"transformed beyond all recognition."

http://www.atimes.com/atimes/Global_Economy/JA16Dj01.html


Tears on Wall Street


As fourth-quarter earnings numbers emerge for Wall Street, with analysts expecting a US$15 billion write-off for Merrill Lynch and an $18 billion write-off for Citigroup (which is also tipped to be planning to layoff about 20,000 staff, about a third of them in its investment bank), Wall Street's denizens, anxious for the future of their bonuses and their jobs, are asking: Where will it all end? The answer is: Not close to here, not soon, and not before the landscape of Wall Street and the scattered remaining fragments of the City of London have been transformed beyond all recognition.

-very long snip of explanation-
-----------------------

new realities abound

tell me how we're NOT going into a recession?

but if they lose those bonuses the impact on the economy of NYC will be HUGE. Unfortunately it is not just Tiffanys, Rolls Royce or the high end apartment market either. These people spend their millions on goods and services like flowers, tips to "service workers" and a lot of other things that those folks have come to rely on.

its going to be tough for everyone.

would be occurring RIGHT NOW were it not for the 59 BILLION in foreign capitol infusions these banks have received! recession is a given at this point and DEPRESSION is a more real possibility now than it has ever been! if it did happen ( a depression ) it would make 1929 look like a sunday picnic!! this recession will be the worst we have ever dealt with. IMO!