"Rising Unemployment Takes Its Toll" -- article

[Wednesdays]

Source: Minyanville.com

Corporations are slashing jobs. States are in on the act too. Let's take a look at a few headlines, all of which are from last weekend.


* Citigroup to Slash Investment-Banking Jobs (Yahoo Finance)

* Teachers Protest Job Cuts (NBC)

* Continental Airlines to Slash Jobs (The Economic Times)

* Janesville GM Closing Could Result Job Loss of 9,000 (The Chicago Tribune)

* Proposal Looks to Slash Local Tax Collectors' Jobs to Streamline Process (The Evening Sun)

* California Unemployment Hits 6.8% (The Los Angeles Times)

Big California Unemployment Jump

Click to enlarge

* Fla. Unemployment At Highest Rate Since Early '03 (NBC)

<snip>

Which way are foreclosures going to head? Bankruptcies? Credit card defaults? Home equity defaults? Commercial real estate defaults? Corporate loan defaults? Corporate profits?

The answers: Up, Up, Up, Up, Up, Up, Down.

<snip>

Some suggest we are in the eye of a hurricane. However, as I said on Sunday, the reality is there are Many Hurricanes, Many Eyes. Most have not even reached shore yet. Very few people are prepared for the series of storms about to hit. And for those barely hanging on, each storm will be worse than the one before it.

Read more: http://www.minyanville.com/articles/C-gm-JOBS-CAL-unemployment-bankruptcy/index/a/17672/from/yahoo

[oldskool]

1. Heck of a job Bushy!

and our incompetent government.

[Doctor_J]

2. "The Fundamentals Are Sound"

- First MBA Resident

[Xipe Totec]

3. The Fundamentals Are All Sound

and fury,

signifying nothing.