And the Globe says that a depression would be a good idea; being poor is your fault; the financial crisis is the fault of American consumer; Boston business benefits from financial failings; financial failures are a good thing; that endless work and insecurity are a good thing; that these are the best of times; that this bear market is just like any other; and that hunger is good business?
Sigh.
"State may lose 7,200 jobs in finance; Trouble projected to last through '09" by Ross Kerber, Globe Staff | October 30, 2008
The collapsing stock market and weakening economy will cost the Massachusetts financial services industry 7,200 jobs, or 4 percent of its workforce, through the end of 2009, according to a forecast by Moody's Economy.com.
Some of the state's largest employers are considering job cuts, including banks undergoing mergers and mutual fund firms whose assets have fallen with stock market declines.
Then what was the BAILOUT LOOT for?
Alan Clayton-Matthews, University of Massachusetts at Boston economist, noted that losses in the higher paying financial sector can ripple through the larger economy. Limousine services that rely heavily on the financial sector have already cut workers this year, for instance, and restaurants, and other service businesses may stand to lose, too.
Yeah, look at this!
The rich better do well, otherwise there will be NO JOBS to SERVICE THEM, huh?
Never mind that the first place they look are ILLEGALS!!
Of course, not everyone will be hurting:
The Economic Untouchables
The Boston Globe Worships the Wealthy Elite
Only U.S. Elite Need Apply
The Comfortable Class Above It All
On the other hand, Clayton-Matthews said many financial workers are highly educated and will have an easier time finding new work than lower-skilled workers. Also, he said, many of the financial jobs could come back quickly if the stock market recovers.
It's a RICHER'S WORLD, all right!
Earlier this week Boston mutual fund giant Fidelity Investments acknowledged it is studying cost-cutting efforts, but declined to comment on reports it may cut up to 4,000 jobs. And in May, student lending firm First Marblehead Corp., of Boston said it would lay off about 500 employees, or more than half its workforce, after the main market for its securities dried up.
Where is that BAILOUT LOOT to free up the liquidity, 'eh, college kid?
Also see: Banks Blackmail Colleges Over Bailout Bill
Darlene DeRemer, head of the Boston office of financial sector investment bank Grail Partners, expects the problems affecting investment banks in New York will ripple through the financial sector and hurt asset managers around the country. Investment managers get paid based on the value of their holdings, so as stock and bond returns fall, so does their income.
Already, several publicly traded mutual fund companies have seen their stock prices plummet on the expectation of declining profits. The stock of Janus Capital Group of Denver, for example is down 68 percent so far this year and the company last week said it would lay off more than 100 employees.
Yeah, boo-hoo-hoo for corporations!
Last week, Goldman Sachs Group said it would lay off 10 percent of its 32,500 employees. Chicago consulting firm Challenger Gray & Christmas Inc. counted 111,201 layoffs involving financial jobs disclosed so far this year.
But Goldman's will still get their share of BAILOUTS and BONUSES!!!!
John Challenger, the firm's founder, said that privately controlled financial firms, such as Fidelity, might be better able to resist job cuts since they don't have to respond to Wall Street pressures to always increase profits. --more--"
And THOSE SAME GUYS are the ones who DROVE us into the DITCH and are now LOOTING US!!!!
