Housing And Financial Sector Jobs Losses Up 85%

[Realistbear]

http://biz.yahoo.com/rb/070905/usa_economy...enger.html?.v=2

Reuters

Lay-offs surge 85 pct in Aug vs July: survey

Wednesday September 5, 8:03 am ET

NEW YORK (Reuters) - Planned U.S. lay-offs rocketed in August as the housing slowdown and subprime mortgage debacle led to record job cuts in the financial sector, an independent report showed on Wednesday.

Announced lay-offs

surged 85 percent

to 79,459 in August from 42,897 in July, according to Challenger, Gray & Christmas Inc, an employment consulting firm. August's job cuts were the highest since February, when they totaled 84,014.

Take places on stage: Peter, Paul and Mary. Cue lights. Cue sound: One and a two and a three:

Where have all the bonuses gone, long time passing.......

.........

I wonder how many jobs we will lose here for the same reasons? Gordon may soon have the other side of his boom.

Edited September 5, 2007 by Realistbear

[drminky]

http://uk.reuters.com/article/businessNews...me=businessNews

NovaStar survival at risk as First American cuts jobs

Tue Sep 4, 2007 11:26PM BST

By Jonathan Stempel

NEW YORK (Reuters) - New fallout from the U.S. housing slump hit mortgage and real estate companies on Tuesday as subprime lender NovaStar Financial Inc (NFI.N: Quote, Profile, Research) and title insurer First American Corp (FAF.N: Quote, Profile, Research) announced job cuts and NovaStar's auditor expressed doubt the company will survive.

Kansas City, Missouri-based NovaStar also said it will cut 275 of 400 retail lending jobs and 12 retail offices, and explore "strategic alternatives" for its servicing business, including a partnership with another company. It had stopped making home loans through brokers on August 17. NovaStar expects to employ 600 people overall after the cuts, down from 2,048 at year end. NovaStar shares fell 15.7 percent.

..another one bites the dust..

[wickywackywoo]

http://biz.yahoo.com/rb/070905/usa_economy...enger.html?.v=2

Reuters

Lay-offs surge 85 pct in Aug vs July: survey

Wednesday September 5, 8:03 am ET

NEW YORK (Reuters) - Planned U.S. lay-offs rocketed in August as the housing slowdown and subprime mortgage debacle led to record job cuts in the financial sector, an independent report showed on Wednesday.

Announced lay-offs

surged 85 percent

to 79,459 in August from 42,897 in July, according to Challenger, Gray & Christmas Inc, an employment consulting firm. August's job cuts were the highest since February, when they totaled 84,014.

Take places on stage: Peter, Paul and Mary. Cue lights. Cue sound: One and a two and a three:

Where have all the bonuses gone, long time passing.......

.........

I wonder how many jobs we will lose here for the same reasons? Gordon may soon have the other side of his boom.

Hurrah!

[nigwell]

Hurrah!

Hurrah?

Thousands lose their jobs. The tax take falls, less to support the poor, families lose their homes, spending falls so employment falls along with retail and manufacturing turnover and misery spreads.

Hurrah?

wickywackypoo.

[StoppedClock]

The wake of GC2?

Has it passed already?

That was an anticlimax!!

[The Colour]

Hurrah?

Thousands lose their jobs. The tax take falls, less to support the poor, families lose their homes, spending falls so employment falls along with retail and manufacturing turnover and misery spreads.

Hurrah?

wickywackypoo.

As has been said on this forum again and again, if you express joy at elements of the economy collapsing you are not celebrating in the demise of people jobs, people being slung out of their homes onto the streets, etc.

It may sound strange, but it is possible to celebrate something occuring, without celebrating the (obviously) heartbreaking events which follow in it's wake.

[THE BALD MAN]

Hurrah?

Thousands lose their jobs. The tax take falls, less to support the poor, families lose their homes, spending falls so employment falls along with retail and manufacturing turnover and misery spreads.

Hurrah?

wickywackypoo.

And those who have profited from the excesses sit in a tax haven in a life of luxury.

[nigwell]

As has been said on this forum again and again, if you express joy at elements of the economy collapsing you are not celebrating in the demise of people jobs, people being slung out of their homes onto the streets, etc.

It may sound strange, but it is possible to celebrate something occuring, without celebrating the (obviously) heartbreaking events which follow in it's wake.

Echoes of a jihaddi apologist.

[OzzMosiz]

Hurrah?

