Things are bad, very bad in the US (and I still have a job, for now...). Putting aside the Main Street perception of Wall Street, the financial system itself could be in jeopardy. If the system collapses, this country if not the world is f'cked.
Not to mention, the US auto industry is a few more bad quarters from extinction.
Foreclosures continue to rise, unemployment continues to climb, etc.
El PresidentO has his hands full and needs to act ASAP.
Not to mention, the US auto industry is a few more bad quarters from extinction.
Foreclosures continue to rise, unemployment continues to climb, etc.
El PresidentO has his hands full and needs to act ASAP.
no way in hell we ever reach 25% peak of the 30s on the government reported figures and if we do f for some reason essentially the entire financial system has collapsed
they put in unemployment benefits after that
also people like willie focus on the peak numbers
the problem is how long this is gonna last
i personally think UE going to 10%+ (on government reported figures) and staying there for a while
have a 10%+ inflationary blip and than picking ourselves up and companies re adding jobs after the storm passes....isn't all that bad....
depressions not about the max pain at the peak or the lagging figures
its about longevity of the pain
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Do the US unemployment figures only include those workers receiving unemployment benefits? Many of the financial industry workers that are losing their jobs are given packages contingent upon them not filing for unemployment insurance. Therefore, if the unemployment data only includes those receiving unemployment benefits, those receiving packages are not included.
this website does a solid job of keeping up with things on the layoff front....
http://www.layoffdaily.com/
here's today's
the big one today was non US 15k gonna be cut from a german retailer
1-20-2009 - Layoff Headlines (updated 4-8X a day)
Memorial Medical Center -47
John Laing Homes Lays Off
Providence St. Joseph -94
Ameriprise Financial -300
Phillips Electronics -96
Crown Equipment Corp. Laying Off
Clear Channel -1,850
f.y.e. Shutting 70 Stores
FH Stoltze Saw Mill Shuts Down -45
Kalitta Air Freight Grounds Jets & Laying Off
Yahoo Layoffs Reach France -52
Amsted Rail Cuts Again -206
March Networks -20
Idaho Car Dealer Closes 2 Stores -35
Warner Brothers -800
Bank of America in Dallas -85
Clipper WindPower -150
Cox Auto Trader -153
J&J May Have to Cut More
More Layoffs for Dow Chemical -60
Contractor CG Schmidt/Barton Malow -160
Interwoven -70
Clayton Homes -135
Blue Hill Hospital -15
Eaton Corp. Cuts Again -5,200
Law Firm Blank Rome -60
Snap-On Laying Off
More Boat Makers Sink
Rohm and Haas -900
Genmar Stratos -60
Grenada Lake Medical Center -14
German Retailer Metro AG -15,000
Bank of America Capital Markets Unit -4,000
550,000 Chinese Laid Off in Q4
Palm Beach Schools Prep for Layoffs
Superior Industries Closes Another Plant -290
Milliken & Co. Closing Plant -120
H.B. Smith Stops Making Boilers -47
Pearson Composites -60
PlanetOut -79
Brewer Auto Parts Closing Plant -127
Air Products & Checmicals -40
SkillSoft -150
Electronic Arts Cuts Again
GLMC -14
http://www.layoffdaily.com/
here's today's
the big one today was non US 15k gonna be cut from a german retailer
1-20-2009 - Layoff Headlines (updated 4-8X a day)
Memorial Medical Center -47
John Laing Homes Lays Off
Providence St. Joseph -94
Ameriprise Financial -300
Phillips Electronics -96
Crown Equipment Corp. Laying Off
Clear Channel -1,850
f.y.e. Shutting 70 Stores
FH Stoltze Saw Mill Shuts Down -45
Kalitta Air Freight Grounds Jets & Laying Off
Yahoo Layoffs Reach France -52
Amsted Rail Cuts Again -206
March Networks -20
Idaho Car Dealer Closes 2 Stores -35
Warner Brothers -800
Bank of America in Dallas -85
Clipper WindPower -150
Cox Auto Trader -153
J&J May Have to Cut More
More Layoffs for Dow Chemical -60
Contractor CG Schmidt/Barton Malow -160
Interwoven -70
Clayton Homes -135
Blue Hill Hospital -15
Eaton Corp. Cuts Again -5,200
Law Firm Blank Rome -60
Snap-On Laying Off
More Boat Makers Sink
Rohm and Haas -900
Genmar Stratos -60
Grenada Lake Medical Center -14
German Retailer Metro AG -15,000
Bank of America Capital Markets Unit -4,000
550,000 Chinese Laid Off in Q4
Palm Beach Schools Prep for Layoffs
Superior Industries Closes Another Plant -290
Milliken & Co. Closing Plant -120
H.B. Smith Stops Making Boilers -47
Pearson Composites -60
PlanetOut -79
Brewer Auto Parts Closing Plant -127
Air Products & Checmicals -40
SkillSoft -150
Electronic Arts Cuts Again
GLMC -14
If you don't understand the implications of this, then you don't understand economic fundamentals.
NEW YORK (AP) -- The banking crisis took an ugly turn for the worse Tuesday.
Shares of major banks plunged as investors feared that Washington's bailout efforts were stalling, potentially forcing President Barack Obama's newly installed government to take far more dramatic steps to prop up the U.S. financial system.
No major bank was spared the carnage. Bank of America's shares plunged 29 percent; Citigroup's 20 percent. State Street Corp., which reported sharply lower earnings, saw its shares plummet 59 percent.
"The financial stocks got murdered," said Jack A. Ablin, chief investment officer at Harris Private Bank in Chicago. "They were basically cut in half."
