Wall Street's affect on the Economy.

In New York City, so many people have been laid off.  Manhattan used to be one of the most job offering places in our nation, but now even they are having to get rid of employees.  The hardest business hit was Wall Street.  I know of many people who have lost their jobs because of the downfall of this Economy.  My Aunt has been working at Smith and Barney for over thirty years.  She is very high up in her department and is well like by everyone in that company.  She has two little boys, and now has to worry about loosing her job.  The last time i talked to her, she was very close to a mental break down because of the fear of loosing her job.  She was on the next "Cut List" if the economy did not improve.  Although she would get benefits for being laid off, she did not quit understand what was happening especially since she had been working their for so long.  This type of thing is happening to a lot of New Yorkers.  They are receiving small benefits for "getting fired."

In The New York Times article "After Reversal of Fortunes, City Takes a New Look at Wall Street" it describes what is going on in largest financial capital of the world.  The last huge stock market crash was in 1929 which then triggered the Great Depression.  Now, because of such a low economy, the stock market is the worst its been in years.  When Wall Street first began to suffer, they predicted that it would "bounce back" faster than expected, renaming New York City as the financial capital.  However, this state of mind has changed.  The loss of most of the financial jobs during this crises will not be regained for the next several years, if ever.  Because our financial capital is suffering so much, so is the rest of the country.  Many are even saying that the economy is worse than the Great Depression, but no one is really talking about it.  Maybe not talking about it will make it go away?  

Many believed that with a new President, the economy would take a brighter turn.  Unfortunately its not changing this mess anytime soon.  In fact, it's going to get much worse before it gets better.  This is because former stock holders do not want to put their money in for new stock.  So, on Wall Street stock is not being bought, traded, or sold creating no financial change.  

Clearly, the impact of the recent stock market crash and ongoing economic crisis is bearing down on both consumer sentiment and, more fundamentally, credit availability resulting in a significant pullback in spending on homes and other costly purchases.
http://paper-money.blogspot.com/

Because of the financial crises in New York City it affects the whole country.  With this Economy crash no one is spending anymore creating society to downfall even more.  Obama is doing everything in his power to  help the economy rise again.  He is having wonderful ideas, but none are turning our economy around thus far.