40,000 in one day

[Dr.Dudd]

Re: 40,000 in one day

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Tuff Gong</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: britisha</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: B_P</div><div class="ubbcode-body">

Wi is salt. Lawd, society bout to collapse! </div></div>

The question is where will be be when the knell is sounded, methinks mi agguh draw out mi money from mi 401k...an put ie handah mi bed. </div></div>

The bottom line is Consumption will have to get the economy out of the doldrums. The USA Federal Government has to spend but that alone will not help if the Worlds most populous countries don't start consuming as well. </div></div>Consumption paid for by anything but earnings of the working class,will not get us out.
It will only get us out <span style="font-weight: bold">as soon as it is being paid for by the earnings of the people. It will only get to that point with deliberate action,starting with the extentiion of credit and increased government spending.</span>

[Tuff Gong]

Re: 40,000 in one day

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body">Consumption paid for by anything but earnings of the working class,will not get us out.
It will only get us out <span style="font-weight: bold">as soon as it is being paid for by the earnings of the people. It will only get to that point with deliberate action,starting with the extentiion of credit and increased government spending.</span> </div></div>I honestly don't know what you are saying that is markedly different from what I have said, except that I explained that I was not only talking about Domestic Consumption.

[Tropicana]

Re: 40,000 in one day

I have been following this story ....naturally. It hits me directly in my pocket book. I can always tell when a company that is SUPPOSED to be doing well is in trouble. They call for a quote. The budget is beyond ridiculously low and a few months later, mi read seh dem a layoff thousands.

WHAT A MESS!! When will it end?

[Tropicana]

Re: 40,000 in one day

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Milo Man*</div><div class="ubbcode-body">
<span style="font-weight: bold">This too will pass,</span> but it is going to hurt like hell. </div></div>

Yup...you called that one right. Even those who managed to save and invest in stocks are out of luck this time.

[RichD]

Re: 40,000 in one day

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Tuff Gong</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body">Consumption paid for by anything but earnings of the working class,will not get us out.
It will only get us out <span style="font-weight: bold">as soon as it is being paid for by the earnings of the people. It will only get to that point with deliberate action,starting with the extentiion of credit and increased government spending.</span> </div></div>I honestly don't know what you are saying that is markedly different from what I have said, except that I explained that I was not only talking about Domestic Consumption. </div></div> yuh nuh realize is not what yuh say is how yuh say it

[Seveen]

Re: 40,000 in one day

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Tuff Gong</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: britisha</div><div class="ubbcode-body">

Wi is salt. Lawd, society bout to collapse! </div></div>

The question is where will be be when the knell is sounded, methinks mi agguh draw out mi money from mi 401k...an put ie handah mi bed. </div></div>

The bottom line is Consumption will have to get the economy out of the doldrums. The USA Federal Government has to spend but that alone will not help if the Worlds most populous countries don't start consuming as well. </div></div>Consumption paid for by anything but earnings of the working class,will not get us out.
It will only get us out <span style="font-weight: bold">as soon as it is being paid for by the earnings of the people. It will only get to that point with deliberate action,starting with the extentiion of credit and increased government spending.</span>

keeping jobs should have been tied to the bailouts

i <span style="font-weight: bold">agree</span> the people have to consume - right now the mall has no people, the grocery store is empty and folks are leaving with huge bags and restaurants here are hurting - all causing more job losses

<span style="font-style: italic"><span style="font-weight: bold">you can save for a rainy day but you can't save for the flood</span></span>

[sagal]

Re: 40,000 in one day

I work for the Federal Government and they're asking other departments for help to deal with the mounting Employment Insurance claims (unemployment). They have a three month backlog

[Seveen]

Re: 40,000 in one day

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: sagal</div><div class="ubbcode-body">I work for the Federal Government and they're asking other departments for help to deal with the mounting Employment Insurance claims (unemployment). They have a three month backlog </div></div>


my unemployment benefit for a week is less than i make in a day when i'm working

[Cultcha]

Re: 40,000 in one day

Time was there was not enough hours in a day to do my work. I would often stay late just to keep up.

