During this political season politicians are quick to point out job losses that are the result of the current financial crisis. For once, they are correct. However its not you and I that are losing our jobs its those very bankers and Wall Street types that politicians love to vilify. According to a recent article, the Financial Services sector has lost the most jobs in 2008 at nearly 50,000. This number does not include more announcements that are expected to come from Wall Street in the coming weeks.
The take away? The time honored principle of living by the sword and dying by the sword. The recent correction has brought pain to the very people who engineered Collateralized Debt Obligations (CDOs) that fueled sub-prime lending. I know your thinking that "this guy is really insensitive to the plight of people losing their jobs." Its hard to be too concerned seeing that most of these guys made $5 million or more last year.
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