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New York, New York, That Teetering Town

Masters of Universe tighten their belts as Wall Street quakes

By Peter Fearon, Newser Staff

Posted Sep 16, 2008 4:36 AM CDT

(Newser) – Amid the financial fallout, even Manhattan's wealthiest consumers are beginning to curb their spending, Reuters reports. Wall Street tremors and belt-tightening by the rich are bound to hit New York City especially hard, and will rock stores, restaurants—and even charities. "We still have not hit the bottom of the cycle," warned Mayor Mike Bloomberg. New York—and London—have long relied on the securities industry for taxes, jobs and lavish spending that support fashion and entertainment businesses.

Close to 5% of New York City's jobs are in financial services—but they account for a quarter of wages—which was nearly $60 billion in 2006, reports the Wall Street Journal. One sales clerk at a tony Wall Street men's store was hoping some of her disappearing customers would be back for "interview shirts" as they seek new jobs.

A man leaves the Lehman Brothers headquarters building in New York carrying a box of personal items. (AP Photo/ Louis Lanzano)

Luxury cars will be among the first toys to go as beleaguered Wall Streeters tighten their belts. (AP Photo/Keystone, Martial Trezzini)

A limo makes it's way through New York's Times Square as the day's financial news is displayed on a news ticker. (AP Photo/Mary Altaffer)

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New York, New York, That Teetering Town

Masters of Universe tighten their belts as Wall Street quakes

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New York, New York, That Teetering Town

Masters of Universe tighten their belts as Wall Street quakes

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OTHER STORIES ON OUR RADAR

Wall Street • Merrill Lynch • Lehman Brothers • American Red Cross • American International Group • Great Depression • Forbes magazine • Matthew Miller • New York State Restaurant Association • LuxCouture • Blue Star Jets • Association of Corporate Contribution Professionals

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

New Wall Street: Less Risk, Less Innovation, Lower Pay

Era of investment banks ends

After Meltdown, 'Safe Will Be the New Sexy': Cramer

'Good, clean, old-fashioned banking' is coming back in US markets

Both Campaigns See Risk, Reward in Wobbly Wall Street

Neither candidate is solid on market crisis, but each can spin it to his strengths

10 Banks Form $70B Fund to Stave Off Crash

Paulson brokers twin public-private liquidity measures

Staggering Wall Street Job Market Takes Another Big Hit

Banks' collapse means loss of 50,000 more jobs

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?