Jan 26th 2009 - What a Day

Want to make a post? Log on with a free my town account.

Page 1 of 2

Falcon01

Jan 26, 2009 - CST 12:39 PM

Member since:
July 2006

My links

View profile »
View collection »

Philips Posts Loss to Slash 6,000 Jobs

http://www.thestreet.com/story/10459728/1/philips-posts-loss-to-slash-6000-jobs.html?puc=_tscrss

Sprint to eliminate 8,000 jobs

http://www.marketwatch.com/news/story/Sprint-eliminate-8000-jobs/story.aspx?guid={3EC36575-AF50-4BDF-B387-8F50ACA28DB7}

Caterpillar to slash 20,000 jobs as profit falls

http://news.yahoo.com/s/nm/20090126/bs_nm/us_caterpillar_ylt=AnlPoVo850GGf6q.mFY6tcas0NUE

Pfizer to buy Wyeth for $68B cut 8,000 jobs

http://news.yahoo.com/s/ap/20090126/ap_on_bi_ge/pfizer_wyeth_acquisition_ylt=AteXKE54oQjoKR1t13uSPpKs0NUE

Home Depot is closing 41 stores and laying off 7,000 workers

http://ir.homedepot.com/releasedetail.cfm?ReleaseID=361335

ING Direct cutting up to 7,000 jobs

http://www.cnn.com/2009/US/01/26/ing.job.losses.banking/index.html?iref=newssearch

This all in one day and the day is not even over. I really feel for all these people losing their jobs, this really sucks.

posters5

Jan 26, 2009 - CST 1:42 PM

Member since:
March 2002

My links

View profile »

let's not forget microsoft's stunning announcement earlier this month that 5,000 jobs would be cut.

JJ79

Jan 26, 2009 - CST 1:46 PM

says... Also known as The Movie Rambler

Member since:
January 2006

My links

View profile »
View collection »
View wish list »

It was known last week and this weekend this week would be especially rough on the economy. Lots of companies announcing financials and stuff. When the market was up over 100 points this morning, I was shocked. Right now (3:03 pm), it's up 45 points. It would be nice for the number to stay above 8000 for the week, perhaps giving us a bottom to this whole mess.

(Don't forget...Citi just closed a deal for a $50 million plane after they pleaded poverty for more bailout money.)

Jason

posters5

Jan 26, 2009 - CST 2:06 PM

Member since:
March 2002

My links

View profile »

citi has also cooked the books.

JJ79

Jan 26, 2009 - CST 2:12 PM

says... Also known as The Movie Rambler

Member since:
January 2006

My links

View profile »
View collection »
View wish list »

Quote:
citi has also cooked the books.

NO WAY!

Not a fine, upstanding organization like them! God, they may be the most corrupt...but don't quote me on that.

Jason

ReaggieP

Jan 26, 2009 - CST 2:27 PM

says... is thinking "Brick House"...

Member since:
January 2008

My links

View profile »

This guy takes the cake.

bladerunner1

Jan 26, 2009 - CST 5:08 PM

Member since:
March 2008

My links

View profile »

I fear that this kind of news is just getting started. We Americans still have a ways to fall yet, and if we go down, everybody goes down with us. I've looked at this from every possible angle that I could think of and I personally could'nt come up with anything short of giving every living soul over the age of 18 (has a job), about $50,000 (free money!) to avoid going into a full blown depression.

JJ79

Jan 26, 2009 - CST 5:28 PM

says... Also known as The Movie Rambler

Member since:
January 2006

My links

View profile »
View collection »
View wish list »

^ Frankly, Blade, I don't even know if that would work. The stimulus check I got last year went right into my ING savings account. I didn't spend a dime of it at the time (used it to buy the stereo in November). If I were to get my hands on $50k, the first priority would be to max out my IRA's today and then defer my entire salary into the 401(k). Deposit that $50k into the ING account and live on about $1k a month from that.

I know there are a lot of people with the same thought process...or they want to pay down debt. Neither of those things helps the economy right now.

Before anyone asks, no, I don't have an answer. We need to show people how to live within the paycheck they get. Town halls with money people to draw up specific budget plans for any family that wants help. X amount to bills, X amount to food and so on. Washington needs to get on the same plan. Live within our means and the crucial companies to the economy will survive. The CEO's will get less bonus money because people will spend less. But we'll all be in a better position in the long run.

Jason

Falcon01

Jan 26, 2009 - CST 6:25 PM

Member since:
July 2006

My links

View profile »
View collection »

Jason, the problem is the Gov wants you to spend and borrow money from the banks which will in turn put you into more debt which is how we got here in the first place. It's a catch 22 and nobody wants to put themselves into any more debt right now.

[Post edited by Falcon01 on Jan 26, 2009 - CST 6:26 PM]