As Profits Wane, Wall Street Braces for New Layoffs

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#1 Thu, Jun 16, 2011 - 11:13pm
Shill
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As Profits Wane, Wall Street Braces for New Layoffs

Everyone together on three. One, Two, Three: Aw, too bad.

As Profits Wane, Wall Street Braces for New Layoffs - NYTimes.com

The cutback plans are emerging even as Wall Street firms have mostly recovered from the financial crisis and are reporting substantial profits again. But those profits are not as big as they were before the crisis, and it is expected that in the coming months it will be even more difficult for firms to make money. Worries about debt in Europe and the shape that the Dodd-Frank financial overhaul rules will ultimately take, combined with the usual summer doldrums, are prompting banks to act.

Edited by: Shill on Nov 8, 2014 - 5:07am
Fri, Jun 17, 2011 - 1:20am
TheGoodDoctor
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Shill, that just means main

Shill, that just means main street will get back up over 700k a week for new folks on unemployment for the first time. Not good. It's been 10 weeks over 400k according to ZH.

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.” Norm Franz
Fri, Jun 17, 2011 - 3:32am
prana
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Become a Farmer

Jim Rogers has been saying for years, that farmers will be driving the Ferrari's while ex-bankers will be driving taxis for a living.

These job cuts should come as no surprise. As economies shrink, as yields fall, it's inevitable that the banking industry (as we know it) will shrink accordingly. Time for banks to return to their original purpose anyway, to finance businesses like manufacturing, agriculture etc and not mess around with CDO's, manipulate markets to make investment profits etc.

Now where did I park my tractor...? 

Fri, Jun 17, 2011 - 7:58am
Citizen621
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Hot off the wire...

JP Morgue announces they will lay off 25 congressmen!!!

;-)

Fri, Jun 17, 2011 - 6:04pm (Reply to #3)
TheGoodDoctor
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RE: Become a Farmer

I love listening to Jim Rogers rants. I have a couple of friends whose families farm and I have told them this quote and they think I am crazy. But then they come back and say, "Hey, told my brother about that Ferrari quote from that Jim Rogers guy." I think they are listening to some of the other macro stuff I discuss with them. As a matter of fact, just the other night I sent a video link of Rogers to a friend so that he could send it to his Dad.

I am concerned though about Rogers comments about farmers aging in this country with no younger folks in the pipeline to take over in the future. That part of the equation is scary.

I have yet to read his books, but I want to read them all.

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.” Norm Franz

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