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alstry (35.49)

Brace Yourself for BLOOD!!!!!!! X 50

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January 25, 2009 – Comments (4)

 

Cities, towns expect to fire thousands

Basic services in jeopardy

Brace yourself: Cities and towns across the state expect to lay off thousands of employees. The impact will be widespread and highly visible - shorter hours and longer waits at town halls, larger class sizes, more potholes.

Nearly every community is "going to see blood," said Mayor John Barrett III of North Adams, who expects to "limp through" June but anticipates having to close one or more schools and lay off a significant number of city workers after that.

The massive cutbacks come as state and local governments respond to the rapidly worsening economy.

http://www.boston.com/news/local/massachusetts/articles/2009/01/25/cities_towns_expect_to_fire_thousands/

This is Massachussets.  Imagine what is going to happen to those states that experienced a housing bubble.  If nearly every community in Mass is going to see blood, what is going to happen to communities in CA?????

None of these upcoming layoffs are counted in current unemployment figures....and we know that hundreds of thousands are pending for private industry that have been recently announced.

When those idiotic economists are projecting unemployment to cap at 8 or 9%, you think that they really believe a word they are telling you?

4 Comments – Post Your Own

#1) On January 25, 2009 at 8:44 PM, alstry (35.49) wrote:

INFLATION?????  Please tell me where......all Alstrynomics sees is prices crashing, businesses shutting down, wage cuts and layoffs...now hitting my profession....the most noble of them all.........sorry I have to excuse myself.

From the WSJ:

For years, the law firm Heller Ehrman LLP used a goofy coat of arms inside its offices: a laurel wreath, the scales of justice and a Latin quotation, elvem ipsum etiam vivere. Rough translation: Elvis Lives.

In late September, Heller Ehrman went the way of Elvis. Just two years after its most profitable year ever, the freewheeling San Francisco firm expired, closing its doors after 118 years in business.

Pay cuts and layoffs are becoming commonplace. This month, Clifford Chance laid off more than 70 lawyers in London; Cooley Godward Kronish LLP fired 50 lawyers and 60 other staffers; and Akin Gump Strauss Hauer & Feld LLP let go of 65 staff members across the U.S.

"More firms are in a fragile condition than I've ever seen," says William Brennan, a law-firm consultant with Altman Weil Inc. and formerly chief financial officer at two large Philadelphia firms.

Throughout the industry, business has dropped off in such key practice areas as mergers, public offerings, and corporate finance. Litigation, often counted on to carry firms through downturns, has become less profitable as clients increasingly settle big cases, forgo lawsuits altogether, or pressure firms to discount their fees, lawyers say. Some practice areas, such as bankruptcy, however, are robust.

Lawyers and consultants say they expect profits to continue slumping this year. "Given the pressure on the industry now, I would expect that more firms could dissolve in 2009 or seek a white-knight merger," says Terry Conner, managing partner of Dallas-based Haynes and Boone LLP,...........

Can anyone offer a single piece of inflationary evidence???

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#2) On January 25, 2009 at 9:17 PM, DemonDoug (98.85) wrote:

eggs still cost 50-100% more, as does bread and many other foodstuffs from 18 months ago.

just saying is all....

but you are right, a lot of deflationary forces out there right now.  I'm still in a wait and see mode, but we've been in definite deflation since july.

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#3) On January 25, 2009 at 9:20 PM, kristm (99.74) wrote:

Fortunately, not every state is run as poorly as MA.

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#4) On January 25, 2009 at 10:25 PM, DarkToast (90.86) wrote:

*high five kristm*

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