Charlotte in same predicament as Wall Street

[marmar]

AP via Yahoo!:



Charlotte in same predicament as Wall Street
By IEVA M. AUGSTUMS, AP Business Writer


CHARLOTTE, N.C. – The financial collapse has hit the city known as Wall Street South.

For years, Bank of America Corp. and Wachovia Corp. helped turn Charlotte into a financial powerhouse. Now, the big banks have thrust it into the same predicament as the real Wall Street — the city is losing thousands of jobs and an unquantifiable amount of prestige. Residents who invested heavily in the banks have seen their wealth dissipate and lifestyles change radically.

"It's kind of sad, disheartening because the banks have been the backbone of Charlotte for so long," said Carl Clayton, a 55-year-old retired school teacher.

The loss of so many bank jobs is causing upheaval in other industries. Consumers who have been laid off or fear being out of work are curtailing their spending, forcing restaurants and retailers to close — among them Morton's, a high-end steakhouse, and a 15-month-old Home Depot Design Center. Even some of the Charlotte's lively night clubs have shuttered their doors.

"There's a bit of a state of disbelief," said Bob Morgan, president of the Charlotte Chamber of Commerce. "We are seeing things happen that no one else has contemplated before."

Charlotte remains the nation's second-biggest bank town by assets — second to New York, and in front of San Francisco. But, Morgan said, "we don't know what the city is going to look like once we emerge."

"We do know that tremendous wealth has already been lost." .......(more)

The complete piece is at: http://news.yahoo.com/s/ap/20090214/ap_on_bi_ge/charlotte_banks

[marions ghost]

1. According to the business writer

who wrote this dire report the mayor of Charlotte remains optimistic. At end of article he says:

"McCrory wouldn't talk about the two firms, but said the large amount of talent in Charlotte will "attract others in the financial services industry to set up here."

"We're going through a major adjustment, but when the economy rebounds, I think Charlotte will rebound the quickest," he said."

Hmmmm......I wonder....:shrug:

[Jamastiene]

2. McCrory is a crackpot nutcase from the word go.

I wouldn't trust him if he said water was wet.

Charlotte has been going to hell ever since he became mayor. It was once a great place to go shop for those of us in rural areas outside Charlotte. Now, it's a hell hole with closed buildings everywhere and no new growth whatsoever. Charlotte's best bet: get rid of McCrory.

[marions ghost]

3. Well that explains it....

thanx Jamastiene