The Crash is speeding up!!!!!
From the WSJ:
Companies are accelerating job cuts amid declining sales and the expectation of tougher times across the economy....The broad swath of industries involved in Thursday's announcements shows that job losses are spreading far beyond the housing and finance sectors to virtually every corner of the economy. Paper maker AbitibiBowater Inc. said Thursday it is cutting 1,100 jobs, about 7% of its work force, as it closes paper mills in Canada, Alabama and Tennessee.
The key language here is "accelerating." The snowball is getting bigger and each revolution absorbes more and more snow. My channel checks for retail is pretty amazing. Expect some dramatic announcements after the Holiday selling season.
We are simply shutting down day after day while few really seem to get it. As I have repeatedly stated in the past.....we have never faced anything like this before and the likelihood that this will be worse than the thirties is becoming clearer and clearer.
Its not the end of the world.....its just a depression. 20-30% unemployment and an economy that is just puffing along.
Unemployment numbers come out in a few hours.....expectations are for a rise to 6.8%......my response is good luck. Dexion's post on municipalities is very on point. I strongly suggest you read it.
As an aside: Dex, unlike FloridaBuilder, who used to cry and whine, I encourage you to use my name in your titles....even if you are poking fun at me or making derrogatory statements. In Business, awareness is the greatest form of advertising...vanity is only skin deep but free marketing goes right to the bottom line. Whether we agree or disagree doesn't really matter, discourse through socratic interchange distills real solutions.
Isn't CAPS about helping each other out? If you didn't think so in the past, you will in the very near future. It is also a competition....and I expect to kick most of your backsides....very very soon.
Hey batta batta batta..........................swing!!!!!!!!!!