August 08, 2007
From "do you want granite countertops with that" to "would you like fries with that" - oh, what a difference a housing crash makes
Illegal immigrant roofers
Pottery Barn employees
Home Depot workers
Real estate school teachers
Newspaper advertising sales staffs
Millions will now lose their jobs.
Thank you Alan Greenspan, Bush, Congress, NAR, realtors and the rest. You really f*cked us. Hope it was worth it.
What he does see is a difficult road ahead for rest of this year as the subprime mortgage meltdown takes its toll. It claimed another direct victim this week with the failure of American Home Mortgage Investment, a company that until yesterday employed 7,000 people. Today, about 90 per cent of them are looking for other work.
The indirect impact of such job losses on the economy is just beginning. And it promises to be painful, as all bursting bubbles tend to be.
“We know that the unwinding of the subprime situation is still ahead of us, rather than behind us,” Mr. Chan said.
Sifting through the latest labour market numbers released yesterday, he noted the slower job growth, but warned “that the other shoe” has yet to drop. Translation: Expect big housing-related job losses to weigh down the economy