Economy thread

11-27-11 U.S. News says poverty is prosperity

9-6-11 Working-age adults make up record share of US poor

8-18-11 Market drops another 419 Global Depression feared

HP exits Tablet & Smartphone business and looking to get out of PC business
Gold hits new record of $1832 Oil drops $6 to $81

8-4-11 8-4-11 Stock Market drops 513 points, biggest since Oct 2008

7-11 Cisco eliminating 10,000 jobs

7-9-11 How the middle class was destroyed

7-8-11 U.S. hiring grinds to a halt

6-20-11 Americans will work for 25 cents an hour

6-2-11 Inflation has caught up to China, Factories begin closing

5-2-11 Feds insist there is no inflation despite gas and food prices doubled - I can’t eat an iPad

2-17 Americans prepare to go to war against the rich

1-26-11 U.S. Double-dip housing slump begins

12-28-2010 Where are the jobs? For many companies, overseas

10-9-10 Midnight grocery runs capture economic desperation

10-1-10 Census report released this week showing that the gap between the richest and poorest Americans is wider than ever.

9-21-10 Many Americans fear never being able to find another job

9-4-10 Obama says he's committed to helping middle class

6-18-10 People give up looking for work in 37 states

6-12-10 Obama's streak of helping jobless ends

6-9-10 40 million Americans starving

6-6-10 PHD's bagging groceries at Target

1-29-10 Wages increase at lowest rate in 27 years

1-29-10 Economy grows at 5.7 percent, fastest since 2003

1-24 Wal-Mart slashes 11,200 Sams Club jobs

1-16-10 First 4 banks closed in 2010. 140 failed in 2009, more than that expected in 2010.

1-9-10 85,000 jobs lost in December, 4.2 million lost in 2009

1-2-10 Elkhart Indiana shows signs of recovery, RV makers switch to Electric-Hybrid

12-16-09 Obama orders 1 million U.S. troops to prepare for Civil War - California to declare bankruptcy in Jan and then New York

12-11-09 House passes Wall Street oversight bill, Republicans pump millions to lobbyists to fight it, Obama blast Republicans and banks

11-15-09 Rich buying again, but middle class still hurting

10-23-09 106 banks have failed in 2009 so far

10-3-09 98 banks have failed in 2009 so far

9-8-09 U.S. no longer top economy for the first time ever, toppled by Swiss

9-2-09 U.S. layoffs hit 1 million for 2009

8-3-09 Biggest revenue drop since middle of Depression in 1932

7-21-2009Bernake says unemployment could undercut U.S. recovery

7-17-2009 Unemployment tops 10 percent in 15 states in June

7-2-09 467K jobs cut in June; jobless rate at 9.5 percent. Republican business owners purposely slashing jobs to change voter sentiment against Democrats.

6-27-09 Five more banks closed, total now 45 this year. Fourteen in Georgia most of any state

6-18-2009 50 U.S. bankrupt cities to be bulldozed

6-5-09 Roger Penske buys Saturn brand, Unemployment hits 9.4%

6-1-09 GM officially enters bankruptcy, gone from the DOW

5-29 Rush, Hannity and Republicans claim Republican Dealership owners targeted in Auto bankruptcy.

Guess what. There are hardly an Democrat owners of dealerships to begin with.

5-15 GM and Chrysler slash thousands of Dealerships

4-27-09 GM slashed 21,000 jobs

4-16-09 Jobless reaches 6 million, most ever

4-4-09 Suze Orman says to screw the credit card companies. Only pay them the minimum.

Worry about you and put food on your table. Build up a cash reserve and f**k the credit card industry.

3-22-09 GOP answer to my claim Bush Recession is over...America is doomed under Obama

Mark today on the Calendar. 3-20-2009

I am declaring the Bush Recession over.

Three main reasons:

1) Corporations cut to skeletal staffing that they can't get day to day operations done so they are in a panic and have to hire like crazy.

2) Interest rates at WWII levels will spur all kinds of movement from housing to manufacturing.

3) Obama and his boys did everything they possibly can to get the country past the destruction done by Bush and his cabal.

Real Time Link of Job Cuts

3-5-09 DOW hits 6000, I predicted 3600 last October - CitiBank becomes penny stock

3-2-2009 DOW falls below 6900, I predicted 3600 last October

2-27-09 Not all foreclosures & bankruptcies are due to irresponsible losers

2-10-09 GM slashes another 10,000 jobs. This time salaried staff.

