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&lt;p&gt;The Dow took a big hit today during the last two hours of trading, falling nearly 700 points or about 7 percent to&amp;nbsp;finish below the 8,600 mark. This, of course, is not a good sign, especially since the sharp decline came on the same day as a slew of government announcements here and abroad (such as Hank Paulson&amp;#8217;s plan to buy stakes in banks) that were supposed to improve investor confidence, not hammer it away.&lt;/p&gt;&lt;p&gt;Yet again, several big banks&#39;&amp;nbsp;stock prices&amp;nbsp;took dives today, particularly Morgan Stanley, whose shares fell drastically on rumors that Mitsubishi UFJ Financial Group may not pony up $9 billion to invest in the bank after all (as it did yesterday, Morgan denied the rumors, saying&amp;nbsp;the deal is on track, which investors apparently weren&amp;#8217;t buying). Speaking of rumors, looks like National City might be on the auction block, so yet another large bank could soon change hands.&lt;/p&gt;&lt;p&gt;Although&amp;nbsp;the market plunge today&amp;nbsp;means common perception here in the U.S. is&amp;nbsp;perhaps&amp;nbsp;even the staffs of state can&#39;t help us now, let&#39;s not start stock piling tap water just yet; time will tell whether the second coming of the Great Depression is&amp;nbsp;for real, or just perception. That said, as we wait to see who&amp;#8217;s holding the high card, it&amp;#8217;s probably a good idea to be cautious with our cash. &lt;p&gt;To that end, below you&amp;#8217;ll find some ideas on how to scale back your spending, inspired by the changes&amp;nbsp;being made by a bunch of out-of-work employees who used to work for&amp;nbsp;a handful of companies that, up until a few weeks ago, were widely known as the investment banking bulge bracket. Indeed, that was then, and this is now ... &lt;p&gt;&lt;strong&gt;Then:&lt;/strong&gt; Black car to Luger&#39;s&lt;/p&gt;&lt;p&gt;&lt;img height=&quot;79&quot; src=&quot;http://tbn0.google.com/images?q=tbn:W9SZmRRMgEtXSM:http://www.roadfood.com/Photos/1475.jpg&quot; width=&quot;138&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Now:&lt;/strong&gt; J train to White Castle&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;70&quot; src=&quot;http://tbn0.google.com/images?q=tbn:tKTTOeFIYuDlNM:http://www.onedigitallife.com/images/white_castle.jpg&quot; width=&quot;130&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Then:&lt;/strong&gt;&amp;nbsp;Courtside seats at&amp;nbsp;the Garden&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;87&quot; src=&quot;http://tbn0.google.com/images?q=tbn:t4myjkS53dqdZM:http://farm3.static.flickr.com/2179/1552457824_64bfed1359.jpg&quot; width=&quot;130&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Now:&lt;/strong&gt; Bleacher seats at P.S. 46&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;89&quot; src=&quot;http://tbn0.google.com/images?q=tbn:zk2SYWHi8rDOfM:http://img.photobucket.com/albums/v632/pabiker1100/965b836d.jpg&quot; width=&quot;134&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Then:&lt;/strong&gt; Lap dances at Scores&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;89&quot; src=&quot;http://tbn0.google.com/images?q=tbn:p6LKjL-ZWL2LCM:http://nymag.com/images/2/daily/food/07/10/29_scores_lg.jpg&quot; width=&quot;133&quot;&gt;&amp;nbsp;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Now:&lt;/strong&gt; Brushing up against rush-hour commuters&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;86&quot; src=&quot;http://tbn0.google.com/images?q=tbn:NHrYd0pmFAazbM:http://www.bangitout.com/uploads/1820030704-crowded-platform.jpg&quot; width=&quot;130&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Then:&lt;/strong&gt; Dining at Nobu&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;99&quot; src=&quot;http://tbn0.google.com/images?q=tbn:2E5RXpkh1ivHGM:http://la.eater.com/uploads/2008_03_nobu%2520dr-thumb.jpg&quot; width=&quot;132&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Now:&lt;/strong&gt; Fishing in Red Hook&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;88&quot; src=&quot;http://tbn0.google.com/images?q=tbn:AxVnucB1Jp2DRM:http://farm3.static.flickr.com/2065/1709214632_c62f4080ee_o.jpg&quot; width=&quot;132&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Then:&lt;/strong&gt; Shopping at Dean &amp;amp; Deluca&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;118&quot; src=&quot;http://tbn0.google.com/images?q=tbn:lJtyblOS6ldeMM:http://bp0.blogger.com/_bvVvxWTEuSI/R7G60ZsIb8I/AAAAAAAAC3Q/ri2n3E-MBrg/s320/tote%2Bto%2Bgo.jpg&quot; width=&quot;118&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Now:&lt;/strong&gt; Joining the Park Slope Co-Op&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;96&quot; src=&quot;http://tbn0.google.com/images?q=tbn:xcZWOhux9CB9bM:http://www.liv.ac.uk/researchintelligence/issue21/images/APPLE-PICKING.jpg&quot; width=&quot;116&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Then:&lt;/strong&gt; Range