Sunday, September 14, 2008

who can it be now?

i went to a party on friday attended by a fairly typical 20-to-30 something crowd: journalists, lawyers, dudes (and token ladies) in finance, etc. what we all shared was a genuine sense of apprehension and fear about our jobs and our respective industries. one woman took a buy-out from her newspaper, which sam zell and the tribune company recently bought, and moved to new york. she reassessed her industry and the viability of print media in general and decided to leave journalism altogether. another woman who works at a prominent credit card company told me that she and her coworkers essentially stopped doing anything at work because they all wanted to be the first to be laid off with the (rumored) 4-month severance package. and of course, a lawyer and i whispered to each other, "so...are you busy nowadays?"

when my sister left her job at lehman brothers 2 years ago she received a letter stating that she held [REDACTED] shares in her name. this was news to her and she decided to just let the shares sit since they were valued at over $70/share at that point and, y'know, lehman has been in existence for over 150 years. we joked that this was her path to retirement. what are lehman shares worth today? a little over 3 dollars. and by the time i wake up tomorrow the company may no longer exist. unbelievable.

i whined and bitched when the fed rescued bear stearns. with my limited knowlege and more based on some level of principle, i'm relieved that the fed didn't finance another bailout. and i'm not exactly sympathetic to bankers and their cushy earnings; i'm fairly certain most will find their way.

despite all this, i await with both curiosity and dread at what will happen to the financial markets and, as a consequence, new york city.

anyway, here's some solace from a masterpiece.


Heidi said...

i wonder what the cute kid will say in the next AIG commercial...or maybe they'll just continue the one with the kids on the school bus: the bus crashes, and the mangled children say, "I don't feel so smart anymore."

Wow, I'm sorry. I'm posting it anyway.

E said...

or...hank paulson prevents the bus from crashing with a pile of tax dollars but the screws and wheels fall off anyway?

i'm not good with metaphors, but you get my point.