Some anecdotal WS UE: A few months ago, after a long period of pushing
their analyst staff to extraordinary long hours, Smith Barney added lots of new
staff. Pressure for higher labor intensity and long hours did not let up, if
anything, it increased. Last week they laid of 20 in one division.
On Tue, 16 Aug 1994, Doug Henwood wrote:
There is no "Wall Street bust" yet. Profits, until the beginning of this
year, were at record levels. But as John Keefe, a banking analyst who I
think still subscribes to PEN-L, put it, it was only record profits that
were keeping employment
Worse, the real estate/Wall Street elite consciously and deliberately
drove the port of New York over to New Jersey, to free up the West Side of
Manahattan for real estate development. This massively increased the cost
of doing business for small manufacturers - and also greatly increased
Unfortunately this session, which I tried to organize, has collapsed.
You can reach Sean, who will be at the conference, at 516-223-8002.
Doug
Doug Henwood [[EMAIL PROTECTED]]
Left Business Observer
212-874-4020 (voice)
212-874-3137 (fax)
On Tue, 16 Aug 1994, Eban Goodstein wrote:
I notice
The FIRE boom did drive up costs, but the real estate glut helped keep
them down. Meanwhile, social decay and the lack of a skilled labor force
make it more difficult to do business here. Giuliani's cutbacks will only
worsen this situation.
Treacy: You have hit the nail on the head here! The
It's hardly a comfort that NY state unemployment is driven by NYC's,
since about half of NYSers live in NYC.
One reason NYC unemployment is so high is because of the profoundly
distorted industrial structure - i.e., heavy overrepresentation of FIRE
(finance, insurance, real estate) and elite
Doug--
Thanks for getting back to me. Do you have any insights as to why things
are so bad right now? Up through 1990 the NYC unemploment rate was not too
far out of line for big cities in the Northeast, and about 2-3 points above
the rest of the state. Now it is 4 points higher than other
While the NYC unemployment rate in the late 1980s wasn't out of line with
other cities, I believe the LFPR and EPR were, but I'd have to check on that.
There is no "Wall Street bust" yet. Profits, until the beginning of this
year, were at record levels. But as John Keefe, a banking analyst who
