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alstry (36.12)

The CNBC Idiot Parade Continues

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March 05, 2008 – Comments (2)

Some guy on CNBC representing one of the Job reporting companies indicated that this downturn is not affecting as many jobs as the previous one in 2001.  He used the example of the airline industry laying off 100K workers as evidence for his position.

It seems this individual failed to look at the number of layoffs occuring in Real Estate this go around.  In areas such as finance, construction, and sales, some states have lost over 100K jobs.

And we are still at the beginning of the cycle.  Just wait until government start adjusting for the inevitable budget shortfalls. 

Amazing.

2 Comments – Post Your Own

#1) On March 05, 2008 at 9:28 AM, Jro81 (< 20) wrote:

When I read your title about idiots at CNBC I started to read your post .... but I do have to agree with CNBC this one ... it is not as bad as 2001 because this is US issue not a world issue.  Therefore less severe.

Jared

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#2) On March 05, 2008 at 9:35 AM, alstry (36.12) wrote:

Two years ago Sam Zell was saying there no housing bubble as he prepared to sell all his real estate holdings.

CNBC has been saying we hit bottom every week since Mr. Zell's comments.

My post specifically delt with the US and that it is likely going to be MUCH more severe for the US. 

I also think the credit crisis will migrate overseas but we will save that for another post.

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