We all know the downfall of the economy. But what we don’t really hear is what happens to the families that are laid off. In an article titled ”Street of Broken Dreams” in Bloomberg Magazine, they highlighted the tragedies of a family. The father worked for Merrill Lynch and was laid off. They provided him with 9 weeks severance pay and offered to give him an additional 3 Weeks if he would not sue them. He gave 10 years to Merrill. Sold his house, and left London to come here and serve Merrill better. Now he is unemployed, has 2 daughters, a wife, almost no money, an L-1 visa that is going to expire because he is not working, and no help in moving back home. He has contact Merrill several times and just ask for help in moving back to London since they moved him hear. The 9 weeks severance is not enough for the total move.
The demise of the financial sector of the economy is a lesson learned for all of us. We complain and get mad when in reality we have yet to understand the full extent of the damages. We have yet to feel the full effects of the damages done to the industry as well as the families involved.
There is more to the demise of a countries sector than higher prices, high unemployment, a drop in stocks, and re organization of companies. There is a long process of things that need ot be undone. There are lasting affects that our children will feel once they necome adults. There will be new laws that will be implemented to prevent this current demise form happening again. For example, how many more bailouts will AIG get in the future? There chances are probably slim to none.
Again, we all have to learn from this experience whether we are directly or indirectly involved. There is always going to be the possibility that it can happen again, that we need to make sure we take action now so that in case it does happen again, we will be OK. In the meantime, try to lend that helping hand even if you are having a hard time too. Everything that goes around comes back around at some point.