2-9-09 Nissan 20,000 jobs

2-7-09 IBM tells laid off U.S. workers to go to India and other cheaper countries for peanuts

2-5-09 6.5 million out of work - Over 600,000 jobs cut last week

2-2-2009 Macy's cuts additional 7,000 jobs

1-30-09
New York City - 38,000 jobs (23,000 employees, 15,000 Teachers)
NEC 20,000
Hitachi 7,000
Cessna 2,000
Textron 2,000

Dexia 900

1-29-09
Eastman Kodak 4,500
AstraZeneca 7,400
Bon-Ton Stores 1,150
Black & Decker 1,200
Vermont 600
Disney/ABC TV 400


1-28-09 34,200 as of 5 pm
Boeing 10,000
Ford Motor Credit 1,200
StarBucks 6,700
SAP 3,000
STMicroelectronics 4,500
AOL 700

1-27-09 36,500 job cuts by 5pm today
Texas Instruments 3,400, Corning 3,500, IBM 4,000, HP 24,600
Target 1,000

Man and woman get fired from their Hospital jobs and then kill their 5 children and themselves.
5th mass killing over loss of jobs in California

1-26-09 43,000 jobs cut today so far as of 10am, 45,000 jobs cut as of 2pm, 63,200 jobs cut today as of 5pm

Texas Instruments 3,400
Caterpillar 20,000
Home Depot 7,000
Sprint Nextel 8,000
Pfizer 8,300
ING 7,000
Philips Electronics 6,000
Corus 3,500

63,200 jobs cut today as of 5pm

Pfizer to buy Wyeth for $68 billion, cut 8,000 jobs after settling charges for mislabling, Caterpillar cuts 20,000 jobs
Home Depot cuts 7,000 closes Expo Chain. Sprint slashes 8,000 jobs. GM 2,000 jobs

1-22-2009 27,000 jobs lost today between IBM (16,000), Microsoft (5,000) and Intel (6,000) today

1-11-2009 Americans fleeing United States for jobs overseas


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For far too long I was told none of this was happening on a Republican crazed website.

Now news reports show what I've been saying for more than a year that job losses were occuring every month.

The Republican whackos on the other site said jobs were more plentiful than ever and wages were rising. They are clearly on some kind of drugs.

I don't frequent there anymore.

1-9-2009 Job losses stack up as recession deepens

Trying to survive a deepening recession, employers are cutting their work forces to the bone, leaving more Americans unemployed and with dim prospects of finding a new job any time soon.

The Labor Department releases a report Friday expected to show the employment market turned worse in December, capping a year when job losses were logged every month.

With employers throttling back hiring, the unemployment rate is expected to jump from 6.7 percent in November to 7 percent in December, according to economists' forecasts. If they are right, that would mark the highest jobless rate in 15- 1/2 years.

This week alone, drugstore operator Walgreen Co., managed care provider Cigna Corp., aluminum producer Alcoa Inc., data-storage company EMC Corp. and computer products maker Logitech International all announced major layoffs to cope with the recession.

The U.S. recession, which just entered its second year, is already the longest in a quarter century, and is likely to stretch on well into this year

well, good .. the Senior mods are insane at the other site ... and on meds that acerbate their power-trippin' issues

it is clear what is happening .. but this time i see hope .. and better times .. for a short time
- Obama is the catalyst for change .. i hope he gets to serve out his 8 years as president

More Americans Vault Overseas to Search for Jobs

The Wall Street meltdown has already left tens of thousands of American financial professionals unemployed, and thousands more may face the same fate. The crisis, a weak economy and increased competition for available jobs are sending some professionals running for the border.

Recent surveys from executive-search firm Korn/Ferry International add to the idea. One found that 53% of 438 respondents believe the best job opportunities are in developing economies such as Brazil, Russia, India and China. Another showed 20% of 718 respondents said they would be more likely to accept an overseas work assignment now, in an economic downturn, than in a stable economy.

Jackie Wilbur, director of career development at the Massachusetts Institute of Technology's Sloan School of Management, says M.B.A. students are showing an increased interest in investment-banking firms in Hong Kong, London, Shanghai and the Middle East. For the first time, the school is organizing a Hong Kong job-search trip for January.

I had made a prediction on that other Assylum site that Citigroup would die last January.

