Economic Downturn

The events of the past few months and days have dramatically changed the landscape of Wall Street. The aftermath from the Bear Stearns takedown and credit crisis was a little jilting. You could notice things here and there...less travel for work, hiring freezes, no more lunches or dinners. Things that would be appropriate to do in order to tighten up the belt a little. Its the same as in our personal lives, when we forsee tougher time we put ourselves on a budget to reduce the impact.

In the last week though, things have seemed to have gone from "being careful" to a much more elevated state. The flat screen TVs across the floor that are usually on mute are no longer silenced. You find people stopping to watch the news in disbelief that major long standing institutions are selling off and disappearing forever.

So many people in NY work with Wall Street firms and I feel like an aura of gray cloud is hanging over the city. I sit on the subway or walk down the street and see the sad, angry and resigned faces passing. But more and more I start to see fear.

Its hard to know what will happen, but with the way things are going it feels like it is the beginning.

I am thankful to have my job and am glad that I feel comfortable with their standing and position amongst all this.