Nation on Cusp of White Collar Crisis

What a headline huh?

Being a sorta blue collar for my whole life, even if I did wear a white collar in the baking bread days (good industry to be in now as ppl need to eat and it will be stable) I find it interesting that such a headline is used and how people may react to it. Seen enough job jacking to China in my 10 year period where I work now as a "Blue Collar".

Good thing is that the banks here announce huge profits yet have gone and peeded off employees.

Quote :

AUSTRALIA is on the cusp of a white-collar recession with insiders warning that thousands of jobs are at risk in the finance sector, after it emerged yesterday that ANZ planned to cut 700 jobs.

But The Saturday Age has established the job cuts will total as many as 1000 by the end of this year, which will be more than the bank shed at the height of the global financial crisis.

They come a day after the Royal Bank of Scotland announced plans to close its investment banking business, leading to the loss of more than 200 jobs in Australia.
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Economists have warned Australia is vulnerable to a recession this year with a wholesale funding squeeze in Europe raising debt costs for banks such as ANZ.

SOURCE:


http://www.theage.com.au/national/bank-on-whitecollar-crisis-20120113-1pzhx.html

Although i don't want disaster to anyone, its kinda funny to see what "us freaks" in Oz have been saying for so long to appear in MSM.

Having said all that I hold the Finance sector as being the most useless invention on this planet LOL