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Article..sad, but true..

Article..sad, but true..

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PostAug 25, 2008#1

Bored at work, I went to Google to find out if there are any new articles on the web regarding the AB/INBEV saga. I came across this article. It did not say anything new, but it was well written. It is sad, but true!



http://stlcabbie.wordpress.com/2008/07/ ... -st-louis/





PS_ did not post under AB thread due to the fact that it goes beyond that subject.
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PostAug 25, 2008#2

AG Edwards was the largest financial services firm based outside of New York and was bought by Wachovia. Thankfully, Wachovia made a major investment in St. Louis, but STL no longer has the prestige it did in that industry despite Edward Jones still being based here.


WRONG. Stifel Nicolaus is growing at a rapid pace. There's also Scottrade and a handful of other firms that give us a good representation in the financial services industry.
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PostAug 25, 2008#3

Still a lot of truth in that article...



"While the city of St. Louis is getting cleaner, easier to live in, more full of life, and in some areas safer, the prospects for the local economy in the long-haul are not looking great. While everyone is partying away at the Mandarin or the Pepper Lounge the local economy is on shaky ground. "
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PostAug 25, 2008#4



Clueless
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PostAug 25, 2008#5

DOGTOWNB&R wrote:Still a lot of truth in that article...



"While the city of St. Louis is getting cleaner, easier to live in, more full of life, and in some areas safer, the prospects for the local economy in the long-haul are not looking great. While everyone is partying away at the Mandarin or the Pepper Lounge the local economy is on shaky ground. "


The NATIONAL economy is on shaky ground, not just ours.
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PostAug 25, 2008#6

The fact that our area is losing many quality blue collar jobs is disturbing. A lot of these people are not qualified to work in another field, for the kind of money they currently make. They do not have education to fall back on. I understand that this is not just a local issue and not a new issue, but when it hits close to home, it seems to sink in more. Manufacturing is becoming a thing of the past in union cities like STL. How do you fill that void? Are all of those people that would have filled those jobs going to all of sudden go to college? Not Likely.

PostAug 25, 2008#7

The NATIONAL economy is on shaky ground, not just ours.




Obvious statement...However, this would be a 'Urban St. Louis' forum..correct?
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PostAug 25, 2008#8

DOGTOWNB&R wrote:The fact that our area is losing many quality blue collar jobs is disturbing.


I am assuming you are mostly talking about the auto industry and its related manufacturing fields.



That said, I think the bleeding of the last of the region's auto related jobs is painful in the short term, but beneficial in the long term. The region is far better off not expecting manufacturing to play a major roll in the region's economic growth and preparing itself to use its time and talents on other industries. The recent growth of warehousing and distribution in St. Louis is a good example of the change and an appropriate choice for a region looking for blue collar jobs that can take on those with a manufacturing background.
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PostAug 25, 2008#9

DOGTOWNB&R wrote:
The NATIONAL economy is on shaky ground, not just ours.


Obvious statement...However, this would be a 'Urban St. Louis' forum..correct?


The author of the blog posting seems to think that any problems in our economy are exclusive to St. Louis, when that's not the case.
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PostAug 25, 2008#10

Seems like he should stick to being a cabbie...
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PostAug 25, 2008#11

^LOL!



Truth of the matter, as DeBaliviere has pointed out, the NATIONAL economy is in a recession. Only Houston, Dallas and Atlanta and few others are weathering the economic storm.



St. Louis has seen an uptick in biotech jobs, IT jobs, financial services jobs, medical/health field jobs etc. Further, while it is always nice to have large multi-national/international firms HQ'd in the region, when one is acquired, merged etc., it doesn't mean it is the end of St. Louis.



And this statement was incredible,



"AG Edwards was the largest financial services firm based outside of New York and was bought by Wachovia. Thankfully, Wachovia made a major investment in St. Louis, but STL no longer has the prestige it did in that industry despite Edward Jones still being based here."



Quote.........



"St. Louis has emerged as one of the nation’s strongest financial centers. With Wachovia’s recent $6.8 billion purchase of AG Edwards, St. Louis is second only to New York in its concentration of brokerage firms and talent; about 27,000 registered retail brokers call St. Louis their home office, while New York has just under 37,000. Annual revenues of St. Louis brokerage firms total more than $14.62 billion.



St. Louis is home to national investment firms, including Wachovia Securities, Edward Jones, Scottrade, and Stifel Nicolaus & Company. These firms in the Wall Street of the Heartland are supported by a large, well-educated and trained financial services workforce."



Source
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PostAug 25, 2008#12

This guy was quoted in RFT a few weeks back comparing the CWE crowd to the Romans. He's obviously a bit bitter at the people who pay his salary.



Still, he raises a key point. We seem to focus a lot on the dessert (restaurants, lofts, art galleries, etc.) instead of the meat and potatoes (jobs and commerce).
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PostAug 26, 2008#13

I agree to some points...



but come on... he says the media doesn't tell us about all the negatives of STL's lost companies... ummm - yeah they do ... in copious nauseating amounts. Does this guy live in a hole or something?



Give it a rest. St. Louis isn't alone on the merger/take-overs/moves of big corporates at all. STL still has many great giants and many more medium and small great giants.
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