At the core of the free fall in bank shares were concerns that U.S. officials would need to overhaul their program of shoring up financial institutions, a day after Britain announced its second financial bailout package for its own struggling banks in three months.
Investors are also becoming disheartened that banks such as State Street are continuing to report sharply worse results despite all the bailout efforts to date. The broader economic downturn is only compounding the pain by sapping demand for loans.
The country's economic problems were already high on Obama's priority list, but the breakdown of confidence in the country's banks, occurring on the same day of his inauguration, gave the matter fresh urgency. Attention will remain focused on the banking system on Wednesday as Obama's choice for Treasury Secretary, Timothy Geithner, begins Senate confirmation hearings.
"The honeymoon is already over for the new administration with the way these stocks were beaten down," said Edward Yardeni, an independent market analyst. "This is not a vote of confidence."
The market's faith in the outgoing Bush administration's $700 billion bailout effort was already waning, with critics in Congress and on Wall Street saying there was little to show so far despite the massive outlays of taxpayer money. The government had already veered from its original goal of buying up toxic assets from banks, choosing instead to make direct injections of capital into banks, with few strings attached.
"The fear is that the government will come first and shareholders will come last," Joe Battipaglia, market strategist for the private client group at Stifel, Nicolaus & Co. "It's a de facto nationalization because the government has run out of choices."
Many experts believe Obama's administration will have little choice but to pump more money into the banking sector or create an entity to buy banks' soured assets such as subprime mortgages so they'll start lending again.
Both moves would signal a dramatic increase in the government's involvement in the banking sector, possibly threatening shareholders whose holdings could be wiped out in the event of a government takeover. Evidence that the banking crisis is worsening overseas also rattled investors. On Monday, the Royal Bank of Scotland forecast a loss of $41.3 billion in 2008, leading the British government to increase its stake in RBS to nearly 70 percent and launch a new round of bailouts for the country's banking industry.
NEW YORK (AP) -- The banking crisis took an ugly turn for the worse Tuesday.
Shares of major banks plunged as investors feared that Washington's bailout efforts were stalling, potentially forcing President Barack Obama's newly installed government to take far more dramatic steps to prop up the U.S. financial system.
No major bank was spared the carnage. Bank of America's shares plunged 29 percent; Citigroup's 20 percent. State Street Corp., which reported sharply lower earnings, saw its shares plummet 59 percent.
"The financial stocks got murdered," said Jack A. Ablin, chief investment officer at Harris Private Bank in Chicago. "They were basically cut in half."
At the core of the free fall in bank shares were concerns that U.S. officials would need to overhaul their program of shoring up financial institutions, a day after Britain announced its second financial bailout package for its own struggling banks in three months.
Investors are also becoming disheartened that banks such as State Street are continuing to report sharply worse results despite all the bailout efforts to date. The broader economic downturn is only compounding the pain by sapping demand for loans.
The country's economic problems were already high on Obama's priority list, but the breakdown of confidence in the country's banks, occurring on the same day of his inauguration, gave the matter fresh urgency. Attention will remain focused on the banking system on Wednesday as Obama's choice for Treasury Secretary, Timothy Geithner, begins Senate confirmation hearings.
"The honeymoon is already over for the new administration with the way these stocks were beaten down," said Edward Yardeni, an independent market analyst. "This is not a vote of confidence."
The market's faith in the outgoing Bush administration's $700 billion bailout effort was already waning, with critics in Congress and on Wall Street saying there was little to show so far despite the massive outlays of taxpayer money. The government had already veered from its original goal of buying up toxic assets from banks, choosing instead to make direct injections of capital into banks, with few strings attached.
"The fear is that the government will come first and shareholders will come last," Joe Battipaglia, market strategist for the private client group at Stifel, Nicolaus & Co. "It's a de facto nationalization because the government has run out of choices."
Many experts believe Obama's administration will have little choice but to pump more money into the banking sector or create an entity to buy banks' soured assets such as subprime mortgages so they'll start lending again.
Both moves would signal a dramatic increase in the government's involvement in the banking sector, possibly threatening shareholders whose holdings could be wiped out in the event of a government takeover. Evidence that the banking crisis is worsening overseas also rattled investors. On Monday, the Royal Bank of Scotland forecast a loss of $41.3 billion in 2008, leading the British government to increase its stake in RBS to nearly 70 percent and launch a new round of bailouts for the country's banking industry.
layoff daily, thats awesome! let the truth be told. stop over-reproducing people, you are a large part of the problem! Out of the people i know personally, over 90% of their pregnancies are "mistakes"..... real smart..... The stupid people reproduce the most.
THERE IS A LIMIT TO GROWTH AND THE SIZE OF THE EARTH!!!!!!!
THERE IS A LIMIT TO GROWTH AND THE SIZE OF THE EARTH!!!!!!!
Just speaking from personal experience.
My neighbor's wife just got laid off after 15 years. My other neighbor is about 1 more payment from losing their home. I'm a mortgage broker by trade and many of my other neighbors are desperate for help and I can't do jack shit for em. I've seen my retirment plan drop by about 64%. A friend of mine who makes an honest living and lives an honest life with his family, I helped buy groceries for just last week. He tells me thats the most food they've had at home in atleast 3 months.
I could go on with personal accounts of friends, clients and aquaintences. I can't see how this economy isn't bad when just 4 years ago I couldn't list any of the accounts listed above.
that's another big problem we have as far as the world in general goes and there long term impacts that goes along with the western world being abortion happy in general....not just the birth control stuff itself......
those that have the ability to have a kid, teach them well, provide them with a good education and a very decent shot of doing well in life and continuing that process through the generations
are having less kids....
while those that live like shit and don't have the means to provide a good upbringing for their family are popping them out left and right
