Texas Instruments cutting 12% of Workforce
Texas Instruments reports a big profit drop, will cut 3,400
I know this blogging sounds like a broken record....but it is simply a radio station playing different songs all day long. Important company after company after company after company announcing it is laying off 10% or more of its workforce.
It is truly amazing how mainstream economists are still forecasting 8-9% unemployment when reported figures are already over 7% and layoff announcements are accellerating.
Alstrynomic calculations lead me to forecast at least 25-30% reported unemployment and over 50% functional unemployment before we bottom out.
Rioting has already broken out across much Europe in a number of countries. Two European governments have disolved in the past few weeks.
American Auto manufacturers will likely close half their dealer base within the next year or two. That alone equals thousands and thousands of jobs. Retailers are shutting down and malls are facing crippling vacancy rates. The spillover effect in lower tax revenues to government is profound.
Our largest state is suspending tax refunds. This didn't even happen in the great depression.
This is simply a process that we have to go through. We will get through it, but it will be a lot more painful then most think.
Please prepare and get ready for the repair.