Here it is not even 11a.m., I have been at the office for two hours now and I am almost finished my work for the day. Orders have dropped dramatically in just the last four months.

I have heard those in the know saying this could last well into 2010. I think we will be fortunate if that is the case because I see no consumer confidence out there at all.

[sagal]

Re: 40,000 in one day

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Seveen</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: sagal</div><div class="ubbcode-body">I work for the Federal Government and they're asking other departments for help to deal with the mounting Employment Insurance claims (unemployment). They have a three month backlog </div></div>


my unemployment benefit for a week is less than i make in a day when i'm working </div></div>

[Seveen]

Re: 40,000 in one day

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Cultcha</div><div class="ubbcode-body">Time was there was not enough hours in a day to do my work. I would often stay late just to keep up.

Here it is not even 11a.m., I have been at the office for two hours now and I am almost finished my work for the day. Orders have dropped dramatically in just the last four months.

I have heard those in the know saying this could last well into 2010. I think we will be fortunate if that is the case because I see no consumer confidence out there at all.
</div></div>

consumers and especially unemployed consumers are struggling to pay for housing and food

[j-kid]

Re: 70,000 in one day - Black Monday

Black Monday: 70,000 jobs vanish

Employees pay but stock markets rise

By Brian Moss, Calgary Herald

January 27, 2009 8:01 AM



Caterpillar Inc., which supplies Patten Industries in Elmhurst, Ill., above, announced it would cut close to 20,000 jobs amid lower than expected earnings.
Photograph by: Scott Olson, Getty Images, Calgary HeraldAtidal wave of layoffs washed across the world Monday, sending tens of thousands of workers into joblessness as the pain of the global recession worsened.

Amid reports of tumbling corporate profits, dire outlooks and a lowered global growth forecast from the International Monetary Fund, companies in Europe and the United States announced they would cut employees in a dramatic effort to reduce costs and keep their businesses afloat.

Despite the corporate gloom, markets rallied on some of Monday's other news: No. 1 drugmaker Pfizer Inc. said it is buying rival Wyeth for$68 billion US, Barclays said it had no need to raise capital, and sales of existing U. S. homes unexpectedly rose 6.5 per cent.

&quot;In the midst of a global recession, here is Pfizer, hopefully spending their dollars wisely,&quot; said Andre Bakhos, president of

Princeton Financial Group in

New Brunswick, N. J. &quot;It adds a little confidence that all is not lost.&quot;

However, the darkening view was reinforced by a dismal revised outlook from the IMF, which slashed its forecast for 2009 global growth to 0.5 per cent from 2.2 per cent in its last economic outlook in November, a source said.

The IMF saw the U. S. economy contracting 1.6 per cent in 2009, with the euro zone shrinking two per cent and Japan contracting 2.6 per cent, according to the source. The IMF pegged 2010 world growth at three per cent.

The tsunami of layoff announcements, affecting more than 70,000 workers, started in Europe, with electronics-maker Philips reporting 6,000 job cuts as it posted a bigger-than-expected, $2.4-billion loss, its first quarterly loss since 2003.

ING cut 7,000 of its 130,000 jobs, replaced its CEO and got guarantees from the Dutch government as other European banks sought to reassure investors they are coming to grips with the turmoil in financial markets.

Corus, Europe's second-largest steelmaker, said 3,500 jobs would go worldwide, including 2,500 in Britain, as the company, owned by India's Tata Steel, sought to boost operating profit.

In the United States, Caterpillar, the world's largest maker of heavy equipment, said it would eliminate nearly 20,000 jobs, reported a 32-per-cent drop in profit and forecast the weakest year for business since the end of the Second World War.

Sprint Nextel Corp., the No. 3 U. S. mobile service provider, said it will cut up to 8,000 jobs, or about 14 per cent of its workforce. Retailer Home Depot Inc. said it will cut 7,000 jobs, or about two per cent of its workforce.

