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Bloody Monday (68,000 jobs lost today)

Discussion in 'Political Discussion' started by Holy Diver, Jan 26, 2009.

  1. Holy Diver

    Holy Diver Rookie

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    Bloody Monday job tally: More than 68,000 jobs lost - Jan. 26, 2009

    NEW YORK (CNNMoney.com) -- The final week of January began with a bloodbath for the job market, as over 68,000 more cuts were announced on Monday alone.

    At least six companies from manufacturing and service industries announced cost-cutting initiatives that included slashing thousands of jobs.

    More than 200,000 job cuts have been announced so far this year, according to company reports. Nearly 2.6 million jobs were lost over 2008, the highest yearly job-loss total since 1945.

    ==================================================================
  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    That is a lot of jobs, wonder if there is a breakdown.. i.e. blue collar, skilled labor, mgmt. etc..
  3. Lifer

    Lifer Banned

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    Its all Obama's fault!!!!!!!!!!!!
  4. maverick4

    maverick4 Banned

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    Dow 6000


    ........
  5. Fogbuster

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    .


    Bush is gone; the new guy owns it.

    Tell him to ask Barney Frank how to solve it.

    Get a loan from Fannie and Freddie??? Citi??? Merrill-Lynch???


    //
  6. MrBigglesWorth

    MrBigglesWorth Rookie

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    any day the bailout money will kick in
  7. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Not sure your meaning here, Dow closed @ 8116
  8. Lifer

    Lifer Banned

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    its all Israel's fault.
  9. PatriotsReign

    PatriotsReign Rookie

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    I think he means "coming soon to a theater near you"...and he may very well be right.
  10. Holy Diver

    Holy Diver Rookie

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    there is a breakdown of the jobs lost this year alone on that link....


    worst thing to see is the last one:


    WWE (World Wrestling Entertainment) 60 lay-offs
  11. Michael

    Michael Moderator Staff Member PatsFans.com Supporter

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    #12 Jersey
    The best part of the article "It's all about the consumer, and the consumer's been hit hard," said Robert Brusca, chief economist at Fact and Opinion Economics. "It's a vicious circle as weakness begets layoffs, which beget more spending weakness." And yet idiot Dems want to raise taxes and put up tolls. :rolleyes: They'll never get it.
    Last edited: Jan 26, 2009
  12. Holy Diver

    Holy Diver Rookie

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    MIchael,

    This is long beyond the DEMS Vs. PUBES dumbassed debate. This is a problem with our credit-happy give it to me now Veruca Salt society. We have been living beyond our means for quite sometime. There is more of a philosophical blame to shoot at than to blame future spending by an administration. I'd say Supply Economics has had a greater impact on our current situation than.....future taxes, and tolls.....come on?

    Paul Krugman and Peter Schiff both agree that the proposed package needs to be about 2 times as LARGE as it currently stands to have any lasting effect. I'd tend to trust that vision, over bullshizzz talking points backed up with ZERO data.

    enough.
  13. Michael

    Michael Moderator Staff Member PatsFans.com Supporter

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    #12 Jersey
    One of the first posts I made in this forum was on how people live beyond their means. But, as the article points out it's a dog chasing it's tail. People don't have money, they don't spend, more get laid off. So a good way to break the cycle is to not tax/poll/levy more taxes on people. And give more tax breaks to small businesses.
  14. Real World

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    If the DOW ever hit 6,000 (which is a growing possibility), I'll be dumping every penny I can muster into it, and looking to double up in 2 years time. Unless of course, the gubmit goes Keneysian, and totally fukcs everything up. Still, DOW 6,000 means I'm buying. Afterall, it can only rebound from there, and if it doesn't, it means two things have happened. #1, society has totally collapsed, and #2, see #1, as paper money will be worthless anyhow.
  15. Real World

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    I think putting money in people's pockets is better than asking people to pony up more.
  16. Run DMC

    Run DMC Rookie

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    I am buying at 6000. It is coming. 100% certainty.
  17. MrBigglesWorth

    MrBigglesWorth Rookie

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    or they did what they did in myanmar and switched to another form of currency?

    aside, I agree with you. It's like your 401k, go down with the ship. it makes no sense to bail now, either it rebounds or the ship is sunk
  18. MrBigglesWorth

