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Old 09-22-2008, 06:40 PM
 
8 posts, read 17,043 times
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Anybody have any idea on how the meltdown will affect the employment picture in Chicago?
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Old 09-22-2008, 08:19 PM
 
Location: Chicago - Logan Square
3,396 posts, read 7,228,357 times
Reputation: 3731
A lot of people have a lot of ideas, only time will tell.

On the negative side Chicago will be losing at least a few hundred jobs as Lehman and Merrill Lynch cut back on jobs in Chicago. There will be fallout if stocks keep plummeting, just as there will be in all cities - investment firms going under, construction projects being put on hold, etc....basically what happens when billions of dollars of capital just goes "poof!" and disappears.

The one silver lining for Chicago is the shift to CME (http://economictimes.indiatimes.com/articleshow/msid-3514576,flstry-1.cms - broken link) that is currently occuring. This will most likely help Chicago grow as a financial center.
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Old 09-22-2008, 08:21 PM
 
Location: Chicago
1,953 posts, read 4,970,007 times
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I think Chicago will be alot better then many other cities. I think it will hit everyone personally more then it will hit the actual city- anyone that has a 401k or any kind of a stock portfolio know what im talking about.
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Old 09-22-2008, 09:02 PM
 
Location: CHICAGO
88 posts, read 358,088 times
Reputation: 29
Every city will get hit hard from this - best bet would be cities with a lot of focus on new urbanism (transit, etc.) and attractiveness to international funds and companies. I would venture to guess places that have been more second tier over the past few decades will suddenly become hot places to live during this meltdown (Portland, Seattle, Austin and Charlotte come to mind).
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Old 09-23-2008, 08:09 AM
 
211 posts, read 949,020 times
Reputation: 120
I think the finance sector will continue to be hit hard in the Chicago area. My husband and I are both in finance and have faced 3 layoffs in four years (B of A, Merrill Lynch & Citi). We both found jobs but probably make about half of what we were making in the late 90's. We expect my husband will be getting laid off again early next year.
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Old 09-23-2008, 09:01 AM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,883,774 times
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Default Half off drinks for former and current AIG and Lehman Employees

A restaurant in Chicago, the Fifty/50 Restaurant has announced half off drink special during the week for current and former employees of Lehman and AIG.
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Old 09-23-2008, 10:04 AM
 
Location: Chicago
1,953 posts, read 4,970,007 times
Reputation: 919
Quote:
Originally Posted by Humboldt1 View Post
A restaurant in Chicago, the Fifty/50 Restaurant has announced half off drink special during the week for current and former employees of Lehman and AIG.
haha that is awesome. I bet alot of laid off employees are hanging around bars
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