Thousands lose their jobs. The tax take falls, less to support the poor, families lose their homes, spending falls so employment falls along with retail and manufacturing turnover and misery spreads.

Hurrah?

wickywackypoo.

As long as the "financial sector" people who take home hyper-super-mega bonuses to buy up multi-homes lose their jobs, I don't give a sh1t!

Edited September 5, 2007 by OzzMosiz

[Si1]

As has been said on this forum again and again, if you express joy at elements of the economy collapsing you are not celebrating in the demise of people jobs, people being slung out of their homes onto the streets, etc.

It may sound strange, but it is possible to celebrate something occuring, without celebrating the (obviously) heartbreaking events which follow in it's wake.

well said

[nigwell]

As long as the "financial sector" people who take home hyper-super-mega bonuses to buy up multi-homes lose their jobs, I don't give a sh1t!

You won't mind having you tax raised to replace theirs then, I take it?

[symo]

You won't mind having you tax raised to replace theirs then, I take it?

Ha Ha Ha, from what I have seen on here they pay less tax than the rest of us anyway and probably have it mainly squirelled away out of the country. I say make em pay more corporation tax.

[nigwell]

well said

Absolute tosh.

Celebrating the collapse of production and distribution of goods and services upon which we all depend is ridiculous, moronic even, and to claim that can be distanced from the human consequences as if you could have cause without effect is plain barking.

Echoes of jihaddi apologism: "Hurrah! We've blown up and American airplane! Terribly sorry about the passengers."

[canny man]

Celebrating the collapse of an economy built on debt - yes.

Recgnising that the surgery to cut out the cancer may involve some pain - yes.

Celebrating the end of smug HPI chat - yes.

Celebrating the return of thrift, saving and hard work - yes.

Celebrating the individual pain of badly advised victims of a govt/bank fraud - no.

Guess it's not one dimension

[Bug16]

Echoes of jihaddi apologism

You seem to really enjoy using that phrase. I'm not entirely sure what I make of that.

[gravity always wins]

Absolute tosh.

Celebrating the collapse of production and distribution of goods and services upon which we all depend is ridiculous, moronic even, and to claim that can be distanced from the human consequences as if you could have cause without effect is plain barking.

Echoes of jihaddi apologism: "Hurrah! We've blown up and American airplane! Terribly sorry about the passengers."

ridiculous, moronic even would be to continue our current path of destroying our planet

until we find a sustainable way to grow (which this current economic system has done it's very best to avoid) I say let's celebrate a reduction in consumption

[nigwell]

Ha Ha Ha, from what I have seen on here they pay less tax than the rest of us anyway and probably have it mainly squirelled away out of the country. I say make em pay more corporation tax.

Individuals don't pay corporation tax.

As to your understanding of the tax take, digest this:

http://www.adamsmith.org/80ideas/idea/67.htm

here's a taste....

In the United Kingdom, Margaret Thatcher came to power when top income tax rates were 83% - plus an 'unearned income' surcharge of 15% if the income derived from investments rather than from wages or salary - making the effective rate 98% for those living on pensions or other investment assets. She quickly reduced the top rate to 60%, and then to 40%. The 'brain drain' of ambitious Britons going to work overseas was staunched, while wealthy and prominent people like the actor Michael Caine and the novelist Frederick Forsyth returned from their tax havens. And for these and other reasons, the Treasury discovered that the top 1% and 5% of taxpayers were paying a far larger share of the tax burden than they had done before. Where the top 10% contributed 32% of the tax take before the cuts, they were contributing 45% of it afterwards.

[nigwell]

ridiculous, moronic even would be to continue our current path of destroying our planet

until we find a sustainable way to grow (which this current economic system has done it's very best to avoid) I say let's celebrate a reduction in consumption

The root of the problem is too many people. Are you suggesting you make the supreme sacrifice or are you expecting someone else to do it for you? Now let me guess, that's a hard one...

[Selling up]

The root of the problem is too many people. Are you suggesting you make the supreme sacrifice or are you expecting someone else to do it for you? Now let me guess, that's a hard one...

That's one root of the problem. I believe that a debt-based monetary system is another - and easier to change.

[Orbital]

I understood that the global economy was actually growing still. Sure there will be some creative destruction. This is normal. The people losing jobs will be rich in human capital and will prosper elsewhere.

