Impact of the market crisis by Natalia Holvova

If someone thinks that market crisis from last summer is over, they are wrong! The impact and the consequences are very serious and mean more than money loss. The biggest Wall Street banks are made to make decision to low their costs and take the responsibility. First idea of saving money is cutting down people's positions of course and collective firing of their employees. The idea is to save the money that are supposed to pay for benefits in the end of the year which make huge amount and use them for next investments. Bear Stearns is one of the biggest mortgage banks in the Wall Street and lately they had to cut about 900 people of their stuff. This is not just a few people that have to pay for market crisis. The proportions of the crisis impact are becoming more and more real and they do influence personal lives of common people. A lot of banks and Wall Street companies will probably have to do the same by the end of the year. Collective firing is always sad and uncomfortable. People have to leave because of the situation they didn't cause. It is not easy to find a new job in the banking and financing field afterwards as the crisis made it difficult everywhere. Christmas is coming and for a lot of "former" bank employees it can be full of worries and fear of their working future. There is still hope though because every single crisis in the world eventually ended up. The problem is no one knows when and with what kind of final results will end this one.

related story: http://news.yahoo.com/s/ap/20071128/ap_on_bi_ge/bear_stearns_layoffs;_ylt=Aj4goi_gQWHHpol7c5i_KGes0NUE

by Natalia Holvova for PocketNews (http://pocketnews.tv)

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