Chip maker Texas Instruments said it was cutting 12 per cent of its workforce, including 1,800 layoffs and 1,600 voluntary departures, and carmaker General Motors Corp. said it would lay off 2,000 more workers at two assembly plants.

On the flip side of Pfizer's deal for Wyeth, Pfizer said it will cut 15 per cent of the companies' combined 130,000 workers -- about 19,500 jobs.

Major U. S. indexes rose. The Dow Jones industrial average gained 0.5 per cent and the broader S&amp;P 500 was up 0.6 per cent. Bond prices fell as the increase in existing-home sales raised questions about whether the housing market was as weak as thought. European stocks rose, with Europe's FTSE 300 index closing 3.2 per cent higher.

Gold climbed above $900 an ounce, the highest in more than three months.

Governments around the world focused on stimulus packages to grapple with the financial crisis.

U. S. President Barack Obama's spokesman, Robert Gibbs, told reporters the president &quot;would do everything in his power to ensure the financial system does not collapse,&quot; after a weekend in which Republicans voiced objections to Obama's stimulus proposals.

Obama's choice to help lead the government effort, Treasury secretary-designate Timothy Geithner, won Senate approval after a delay due to qualms over his underpayment, since rectified, of some personal taxes earlier this decade.

Geithner is expected to be sworn in quickly and within weeks will likely unveil reforms to the $700 billion US bailout program to provide more support for housing and credit markets and possibly to absorb troubled assets from banks.

Canada is expected to spend $7 billion on infrastructure over the next two years and will run budget deficits totalling $60 billion over the next two years.

The Norwegian government presented a $2.87-billion fiscal stimulus package to prevent a surge in unemployment.

In Iceland, however, the government of Prime Minister Geir Haarde collapsed under the pressures of the financial crisis.

Banks have borne the brunt of the credit crisis, which was sparked by mass defaults on U. S. home loans. The sector has seen a wave of consolidation as leading banks around the world have collapsed or been taken over.

© Copyright (c) The Calgary Herald

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Caterpillar Inc., which supplies Patten Industries in Elmhurst, Ill., above, announced it would cut close to 20,000 jobs amid lower than expected earnings.
Photograph by: Scott Olson, Getty Images, Calgary Herald

Black Monday - 70,000 jobs vanish

[Pepper]

Re: 70,000 in one day - Black Monday

Wha me wan know is...How di Republicans a call fi Obama's stimulus package to include less spending and more tax cuts. If all dem people nah wuk, how will tax cuts help them get back on track?

I think most people would prefer to have one full paycheck for themselves than to have one person working in a household and that one person gets a tax break. Tax break can't pay mortgage when one spouse or maybe two aren't working.

[Cultcha]

Re: 70,000 in one day - Black Monday

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Pepper</div><div class="ubbcode-body">Wha me wan know is...How di Republicans a call fi Obama's stimulus package to include less spending and more tax cuts. If all dem people nah wuk, how will tax cuts help them get back on track?

I think most people would prefer to have one full paycheck for themselves than to have one person working in a household and that one person gets a tax break. Tax break can't pay mortgage when one spouse or maybe two aren't working. </div></div>

Agreed!

In addition, when times are tough the vast majority of people receiving a tax cut will put their extra $$$ into savings and will not go out and spend it to create demand for more goods and services thus creating more employment.

Obama is simply selecting the lesser of two evils.

[Tuff Gong]

Re: 40,000 in one day

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Tuff Gong</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body">Consumption paid for by anything but earnings of the working class,will not get us out.
It will only get us out <span style="font-weight: bold">as soon as it is being paid for by the earnings of the people. It will only get to that point with deliberate action,starting with the extentiion of credit and increased government spending.</span> </div></div>I honestly don't know what you are saying that is markedly different from what I have said, except that I explained that I was not only talking about Domestic Consumption. </div></div> yuh nuh realize is not what yuh say is how yuh say it </div></div>

LOL...I left out <span style="font-weight: bold">Poor Workers</span>, <span style="font-weight: bold">Masters</span> and <span style="font-weight: bold">Black</span>!