Excess leverage was almost everywhere

And the job market is hurting in many sectors:

On opening night, there could be 30 or 40 fewer NBA jobs than a year ago.

Depending on exactly how large a roster each team wants, the total number of players is a bit higher than 400, so in percentage terms this is a big drop.  You'll notice that while NBA wages are adjusting downwards, the quantity of labor demanded is falling as well.

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"You'll notice that while NBA wages are adjusting downwards, the quantity of labor demanded is falling as well."

What are you hinting at? Are you implying that this is an example of a "keynesian" drop of general demand in a cyclical downturn which causes general unemployment (caused by some wage rigidity), or do you see this is as a sectoral readjustment of labor in light of the now revealed past misallocation of resources (monetary-policy-distorted prices misled people into expecting much higher future wealth, hence a shift into "luxury" consumption goods like sports)?

I guess it implies that the marginal benefit of fringe players is at least temporarily lower then the marginal cost. Or that the NBA has a surplus of marginal players who are undistinguishable until something occurs, injuries, that increases the demand for a given set of attributes to some team.

Sorry, I stand corrected on the taxi squad story

http://en.wikipedia.org/wiki/Taxi_squad

But isn't it unsurprising remembering about the global recession and the corresponding concequences like job losses, job search, etc?

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