The Dows Great Descent; How Bankers Are Cutting Back

The Dow's Great Descent; How Bankers Are Cutting Back 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 tofinish 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 Paulsons plan to buy stakes in banks) that were supposed to improve investor confidence, not hammer it away.Yet again, several big banks'stock pricestook 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, sayingthe deal is on track, which investors apparently werent buying). Speaking of rumors, looks like National City might be on the auction block, so yet another large bank could soon change hands.Althoughthe market plunge todaymeans common perception here in the U.S. isperhapseven the staffs of state can't help u s now, let's not start stock piling tap water just yet; time will tell whether the second coming of the Great Depression isfor real, or just perception. That said, as we wait to see whos holding the high card, its probably a good idea to be cautious with our cash. To that end, below youll find some ideas on how to scale back your spending, inspired by the changesbeing made by a bunch of out-of-work employees who used to work fora 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 ... Then: Black car to Luger'sNow: J train to White CastleThen:Courtside seats atthe GardenNow: Bleacher seats at P.S. 46Then: Lap dances at ScoresNow: Brushing up against rush-hour commutersThen: Dining at NobuNow: Fishing in Red HookThen: Shopping at Dean DelucaNow: Joining the Park Slope Co-OpThen: Range Rover to East HamptonNow: The A to RockawayThen: Hair by Fred (Fekkai)Now: Hair like Ted (Kaczynzki)Th en: Long weekends in the Cayman IslandsNow: Afternoons in Coney IslandThen: The Amex Black cardNow: The Starbucks gift cardThen: Liar's PokerNow: Uno!Then: MidtownNow: Midwood