While the general news media has been covering a lot of angles on how the mortgage banking crisis will affect average citizens, here’s an angle you may not have heard yet.
As employees of banks lose their jobs, they’re laying off their nannies.
Kate Baker of Abbeville Nannies in London, England, says the 18-month golden era for nannies seems to be coming to an end.
Baker says at first pay rates (as high as $73,000) started to come down. Now, firings are following.
Thousands are employed in London as nannies.
But British nannies now have new competition. The newly rich who themselves negotiated mortgages with high monthly payments started to look for less expensive nannies from Eastern Europe.
