Wall Street crisis threatens 225,000 New York jobs: Official

[OhioChick]

Source: Times of India

25 Nov 2008, 0604 hrs IST, AFP

NEW YORK: As many as 225,000 jobs could be lost in New York city and state due to the Wall Street crisis, state comptroller Thomas DiNapoli has
said.

"Total private sector job losses during this two-year period could reach 225,000 in New York state, including 175,000 in New York city," DiNapoli said in a report on the crisis on Monday.

The report, covering the period October 2007 to October 2009, warned that "job losses could be even greater if the downturn is longer and deeper than currently forecast."

The report underlines alarming budget shortfalls facing both New York city mayor Michael Bloomberg and state governor David Paterson.

DiNapoli said that both city and state rely so heavily on Wall Street for tax revenues that they might need "federal assistance to navigate these uncharted waters."

The report predicts 48,000 job cuts in New York city's financial services sector, 38,000 of them in the securities industry.

The finance sector is so central to the area's economy that every Wall Street job supports two additional jobs in other fields in the city and another 1.3 elsewhere in the state.


Read more: http://timesofindia.indiatimes.com/Business/Wall_St_crisis_threatens_225L_NY_jobs/articleshow/3753640.cms

[MichiganVote]

1. Big fucking deal. Let the auto companies fail and watch the millions of jobs lost.

[OhioChick]

2. Agreed,

Ohio has about a quarter of a million jobs within the auto industry.

[Muttocracy]

3. true - but not all those NY jobs are financial sector...

due to the lost tax revenue, state and local governments and state colleges are starting hiring freezes, cutting construction projects, laying off staff, etc. so there's a ripple effect.

[roguevalley]

8. there are also restaurants and other services that take care of these

people. awful and getting worse.

[MichiganVote]

16. And we don't know that in Michigan? We have the blueprint for you kiddo.

[Muttocracy]

18. I said nothing to claim it's worse here than MI. Kiddo? nt

[cliffordu]

9. Yep. I hope the wall street chumps that helped create all this mess

lose everything.

[Romulox]

14. Obama and Bush have $7 trillion to lob at the state of New York. They'll be fine.

[MichiganVote]

17. Paulson seems to have an alternative idea to that.

[xchrom]

4. recommend

[ksimons]

5. news keeping getting worse & worse

can't you imagine how bad all this news would be if we were staring at John McCain and Sarah Palin in front of us, telling us 'things are going to get better'.

talk about scary thoughts

[Bozita]

6. The Big 3 involve MILLIONS of jobs all over the country.

Top that, Wall Street!

[Waiting For Everyman]

7. But... but... we're all supposed to be in the "service economy".

No industry, no manufacturing, just all of us retraining into white collar jobs such as in banking, right? "How's that workin' out for us?"

[Demeter]

10. Wall St. Crimes Have Generated MOST of TODAY'S Unemployed

So what's a another 1/4% when we're already at 9.3% in Michigan?

[girl gone mad]

11. While I hope the workers find new employment..

I hope that most of these jobs never come back.

The IPO and merger mania, toggle bonds and covenant lite deals that paid interest with more debt, SIVs, CDOs, the lend to securitize model, all levered to the hilt...this system is dead and should never come back. Huge profits were made by executives selling this junk to pension plans and naive investors and now the taxpayers are forced to bail them all out. Good riddance to bad rubbish.

[Hubert Flottz]

12. Those Wall Street Jobs are all scabby non-union jobs anyway.

Do those Wall Street CEOs fly on corporate jets?

[Romulox]

13. Wall Street's labor costs are TOO HIGH. They will have to restructure their compensation packages.

[raccoon]

15. Maybe WalMart is hiring. nt