They're lucky they're just getting fired and weren't selected as fall guys in the event of any criminal prosecution.

Only a mere 2-3 years after engaging in blinding incompetence. Efficiency!

GOOD.

There have been almost 400,000 jobs to lose in the past 2 years? My god... how many people are employed at these places?

As an example, Boeing makes half the large commercial airplanes on the planet, military transport planes and helicopters, satellites, cargo rockets, and fighter jets (among other things) and they only have 165,000 employees. Total.

I read fark for the pics: GOOD.

Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

Abandon Wall Street.

Falcon Hunter: I read fark for the pics: GOOD.

Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

Good thing I have technical skills.

/Engineer.
//My boss is an engineer
//So is his boss.
///After that, I am pretty sure it is turtles all the way up.

Don't let the door hit you in the ass on the way out!

Falcon Hunter: I read fark for the pics: GOOD.

Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

Or when the tax revenue received from 200,000 good-paying jobs disappears. How many fewer social workers and teachers will be supported by the diminished tax base?

Ecliptic: There have been almost 400,000 jobs to lose in the past 2 years? My god... how many people are employed at these places?

As an example, Boeing makes half the large commercial airplanes on the planet, military transport planes and helicopters, satellites, cargo rockets, and fighter jets (among other things) and they only have 165,000 employees. Total.

You see, Boeing is only one company, while there is more than one finance company on Wall St. Ergo, it is possible for many companies to have, in total, more jobs than one company in a completely different industry, in a completely different part of the country. Let me know if you need me to draw you a diagram.

Debeo Summa Credo: Falcon Hunter: I read fark for the pics: GOOD.

Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

Or when the tax revenue received from 200,000 good-paying jobs disappears. How many fewer social workers and teachers will be supported by the diminished tax base?

Or maybe we should have never relied on people who do not produce a good or service. These people make money off of money. Nothing more. Real wealth is created by labor.

It's kind of hard to feel bad for the employees of MF Global losing their jobs, considering that a couple of stories down from this one there's a story about MF Global stealing $1.2 billion from customers' accounts.

ThatGuyGreg: [weknowmemes.com image 600x461]

Came here to make sure that was here.

Falcon Hunter: Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

Why would that bother me? If I can't get a job at Pizza Hut, neither can they.

Two weeks ago my company laid off some people, not just bankers but people from other departments. Then this week they laid off at least four IT guys. So it's not just bankers and research people being laid off, but support people as well.

Falcon Hunter: I read fark for the pics: GOOD.

Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

And with such a sterling record of success and competency.

Yeah, I'll be OK. Thanks.

FarkedOver: Debeo Summa Credo: Falcon Hunter: I read fark for the pics: GOOD.

Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

Or when the tax revenue received from 200,000 good-paying jobs disappears. How many fewer social workers and teachers will be supported by the diminished tax base?

Or maybe we should have never relied on people who do not produce a good or service. These people make money off of money. Nothing more. Real wealth is created by labor.

Totally irrelevant to my question, but whatever.

ThatGuyGreg: Debeo Summa Credo: Or when the tax revenue received from 200,000 good-paying jobs disappears. How many fewer social workers and teachers will be supported by the diminished tax base?

That already happened... just ask Bloomberg.

Sure it did. But it will happen to an even greater extent as the full decline in tax revenues related to the shrinking of wall street impacts NYC's budget.

This is exactly what we should have done last time. Maybe we learned our lesson about bailing out these fraudulent companies?

Falcon Hunter: Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

Assuming facts not in evidence.

Falcon Hunter: Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

Well then, thank god I don't work in any of those fields.

Most of 'em are boned anyway - you can't be an investment banker if no one is investing. Their entire field shrunk just like the rest of the economy. A lot of those people won't ever work again.

Falcon Hunter: Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

And their resumes are all toxic to potential employers, unless they cover up the fact that they spent years working for a financial firm that collapsed in disgrace.

I hope they put some of their six- and seven-figure salaries into a nest egg, because for a lot of them this means early retirement or a forcible start of a second, entirely different career.

I don't feel shadenfreude here, I just feel hope that America's finally correcting itself by breaking free from the financial industry parasite.

Falcon Hunter: Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

Ha.

I can MIG or TIG weld aluminum, stainless and galvanized steel.

I can arc weld structural steel, pressurized pipe and the above mentioned aluminum, stainless and galvanized.

I can carbon arc, braze and solder and I could frkkin cut the Golden Gate bridge in half with a gas axe.

I can layout, fabricate and install huge complicated HVAC fittings that you could drive an SUV through.

I can read and interpret modern complicated construction blueprints for hospitals, office towers and shopping centers.

I'm not too worried about those cubicle monkeys competing with me for work.

/parasites
//the schadenfreude promises to be quite satisfying actually

Debeo Summa Credo: How many fewer social workers and teachers will be supported by the diminished tax base?

That doesn't mesh with the narrative that these social workers and teachers were paid exorbitant salaries on China-owned debt. Smaller tax base AND smaller government? Grover Norquist is jizzing his pants as he dances in the streets.

