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Blood Everywhere After The September Slasher

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September 25, 2009 – Comments (4)

OVERLAND PARK, Kan., Sept 25 (Reuters) - Troubled trucking concern YRC Worldwide Inc was slashing more jobs this week, just before the end of the its third quarter, as it continues to work with lenders and labor to stave off collapse.


Sources inside the No. 1 U.S. less-than-truckload (LTL) company said the cuts were substantial and layoffs were being made across many departments.


Company officials would not disclose how many jobs were being eliminated but said "workforce adjustments" were underway.

"YRC Worldwide is making workforce adjustments across the company in response to economic conditions affecting business volumes and to advance the company's movement to a functional organizational structure.


"The company is not providing updated employment numbers at this time, since workforce actions are still in process," YRC officials said in a statement.

#1 LTL CARRIER SEES THE ECONOMY A LOT SCARIER.......IT EMPLOYS OVER 50,000

As we move to a savings economy....we won't consume as much......since most of us work for the consumption economy......at least 50% really won't have much to do in a savings economy....with such excess unemployment....expect wages to crash as more and more chase fewer and fewer jobs.

SEATTLE - Outgoing Mayor Greg Nickels is seeking to cut 310 jobs as a way to help fill a $72 million budget deficit in 2010.  The mayor released his final city budget proposal Friday.

The cuts are in addition to 10 day unpaid furloughs by city workers.

As more and more are unemployed, expect Adults to compete for jobs traditionally held by teens.

The Obama administration's economic stimulus program to find jobs for thousands of teenagers this summer couldn't overcome one of the bleakest job markets in more than 60 years that had desperate adults competing for the same kind of work.

What do you think government is going to do now that we have millions of millions of teens and adults unemployed and restless??????????????????????????????????

AS FEWER AND FEWER CAN PAY TAXES....EXPECT GOVERNMENT TO TAKE MORE AND MORE FROM THOSE THAT CAN PAY

State and municipal governments, struggling with sinking revenue, are raising money by levying fees on consumers, slapping local businesses with back taxes and tweaking tax laws in ways that force many businesses to pay more.

That is leading to accusations -- and, in some cases, lawsuits -- that governments are trying to rake in more money without officially raising taxes, sometimes illegally.

http://online.wsj.com/article/SB125392874638642923.html?mod=WSJ_hpp_MIDDLTopStories

When money runs low....stress and anger rises.....stay cool Fools because you never know how low asset values can go!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

DETROIT -- On a grassy lot on a quiet block on a graceful boulevard stands the answer to a perplexing question: Why does the typical house in Detroit sell for $7,100?

The brick-and-stucco home at 1626 W. Boston Blvd. has watched almost a century of Detroit's ups and downs, through industrial brilliance and racial discord, economic decline and financial collapse. Its owners have played a part in it all.

If consumers are not consuming, many will be unemployed when the entire economy is dependent on massive numbers of consumers consuming massively.......as the banks cut off credit, incomes will evaporate as sales decline and businesses shut down.....don't you think it about time to restructure as fewer and fewer are able to meet their minimum monthly obligations and defaults and bankruptcies are skyrocketing?

 

4 Comments – Post Your Own

#1) On September 25, 2009 at 11:33 PM, alstry (35.96) wrote:

EXPECT MASSIVE JOB CUTS IN HEALTH CARE GOING FORWARD......MASSIVE JOB CUTS AS REVENUES EVAPORATE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

William Beaumont Hospitals in Royal Oak announced today it eliminated 353 full-time equivalent positions, or 425 employees, to help cut $10 million out of its $2 billion budget.

Like most hospitals, Beaumont experienced lower than expected patient volume in July and August, said Mike Killian, vice president of public relations and marketing.

The layoffs and job position eliminations affected most departments at its hospitals in Royal Oak, Troy and Grosse Pointe, and at its outpatient medical centers and subsidiary companies. Beaumont employs about 17,000, Killian said.