Those same people also laughed when I said Bank of America, Wells Fargo, Wachovia, Washington Matual would all be gone.

1-13-2009 Death knell for Citigroup's 'supermarket' model

NEW YORK – The original financial supermarket is dead.

Citigroup signaled the end of a decade-long experiment to create one-stop shopping for financial services — everything from consumer loans to investment banking — with Tuesday's announcement that it was merging its Smith Barney brokerage into a joint venture with Morgan Stanley.

And many people on Wall Street believe Citigroup could be headed for an even larger-scale dismantling if the federal government — which now has a stake in Citi thanks to its recent bailout — has its way.

"I think within 12 months, Citigroup no longer exists," said William Smith at Smith Asset Management, who owns Citigroup shares. He has been calling for a breakup of Citigroup for years, and believes the government will force that fate in piece-meal fashion over the coming year.

President-elect Barack Obama has said he might rethink the way the remaining $350 billion of the financial bailout will be used.

This is a huge underlying concern as banks release their fourth-quarter earnings in the coming weeks. While other banks don't appear to be in as much disarray as Citigroup — which is expected to post its fifth straight quarterly loss next week — the industry is still clearly troubled.

While Citigroup's troubles have been exacerbated by its sheer size and the scope of its global business empire — which includes everything from retail banking to credit cards to corporate lending — analysts see other banks struggling to maintain sufficient capital this year.

"We consider the financial services industry significantly undercapitalized," wrote Friedman, Billings, Ramsey & Co. analyst Paul Miller in a recent research note. "Current capital levels, which should be considered inadequate in even the best of times, pose an even greater risk entering 2009, a year that will remain challenging for financials."

Specifically, Miller is cautious about Bank of America and Wells Fargo & Co., noting their thin common equity. Both banks made sizable acquisitions last year, and therefore are likely to feel some strain as they integrate operations.

In the past year, Bank of America scooped up Countrywide Financial Corp. and Merrill Lynch & Co.; Wells Fargo bought Wachovia Corp.; and JPMorgan Chase acquired failed Bear Stearns Cos. and Washington Mutual Inc.

You ought to wrap all of this up into a blog in the main site

I work in Telecom.

There is no new equipment getting deployed especially any Nortel. I don't see them surviving.

1-14-2009 Nortel files for bankruptcy

TORONTO (Reuters) – Nortel Networks Corp, North America's biggest maker of telephone equipment, filed for bankruptcy protection on Wednesday, as the global economic downturn further erodes its once high-flying business.

The filing came a day before the Toronto-based company was due to make an interest payment of about $107 million.

Nortel and a number of its affiliates filed for Chapter 11 bankruptcy protection in the United States, according to a court filing.

Its shares plunged more than 76 percent to 7.5 cents in electronic pre-market trading.

"Based on this filing, the board of directors must believe that not only is the fourth quarter bad, but that the first quarter is going to be just as bad or worse," said Duncan Stewart, an analyst at DSAM Consulting in Toronto.

According to the court filing in U.S. bankruptcy court for the district of Delaware, Nortel's major creditors include Bank of New York Mellon, with claims valued at nearly $4 billion.

Nortel's shares have tumbled along with the company's fortunes, sinking into penny-stock territory in recent months. In mid-2000, at the zenith of the company's success, they were worth more than C$1,100 each, adjusted for a stock consolidation that took place in late 2006.

"It's obviously a remarkable transformation from where it was as the largest company in Canada worth about 35 percent of the TSX in 2000," said Gavin Graham, director of investments at BMO Asset Management.

"But this is a reflection of the way that the telecommunications industry has changed."

The company has also suffered as telecom companies scale back spending on the equipment that Nortel makes.

how does this affect the rest of the industry ?

In regards to this: "Recent surveys from executive-search firm Korn/Ferry International add to the idea. One found that 53% of 438 respondents believe the best job opportunities are in developing economies such as Brazil, Russia, India and China. Another showed 20% of 718 respondents said they would be more likely to accept an overseas work assignment now, in an economic downturn, than in a stable economy."

I can say it is very true. Ive done a fairly good amount of traveling, and China and SE Asia are tremendous opportunities for those willing to live abroad for a few years and make some bank. Im considering it myself, although Im employed. This is a world economy-gotta go where the opportunity is

that is partly why we set up ABT as an international company

AHA! So you left the door open to operate out of country, and make profits inside the country! Maybe you will ship yourself overseas! haha