Wednesday, September 17, 2008

Only in New York City - The Big (but shrinking?) Apple

I happen to be in New York City this week. It is not particulary hot here for September but there is a meltdown happening. 10%+ lost in the market in the last two days. It's not good. It is worse here than elsewhere being that the financial industry represents 5% of all employment in the city but 25% of all NYC payroll. That's a big number and this week's problems will have some real ramifications here in the city. But, only in NYC do you hear stories like this: When I am here on business and don't have dinners planned (which I don't like to do anyway), I like to find a local sports bar/pub, saddle up to the bar with my laptop, watch the local sports (Yankees losing this time of year) and catch up on email, etc. Tonight I was in a restaurant on 50th Street and while sitting here I overhear two guys who work in the financial industry. One of the guys was talking about what a terrible week he has had already. He stated that it started on Saturday with Ohio State being beat, then the Cleveland Browns got beat, then they broke in on TV and said that Lehman Brothers had filed for bankruptcy and then Monday through Wednesday market downturn. It was not a good week for this fellow. He then went on to say that the only good thing that happened to him this week was that his Ferrari won a gold medal in some car show in New Jersey on Sunday. What's wrong with this picture? It only happens in New York City.

No comments: