Wall St. job losses not quite adding up

No doubt. The biggest complaints on "Main Street" are the lack of available credit. Businesses need financing and credit and need Wall Street. Could you imagine if you were a farmer or a fisherman and couldn't get a loan for a tractor or for working capital between prime seasons or if you were a fisherman who couldn't buy equipment or refurbish your boat because no credit was available? That would be a shame for the entire economy.

Of course not, rr1, the government of GS is doing everything they can to funnel money, everyone's money, to wall street.

sounds good..maybe we can make it through this summer without and disasters and maybe things will get a bit better

The article notes the cause... severance. Those folks are still noted on payroll.

Stop me if I'm wrong but, that's a tiny punishment (time wise) for such a intense crime. Could that be all the suffering that this town has to take? Couple of months of nail biteing followed by a well deserved trip to the Mall for a shopathon...that's it?

where's the fire and brimstone? Red dudes with pitch forks poking us? I experience a greater horror wreaking the family auto in 1979 at the hands of my father.

Could this be all their is?
where's that other leg thing?
Good times a sunshine to follow?

"Wall Street job losses are significantly less than predicted, at least so far."

This is BAD news for the SE bears who were hoping everyone on Wall St. would lose their job so that they can buy at 70% discounts.

falco, just another thing they are kicking down the road, for whatever reason. with the u6 to hit 20% by the end of the year, they'll be lucky if the people don't go long pitchforks.

there is a possibility that they'll be able to reflate us out of this, but then we'll just see it come back to bite us in the ass in a year or so. you can't get rid of massive amounts of excessive debt with no consequences. what those will show up as, time will tell.

does anyone look at the early 1980's recession charts? I know people generally don't use them in comparison to this one, because it was interest-rate induced to harness inflation, but the thing it does have in common with today is unemployment. and i think unemployment, given that it is measured much differently today, is much worse than our numbers would now indicate in a comparison to the early '80s.

The job losses are worse than they say here.

Layoffs are still continuing though at a slower pace than last year. However, no one is hiring this year. If your out of work there is nothing on the horizon and the college grads will be moving back home with Mom and Dad.

"This is BAD news for the SE bears who were hoping everyone on Wall St. would lose their job so that they can buy at 70% discounts. "

Here comes the strawman again....

This is the same guy who screamed and yelled we weren't down 20%...

Sour grapes, I guess.

"on a seasonally adjusted basis"

On a seasonally adjusted basis, it's as warm in December as it is in August.

Just FYI.

More spin.

I was hoping everyone lost there jobs...just until I move, then they got them all back at double the salaries and drove up property values drastically.

And I was hoping that everyone would get sick from the swine flu so that I can go to Europe for 75% off and when I get back everyone recovers.

Hmm, from the real estate point of view there are two things that are important:

how many people have jobs, and
how much they are paid.

This story doesn't discuss compensation at all. But we know that Wall Street comp has fallen off a cliff since mid-07.

I talk to a lot of Street folk in the course of my work and I can tell you that many many have had bonuses slashed and have no perks left.

So yeah, there are more people getting a base salary of $80k or $100k than we all thought there would be by now. But there are VASTLY FEWER PEOPLE getting large salaries, ie north of $200k or $250k.

Lots of employed folk bringing home less than $100k a year after taxes are not going to prop up 2007 bubble prices in this great city of ours. Repeat: take-home pay south of $100k will not support a mortgage of $5000k per month. It won't even support a mortgage of $3000k per month.

oops too many "ks"in there. I meant a mortgage of $5000 or of $3000 per month. thanks.