Remember my reports a couple years back of Ferrari's, Lamborghini's and Porsche's everywhere in London? Or about that closet-sized apartment selling for like $500k? Or that going to see a movie cost $50? Or that you could rent a flat for 1/4 the cost of 'buying it'? Or that financial services represented more than 10% of the entire UK economy?
Well, we know how that story ends.
They now expect 150,000 grotesquely paid financial services workers to lose their job in London with this blow-up. And no, those jobs won't be coming back, for a long, long time. And those 150,000 supported another 500,000 jobs I'd imagine. London will be ugly. But cheaper, that's for sure.
Here's TIME, for the first time in awhile actually reporting some news. London's Sinking. Yes, it is. In a flood of unregulated financiers who gamed the system, and wrecked the economy.
You know, just like they did in the 1990's, and the 1980's, and the ....
October 14, 2008
Better late than never.. TIME magazine wakes up to the housing panic and credit meltdown.. and the implosion underway in London
Posted by blogger at 10/14/2008