his entire background amongst neo-marxists types in Chicago. It is his core belief and not a small afterthought.
By the way President Obama was, at one point, a legal counsel for the ACORN organization. Google ACORN for yourself to see their shady history.
Posted by: Legion at February 10, 2009 11:12 AM
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