October 22, 2009
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From Am Ex's release today:
Total revenue fell 16% to $6.0 billion, but consolidated expenses declined 17% to $3.9 billion as the company trimmed jobs, marketing, and rewards costs.
Total card spending fell 11% in the United States from the third quarter of 2008.
Americans continuing to spend less....that means it is impossible that the recession is over since consumers represent the majority of spending in the economy. Further, we have a massive contraction in spending despite America's thirst to be a welfare society and government's multi trillion dollar and growing deficit.....all disguised under the tranparent vail of stimulous programs.
Pretty soon we will be cut off from unlimited borrowing.....you can only borrow when those lending to you think you can pay back......and when that happens, things will get very interesting....especially for welfare dependent banana eating primates.
Until we restructure...stay tuned for more reports like the following...I am sure all of these people will be lining up to buy new houses next week:
Standard Chartered Bank - 72
DHL Express ( International ) - Expected 400 Layoffs
Delta Airlines - More Job Cuts Coming
City of Fresno - Layoffs Coming?
Conde Nast - Total 180 Layoffs?
Bombardier ( International ) - Possible Job Cuts Next Year
City of Oceanside - 40
Workforce Solutions East Texas - 50
NCR Corporation - 2,200
City of Kalamazoo - 17
International Paper - 1,600
Orland Park - Layoffs Coming
The Land Registry ( International ) - 1,100 Possible
Robert Wood Johnson Hospital - 19
Valley Oaks Child Services - 7
Idol Minds Game Company - 1/2 Its Staff or About 25+
Forum Health Inc - 52
Update: Iowa Department of Correction - 515?
Satyam ( International ) - 5,000
Veteran LA School Teachers Losing Work
Modline Manufacturing Closing Harrodsburg Kentucky Plant
Betty's Ann Clothing Store
The Evansville Fire Department Closes 2 Stations
Diageo Closing Dorval Quebec Bottling Plant
Fuccillo Car Dealership Closing 2 Stores in Latham
The Blue Ribbon Downs Closing at End of Racing Season
The Nautilus Plant in Grayson County - Possibly Closing?
Ann Horwitz Jewelers
XLR8 and Hypnoses Boutique (Florida Mall) Closing
International Paper Closing 3 Plants
Expedia Inc to Close Tacoma Call Center
BASF closing Beligium Maleic Anhydride Plant
Suzuki of Plymouth Meeting Dealership
MT. Lebannon's Washington Road Post Office - Possible Closure
Dragon's Horde Bookstore in Danville
NewPage Plans to Idle Whiting Plant #63 Paper Machine- 75 to 100 Layoffs
Alligator Alley Music Venue
Jail House Restaurant in Oswego