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alstry (36.27)

Economy Evaporating into VAPOR

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December 02, 2008 – Comments (6)

Bank of America could end up cutting 30,000 jobs as it moves to absorb Merrill Lynch, three times as many as previously estimated, sources told CNBC.

Thousands more will be cut from Courtrywide.  Few if any of these jobs will be replaced.  California running out of money.  Consumer credit being cut by almost 50%.  Autos need billions just to stay open for the rest of the year......and for the most part.....the population still doesn't get how serious the problem has become,,,,,,,,

But we all will very very soon.....hang on.

6 Comments – Post Your Own

#1) On December 02, 2008 at 5:21 PM, alstry (36.27) wrote:

And the beat goes on and on and on..........................

Airlines facing slump in travel demand ready to cut more flights, Delta hints at job losses

DALLAS (AP) -- Executives of major U.S. airlines, already seeing signs of slumping travel demand, said Tuesday they were ready to cut more flights, and Delta hinted at more job losses as the carriers jockey to survive the deepening recession.

By the way.....these stories are not limited to America.

(MarketWatch) -- Responding to sagging market demand, top Japanese steel makers reportedly are considering the drastic step of temporarily shutting down blast furnaces as early as this month.

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#2) On December 02, 2008 at 5:53 PM, DemonDoug (32.19) wrote:

You're having fun with all this aren't you al?

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#3) On December 03, 2008 at 12:13 PM, alstry (36.27) wrote:

Demon,

Not a bit.

Just analyzing and diagnosing.

Do you think a hospice nurse has fun with a dying patient?  Do you think an ENT has fun cutting off half a person's face so he doesn't die of cancer?

It is about being objective and right......but what you and I are living through is definitely not "fun." But we have to play the cards we are delt the best we way can.

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#4) On December 03, 2008 at 12:22 PM, Slipswitch (< 20) wrote:

Banks cutting jobs may be a normal reaction to a changing industry.  While it looks bad now, strong banks will emerge from the mess.  The railroads have been going though downsizing, cutting route miles and jobs for 50+ years and are healthier and more productive than ever.  It is industries that don't change that will die - like the automakers.

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#5) On December 03, 2008 at 1:17 PM, alstry (36.27) wrote:

Slip,

What is different now is every industry is doing it simutaneously.

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#6) On December 04, 2008 at 11:19 PM, dexion10 (27.85) wrote:

alstry I enjoy your bearish commentary. keep it comming.

I am going to post on some bearish headlines around the globe... the stuff out of asia is absolutely scary.

This is a very big mess now.

 

For example look at China - the best growth economy in the world: 

1. China says they will not buy stakes in US financials again and that helps to explain USA equity infusions.

2.  Chinese Government says that building a domesticly focused economy is a huge challenge... hard times will hit China hard

3. Citi Group has fired their Chinese real estate division because the losses are huge.

4. Chinese manufacturing falls most on recor

 

5. Chinese workers riot as toy factories close

6. Economists lower expectations for Chinese GDP growth to 4% (China said they need 8% just to industrialize).

 

There will be much more than this in my post but you get the gist

 

 

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