The last few days have seen a handful of articles in the local press on the subject of the strength (or lack thereof, as it turns out) of local banks. Here’s a brief summary. First-up is a relatively in-depth look at the status of dozens of banks based in Washington State: Washington’s banks under stress…
Tag: Local Economy
Local Companies Tighten Belts, King County Cuts Jobs
As the far-reaching economic consequences of the popping of the housing/credit bubble unfold, local governments are feeling the pain. Snohomish County faces a $9 million shortfall for 2009, forcing a hiring freeze. While down in King County, Ron Sims just announced that 255 jobs will be cut. Financially ailing King County will send layoff notices…
Seattle Economy Maybe Not So Isolated After All
Here are a couple of recent stories to drive home the point that the Seattle area economy is not in fact magically separate from the national/international economy, as some have made it out to be over the last few years. Brad Wong, Seattle P-I: Tough economy forces cutbacks for area residents The economic shocks to…
WaMu Failure: What it Means for Seattle
From today’s Seattle Times: Feds seize WaMu in nation’s largest bank failure WaMu’s 43,200 employees won’t feel any immediate impact, though it’s likely JPMorgan will drastically shrink the thrift’s headquarters staff. More than 3,500 people work at WaMu’s 42-story headquarters at Second Avenue and Union Street, along with 800 people elsewhere in Seattle and 1,500…
Seattle to Weather the Recession “Better than Most”?
Here’s a brief article from the Wall Street Journal that might be of interest: Weathering the Rain, And the Property Storm The troubles facing most Seattle-area landlords are more like a Puget Sound drizzle than the stormy skies swirling around markets such as Phoenix or Orange County, Calif. Certainly the economic turmoil buffeting the nation’s…