From the New York Times: "That, combined with a more aggressive posture by the regulatory authorities to put a check on bonuses, is likely to hasten what has already been a sharp falloff in corporate and income taxes from the City. Banking was a huge revenue source for London. When the banking industry flopped, 28,000 lost their jobs at Morgan Stanley alone. All told, more than 70,000 jobs in finance are expected to disappear over the next two to three years, a big chunk of the total estimated job losses of about 280,000 in London."
The reaction to Detroit automobile manufacturing problems reflects the reaction. If one uses the metaphor of a family system, one can see that if the parent fails, the whole system will be negatively effected. The leader/breadwinner/strength, decision maker. etc would be deeply affected when one part of the system is completely removed.If Mom is the only cook, lots of family members will probably not eat...or, at least, not eat well. It was predicted by Wagoner that 3 million people would be out of a job if the car makers failed.
When Nature has its actions like tornadoes, hurricanes, earthquakes, etc. few people have difficulty in accepting the concept of reaction to it. However, the sadness, loss, clean up, and starting life over is definitely a reaction to this. Hopefully, tact will be preserved and nieghborly devotion
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