New York Faces Dramatic Consequences of Crisis

The global financial crisis began in Manhattan, and its effects are being felt far more strongly there than elsewhere. Mayor Michael Bloomberg says the situation is critical. Millions are fighting to keep their jobs. Is what is happening in New York today a harbinger of the fate of the rest of the world?

They still remember how things used to be. That's part of the problem. New York's heroes, the men and women who only yesterday considered themselves the knights and conquerors of Manhattan, remember all too well what New York was like in the 1970s -- the era before seven-figure salaries came to the Big Apple.


They remember -- and they see the signs. That's why they're afraid.

Cathy used to be a banker. Today she is homeless and living in Tompkins Square. She thinks about the heroin and the stench. In the 1970s, Cathy had a small apartment not far from here on Orchard Street. It was broken into three times. She remembers the burning cars and broken glass, the plumes of smoke and the cops who shouted "# you!" every time they lashed out.

www.spiegel.de...

So what happened to the "recoveries of jobs"? instead millionaires, and billionaires were bought of, to Socialize GM meanwhile millions of Americans lost their jobs.

What happened to the claims that "we are seeing a recovery"? Are you seeing a recovery? I am certainly not, and this spells only bad news for Americans, and to everyone else as well.

[edit on 12-11-2009 by ElectricUniverse]

Hey, Im not sure if any of you have heard of the new Pew Center report which says 10 states are near bankruptcy. They are: Florida, Illinois, Michigan, Arizona, Nevada, New Jersey, Oregon, Rhode Island, California, and Wisconsin.

Nobody is doing good but these states are going to be the first to possibly go bankrupt starting a never ending snowball of collapse.

The Christian Science Monitor summarized the challenges:

• Unbalanced economies. States that depend on a particular industry or two, such as automobiles or home construction, can be at greater risk in recession.
  
• Budgets out of kilter. The recession puts almost all states in a bind, but California, Illinois, Michigan, New Jersey, Rhode Island, and Wisconsin have a history of persistent shortfalls, the study said.
  
• Limited ability to act. In Arizona, California, Florida, Nevada and Oregon, the ability to raise taxes or cut spending is limited by their state constitutions, ballot measures passed by voters, or other legal impediments, the Pew researchers found.
  
• Putting off decisions. The study said that lawmakers "punted" responsibility in California, Illinois, and New Jersey. They passed responsibility to state voters or governors to make tough calls, or used borrowing or accounting methods to put off tough budget decisions.
  

"Punting" was the speciality of disgraced former Governor Rod Blagojevich of Illinois and his enablers. Remember that in 2010. New Jersey voters already sent their message.

The troubled 10 states comprise one-third of the nation's population.

Link to the full story!

So basically we are all doomed, but have been for so long that were used to it. That's why we are just talking about it and not doing anything. Though I would be the first to man the lines.



mod edit, fix quote tags

[edit on Thu Nov 12 2009 by DontTreadOnMe]

reply to post by chrisrand


You can add NY to the list:

New York State may run out of money before Christmas.
wcbstv.com...

But the guy on TV says the economy is ok now. Everything is back to normal. So I am not worried.

I know we are broke here in the UK and just getting by... the family silver and gold has already been sold.. but are you really still in that much trouble in the US?

I could really care less about Manhattan. That place is like London. It's so far removed from reality and the average America. I say let the place crash! Bunch of rich snobby elitist scum for the most part who inhabit that planet.

reply to post by Zosynspiracy


Yea nut the big problem is that NY relied on those S.O.B.'s to pay the bills. Industry in NY is almost non-existent. Wall Street, Government jobs and fast food jobs are about all we have got. G.E. left NY because they were taxed to death, all to support nanny state programs! Throwing money at the banks has done squat to deal with the real reason the economy is going to hell!

NY is suffering because a large chunk of our taxes come from wall street profits and salaries and they suffered a hit last year.

this year is going to be tough but the money should be pouring in thanks to the record bonuses so all should be ok here.

The markets here are never in sync with the rest of the world. They either lead or lag. The real estate market is a prime example of this.