10% to 20% Unemployment VERY SOON!!!!
November 20, 2008
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SAN FRANCISCO (MarketWatch) -- Bank of New York Mellon Corp. said late Thursday it is cutting 1,800 jobs, or about 4% of its worldwide workforce.
Nov. 20 (Bloomberg) -- First-time claims for U.S. unemployment insurance unexpectedly rose last week to the highest level since 1992, a sign the labor market is deteriorating as the economic slump deepens.
We are already over 6% unemployment. Companies are shedding 4-10% of their workforces without blinking an eye. You are reading about it everywhere now....but few are connecting the dots. Many businesses are shutting down completely. The pace of layoffs is increasing and likely to keep increasing for the foreseeable future and slowdown begets further slowdown.
Fewer and fewer are paying taxes leaving a much bigger burden on those that can pay taxes. Trillion dollar deficits will be commonplace.
We are just beginning to lose control as evidenced by the stock market. Now even Paulson is calling this a once in a hundred year event.
Just get in your lifeboat and all will likely be fine.....espeically if you bring along your favorite drink and a few people that you enjoy partying with.......
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