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Financial 411: Wall Street Bonuses Shrink and Gas Prices Rise

Friday, February 25, 2011

Gas Prices Continue To Rise, Inching Up Over Last Two Weeks (Getty)

Lower Government Spending Slows Economic Growth

Reduced spending by state and local governments meant the U.S. economy grew at a slower pace in the final months of 2010 than originally calculated. The Commerce Department said fourth-quarter GDP expanded at an annual rate of 2.8 percent, not 3.2 percent as first estimated. The revised report also found that consumers spent less than previously thought.

Oil Prices Ripple Down

Americans will be spending more money at gas stations. Oil prices jumped this week after the protests in Libya had oil traders worried about future supplies. AAA said New Yorkers are paying $3.50 a gallon on average.

Steve Levine, contributing editor to The Oil and the Glory blog at Foreign Policy magazine said he believes market worries about Libya are over but that the markets is still concerned about what comes next.

Markets

The markets were up today. Dow Jones gained 62 points to close at 12,130. The S&P added 14 points, ending at 1,320.
The NASDAQ gained 43 points to close 2,781.

New York Real Estate

The NYC housing market saw disappointing sales at the end of last year. Data complied by NYU's Furman Center find sales dropped nearly 33 percent citywide compared to 2009 and prices fell nine percent. The only borough that saw improvements was Manhattan, where prices rose from a year ago.

In commercial real estate, new construction projects in New York City jumped 15 percent last year. The increase came largely in the non-residential building sector -- office buildings, hotels, power plants. Work at the World Trade Center as well as the Barclays Arena at Brooklyn's Atlantic Yards and Madison Square Garden accounted for a large share of the increase.

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Comments [3]

C.L. from Northern NJ

Your guest needs to do his homework, like one would expect someone from a school of journalism to do. Google in Manhattan has no mere "thousand" employees. Not counting contractors, it's over 2000. It is not "all sales", either (he must be thinking of the one section of their office in Chelsea Market). More than half the employees in the NYC office are engineers. I know, as my partner is one of them.
So no, we don't need to "convince" Google to get engineers in there. As with most things, they're already a few steps ahead.
Is this gross misinformation what passes for journalism at CUNY? Sheesh!

Feb. 28 2011 06:47 PM
EJ

Your guest, of the CUNY Graduate School of Journalism, says that "we don't have engineers in New York, and Columbia and NYU just haven't provided us with a first-class Engineering school." I don't know about the private colleges, but his own institution has been training engineers since 1919.

Just last year, students from the Grove School of Engineering at City College took 3 prizes at the Junior Science Conference at the Technical University of Vienna; students from 14 countries participated, and a CCNY senior came in first. A robot designed by other CCNY engineering students beat Princeton University for 1st prize in the AUVSI Intelligent Ground Vehicle Competition. The college has just opened an interdisciplinary graduate program in Sustainability. Not bad for a public university, eh?

I know the grad school is in midtown, but Mr. David might want to take a ride to 168th street before claiming that New York City isn't training engineers.

Feb. 26 2011 06:26 PM
k webster from nyc

Wow. Are you really trying to spin Wall Street getting less in cash bonuses as a bad thing? Or that they aren't taking "risks" (a bit late on that one) so we should coddle them? By risks do you mean allowing people to borrow the money taxpayers had to loan them because they mismanaged their businesses?
Shrink the public sector? Are you for real? When Wall Street just trashed the economy you want teachers and firefighters to pay for their mistake?
Do you apologists for the financial industry have no shame?
There was just a huge transfer of wealth that fraudulently destroyed the wealth of poor, working and middle class families. People aren't buying what you are selling anymore. Cairo and Tripoli are calling...
No wonder WNYC is losing public support.

Feb. 26 2011 04:02 PM

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