Monday, August 18, 2008

A falling tide

lowers all boats:
As Wall Streeters feel the pinch, they’re no longer hiring so many nannies. “It’s been a week and no one’s called,” says Christopher Sager, an out-of-work Soho nanny. “There are, like, 300-plus people looking at two jobs.” Caregivers face lost jobs, reduced hours, pay cuts, and added responsibilities as wealthy families trim household staff. Genevieve Thiers of says her babysitter-listing service has fielded more than 2,500 new job seekers since February, up from 1,300 in the previous six months. The number of child-care postings on Craigslist jumped three months ago, as more out-of-work nannies advertised their services.
I'm fortunate that my wife job shares, and that my in-laws are close by and help us out quite a bit with our kids. We get a higher quality of childcare at a lower cost than pretty much anyone else in Manhattan.

I'm even more fortunate that my bank and business remain strong. It's going to be quiet few years for financial services.

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