    MrBigglesWorth Rookie

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    they should just give larger stumulus checks to people or better yet slash mortgage interest rates in half and let people keep more of their money to spend
  19. MrBigglesWorth

    MrBigglesWorth Rookie

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    whats does last effects mean? prolong the bubble that was artificial in the first place?

    the corporations need to be held accountable and we need to actually produce something in our country instead of being outsourced and the corporations raking in the profits.
  20. Real World

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    Interest rates are anemic already. The fed has used that trick for far too long now. Rates should be no lower than 7%, and no higher than 9% IMO. It's the manipulation of rates, and the feds failure to raise them properly in the last 15+ years, that has us in the poop, with only our fingers available to dig ourselves out.
  21. MrBigglesWorth

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    why shouldn't they be lower? in the name of capitalism where the bigtime banks need to make profit? I don't think it's too much to ask for people to be able to own just one home of moderate value.

    people some how have been programmed to think that we need all these economic forces to have greater importance over the individual.

    the thing is ... the house always wins and that need to change. so credit cards get 10% interest to lend money and an individual gets 2.5% at the bank? no wonder why people have no money. they've been exploited, sure part of it is their fault, but the other part is exploitation in raising gas prices to obscene prices, going grocery shopping everything has and is going up.

    interest rates are nothing more than another tax on the people. they should go downto benefit the people and the heck with big business
  22. PatriotsReign

    PatriotsReign Rookie

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    I agree with you biggles in theory and on a moral level. Unfortunately, if we do say "the heck with big business", we're in essence saying the heck with the economy.

    One thing that you missed regarding things that have gone up is WAGES. Wages have sky-rocketed (although not as much as home values) and this has priced many US businesses out of employing our citizens to manufacture the product they sell. It's kind of a catch-22.

    For the past 30 years, our economy has been a ticking time-bomb as our wages went up and fewer and fewer products were produced by American factories. I guess the bomb finally exploded...and sadly, here we are faced with the biggest crisis in modern times.
  23. MrBigglesWorth

    MrBigglesWorth Rookie

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    sure wages have gone up for example with the auto industry, but is it really wages or profit margin? when you can pay a person in indonesia a dollar a day with no benefits to work versus here what is a corporation going to choose?
  24. PressCoverage

    PressCoverage Banned

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    doesn't it get frustrating when not a single poster responds to one parroted talking point after another from you?.... you've made yourself completely irrelevant... well done...
  25. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Two points:

    1) short-term rates are not long-term rates, though you CAN get an eentsy-teentsy rate, with perfect credit.

    2) The problem is that risk is being overvalued now, just as it was undervalued in the past. So naturally, you can't GET that eentsy-teentsy rate; for those with perfect credit, this is party time. Re-fi, pocket a future value of 100, 200, 500K, depending on your current mortgage, size of home, etc.

    3) This is a reflection of the market. Value is what you can get for something. The phrases "overvalued" and "undervalued" means "over time, by our best guesses." It's probably true, looking ahead, that rates are "too" low for value over time, and that creditworthiness is being evaluated too stringently (i.e., risk is "overvalued.)

    But:

    3a) There is no proof that "normal" ever comes back. It is a matter of our collective faith. The only certainty is that we'll buy clothes and food (those who can.)

    3b) Even with the overwhelming likelihood that "normal" returns, it could be a long, long time... so a company that does not want to take the hits along the way, which can not grow an investment if it lends, and which sees us all as teetering on the brink, is not likely to lend anyway.

    Possible (isolated) solution:

    1) Government guarantees mortgages in one or another or many sectors
    2) Government mandates lending at cut rates to homeowners (i.e., the previously mentioned "they should cut the rates")
    3) Government clarifies to homeowners if they default, they are on the hook forever -- just like with the IRS. Government holds that bad debt but it does not just go away.

    So if you have moderate credit, say 600-700, government can guarantee that 4% rate that only immaculate credit-holders can get. If you are in a house and underwater (i.e., you have negative equity, AKA no collateral to re-fi,) government essentially "vouches" for you. This is perfect for people who are NOT behind on their mortgages but will be in 2, 5, 10 years, as this economy unfolds.

    Talk among yourselves. I don't necessarily advocate this specific step, and most attention is to stopping the bleeding of jobs and foreclosures at the point of impact, i.e., people at immediate risk.

    One wonders, however, whether there is not wisdom in getting ahead of some of this.

    PFnV

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