Unbelievable..
Merrill. Gone. Lehman. As good as Gone.
What will happen to Merrill’s 60,000 employees or Lehman’s 25,000 employees, the NYT asks, remains unclear. What will happen to NYC's economy? Umm, what do you think? What is the initial human reaction to loss? Denial. Get over your denial and think about it.
Previously, in March. Bear Sterns. Gone. Since March, hedge funds returns. Gone.
Over the past couple of years NYC real estate continued to appreciate, even as real estate around the country headed south. It was a little puzzling, but now it's becoming apparent why? Unsubstantiated salaries and bonuses in the financial industry.
What's going to fuel the NYC economy, now that the financial industry has collapsed?
I'd say a lot of people from Brooklyn will be moving back to Manhattan in the near future. 100s of thousands of employee's have watched their life investments in financial firms like Bear Sterns, Lehman Brothers, and Merrill Lynch evaporate, as well as their salaries.
The Fed is the only one that can be blamed. They are the "regulator" of last resort, in theory. Yes, Wall Street is greedy, we all know that, that's why they need a regulator.
The stock market going to go down tomorrow. And I can't imaging this entire financial crisis not trickling through the rest of the economy.
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