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  1. #1
    Atomic Punk
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    Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts

    Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts.

    Those announcements follow 41,432 in planned cuts in June, up 11.6% from May and 5.3% vs. a year earlier, according to Challenger, Gray & Christmas.

    Meanwhile, state and local governments have cut 142,000 jobs this year, The WSJ reports, and Wall Street is braced for another round of cutbacks. This week, Goldman Sachs announced plans to let go 1000 fixed-income traders.

    If these trends continue, we may soon be talking about losses in the monthly employment data -- not just disappointing growth, says Howard Davidowitz, CEO of Davidowitz & Associates

    "Everything in business is confidence," Davidowitz says. "You lose confidence and businesses can't deal with that [and] who could have confidence with what's going on in Washington?"

    Davidowitz is bipartisan in his criticism, calling the U.S. political system "dysfunctional and deranged."

    Still, the restructuring expert is a longtime and vocal critic of President Obama: "There has never been in a situation in my lifetime where a guy increases the debt by 40%, GDP growth is on the way down, Food Stamps are up, millions more are unemployed -- and to accomplish this we spent $4 trillion."

    But it's an open question whether any president or policy mix could do much to revive the economy after the bursting of the credit bubble.

    In This Time is Different, co-authors Ken Rogoff and Carmen Reinhart demonstrate that financial crises are typically followed by severe recessions, slow recoveries, subpar growth and greater frequency of recessions in the decade following the crisis.

    "No one believes the economy, Obama or not, is going to improve," my Breakout colleague Jeff Macke says in the accompanying clip. "Time [is] the only thing that heals."
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    12.14.17 @ 10:06 PM
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    Wait, why aren't we bailing them out?

  3. #3
    Atomic Punk edwardv's Avatar
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    12.14.17 @ 05:41 PM
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    Buddy can you spare a dime?
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  4. #4
    Gird your loins Daisy Hill's Avatar
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    12.14.17 @ 05:44 PM
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    Books a Million is going to cherry pick the Borders stores and buy the stores they need but they'll only take them if they can get them as is...before the liquidation of inventory begins. Hopefully the bankruptcy court will understand that preserving these stores and jobs is more important than maximizing the shareholders returns

    but it should save thousands of those 10000 jobs lost

    survivor of the Bowling Green Massacre 9-3-2016 BGSU 10 OSU 77

    She was warned. She was given an explanation. Nevertheless, she persisted.

  5. #5
    Top Of The World HissingCobra's Avatar
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    05.27.14 @ 08:22 PM
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    But wait! According to the Government, "THE RECESSION IS OVER!" Bullshit to that. I don't know where the money is going. Everyone I know is living paycheck to paycheck, homeless people are now walking the streets of my town (I've lived here for 20 years and have never seen that before). We have illegal sausage and produce stands popping up everywhere.

    If the government is broke, the U.S. citizens broke, and companies are laying off or worse, closing, it's not good. My question is this: Where is the money going? Certainly not to the U.S. debt.......

  6. #6
    Atomic Punk Wruff_ajax's Avatar
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    Quote Originally Posted by HissingCobra View Post
    Everyone I know is living paycheck to paycheck, homeless people are now walking the streets of my town (I've lived here for 20 years and have never seen that before). We have illegal sausage and produce stands popping up everywhere.

    Last night a man with his 3 children raided our apartments dumpster for scrap metal, smashing electronics, salvaging all they could. We used to get the stray trash digger from time to time, but now it's every night. Entire families now too, making their rounds. Never saw that here until this summer. Suddenly it's commonplace.
    _-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_

  7. #7
    Atomic Punk
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    Quote Originally Posted by Wruff_ajax View Post
    Last night a man with his 3 children raided our apartments dumpster for scrap metal, smashing electronics, salvaging all they could. We used to get the stray trash digger from time to time, but now it's every night. Entire families now too, making their rounds. Never saw that here until this summer. Suddenly it's commonplace.
    A family that raids apartments dumpsters together, stays together...
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  8. #8
    Atomic Punk edwardv's Avatar
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    The true unemployment number is about 15-20%. Just like the true CPI is about 11%. The US Gov changed the way they calculate both back in the 70s.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

 

 

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