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
Reading comprehension, stevie!!!!
I said the rest, outside of AIG, that would mean the money goiven to all the others but would not include AIG.
The AIG money id gone. Besides, that’s about a weeks worth of treasury auctions. Time for you to move on and get some new material.
The garment industry shrinks every year. I cover this for a living. It’s growing in China.
But most of the rest has been repaid.
Posted by: daveinbedstuy at March 3, 2010 12:22 PM
The american people gave AIG $186 Billion dollars which were then divided up amongst wall street banks. Where is the $186 billion dollars today?
> Much of the money has already been repaid, with interest
Except for the billions that disappeared into AIG, which we will never see again…
Posted by: DitmasSnark at March 3, 2010 12:14 PM
But most of the rest has been repaid.
Much of the money has already been repaid, with interest, stevie.
Posted by: daveinbedstuy at March 3, 2010 12:06 PM
It is not just about TARP.
The Fed’s zero interest rate policy allows financial institutions to borrow at no cost to earn a higher yield (i.e. mint money) while the elderly and those on fixed income suffer greatly.
The guaranteeing of bank debts by the Fed and the FDIC allowed many banks to borrow money from the public markets with implicit government support. This is another example of socialized risks and privatized gains. If the assets that back the guaranteed debt go sour, the american people pick up the losses, while the gains go into obscene bonuses.
The quantitative easing program, which bought toxic mortgage bonds from reckless banks and gave them US treasuries in exchange, was done by tripling our monetary base and debasing our currency. It is a transfer of wealth from the rest of the country to the banks. (read: stealing)
The Fed and treasury’s complicity in allowing Goldman and other banks to get their back door bailout through AIG is nothing more than transfer of money from the american people to banks using AIG as a stopover conduit.
> Much of the money has already been repaid, with interest
Except for the billions that disappeared into AIG, which we will never see again…
bklnit @ 12:04: markets and economics are all about expectations. The fact that the article notes things will (likely) be better than previous expectations _is_ good news, not spin. Also, um, I don’t think brownstoner or anyone else was suggesting unemployment will go away immediately and homes will soon hit peak values…
be rude, you present too rational of an argument for the doomsayers.
They will cut-and-paste you to death!!! Not one of them ever presents any facts nor has an original thought.
Gem, Clothing industry is hiring. My very close friend sells paper in the Garment District for Pattern making and cutting. His business increased about 30-40% last year. For every designer that closes, about 10 new ones that set up shop. It has always been that way. You only read about the big ones but you don’t see behind the scenes of the industry. He had it tough at the end of ’08 since everyone was paranoid and designers weren’t putting out new Spring lines as extensively as before but when they saw that in ’09 the world wasn’t doomed, all of a sudden orders were going through the roof. He couldn’t fill them fast enough. He had about 2 trucks a week coming in to his warehouse where before he had 2 trucks a month. It went back to semi crazy now in ’10 but right after fashion week its always super crazy.
ps- I am in consumer products. Let’s just leave it at that.