PANASONIC slashes 15,000 jobs and closes 27 plants

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the_dvd_chef

Feb 4, 2009 - CST 10:15 AM

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It looks like another major electronics manufacturer is feeling the hard times. Panasonic is cutting 15,000 jobs and closing 27 plants. This is apparently due mostly to slipping demand for flat-panel TVs. They are also delaying production of their new plasma and LCD models for at least 6 months.

http://www.cbc.ca/technology/story/2009/02/04/panasonic-jobs.html

Tim Raynor

Feb 4, 2009 - CST 10:28 AM

says... It looks fake . . . very fake!

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And in the meantime, the f-ing banks still don't seem to get the message that you can't take bail-out money and blow it as if you just won the g-damn lottery!

http://www.usatoday.com/money/companies/management/2009-02-03-wells-fargo_N.htm

What a bunch of f-ing a-holes! What the hell are these idiots thinking!?

the_dvd_chef

Feb 4, 2009 - CST 10:59 AM

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I like Jon Stewart's idea. Instead of bailing out the banks directly to pay for loans that people have defaulted on, use the bail out money to pay off a portion of the debts the people owe to the bank (or transfer that debt to the government) so that they are not in default in the first place. That way the banks still get the money but at the same time you are reducing the debt load of the average consumer and reducing the number of foreclosures and such, meaning that the average person has more money to spend back into the economy.

StevePro

Feb 4, 2009 - CST 11:47 AM

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Quote:
Instead of bailing out the banks directly to pay for loans that people have defaulted on, use the bail out money to pay off a portion of the debts the people owe to the bank (or transfer that debt to the government) so that they are not in default in the first place.

Yup, the banks are slime. They take the bail out money AND they raise credit card rates and fees to the consumer so that those who are in deep water get in even deeper. The cc market is the next one which is going to tank. That whole system needs a major nuking.

Falcon01

Feb 4, 2009 - CST 12:04 PM

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"A day after Macy’s executives announced lay-offs of 7,000 workers and cut a dividend in half, top company officials received a final installment on $1.39 million in performance bonuses from 2004.

On Monday the company announced that swooning sales and poor earnings would bring thousands of pink slips to associates and reconfigure management of the company.

http://news.cincinnati.com/article/20090203/BIZ01/302030063/1055/NEWS

B-R-U-T-A-L.

wolvinator

Feb 4, 2009 - CST 3:59 PM

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All companies that get bailouts should have their CEOS and high ups fired and replaced with no bonuses for anyone.

My F'kn bank doubled my interest rate on my high balance credit card. I had to close the account and argue with them for several days just to lower it back to normal. I have never been late on payment and always pay more than the minimum. That's exactly what they do when they are helped by the government(screw the rest of us). I'm speaking of course about Bank Of America, a bank that has lost touch with its customers as many have when they get too big.

the_dvd_chef

Feb 4, 2009 - CST 4:18 PM

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Quote:
I'm speaking of course about Bank Of America, a bank that has lost touch with its customers as many have when they get too big.

Has any bank ever been in touch with it's customers? Ever? Our banks here in Canada work a bit differently than in the U.S. and are more heavily regulated, so we have not been screwed as hard (not yet anyway) but they have pulled some stupid moves. The Bank Of Canada (who sets the 'prime' interest rate for all the banks) slashed the rate in order to encourage lending (especially mortgages) and instead of passing this along to the people, all five major banks raised the rate they add to prime, negating this lower rate.

It's just bureaucratic short sightedness all around. These fatcats think they can screw the little guy on and on because they get away scot free. And they do for a time, due to virtually non-existent enforcement of the 'white-collar' crime they commit. But what they can't or wont see is that when you screw enough people the whole system starts to collapse under them. But they can't see that and they don't know how to do anything else so they just go on screwing people speeding up the collapse.

Skyhawk

Feb 4, 2009 - CST 5:37 PM

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Ouch, LG and Toshiba also posted more than one billion dollar losses for their last quarters. Seems like the only two big companies making money this last reporting period are Microsoft and Sony. Oh Cisco reported a profit too.

The companies posting huge losses have a lot of people in North America employed, and trouble with them means this spiral could be painful for many people on our side of the pond - not just shareholders I mean.

mra

Feb 4, 2009 - CST 9:18 PM

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All this new money is created by loans made up out of thin air.

The government could make up the new money without the attached loans. Then we would have a better money to loan ratio and it would be easier for everyone to pay off their loans. ...But we can't have that, can we!!!

[Post edited by mra on Feb 4, 2009 - CST 9:20 PM]

the_dvd_chef

Feb 4, 2009 - CST 9:59 PM

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Quote:
All this new money is created by loans made up out of thin air. The government could make up the new money without the attached loans. Then we would have a better money to loan ratio and it would be easier for everyone to pay off their loans. ...But we can't have that, can we!!!

Other countries have tried that. It causes massive runaway inflation and leads to the complete devaluation of their currency. If they followed that plan the US dollar would be worthless very fast, and how exactly would that help the economy?

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