Rover to East Hampton&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;110&quot; src=&quot;http://tbn0.google.com/images?q=tbn:RClP9hfSekxnQM:http://www.jeudiland.com/East%2520Hampton%2520Beach1.JPG&quot; width=&quot;147&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Now:&lt;/strong&gt; The A to Rockaway&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;89&quot; src=&quot;http://tbn0.google.com/images?q=tbn:x7JAuv-WmQPgnM:http://www.apublicrock.com/postcards/Rfcard3.jpg&quot; width=&quot;135&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Then:&lt;/strong&gt; Hair by Fred (Fekkai)&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;103&quot; src=&quot;http://tbn0.google.com/images?q=tbn:ek51A-ijEOP2DM:http://www.hairdressersus.com/articles/frederick/image015.jpg&quot; width=&quot;105&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Now:&lt;/strong&gt; Hair like Ted (Kaczynzki)&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;110&quot; src=&quot;http://tbn0.google.com/images?q=tbn:pk28C8A2UTyKTM:http://www.amren.com/ar/2000/08/unabomber.gif&quot; width=&quot;85&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Then:&lt;/strong&gt; Long weekends in the Cayman Islands&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;122&quot; src=&quot;http://tbn0.google.com/images?q=tbn:j_n16zFhRtsMqM:http://www.islandream.com/photos/stingray.jpg&quot; width=&quot;116&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Now:&lt;/strong&gt; Afternoons in Coney Island&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;143&quot; src=&quot;http://tbn0.google.com/images?q=tbn:iu9_jA_0EhbpgM:http://pix.alaporte.net/pub/d/17639-1/Cyclone%2BRiders%2B02.JPG&quot; width=&quot;95&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Then:&lt;/strong&gt; The Amex Black card&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;89&quot; src=&quot;http://tbn0.google.com/images?q=tbn:CjSpxLU-taKibM:http://blogfera.com/wp-content/uploads/2007/10/amex-black-card-centurion.jpg&quot; width=&quot;118&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Now:&lt;/strong&gt; The Starbucks gift card&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;98&quot; src=&quot;http://tbn0.google.com/images?q=tbn:c0Eqeg6C3TOLmM:http://farm3.static.flickr.com/2048/2053825043_b8c37eda60.jpg%3Fv%3D0&quot; width=&quot;130&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Then:&lt;/strong&gt; Liar&#39;s Poker&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;88&quot; src=&quot;http://tbn0.google.com/images?q=tbn:rRlqHcjCWoZUQM:http://www.myoops.org/twocw/mit/NR/rdonlyres/Global/F/F248B3B4-5433-4168-BF6D-E6DD8E59FCAE/0/chp_accounting_dollar.jpg&quot; width=&quot;121&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Now:&lt;/strong&gt; Uno!&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;99&quot; src=&quot;http://tbn0.google.com/images?q=tbn:ZFLugHcV7o4SSM:http://www.goodexperience.com/broken/i/04/04/unocards-s.jpg&quot; width=&quot;137&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Then:&lt;/strong&gt; Midtown&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;85&quot; src=&quot;http://tbn0.google.com/images?q=tbn:h_wA3OvA6taHNM:http://rlove.org/images/nyc_midtown_20050828.jpg&quot; width=&quot;127&quot;&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Now:&lt;/strong&gt; Midwood&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;BORDER-RIGHT: 1px solid; BORDER-TOP: 1px solid; BORDER-LEFT: 1px solid; BORDER-BOTTOM: 1px solid&quot; height=&quot;135&quot; src=&quot;http://tbn0.google.com/images?q=tbn:FX-r4mJ23FcBvM:http://www.fadingad.com/blog/brooklyn/avenue_n_vote02.jpg&quot; width=&quot;90&quot;&gt;&lt;br&gt;&lt;/p&gt;&lt;p&gt;&lt;br&gt;&amp;nbsp;&lt;/p&gt;&lt;p&gt;&amp;nbsp;&lt;/p&gt;

Derek Loosvelt

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The Library

The Dow's Great Descent; How Bankers Are Cutting Back

The Dow took a big hit today during the last two hours of trading, falling nearly 700 points or about 7 percent to finish below the 8,600 mark. This, of course, is not a good sign, especially since the sharp decline came on the same day as a slew of government announcements here and abroad (such as Hank Paulson’s plan to buy stakes in banks) that were supposed to improve investor confidence, not hammer it away.Yet again, several big banks' stock prices took dives today, particularly Morgan Stanley, whose shares fell drastically on rumors that Mitsubishi UFJ Financial Group may not pony up $9 billion to invest in the bank after all (as it did yesterday, Morgan denied the rumors, saying the deal is on track, which investors apparently weren’t buying).

The Dow&#39;s Great Descent; How Bankers Are Cutting Back

The Dow's Great Descent; How Bankers Are Cutting Back | Career Advice - Vault

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The Dow's Great Descent; How Bankers Are Cutting Back

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