Forget 10% Unemployment....Now 20%!!!!!!!
My earlier prediction was 10% umemployment by the end of summer.....we have already exceeded that number in a number of counties in CA and the situation is gettng much worse daily.
My new prediction is 20% umemployment by the end of the year. You think I am nuts.....how about this from one of our strongest banks in America.....remember if the banks ain't making money.....nobody will.
JP Morgan Chase Launches Major Round of Layoffs
Friday May 23, 9:34 am ET
Officials at JP Morgan Chase have launched a major round of layoffs in the firm's vaunted investment banking department, axing dozens of executives in an attempt to downsize the unit amid a massive slowdown in business, CNBC has learned.....
Still, the layoffs are some of the stiffest on Wall Street amid the current profit drought. Most firms have been cutting between 5 percent and 10 percent of their staff; the JP Morgan cuts may run deeper even though the bank hasn't been stung as hard as other firms with losses related to investments in subprime bonds.
There are as many as 1,000 executives in the firm's investment banking department, the spokeswoman said, meaning once the final tally of cuts is known, the total number of job reductions could be closer to 20 percent or possibly more.
As many as half the people in the mergers and acquisition department were told they no longer have jobs, one executive told CNBC.
You think Real Estate is a deal in NYC right now????? Just wait for the Summer Clearance Sale...........