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
no, i do agree with you about innovation. but as someone else mentioned the finance industry seems to only go about shady innovation (must like prostitutes these days lol)
*rob*
joe, I’ve built up my front parapet so that I can shoot and pour tar from there .
To be or not to be – that is the question:
Whether ’tis nobler in the mind to suffer
The slings and arrows of outrageous fortune,
Or to take arms against a sea of troubles
And, by opposing, end them.
rob, only pointing out that unless an industry innovates, it dies. There are many innovative industries, technology being the best example, where the US is still the most innovative.
I can speak more about innovation in technology and focus less on innovation in finance if it makes you feel any better.
wtf? you better built a moat around your house if things get much worse!
——
haha. try doing that in an attached house!
The only business hiring are finance and banks…..
I have worked in Music where our industry has consistently suffered year after year. I have survived 10 years of lay-offs
Posted by: gemini10 at March 3, 2010 10:47 AM
Gem, you have it pretty wrong. Banks and Finance are still laying off people and some ARE hiring but far less than laying off. My industry, consumer products have been suffering for a while but not due to economy. In particular sector, we are just being phased out by electronic toys and can’t revamp ourselves fast enough. Having said that, we layed off a LOT of middle management with fat salaries but still hiring loads of people on lower level (actually increased our headcount over past 2 years). Insurance industry is hiring. Clothing industry is hiring.
Some companies just couldn’t withstand the lower sales for past 2 years and ended up closing (I am talking about small businesses) but those that had reserves, seem to come out even stronger now.
As DIBS said, Music industry got killed by internet and illegal downloads, not economy. Why would you buy a $13 CD now if you can get it for free? Yes, stealing is wrong but I am not arguing ethics here, just reality.
DIBS, your hubris with the finance industry is very sickening to a lot of people, you almost seem to bask in the fact that other industries are hurting. wtf? you better built a moat around your house if things get much worse!
*rob*
“gemini, not to slight your industry but finance reinvents itself with new product every year. The music & publishing industries cant get out of the way of the internet and cheaper and cheaper delivery.”
Dibs – you are certainly right about music. our industry saw downloading as the devil and did nothing about it until Steve jobs changed the game and now we are at his beck and call.
I am not upset at all. It is not what people say but says it. Lets see Bernanke said out economey would not be effected by the housing crisis. Tim Gietner says our economy is in a strong economic recovery. DIBS says the housing market has bottomed in NYC. Boy am I glad to get all the facts from honest people who know what they are talking about.
And I won’t go trumpeting about my mad grammar skillz, either…