Morgan Stanley to lay of 1,500

Irrational Pessimism is reaching all time highs

OLD NEWS...http://www.cnbc.com/id/23148512

No it's not old news. It was just increased and they will start this week and will possible be comlete by the end of June. I also know several other banks where a large number of slips are going out in the next day or two. Big money wallstreet jobs bet $200,000-4M

It's not old new, and Citigroup hasn't announced its regrouping yet. That'll be painful.

I agree that this is old news, or something we knew was going to happen, and that there is a lot of irrational pessimism out there.

The economy is getting better, and a rising tide will lift all boats, including those on Wall Street. It may take a little bit longer, and it doesn't mean there won't be some price contraction.

But no carnage, no crashes.

http://www.cnbc.com/id/24466017

Excellent post, will! the services sector! which are people who work in stores.

every wal*mart employee ought to be out buying million-dollar properties right now!

Will- Way to pollyannish. The bank lending survey came out at 2pm, and credit got even tighter for everyone in the last 3 months. No expansion of credit- no recovery.

will,

You must not work in finance. Apart from the 10K jobs to be cut at Bear Stearns, here's today's item re UBS cutting 8K jobs:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aK.m7ed.Hp0c&refer=home

I work in finance, and the mood is grim, not only at my firm, but from what my friends say at their firms. Purely anecdotal, but one was let go, another is actively looking, and neither works at one of the firms in the headlines these days.

i work in a hedge fund at one of these banks and the mood is as KISS says pretty grim. the 1500 applies to all areas of the bank and not only mortgages and was more than we expected.

Will, i dont think you work in finance but we are all pretty concerned. certainly does annoy me when i read posts like yours because people are losing their jobs. realistic rather than irrational, trust me.

Kiss and lupus1- I wish you guys the best of luck and hope you weather the storm. If you do don't forget your friends that don't make the cut. A little help goes a long way. Best of Luck it's getting ugly on the street.

Grim is understandable. I just think it is unfounded. There will be layoffs and my heart goes out to those people. The gloom and doom is unfounded and the contraction/layoffs should be much more shallow and short lived than you think. Most of these people will be back in comparable jobs before their unemployment runs out, if they want. Purely anecdotal. And I have crystal ball. Sorry to annoy.

Steve: "The service sector represents about 80 percent of U.S. economic activity, including businesses such as banks, airlines, hotels and restaurants." Probably also includes translators. I've heard some may even live in Manhattan, as overpriced as it is.