Although I expected this to happen by last summer, we are now in the eye of job destruction and the deterioration is accellerating. Remember, it is that back half of the hurricane that does most of the damage.
Yesterday, Obama went to Elkhart, IN where unemployment has skyrocketed from 4% to over 14% in less than a year. Having been to Elhart a few times, it was an unusual town where there were more millionaires per capita than just about any in the US supporting many manufacturing industries in America.
Just this morning GM announced it is reducing salaried workers by 10,000
UBS AG Tuesday .....said it will cut 15,000 jobs by the end of this year in its loss-making investment bank.
Nissan cutting 20,000 jobs.
Qwest cutting 11% of workforce.
WE HAVN'T EVEN BEGUN WITH THE GOVERNMENT LAYOFFS as the $$$ being returned to money losing HBs will undoubtedly be extracted from programs employing government workers!!!!!!!
It appears, just like I projected last Friday....the primary focus of this round of bailoutthebankers will be insuring the debt......it appears that Mr. Geithner is a practicioner of Alstrynomics.
And for those of you that find Alstrynomics annoying.....please go to other blogs as I hate to see you abusing yourselves....do you ever see Alstry voluntarily without cause visiting anothers blog and bashing the blogger????......for the rest of you.....prepare for what will likely be THE GREATEST DEPRESSION in human history.....raise lots of cash, keep a cool group of friends, and keep on keeping on.......but even under trying circumstances......there will be oppportunities for the enterprising......and Alstrynomics will be there ferreting them out.
Few like deals as much as Alstry.