Nightmare becoming Reality...for the Holiday Season
November 06, 2008
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(MarketWatch) -- Dana Holding Corp., the Toledo, Ohio, vehicle-parts supplier, reported a wider third-quarter net loss on 9.4% lower sales and increased a planned 2008 job cut to 5,000 from 3,000.
(Bloomberg) -- Citigroup Inc. and Goldman Sachs Group Inc., faced with a weakening economy and the prospect of mounting losses, began firing workers as part of the firms' plans to cut more than 12,000 jobs, people with knowledge of the matter said.
Glaxo said it will eliminate nearly 1,800 U.S. sales positions, some of which are vacant, and shift some sales representatives to its vaccine unit from its pharmaceutical unit, for a net reduction of about 1,000 employees.
Retailers shutting down and slashing jobs. Airlines cutting capacity and eliminating positions...especially hard hit are the regional carriers. Technology sales crashing and businesses cutting back. All of these people were paying income taxes and social security....no more. Just in time for the Holidays.
For the past eight years we have been borrowing and spending under this wonderful administration and incompetent Congress. Our economy was one big ponzi scheme and the country is finally waking up to this fact.........and what a BIG fact it is turning out to be!!!!!!!!!
It is now time to set the foundation to restructure our economy....it is basically bankrupt. Get ready for some draconian measures due in large part to the past eight years of insane behavior......let's hope that only our economy is impaired and not our freedoms.
If we continue down this same path, it seems clear that we will exceed 10% unemployment in the very near future. Major important companies around the nation simply can't shut down, scale back, and/or eliminate 10% or more of their respective workforces and it not impact reported data......eventually.
Tomorrow's unemployment data could be shocking!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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