Manhattan bracing for financial sector job losses, slow real estate

New York is accustomed to job losses on Wall Street. They come with just about every economic slump, and their impact is felt throughout the city.

But now, as the city braces for a big contraction in the financial sector as a result of the credit crisis and the collapse of Bear Stearns, the fallout could be worse than in the past.

The New York economy is more dependent than ever on high Wall Street incomes, which have jumped by more than half since 2001, to an average of $387,000, according to the city comptroller’s office.

Last year, the finance industry was responsible for nearly a third of all wages earned in the city, the highest in modern times. And each Wall Street job supports three workers in other sectors.

more at: http://www.nytimes.com/2008/03/24/business/24jobs.html

work with Schumer on fixing the mortgage problem.

If she can't she is worthless as a Senator and deserves to be replaced.

getting rid of bankers, wall street, appraisers, and anyone else who jacked up the prices and gave out irresponsible loans

http://www.reuters.com/article/politicsNews/idUSN2430663920080324

WHITE PLAINS, New York (Reuters) - Former Federal Reserve Chairman Alan Greenspan and other economic experts should determine whether the U.S. government needs to buy up homes to stem the country's housing crisis, Democratic presidential candidate Hillary Clinton will propose on Monday.

According to a Reuters article, two key parts of Clinton's plan are:

1. Set up a working group on foreclosures to plan restructuring of at-risk mortgages. Clinton suggested that this group be headed by Alan Greenspan, Paul Volker, and Robert Rubin.

2. She would introduce legislation to provide legal protection for mortgage servicers from law suits.

What is wrong with this plan?

For starters, the policies of the three guys she wants to lead the bailout are the reason we have this problem in the first place. Greenspan, especially, is the architect of the Ponzi schemes that brought us the stock market fraud (such as Enron) and the housing bubble with its mortgage meltdown. Greenspan's keeping interest rates artificially low and allowing the banks to run riot when he headed the Fed are a significant part of the scheme to loot America.

A second key element of her plan, to pass legislation to prevent lawsuits against mortgage servicers, sounds a lot, in its intent, like the legislation Bush wants to pass to provide retroactive immunity to the telecomms for their illegal spying on Americans.

Summary of Clinton plan: Put the foxes in charge of the hen house and provide protection for the thieves.

link:

http://www.reuters.com/article/politicsNews/idUSN2433247520080324?virtualBrandChannel=10112&sp=true