QBN: Economics
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- utopian0
The economic crisis = tip of the iceberg
- utopian0
New York to lead US cities in job losses
NEW YORK – Only five metropolitan areas in the U.S. will escape job losses this year, according to a forecast released Saturday by the U.S. Conference of Mayors.
New York is expected to take the biggest hit as thousands of jobs are lost on Wall Street. Big financial firms are slashing workers as they cope with bad debt. Other companies have gone under, like Lehman Brothers Holdings Inc., which filed for bankruptcy in September.
The New York area is expected to lose 181,000 jobs in 2009, the report said. Consulting company IHS Global Insight produced the report for the group.
The Los Angeles area is expected to see 164,000 lost jobs, in part because of the huge drop in home prices that has punctured the California economy.After New York and Los Angeles, the Miami area is expected to see the greatest loss, with a decline of 85,000 jobs. Chicago and the surrounding area are next, with losses projected at 80,000.
Unemployment is expected to top 10 percent in 70 areas, from already hard-hit cities like Detroit and Cleveland to places that had until recently been prosperous like the Riverside-San Bernardino area in California. Other big cities like Denver and St. Louis are expected to see unemployment rise above 9 percent.
Ithaca, N.Y.; Fairbanks, Alaska; and St. George, Utah, are among the handful of the nation's 363 metropolitan areas expected to see employment remain flat or increase slightly.
- lowimpakt0
what's funny about it is all governements are giving the job of fixing the mess to the people who created the mess in the first place,
"We can't solve problems by using the same kind of thinking we used when we created them.
Albert Einstein"
- TheBIueOne0
"Royal Bank of Scotland was today on course for the biggest loss in UK corporate history after revealing it expected to write down as much as £20 billion on the falling value of its assets.
RBS said a review of past acquisitions, most notably its share of Dutch bank ABN Amro, would result in a hit of between £15 billion and £20 billion.
In addition, the bank said credit and market conditions in the fourth quarter of the year meant it achieved full-year losses of between £7 billion and £8 billion. The final haul will easily exceed the deficit of £15 billion reported by mobile phone group Vodafone in 2006.
Royal Bank of Scotland also said it had reached agreement with the Treasury to replace £5 billion of preference shares with new ordinary shares, effectively increasing the Government's stake in the bank."
- TheBIueOne0
Is the UK about to go tits up...
"We cannot even do what Iceland did to save its skin. Reykjavik refused to honour the foreign debts of its buccaneering banks. It let them default, parking the losses in Resolution Committees. Small islands can do that. Iceland has fish instead, and lots of metals.
Britain cannot follow suit. The debts are too big. If London takes such disastrous action it will set off global panic and lead to an asset death spiral, drawing the entire world into deep depression.
What have our leaders wrought? The reckless conduct of City, the fiscal incontinence of Gordon Brown (3pc deficit at the top of the cycle), and the pitiful regulation of the UK housing boom have all combined to bring the country to the brink of disaster.
England has not defaulted since the Middle Ages. There is a real risk it may do so now.
And no -- just so there is no misuderstanding -- it would not have been any better if Britain had joined the euro ten years ago. The bubble would have been just as bad, or worse, as Ireland and Spain can attest. We have our disaster. They have their disaster. When the dust has settled in five years we can make a proper judgement on the sterling-EMU issue. Not now.
The Baby Boomers have had their moment in power. The most spoilt generation in history has handled affairs with its characteristic hedonism. The results are coming in.
The blithering idiots."
- Maybe a good time to get out of the country?********
- ..or buy cans of spam...TheBIueOne
- Maybe a good time to get out of the country?
- ********12
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- Krop, now this?YakuZoku
- The word cloud and sentence that she says around 0:40 is amazing********
- LolYakuZoku
- One of the tightest sentences ever written********
- I'm convinced. Where do we send the money?Beeswax
- please contact the person who shared this video with you.********
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