For those who don’t know Meredith Whitney:
Whitney is a prominent banking analyst and frequent contributor to CNBC, Fox Business, and Bloomberg News programs.
Based in New York City, Whitney manages her own advisory firm, Meredith Whitney Advisory Group LLC, where she produces company-specific equity research on financial institutions and analyzes the sector’s operating environment. She was formerly a managing director at Oppenheimer & Co.
P!
So Wall Street, feeling any buyer’s remorse about Obama yet?
So big business, feeling any buyer’s remorse about supporting Obama yet?
Were you all not paying attention to what Obama told Joe the plumber?
Stupid is as stupid does.
There’s definitely a lot of 401k money that used to be in the market, is not now in the market, and will never will return to the market. It’s been spent keeping the mortgage above water and holding down Junior’s still-mounting school debt.
80,000 high-paying jobs? I wonder what the tax hit will be for NYC.
In some firms at least HFT computers are replacing people. The computer can trade better and faster. Plus retail customers are abandoning Wall Street and the stock market. They see it as a sucker’s game. So less personnel needed to take care of these ex-customers
The proof of this has been around all summer. The Scott trade commercials featuring the stockbroker on the job but out of work illustrate the impact of the online firms soaking up the business.
Global securities firms, facing slowing revenue growth, will cut about 80,000 jobs, or 10% of current head count,It's a shame that it's going to be the peons on the bottom of the totem pole who get the axe, and not the parasites at the top.
...just as a side note...Maria Bartroromo recently celebrated her 15th anniversary on CNBC...you’ll remember her as the origional ‘money honey’ reporting live from the floor of the NYSE...they showed film footage of her early broadcasts, and the trading floor was so busy and crowded she practically got knocked down...then they compared that to today’s floor...practically empty by comparison...the reason is that so much business is trans-acted by computer...so many of those jobs at the exchange floor have simply been eliminated by technology.
Good. Load the NyLon Quislings into a cattleboat and let them row back across the pond where they belong.
In the meantime, Americans should focus upon reforming this Republic in order that The Law delivers swift and effective punishment upon any merchant who engages in fraudulent commerce.
Hos 12:7-9
7 The merchant uses dishonest scales;
he loves to defraud.
8 Ephraim boasts,
"I am very rich; I have become wealthy.
With all my wealth they will not find in me
any iniquity or sin."9 "I am the Lord your God,
[who brought you] out of Egypt;
I will make you live in tents again...
NIV
A Republic is a system, of governance characterized by the Rule of Law; when the Law fails the Republic fails. And when the Republic fails, government OF, BY, and FOR the People, FAILS.