InHisSteps
April 11th, 2008, 02:17 PM
The Economy's Summer Holiday Has Already Begun
http://www.321gold.com/editorials/benson/benson040808.html
Richard Benson
Apr 8, 2008
Memorial Day is still seven weeks away, yet economically, the summer doldrums have already begun in many parts of the country. Over nine hundred thousand pink slips were issued over the last year, and in March alone the BLS Household Survey of Employment reported 438,000 people would begin their summer vacations much earlier than expected.
But even with the rise in the unemployment rate to 5.1 percent, Wall Street hasn't lost its sense of humor. One familiar firm has been renamed "More Gone Stanley", while the trading floor at Bear Stearns is now just "Bare." In the world of major brokerage houses, banks, and hedge funds, thousands of aging preppies, hopeful yuppies, and wide-eyed Generation Xers have been asked to pack up their belongings in cardboard boxes and clear out. The Generation Xers never expected to stay very long anyway, but their colleagues from earlier generations aren't adapting as well to the loss of work.
It's not looking good, folks. Pray without ceasing and continue to abide under the shadow of the Almighty God.
http://www.321gold.com/editorials/benson/benson040808.html
Richard Benson
Apr 8, 2008
Memorial Day is still seven weeks away, yet economically, the summer doldrums have already begun in many parts of the country. Over nine hundred thousand pink slips were issued over the last year, and in March alone the BLS Household Survey of Employment reported 438,000 people would begin their summer vacations much earlier than expected.
But even with the rise in the unemployment rate to 5.1 percent, Wall Street hasn't lost its sense of humor. One familiar firm has been renamed "More Gone Stanley", while the trading floor at Bear Stearns is now just "Bare." In the world of major brokerage houses, banks, and hedge funds, thousands of aging preppies, hopeful yuppies, and wide-eyed Generation Xers have been asked to pack up their belongings in cardboard boxes and clear out. The Generation Xers never expected to stay very long anyway, but their colleagues from earlier generations aren't adapting as well to the loss of work.
It's not looking good, folks. Pray without ceasing and continue to abide under the shadow of the Almighty God.