Dump 1000 unskilled, illiterate workers on a street corner. The locals will chase them out of town - you arent welcome here. But in this case it will be 1000 well trained, intelligent, motivated people. Some will find employment instantly, others will create their own work, others will be flexible and retrain, others will be mobile and seek work elsewhere.

It is a mistake to think there is a fixed number of jobs. It is a mistake to consider job losses in isolation. I understand the concept of recession but as I said at the start, the global economy is still growing. For now at least !

The root of the problem is too many people.

Actually I was reading about some chap last night who predicted in the 19th century that human kind would always live on the cusp of existance as we would overpopulate to ensure our lives were a struggle. For most of history this guy has been right. The industrial revolution however changed it. Its an interesting and well debated concept. I forget the guys name, negan with M.

These days the cost of raising children is more expensive, we now chose to invest more in a smaller amount of children, we dont need to have 10 kids to ensure a couple survive. In developed nations it seems that an equilibrium was reached with many heading towards the replacement birthrate (ie 2). The Uk is up to about 1.8 atm.

As productivity and growth increases in the developing world birth rates actually drop. So maybe the human race will be OK . Think positive !

Edited September 5, 2007 by Orbital

[gravity always wins]

The root of the problem is too many people. Are you suggesting you make the supreme sacrifice or are you expecting someone else to do it for you? Now let me guess, that's a hard one...

If the supreme sacrifice means living lightly on the planet then yes I am and have been for some years. To me it's not such a supreme sacrifice but to you it maybe. But thankfully the masters of the universe are going to let us all join in the supreme sacrifice it's not so bad really,

[nigwell]

You seem to really enjoy using that phrase. I'm not entirely sure what I make of that.

I unpacked it the second time around thinking it might help.

Which word are you having trouble with?

[Solvent Celt]

I understood that the global economy was actually growing still. Sure there will be some creative destruction. This is normal. The people losing jobs will be rich in human capital and will prosper elsewhere.

Dump 1000 unskilled, illiterate workers on a street corner. The locals will chase them out of town - you arent welcome here. But in this case it will be 1000 well trained, intelligent, motivated people. Some will find employment instantly, others will create their own work, others will be flexible and retrain, others will be mobile and seek work elsewhere.

It is a mistake to think there is a fixed number of jobs. It is a mistake to consider job losses in isolation. I understand the concept of recession but as I said at the start, the global economy is still growing. For now at least !

Actually I was reading about some chap last night who predicted in the 19th century that human kind would always live on the cusp of existance as we would overpopulate to ensure our lives were a struggle. For most of history this guy has been right. The industrial revolution however changed it. Its an interesting and well debated concept. I forget the guys name, negan with M.

Malthus? Thomas Malthus? One of the first men to study demographics IIRC.

These days the cost of raising children is more expensive, we now chose to invest more in a smaller amount of children, we dont need to have 10 kids to ensure a couple survive. In developed nations it seems that an equilibrium was reached with many heading towards the replacement birthrate (ie 2). The Uk is up to about 1.8 atm.

As productivity and growth increases in the developing world birth rates actually drop. So maybe the human race will be OK . Think positive !

That makes you a "technical optimist".

Edited September 5, 2007 by Solvent Celt

[Si1]

Absolute tosh.

Celebrating the collapse of production and distribution of goods and services upon which we all depend is ridiculous, moronic even, and to claim that can be distanced from the human consequences as if you could have cause without effect is plain barking.

Echoes of jihaddi apologism: "Hurrah! We've blown up and American airplane! Terribly sorry about the passengers."

It wasn't the bears that brought about this situation. It was the bulls.

I have nothing to apologise for.

Moron.

[nigwell]

These days the cost of raising children is more expensive, we now chose to invest more in a smaller amount of children, we dont need to have 10 kids to ensure a couple survive. In developed nations it seems that an equilibrium was reached with many heading towards the replacement birthrate (ie 2). The Uk is up to about 1.8 atm.

As productivity and growth increases in the developing world birth rates actually drop. So maybe the human race will be OK . Think positive !

http://dieoff.org/page120.htm

"But time is at a premium. The decision period for responding to the crises posed by rapidly growing populations, increased consumption levels and shrinking resources will be confined, for the most part, to the next two decades. If human society does not succeed in checking population growth, the future will bring widespread social and economic dislocations as resource bases collapse. Unemployment and poverty will increase, and migrations from poorer to richer nations will bring Third World stresses to the developed world"

On the Malthusian v Cornucopian debate I fear the M's are gaining the upper hand.