NYC Recession Turning Out Better Than Expected
“The gathering consensus is that the recession is nearly over in the city and, largely because of the enormous amount of federal aid poured into the big banks, the toll on New York will be much less severe than most had feared. Not only will the job losses in the city fall far short of…
“The gathering consensus is that the recession is nearly over in the city and, largely because of the enormous amount of federal aid poured into the big banks, the toll on New York will be much less severe than most had feared. Not only will the job losses in the city fall far short of the recession that wracked the metropolitan area in the early 1990s, economists and analysts say they will also not measure up to the losses in the shorter, shallower recession that surrounded the 9/11 attacks.”
— NY Times
Please, youtube ‘Money As Debt’. Simple but powerful 30 minute cartoon.
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Posted by: Brownstones Half Off at March 3, 2010 1:40 PM
YES, PLEASE LEARN ALL YOUR ECONOMIC THEORY FROM A YOUTRUBE CARTOON!!!!! ROTFLMMFAO
And pure rhetoric from be_rude @ 12:04.
“Nothing, and I mean nothing, in financial markets or economics is guaranteed.”
DEAD WRONG! Exponential functions, one of which dictates our total outstanding debt, are mathematically guaranteed to go to zero or infinity (infinity in the case of our debt). It is simply unsustainable for us to service our outstanding debt. It has to be defaulted, bankrupted, foreclosed, you name it. We, along with the rest of the world, are insolvent. We can kick the can down the road but it’s simply a matter of time. A real recovery will not happen until this debt is reset. It will be excruciating.
Do people on here actually believe that more than 10% of the money supply is printed coins and paper bills? That 90% of it is not computer entry that expands and contracts with lending and borrowing?
Please, youtube ‘Money As Debt’. Simple but powerful 30 minute cartoon.
***Bid half off peak comps***
whuh and dave you guys are a bunch of babies claiming that the other doesn’t know anything about a finance, economics etc.
if someone doesn’t agree with your thesis, you scream and shout as if they are 100% wrong.
the possibilities are a bit more nuanced than that.
mopar and DIBS, I don’t know if you remember a story that I told you about one of my friend’s client.
He had a big grading and marking company in Garment district (40 employees). Times were hard in ’08 and he had to resign union contract that year and Union reps demanded more pay and more benefits. He was already paying better than market rates and gave good benefits. THE kicker of the story is that he said he can’t afford it because he’ll have to mortgage his house if he has to obide to union requirements AND his workers didn’t even want a raise or what union was asking for. They were ON THE BOSSES side. Union wouldn’t budge and he tried really hard to negotiate. FINALLY he said “fuck it” and closed the place down and moved his services to China and now his profits went up over 200% and didn’t lose any business at all. Who lost? 40 of his company workers who became unemployed. Now he has less headache (just 2 administrative employees) and smaller office to worry about and MORE profit in his pocket. Here was a guy who tried to do things right since most of his office was like “family” since he had most of his employees for well over 10 years and because of UNION he had to close the shop here either way.
Mopar, also the numbers you are citing are just what it is, numbers. A number of shops went from Union to non-union and fashion industry has been contracting for many more years than the recession. I know you cover this for a living but my friend is basically one of 3 people left who supply paper to the WHOLE garment district and he sees the business day in and day out first hand. He alone has over 300 clients in Garment district. Most of them are very small operations. Things are moving to China (obviously) but nothing to do with this recession. It has been happening for years. My company has been making products in Asia (mostly China) since ’73 but YET only recently there has been screaming that everything is moving to Asia.
Like I said many times before…
Whuh is basically a lurking leech. Adds nothing to the conversation. his only job in life is ad hominem attacks on me from which i feel no hurt; only pity on his childish, self-loathing rants. You were obviously wronged as a child.
We’ve never witnessed your brilliant command of finance, Whuh. Please, enlighten us.
I’ll say it again: Never encountered anyone with a shallower understanding of finance/economics relative to their self-confidence than Dave. We’ve gotten the borough we deserve: $5 million houses sold to Wall Street barons, high unemployment, crushing public debt, and a generally shrinking economy. How DIBS can celebrate this is beyond comprehension.
Shortsightedness and greed at the C level?
Posted by: DitmasSnark at March 3, 2010 1:10 PM
Probably sensible long term vision after being under the thumb of the unions for 60 years.
> The stock market rally last year was only the tip of the iceberg…
Would the rest of the real economy be the Titanic steaming towards that iceberg?
> I wonder what drove the industry offshore for manufacturing???
Shortsightedness and greed at the C level?
AIG is actually hiring. Your TARP money at work, right stevie???????????