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alstry (35.53)

OVER 25,000 jobs cuts announced between three companies in two days

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June 27, 2008 – Comments (3)

Siemens, CountryWide, and our buddies at Budwiser.

That does not include the thousands of cuts announced by dozens of other firms this week.

Not a single politician has said a word.  Not sure what they would say, but nothing has been said.

Next week auto sales come out, my guess is sales pace will be down about 1/3.  Many dealers on the brink of shutting down.  How many unemployed workers are buying cars?

Houses Crashing.  Shopping Centers Crashing.  Condos Crashing.  Land Crashing.  Vacation Homes Crashing.  Auction Rate Debt still in limbo.

Now Auto Sales  Crashing.  State Tax Revenues Crashing.......Now the Stock Market is Crashing............

Next week could  be very interesting.

3 Comments – Post Your Own

#1) On June 27, 2008 at 6:06 PM, kdakota630 (29.62) wrote:

Don't forget test dummies crashing.

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#2) On June 27, 2008 at 6:18 PM, ATWDLimited (< 20) wrote:

Next week should be relatively flat, no major anoncements, that are unexpected, we have autos, which are down, obviously, and factory orders, which will be flat or up a little. The market has taken a dive, and  investors are taking a break over the weekend. Who knows, July 4 weekend will start friday, so trading will be o n the light side for the latter part of the week. this will mean the market should stay the same or down a little. But if 1 bad thing happens, there could be big loses because those who are trading will sell and it will fall, and those who are not might just sell to get out because it has been rough for most people this week.

As for the jobs, who needs people to work, when they have products that no-one will buy. So in turn, income drops and there are less people to sell to. It is truly a vicious cycle. 

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#3) On June 29, 2008 at 11:47 AM, thisthatother47 (90.39) wrote:

The early auto numbers:

According to J.D. Power's forecast, generally accepted as among the most accurate in the auto industry, General Motors Corp. will see a 26.2% decline, Ford Motor Co. a 31.4% drop and Chrysler LLC a 30.1% fall.

As for "no major announcements" this week - Unemployment on Thursday might beg to differ... 

 

 

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