Blast wave of layoffs and pay cuts on Wall Street New York, under the impact of economic.

<P> According http://finance. Hearing, dragged down by the subprime mortgage problems, the Wall Street financial industry is facing severe losses and massive layoffs. .Economic prosperity of the New York City and municipal tax situation in the financial sector is extremely important to the poor will impact the New York City businesses. .</ P> <P> the U.S. "Business Week" that the financial industry has always been the richest industry in New York City. .The income of workers in the financial sector accounted for all of New York City, 23% of the total personal income, taxes paid by New York City accounted for 27% of all taxes. .Now a large number of unemployed workers in high-income financial industry, can imagine they are often consumed at shops, restaurants and entertainment business will be a lot of light. .In addition also affects including drivers, real estate brokers and other service providers working income. .</ P> <P> investment firm Bear Stearns bankruptcy last week announced plans to present half of the abolition of 14,000 employees out, and in January announced it would cut between 4,200 Citigroup employees, last week .announced 2,000 job losses. .According to Challenger, Gray & Christmas estimates of consultants, January and February in New York City, and the subprime mortgage business-related workers, at least 1.27 million people unemployed. .New York City Independent Budget Unit IBO estimates the next two years unemployment in the financial industry in New York City population is 2.1 million people, this is the most conservative estimate. .</ P> <P> "nine hundred and eleven" terrorist attacks on New York has hit Wall Street. .New York City economy has also affected. .But New York City tourism'd recover within a few years, and more prosperous. .</ P> <P> Although the U.S. dollar lower, to New York to travel significant increase in the number of international tourist visitors, and outside the U.S. real estate investors will look to New York. .New York City tourism revenue can help the economy, but may not be able to compensate for the adverse impact of the financial industry. .</ P> <P> However, the New York real estate prices did not fall down subprime turmoil. .New York City real estate prices in the years between 2004 and 2007 the average rose more than 10 percentage points. .</ P>.