2009: the financial crisis has changed the way people live

Case: from Wall Street job of Shor

2009 year of the day, in neon New York Park Avenue, Jill · Sauer on his hybrid taxi tone flatly said: "for me, the bankers of the times has ended, those days are gone. "In the United States economy into recession before, Sauer has been working for France of a Wall Street investment bank, at the end of 2008, the financial crisis, he said goodbye to scenery infinite investment managers in career.

Unemployment, Sauer has continued to find new financial positions, but they offer a luxurious green car rental service for small businesses. He took the company "green world taxi company" dismissal compensation plus its own portion of the savings to a total of $ bought 3 cars hybrid cars, to environmental protection as a selling point publicity his taxi and limousine services.

And in the Wall Street investment banks, Sauer's new work is obviously more difficult. In order to save costs, he hired a staff, neither when the boss again when the driver, so often at 4 points to get up to send people to the airport. No paid vacation, no benefits, no Assistant, from print collateral to the words of encouragement to the tyres are experiencing to. Sauer, opened for business in the new company, his first job was in New York Manhattan's central business district went from door to door distribution business ads and coupons. Sauer had to lament the things change: "I used to be a billion-dollar assets in the hands of professional investment managers, now it's like a take-out as circulated around the little guy. The world is changing too fast. "Changes to Shor's life has brought many changes. He cancelled the annual vacation, he no longer free to buy books, to read books to the library. He began to pay more attention to the shopping centre of discount information, greater use of coupons, shopping, and to minimize compression unnecessary expenses.

Sauer told reporters that offer green taxi company, has in his mind linger for years. He said, before working in Wall Street, he and the many people each day to and from work is a man with a big car, neither economic nor environmental protection. "So, when I lost my job, I decided to create this new business. ”

This year, 44 Sauer on Wall Street battles for 15 years, now he is sometimes very difficult to accept your new identity. His wry smile said: "my daughter says, you used to be a banker, is now a taxi driver. I will say, no, I was engaged in the transport services at the boss. ”

Despite many challenges, but new options also bring good returns. Sauer's operating income is approximately 5 million, although only when the investment managers of 1/4, there is a big drop, but he still maintain an optimistic attitude. The company from its inception at the end of 2008, already has more than 100 regular customers start is quite good, better than expected. He hoped that one day your business expanded to the entire New York City.

University graduates on Wall Street to flinch

Sauer just the past two years, from Wall Street unemployed 5.6 000 financial operators in General. Over the past 20 years, the financial industry's growth rate exceeded the United States almost any other industry, it provides a generous salary, attracting more people to engage in securities transactions, loan origination and portfolio management, mergers and acquisitions and the mortgage loan into complex derivatives. However, the financial crisis, financial bubble instantly shattered, hundreds of thousands of people were forced to go looking for other work.

In 2009, the United States financial services industry employment decline, far beyond the scope of Wall Street. When troubled Washington Mutual Bank last year was sold to JP Morgan, Seattle about 3400 people have lost their jobs. According to Moody's Web site data, all-America's biggest banks – the banks in the United States, North Carolina, Charlotte headquarters of financial and insurance jobs, compared to May 2006 at reduced 9 000, drop to 14%. According to statistics, United States Bank in Chicago lost 2.3 000 jobs in the financial industry, Los Angeles 4.7 million, in the United States for a total reduction of 43 000 jobs, 7.1% drop.

In the second half of this year, the United States the major banks to take risks and credit derivative products such as part of the derivatives of preference began to rebound, however, it is expected that many lost jobs and will be back soon. It is expected that the White House Council of economic advisers, financial and insurance industry employment as a proportion of the total labour force, from the end of 2008 4.8% to 2016 4.1% at the end of last year has been a large number of people leaving the trade. The Committee's report in July, it is expected that in the commercial and financial services will be a recession levels drop sharply. At the same time, the Commission anticipates that the health and education services, the proportion of the total United States labor, from 16% in 2008 increased to 7 years after nearly 18%.

Financial crisis also allowed the United States the major institutions of excellence graduate on Wall Street. Harvard University 2009 post-graduation statistics, financial and consulting industry this year to enter the number of graduates, the proportion of total graduates fell sharply to 20% in 2008 and 2007, respectively, of this ratio is nearly 40% and 47%.

United States people are beginning to rethink lifestyle

Wall Street veteran, North American Capital Association President Zhang Zi paired reporter said that Wall Street is now the biggest problem, already from the credit crisis into a crisis of confidence. With McDonnell Douglas's fraud and financial executives bonus events were exposed, the Wall Street financial firm and bankers in the perceived status has changed from million admirers of public criticism. Financial crisis has led many billionaires Flash becomes a millionaire or even become impoverished "debtor". Zhang Zi Cheng said: "from 1998 to 2008, I've seen Wall Street 10 years through financial derivatives to create a large number of employment opportunities, each year attracts thousands of people came to the Wall Street elite gold, but a financial crisis makes it all become minor. As a result of the vote

Banks have gone bankrupt and many jobs have been lost forever, resulting in a large number of persons unemployed in finance industry. They have to start over, the second start. For many people, this was a painful experience, but also to contribute to the United States lifestyle and consumption habits for profound reflection. ”

Since the outbreak of the financial crisis, the United States society is experiencing a field from the "withdraw" to "rethink" then to "reform" of cultural trends. United States men's lifestyle and consumption concept must carry out a major adjustment, on the one hand, to reduce excessive consumption in advance, on the other hand increase personal savings. Zhang Zi Cheng said: "with me a lot of work on Wall Street have been diverted to a friend. As work areas and treatment levels of change, they naturally also to changing lifestyles and the angle of reflection. ”

Still no "bottomed out"

On the future of the United States economy, Zhang Zi-Cheng said that next year, the United States economy will stabilise the better. On the one hand, the Wall Street financial enterprises will make further adjustments; on the other hand, the real economy began to recover. But this time the impact of financial crisis is unlikely to be in a few short years been fundamentally eliminate and recovery, it is necessary to play the "protracted war".

Zhang Zi Cheng analysis finds that the Obama administration's rescue policy, temporarily has played the role of the stable market confidence; but hidden behind the financial crisis, many structural problems, did not fundamentally resolved, but also a lot of new problems continue to surface. Therefore, there is no financial market bottomed out.

While the Obama administration and many analysts on the future of the United States economic anxiety, Sauer is on your own prospects year 2010 full of hope. Financial crisis, although he lost a handsomely work, but also let him get down to serious reflection before the way of life. He said that people have long used to relying on outside its own solvency to overconsumptioncdns, enjoy the comfort and the feeling of identity, but in fact, this kind of psychological sense does not necessarily need to pay high bills, through down-to-Earth everyday work as can be.

Green taxi drove away from the attractions of Manhattan, Sauer still smiled and said: "people always want to adjust themselves to adapt to changes in the situation, the situation will be better day by day. ”