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
> finance reinvents itself with new product every year
Given that “clever” financial innovations are what caused this mess in the first place, so I wouldn’t go trumpeting about how smart your industry is.
Don’t get me wrong – the economy will come back some year or decade. But not before it gest much worse.
The “recovery” call is absolutely absurd and irresponsible.
***Bid half off peak comps***
It’s not just “contrarian” or “false hope.”
The “Powers that Be” are contriving to reignite the housing bubble Ponzi scheme because they know what will happen if the housing market crashes to a level where buying versus renting makes any kind of rational sense: A lot of very rich folks would no longer be very rich.
The NY Times has obviously been infiltrated. Or maybe they’re the same writer cabal who pronounced Obama Man-God four billion times before the election, and got somebody with zero experience, track record, whatever you want to call it, elected President.
But I agree, he’s not a bad looking guy — at least compared to our past couple presidents.
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.
I’m not saying that the finance industry always does what’s right and doesn’t get itself in trouble but it does reinvent itself constantly.
A lot of lore on that topic, noki. Lot’s to suggest you may be right, but BHO’s temper is always under control and he(?) has a self-deprecating sense of humor sometimes. One would have to assume the what was more than a bit of an act to accept your notion as true. That’s why I backed away from this view although I think wasder still holds to it.
There’s a bit of a “they may be thieves but they are our thieves” quality to the topic of this post. Kind of like how many used to regard Tammany.
I don’t believe. My company is doing well, but that doesn’t mean everyone else is.
Also, why won’t these articles point out that financial sector jobs were shrinking in NYC long before the market collapsed? Why don’t they also emphasis the jobless recovery? A recovery with no job creation and lots of underemployment is bad news (at least in the short run).
I totally agree Rob
I think sometimes people who work in finance never really understand other industries. 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
Nokilissa – I found ‘Money As Debt’ before discussing it with The What. He told me about Part II. Are you able to argue against the concept of how dollars are created and destroyed, through lending and borrowing?
I won’t even get into all the manipulation by Obama/Fed and sanctioned off-balance sheet games by banks. Massive losses are being hidden from us.
I do a lot of reading. That’s why I suspected the DJIA would fall to 8,000, housing would crash and rents would deteriorate. When I called the recession months before it was official, I was ridiculed. Today, I’m calling the depression and I’m being ridiculed. Is it just a coincidence that The What reads what I read or is the truth out there for you to see, plain as day, if you bypass the mainstream sheepfeed and look for it?
***Bid half off peak comps***
all of our clients in advertising, publishing, etc.. have been hit HARD. things look very bleak for many people. all this phoney baloney talk about the economy coming back is total rhetoric and false hope.
*rob*