Financial Crisis

Everyone who knows anything about the financial market or who simply turns on the news knows that there is a major crisis right now. Big companies such as Lehman Brothers bankers and AIG are failing. Investors have seen there net worth drop dramatically in the past few weeks. This massive drop in our economy is going to effect every American and result in higher taxes. Not only will banks be hit hard but the effect will also spread to IT operations, accountants, lawyers, and other professional service employees who depend on work from finance companies. Even insurance companies, which have remained relatively strong, could be hurt if the economy worsens.
New York City is not the only city that will be effected by this financial crisis. Smaller financial centers and their suburbs could also see trouble ahead. Smaller cities such as Wilmington, DE, which is where many of the nations credit card companies are located; Charlotte, NC, home of Bank of America and Wachovia; and Sioux Falls, SD, where many back-office jobs are located, each have about 15% of residence working in finance, real estate, or insurance. These cities are not necessarily in trouble right now, but they could be hit hard soon.
Evrybody should be aware of the financial crisis going on in the United States right now and keeping up to date with news about the economy, especially those of us that will be in business industries. Hopefully the problems will begin being resolved shortly.