There is a report from Challenger, Gray & Christmas showing job cuts in the financial industry skyrocketing this year. There have been about 88K redundancies so far this year, as versus about 50K for all of last year. Extending the numbers out, it looks like there will be 104+K job losses this year in the industry.

The question of course is, now that we don’t actually make anything here, what are we going to do when people cannot get jobs selling houses or financial instruments to outselves?