Honestly, 200k is a farking paper cut on top of the broken femur that is 8 million jobs lost already. This is an anti-Wall Street parade you're just not gonna succeed in raining on. Since they didn't help us, they can suffer with us. Misery loves company and all.

Falcon Hunter: I read fark for the pics: GOOD.

Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

I don't see a bunch of guys who were part of a giant financial debacle getting the clearance required to do the kind of jobs I can get.

schadenfreude. i'm not ashamed to feel it.

Yep welcome to the future Downstate-rs. That's going to snow ball. You going to have small communities of the very wealthy and vast stretches of despair. Love Upstate.

Let's play a buzzphrase drinking game with this article?

"the industry is undergoing...a paradigm shift."

""spiel" about inherent talent leading to new work"

"once-in-a-generation challenge"

"this level of dislocation"

"figuring out what the landscape is"

"integrity and honesty are the single most important ingredients to success"

And nww im farkd.. good nite fark

dragonchild: Debeo Summa Credo: How many fewer social workers and teachers will be supported by the diminished tax base?

That doesn't mesh with the narrative that these social workers and teachers were paid exorbitant salaries on China-owned debt. Smaller tax base AND smaller government? Grover Norquist is jizzing his pants as he dances in the streets.

Honestly, 200k is a farking paper cut on top of the broken femur that is 8 million jobs lost already. This is an anti-Wall Street parade you're just not gonna succeed in raining on. Since they didn't help us, they can suffer with us. Misery loves company and all.

I'm not going to succeed in raining on it because the OWS parade-goers are financial and economic illiterates who are more interested in scapegoating than understanding the causes of the bubble and the recession.

But the point of my earlier posts in this thread is that the loss of wall street jobs will cost new york and other financial centers alot of tax revenue that will force more cuts to OWS labor supported jobs such as teacher, social worker, or firefighter.

So when bloomberg or NYC had to make more cuts, don't complain about wall street - you were cheering for the shrinkage of the financial industry that lad to the cuts.

Yeah man, the blue-state, inner city model is breaking before our eyes. We'll have to do something else. But let's get honest here: Wall Street is a problem. On a PPP basis, New York City is the POOREST city in America. Why? B/c on Wall Street a big mac costs something like 20 dollars. They're the reason people on the lower end of the spectrum can't get by on minimum wage, the reason for the need for social programs on a scale that those cities have them. So while some problems are going to be caused by this "shifting of resources", others are going to be solved.

Not for nothing $20 is an exaggeration. I can buy a decent take out lunch from a deli or a pizza shop downtown for $8, which I'll grant is still expensive relative to every other place in the US. Admittedly I'm not going to the expensive places either.

And although I understand the high cost of living make the nominal wages received by everyone worth less on a real basis, the high salaries that contribute to the high cost of living should generate taxable income high enough to pay for the social expenditure necessary. It's like if the dollar immediately devalued by 50% affecting all prices and wages, everything would cost twice as much but everyone would get twice as much in salary, and tax revenues would double, allowing the govt to fund its now double cost of all social services. Cost of living shouldn't affect the budget if it affects both costs and tax revenues.

But in NYC, for some reason there is a need for even higher taxes. There is a local (in addition to state) income tax of 3.5%. Nowhere else in the country has anything close to this (I think Yonkers NY and chicago might have a lower local income tax). This higher tax base and rate goes to subsidize the relatively generous social services poor and middle class NYers receive. I'm not arguing against that system but I will argue that it exists. Wall Street shrinking reduces those revenues, reducing the services that will be available to the poor and middle class. So all the NYC and NYS OWS-ers who are cheering for the decline of wall street might end up wishing it hadn't come to pass if it costs them their teaching job or the social services their child receives.

/also not for nothing, contributing to this is the unfair allocation of social spending resulting from marginal tax rates not being adjusted for cost of living. Someone in Iowa making $100k per year is alot better off than someone in NYC making $100k, and should pay higher taxes. This is a primary cause for the blue state/red state taxes paid to govt spending received differential and a cause of the higher local taxes necessary in rich blue states to replace the revenues siphoned off by the red states.

Plus, Wall Street long ago stopped what it was supposed to be doing, efficiently allocating capital, and starting allocating capital for its own gain. When they started doing that, they broke the contract and their days were numbered. There's a place for a Wall Street of a certain size, and of course there's human tragedy in all of this, but this reorganization (of the US economy) absolutely had to happen.

Some parts of wall street did that. By and large Wall Street is still doing the asset allocation function that is necessary for a growing and productive society, despite what the neo-Marxists argue. I'll not argue that wall street outgrew it's benefit to society and that this shrinking is appropriate and rational (and permanent). But my point again was that the shrinkage cheered by the anti-wall street brigade is going to bite the working class when cities and states have to cut programs because of it.

Falcon Hunter: I read fark for the pics: GOOD.

Perhaps your schadenfreude will be short lived when you realize that 200,000 highly qualified management, financial, accounting, marketing and sales people just became unemployed in the same market that you're in.

None of which affect my current career.