Comments on: Has Wall Street escaped job losses? http://blogs.reuters.com/felix-salmon/2010/05/19/has-wall-street-escaped-job-losses/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: ameyer http://blogs.reuters.com/felix-salmon/2010/05/19/has-wall-street-escaped-job-losses/comment-page-1/#comment-14992 Wed, 19 May 2010 19:25:21 +0000 http://blogs.reuters.com/felix-salmon/?p=3913#comment-14992 Another reason maybe that some of the people laid off from financial services firms were given 1 year packages. That happened to two people I know. I wonder if they show up as still being on their books?

]]>
By: HBC http://blogs.reuters.com/felix-salmon/2010/05/19/has-wall-street-escaped-job-losses/comment-page-1/#comment-14988 Wed, 19 May 2010 17:39:03 +0000 http://blogs.reuters.com/felix-salmon/?p=3913#comment-14988 Prima facie, what the chart seems to be saying is there’s been less risk of losing a job in which you push IOUs around in a big blurry circle all day than if your job involved actually doing, or trying to do, anything more practical.

For it to mean much more than this, if more to say there is, one would need to visualize fluctuation ballistics which are, as I think you’ve already pointed out, notably absent.

]]>
By: Sad_Oligarch http://blogs.reuters.com/felix-salmon/2010/05/19/has-wall-street-escaped-job-losses/comment-page-1/#comment-14982 Wed, 19 May 2010 16:10:20 +0000 http://blogs.reuters.com/felix-salmon/?p=3913#comment-14982 My goodness, what a lazy post. We don’t read you for your idle mindless chatter Felix.

The bailouts of 2008 and 2009 (which continue to exist in various forms in 2010) were a giant jobs-saving stimulus for Wall St and the rest of its padres in the FIRE complex. If you were Obama and the Congress, which jobs would you go out of the way to save first? The high-income, well educated, Type As in the FIRE world or the low-wage, barely literate, barely sentient debt-slaves? You piss off one group and you have thousands of well-written letters to the editors and lots of campaign checks for the others guys (because a laid off FIRE person on average still has a lot of net-worth over the sheetrocker who can’t find any more subdivisions to build).

Wall St took a big hit to its securitization and private equity arms, but that is mostly where the jobs were lost. But the bubble-blowing of the Fed and Treasury and Congress’s continued blowjobs to the housing industry has kept financial services very busy (those REITs doing equity offerings and all those home closings require lots of staffing of i-bankers and escrow agents).

You don’t need more disaggregation, you just need to stop being so lazy.

]]>