“This is a horrible market,” he said. “We have reason to believe we are not doing any worse than anybody else. If we don’t do more cost cutting we will have more financial problems by the end of the year.”

http://www.crainsdetroit.com/article/20090925/FREE/909259972#

THOUSANDS OF JOBS CUT EVERYDAY....MORE GETTING WAGES SLASHED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Unless we restructure....things will get worse....MUCH WORSE!!!!!!!!!!!!

NOW NO INDUSTRY IS IMMUNE.....

Health Care, Government, Transporation, Technology, you name it....the September Slasher knows where to find the victims.

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#2) On September 25, 2009 at 11:54 PM, alstry (35.96) wrote:

CONSTRUCTION SHUTTING DOWN ACROSS AMERICA!!!!!

LAS VEGAS -- Over the past 25 years, Larry Valdez has worked as an electrician in Grand Junction, Colo.; Duluth, Minn.; Salem, Ore.; and more than a dozen other places.

A skilled tradesman with a union card, he could always hop from one job to the next, building a mall, a power plant or a microchip factory. Five years ago, he landed in Las Vegas as developers were breaking ground on a series of lavish hotels and casinos on the Strip.

Union hiring halls that were once bustling were empty on a recent morning because no new work was being distributed there.

Thousands of carpenters, ironworkers, electricians, pipefitters and other tradesmen were lured here by the concrete and steel rising from the desert -- and the promise of steady work and higher pay. Known in the trade as "travelers" or "boomers," they have long served as a sort of a roving labor pool, providing the skilled manpower needed to get big projects off the ground -- no matter where they popped up.

Now, many of those Las Vegas construction projects have been mothballed or are nearing completion. Usually, Mr. Valdez, 52 years old, would be striking out for the next job by now. Instead, he has been out of work since April, with no prospects, even as construction cranes continue to dot the skyline. "All that work is just sitting there," Mr. Valdez said. "You can see it right across the fence before your eyes. You just can't get to it."

The economic downturn has hit construction harder than most other industries. The unemployment rate for construction workers was 16.5% in August, double the rate a year earlier and the highest of any industry.

http://online.wsj.com/article/SB125391379564842091.html?mod=WSJ_hpp_MIDDLETopStories

IN 9.09....MANY PROJECTS WILL BE COMPLETED AND WORKERS WILL HAVE NO PLACE TO GO

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#3) On September 26, 2009 at 12:15 AM, topsecret09 (39.58) wrote:

 I went to vegas a little over 3 years ago working out of local union 525 plumbers and pipefitters. Commercial construction Is DEAD In Las vegas for the most part. The FOUNTAINE BLEAU Is just sitting In mothballs on the Las Vegas Strip,while 70% complete. Lenders are looking to liquidate the project (IT'S IN BANKRUPTCY) There are over 2300 union carpenters out of work,and approximately 1800 plumbers and pipefitters. I have been out of work since FEBRUARY,and the only job that I could conceivably travel to Is In Canada....  http://www.lvrj.com/news/breaking_news/Fontainebleau-lenders-pursue-liquidation-61570082.html   TS

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#4) On September 26, 2009 at 8:04 AM, alstry (35.96) wrote:

WHY REVENUES ARE SLOWING SO QUICKLY

A big slowdown in commercial construction means more layoffs for Greenheck workers. The company announced a fourth round of layoffs.

This time 58 employees from the Schofield plant will lose their jobs. That means nearly 300 Schofield workers have been let go in the past year.

UWMC Professor Hamid Milani says these cuts have the potential to have a big impact on the community because of what he calls a, "multiplier effect."

"There's just economic analysis that there is a multiplier effect, so if one dollar is cut, potential two dollars is going to be lost in the community," says Milani.

Essentially, this means if the workers cut make a $100,000 all together, hypothetically, that means the economy is going to to lose $200,000.

In an effort to minimize the economic impact, Greenheck leaders are making the Schofield factory employees take six unpaid furloughs between now and the end of the calendar year.

Office employees will be asked to take five furloughs.

http://www.waow.com/Global/story.asp?S=11201389

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