Bank of America to Buy Merrill Lynch for $50 Billion http://www.cnbc.com/id/26708319 Now, can we all come to an agreement that the Manhattan real estate party is over? Does LICC - Gnatster - still insist that Manhattan real estate always appreciates 9% per year over 40 years? Is petrfitz still willing to rent out "his" (fictitious) apartment buildings to people paying 50% of their income in rent?... [more]
Bank of America to Buy Merrill Lynch for $50 Billion
http://www.cnbc.com/id/26708319
Now, can we all come to an agreement that the Manhattan real estate party is over? Does LICC - Gnatster - still insist that Manhattan real estate always appreciates 9% per year over 40 years? Is petrfitz still willing to rent out "his" (fictitious) apartment buildings to people paying 50% of their income in rent? spunky, is it better to buy or to rent?
Bloomberg canceled a trip to California to talk to regulators and others about the seriousness of the job losses. This is more than devastating. People have long scoffed at my prediction of a 50% drop in Manhattan real estate.
Who, pray tell, is left to buy these massively expensive condo flips and new development? Where are they going to get the income, and the credit?
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Response by LP1
almost 18 years ago
Posts: 242
Member since: Feb 2008
and think about the loss of tax revenue for NYC, & what impact that will have to the living environment here. I've been here through Bloomberg, Guiliani, Dinkins and Koch and have come to realize that there's a tightly calibrated instrument here keeping crime down.
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Response by stevejhx
almost 18 years ago
Posts: 12656
Member since: Feb 2008
Despite the personal pain of those involved (me too - I've taken a beating on the stock market!) New York City will get through this a better place to live, that is, a more affordable place to live. The city may, however, have to rethink its socialist experiment where the wealthiest county in the country - New York County - sits astride one of the poorest - Bronx County. Generous welfare payments, overpaid teachers, a government that seems to exist only to exist, cannot continue, because it's no longer possible to continue to tax its wealthiest citizens.
The mayor’s biggest challenge: how to deal with thousands of likely layoffs over the next few weeks, and the resulting loss of tax revenue on personal income, corporate profits and real-estate transactions. If Lehman, which employees 25,000, files for bankruptcy, as expected, most of its employees could lose their jobs. And once Merrill is sold, to Bank of America, the new owner is expected to cut many workers to avoid overlap. Merrill employs 60,000.
Wall Street firms — and their wealthy employees — account for about one fourth of the city’s personal income and 10 percent of the taxes — so as Wall Street goes, so goes the city’s economy.
The city already expects budget deficits to balloon over the next several years — to $2 billion in 2010 and $5 billion in 2011 — as a
result of massive losses on Wall Street and the implosion of Bear Stearns earlier this year.
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Response by petrfitz
almost 18 years ago
Posts: 2533
Member since: Mar 2008
Steve it looks like your per word translating rate is going to plummet to about $0.05 to 0.07 per word.
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Response by stevejhx
almost 18 years ago
Posts: 12656
Member since: Feb 2008
"Click here to reveal it"
I just couldn't help myself!
No, Sneaky, I just raised my rate. My business comes from overseas litigation, and despite the market setbacks recently, most emerging markets are doing swimmingly.
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Response by petrfitz
almost 18 years ago
Posts: 2533
Member since: Mar 2008
oh Steve so Irish carpenters are increasing your personal economy. too funny the entire world collapses EXCEPT for Steve's world.
Oh yeah Steve I jsut raised my rents as all my apartsment are filled with the hipster kids paying out of their overseas trust funds.
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Response by stevejhx
almost 18 years ago
Posts: 12656
Member since: Feb 2008
"Ignoring comment by petrfitz."
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Response by gumball
almost 18 years ago
Posts: 39
Member since: Aug 2008
This isn't directed at stevejhx, but seriously... to rest of you guys laughing right now at the thousands of people losing their jobs on wall street: as much as I too enjoy watching other people's misery, if these guys at lehman or merrill can't find a job at another bank (which will be the case for many), they'll be coming after your jobs.
Remember that nerdy kid at your high school who was better than you at everything? Yup, he'll be coming after your white collar job if he can't find anything better. These people will do anything to succeed, and for better or for worse, that's bad news for everybody.
When wall street suffers main street suffers.
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Response by nyc10022
almost 18 years ago
Posts: 9868
Member since: Aug 2008
Wow, its getting harder and harder to be petrfitz every day. If 10% of his lies are true, he's getting HAMMERED...
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Response by tech_guy
almost 18 years ago
Posts: 967
Member since: Aug 2008
He's not getting hammered. Didn't you hear? He won the lottery, then flew to Vegas (in a private jet, of course) betting his ticket in roulette on 00, and won!
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Response by stevejhx
almost 18 years ago
Posts: 12656
Member since: Feb 2008
"they'll be coming after your jobs."
