Bloody Monday: More than 50,000 jobs lost
 

This is getting a little out of hand, stop it!

http://money.cnn.com/2009/01/26/news...cuts/index.htm

I better stock up on some beer.

Its just the beginning.

http://ca.news.finance.yahoo.com/s/2...-000-jobs.html

Many more will follow later.

You know, the banks were given their first installment of cash for lending. They have not done so. They have been sitting on it. The idea was to get money in the market via loans for homes, cars, credit cards, etc. None of this has happened. These companies are driven by consumers....you and me. No liquidity to purchase goods, no money flowing. These companies are doing one of two things:

1. Looking into the future at very low sales of their products and are laying off workers to survive.

2. The companies are doing fine but are using the economy to get ride of 'dead wood' in there work force. In other words, getting rid of workers who are deemed worthless and the company can lay off for good without any legal recourse taken by the employee for wrongful termination. This will happen in times like this. I worked for one who did this twice in the 11 years I worked for them.


You ever hear, "We are downsizing our company....by one". This is usually how companies get rid of dead wood and not slapped with wrongful termination suits.

Yeah, I wish all this would stop so I can get my bonus, promo, and raise!:x

I guess it's better than not working.:roll:

I'm way ahead of you. :p

http://img217.imageshack.us/img217/4...9903434fs3.jpg

Not really. It was reprted some weeks ago, that over half of the money give to banks from the first bailout package of 700 billion - was used to pay boni and rewards for top bankers. Much of the rest was used to pay dividends for shareholders.

So much for banks learning responsibility all by themselves.

In Germany: last week was reprted a reaearch by the fiance minstry, saying that German bansk so far have revealed only around 20% of losses due to poisenous papers they hold, and banks asking for finacial assiatnce from a special tax font do not reveal the full problems in the beginning, but in small steps, to make sure that there has been so much investement by the taxpayers already that it cannot be stopped once the full scale of their self-induced misery is revealed.

What it all means? The lion's share of bad news, financial losses, unemployment and company breakdowns is still to come. we are just at the beginning of it. I think it is worse than even me has estimated 3 months ago in one discussion - and back then I hardly was anything but pessimistic.

the good news is that Obama finally has lead the US on a course where they agree on tighter rules for rating agencies and hedge fonds which by the overrating of deeply ill companies helped to develope the crisis very significantly. This was the clever move to install better monitoring of finance markets that I hoped for. Germany has fought for this since several years, but always got the door slammed in it's face by London and Washington.

I must say at that occasion that I am very pleased with the breathtaking speed of decisive policy changes he already has installed, and the decisions themselves. It is so far much better than I hoped for. If he keeps on working at that pace, he will run out of work before the end of the year. :lol:

It was reported and not intirely true. The banks purchased other banks! Others are sitting on it because they are afraid to lend and lose yet again to those who choose not to pay it back. Furthermore, the rules for credit have changed drastically to the point you need stellar credit reports from the three reporting branches. I will have to investigate your share holders claim, something is fishy here.

I was part of that forest at my last job after 15 yrs of service. My tree cost too much to prune, and they could hire someone at the lower scale to do the same job.

Were I'm at now they say our backlog is full and we will be part of the infrastructure rebuild the gov is funding, so fingers crossed. But its just getting a bit too real out there.

I was dead wood as well. The usual and like you, my pay for the job could be cut in half hiring someone else. It is wonderful ways companies handle employees. They get very clever and around the law.

...and Citibank buys a $50Mil Jet. :damn: