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By: T. Cahill
New York, NY (Jul 11) – With a country in economic turmoil, and millions unemployed and unable to find jobs, Wall Street is making its come back “recovery”. Big banks and large brokerage houses on Wall Street, the entities responsible for the financial crisis that began during the last administration, and which required bailing out by the citizens of the United States in the autumn of 2008, are quietly smiling.
According to one source, an estimated $61 billion was paid out to members of the NY Stock Exchange during 2009. Now, Wall Street is on a hiring “spree” with a reported 2,000 newly hired or rehired. However, an estimated 28,000 individuals lost their financial jobs caused by their own employers.
Rumor in the economic industry has it that Wall Street’s hiring of new employees may “pick up steam” in the months ahead.
While this may be good news for Wall Street, the rest of the country continues to reel from their greed. Jobs have disappeared in numerous sectors across the country including manufacturing, with an estimated 14 percent loss, and construction at an estimated 22 percent job loss.
Statistically the feel good number of unemployed is cited to be slightly under 10 percent nationwide. This number is an average of all states with some states only slightly impacted while others were hit with a sledge hammer. Weighted individually, the job loss within the financial industry was only 8.5 percent throughout the United States.
As Wall Street “recovers”, with U.S. tax dollar assistance, overall even white collar, highly paid legal professionals remain unemployed. The Bureau of Labor provides evidence that June’s employment across the country was at its lowest since 2001.
Millions of employed and unemployed alike may be shocked and affronted that as Wall Street enjoys its increase in hiring, salaries similar to the years of plenty, are once again being given out at the senior level. In the past several weeks, million dollar compensation packages have already been offered to approximately one dozen candidates.
With billions of dollars received, economists would like to envision the upswing on Wall Street in a good light, and put a good spin on it. Yet, two examples of hiring include a meager 600 jobs added at Goldman Sachs and just over 2,000 jobs added at JPMorgan.
Wall Street’s growth may be having a small impact directly on New York City and the State overall, however, nationwide, jobs remain scarce and millions remain unemployed.
The creators of the crisis are benefiting. Yet, with the Senate unable to reach a decision on unemployment extensions prior to their current recess, everywhere and everyone else remains worried and stressed over their ability to find employment to feed and shelter themselves and their families.