Well they'd better start studying languages because the learning curve is steep. I can learn what they do faster than they can learn to do what I do.
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Response by gumball
almost 18 years ago
Posts: 39
Member since: Aug 2008
Nah steve, you're safe man. I don't think they'll be going after the trolling-anonymous-internet-forums-all-day type of jobs! Although, one can never say never! ;-)
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Response by stevejhx
almost 18 years ago
Posts: 12656
Member since: Feb 2008
"I don't think they'll be going after the trolling-anonymous-internet-forums-all-day type of jobs!"
They haven't called you, yet?
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Response by gumball
almost 18 years ago
Posts: 39
Member since: Aug 2008
wow, didn't see that one coming (pft..)
3 minute response time, do you have this site on auto refresh or something? come on now, let's get real, me posting two or three times a week vs your... oh what, like a post per minute? get a job son! those burgers won't be flippin themselves ya know.
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Response by lowery
almost 18 years ago
Posts: 1415
Member since: Mar 2008
steve, don't they have good Portuguese/English translators in Brazil?
and think about the loss of tax revenue for NYC, & what impact that will have to the living environment here. I've been here through Bloomberg, Guiliani, Dinkins and Koch and have come to realize that there's a tightly calibrated instrument here keeping crime down.
Despite the personal pain of those involved (me too - I've taken a beating on the stock market!) New York City will get through this a better place to live, that is, a more affordable place to live. The city may, however, have to rethink its socialist experiment where the wealthiest county in the country - New York County - sits astride one of the poorest - Bronx County. Generous welfare payments, overpaid teachers, a government that seems to exist only to exist, cannot continue, because it's no longer possible to continue to tax its wealthiest citizens.
There aren't any.
Bloomberg and Aides Meet on Banking Crisis
http://cityroom.blogs.nytimes.com/2008/09/15/bloomberg-and-aides-meet-on-banking-crisis/
The mayor’s biggest challenge: how to deal with thousands of likely layoffs over the next few weeks, and the resulting loss of tax revenue on personal income, corporate profits and real-estate transactions. If Lehman, which employees 25,000, files for bankruptcy, as expected, most of its employees could lose their jobs. And once Merrill is sold, to Bank of America, the new owner is expected to cut many workers to avoid overlap. Merrill employs 60,000.
Wall Street firms — and their wealthy employees — account for about one fourth of the city’s personal income and 10 percent of the taxes — so as Wall Street goes, so goes the city’s economy.
The city already expects budget deficits to balloon over the next several years — to $2 billion in 2010 and $5 billion in 2011 — as a
result of massive losses on Wall Street and the implosion of Bear Stearns earlier this year.
Steve it looks like your per word translating rate is going to plummet to about $0.05 to 0.07 per word.
"Click here to reveal it"
I just couldn't help myself!
No, Sneaky, I just raised my rate. My business comes from overseas litigation, and despite the market setbacks recently, most emerging markets are doing swimmingly.
oh Steve so Irish carpenters are increasing your personal economy. too funny the entire world collapses EXCEPT for Steve's world.
Oh yeah Steve I jsut raised my rents as all my apartsment are filled with the hipster kids paying out of their overseas trust funds.
"Ignoring comment by petrfitz."
This isn't directed at stevejhx, but seriously... to rest of you guys laughing right now at the thousands of people losing their jobs on wall street: as much as I too enjoy watching other people's misery, if these guys at lehman or merrill can't find a job at another bank (which will be the case for many), they'll be coming after your jobs.
Remember that nerdy kid at your high school who was better than you at everything? Yup, he'll be coming after your white collar job if he can't find anything better. These people will do anything to succeed, and for better or for worse, that's bad news for everybody.
When wall street suffers main street suffers.
Wow, its getting harder and harder to be petrfitz every day. If 10% of his lies are true, he's getting HAMMERED...
He's not getting hammered. Didn't you hear? He won the lottery, then flew to Vegas (in a private jet, of course) betting his ticket in roulette on 00, and won!
"they'll be coming after your jobs."
Well they'd better start studying languages because the learning curve is steep. I can learn what they do faster than they can learn to do what I do.
Nah steve, you're safe man. I don't think they'll be going after the trolling-anonymous-internet-forums-all-day type of jobs! Although, one can never say never! ;-)
"I don't think they'll be going after the trolling-anonymous-internet-forums-all-day type of jobs!"
They haven't called you, yet?
wow, didn't see that one coming (pft..)
3 minute response time, do you have this site on auto refresh or something? come on now, let's get real, me posting two or three times a week vs your... oh what, like a post per minute? get a job son! those burgers won't be flippin themselves ya know.
steve, don't they have good Portuguese/English translators in Brazil?