More and more layoffs...

It's Friday night, when most people probably aren't reading any form of news, but yet this is posted...How many people read it? Probably not many.

CNN.com has this article concerning how the job picture could get even worse in 2009. In it is the following quote from Bernard Baumohl, chief economist at the Economic Outlook Group...

"The economy is now deteriorating with frightening speed and ferocity - it's truly horrific."

This thing is getting bad FASTER and FASTER.

How bad will this thing have to get before civil unrest erupts?

At this point, it's only a matter of time, with people so far in debt. Investors are already beginning to prepare for depression-era levels of contraction.

THIS IS FLAT OUT SCARY.

Thats usually the case, things get worse before they get better. Hope it doesnt have to go too far tho.

Great post!


Cheers!!!!

reply to post by JediK

"The economy is now deteriorating with frightening speed and ferocity - it's truly horrific."

This thing is getting bad FASTER and FASTER.

Yes, it is. Think back about 2 months. The $700 million bailout bill had just passed. Paulson, Pelosi, Frank and Bush were all bragging about how it would save the economy. If we hadn't passed it, they said, things would deteriorate quickly. Now Pelosi and Frank say if we don't bail out the "big 3" auto makers, it will be a disaster.
Clueless!
It ALREADY is a disaster, and every time that Congress gets involved, it becomes a BIGGER disaster. The only thing they know how to do is throw more of our money into the fire.

Good businesses succeed.
Bad ones fail.
Pure and Simple.
Why try to bail out 3 disastrous companies that don't know how to succeed?
The big 3 are as clueless as Congress.
Let them fail. Period.
Giving them money is like giving a drug addict more drugs.
Nobody wants to buy the lousy cars they produce. Nobody wants to subsidize the UAW workers who make upwards of $75 per hour, including benefits.
Nobody wants to allow them to layoff UAW workers, who, by contract, will still collect 95% of their salaries, while you and I PAY for it. Bankruptcy is the only solution for the 3 of them, and the quicker it happens, the quicker we can start to recover from this nightmare.

I work in the banking industry and more and more people are defaulting on their loans due to lay offs. I live in a small community where the main employer is a paper mill and they are now talking about laying off some of the workers there. It is scary. A man came in the other day distraught over his financial situation and trying not to burst into tears he commented that maybe he should call congress and tell them he needed a bailout. This man is 62 years old...who is going to hire him? It really made me feel helpless!

I work for a business that employs 150,000 Amercian workers, and the cutbacks that we are being told to take are frightening. I've been with this company for 7 years and in retail and food service for 20. I've never seen anything like this.

Ever.

I can see that it's going to get much worse before it gets better. My business is very labor intensive, and the labor budget we are supposed to hold to is insane. I can't give my workers the hours they need to survive, I can't spend the money to run my store properly, and we are three weeks out from Christmas.

I work in Houston, by the way. We are now just starting to experience what much of the country has been going through for a while now.

Scary? I am beyond scared, I am damn close to panic.

Originally posted by ProfEmeritus

It ALREADY is a disaster, and every time that Congress gets involved, it becomes a BIGGER disaster. The only thing they know how to do is throw more of our money into the fire.




I couldn't agree with you more.
Here are a couple of Quots that I think really hold true.



No man's life, liberty, or property is safe while the legislature is in session.
-Mark Twain (1866 )


Talk is cheap...except when Congress does it.
-Unknown


[edit on 6-12-2008 by azureskys]

Dont panic...that will make it worse!

Best thing to do is to look for ways to diversify your talents and abilities and start lining up another field of work. If your gut feeling is telling you that the career you are in is about to come crumbling down and you forsee a pink slip in next week's paycheck envelope, then you need to act NOW and not panic now!!

I know this might not be applicable to most, but I am glad that I learned several different lines of work during my first few years before graduation from high school and continued to do so well into the college years and not just stuck with only one particular field of work. Tho most of my career is in the broadcast engineering industry, I can also get into the medical field, the oil industry, the auto repair industry, construction industry, retail industry, and a good number of diverse self employment contract type work.

Everone has talents in more than one area. Find one of yours and see if there is a way to work it to help make ends meet. Begin now while you still have your regular job. Be it knowing how to tune a lawnmower to helping someone work a comptuer to fixing it to doing plumbing work for someone or yard landscaping or whatever!

The warning signs of sticking with the 9-5 routine was put out 20 years ago and many articles and publications in books and programs were abundant to diversify one's ability to make a decent living in economic hardships. Even if your out of a job now, that doesnt mean that you dont have some talent that can be used to make some side money and help yourself get through the rough times.


Cheers!!!!

Clearly the bottom has fallen out and the depth is still to be determined. At least from my experience. My Dad works at Textileather for the moment and has worked there for 35 years. Now it is closing:

abclocal.go.com.../local&id=6535023

So he and by extension me will be moving to who knows where eventually. I know this is in part related to the auto industry falling but even so the result is the same massive job loss.

[edit on 6-12-2008 by Dinoking]

I would love to go back to school and get my nursing degree as I know that will be always be a needed field, thing is I have a son that I am trying to get through college now, and go figure we make to much money for him to have qualified for any assistance. What his student loans didn't cover (these are going to more difficult to get now) his dad and I took out a loan for...what are we supposed to do? We bust our rear ends for years only to see our retirement stolen, all the while watching perfectly capable people getting a free ride and before you know we are all going to be in the same boat...who knew...maybe we should have spent our lives loafing and sponging off the government...we darned sure might have been better off... Not really, I was ranting but it makes me mad!

Another scary thing is that the mainstream media seem to go about it like it's still no big deal...They say it is a big deal, and then they turn around and act like it isn't a big deal.

Still another scary thing is that those who aren't affected simply continue not to care until it happens to them...Bring on the football, bring on American Idol, Dancing with the Stars, Desperate Housewives, whatever...

A woman I work with had previously been at a plant for over 20 years, and they closed their doors over the summer. Another plant here in South Carolina is closing its doors in January, putting over 600 people out of work. Even ETV is laying off 43 of its 214 workers...

A couple of months ago, a local sushi bar had about 50-60 orders, but now they're doing terrible.

This thing is spreading quickly like a disease, affecting everything. It's a vicious cycle that continues to get worse and worse.

It's only a matter of time before people begin to RIOT. God help us all.

reply to post by azureskys


Those are great. Another one of his sayings is:

Reader, suppose you were an idiot. And suppose you were a member of CONGRESS. But I repeat myself.

This thing is like a countdown almost...How much time do we have left before the SHTF?

"Prepeare for the worst and hope for the best" I heard this 8 months ago from Gerald Celente and other trend/economic analysts and thank God I listened to them. We shrugged off others who said I full of Sh$t for beleiving them.

Celente and others predicted what is currently going on, and their anticipation for 6-12 months from now is far worse then the Great Depression.........you won't recognize the USA..........and that's not even going NWO conspiracy stuff....

[edit on 7-12-2008 by Pinktip]

[edit on 7-12-2008 by Pinktip]

one of the most historically reliable indicators for Future unemployment rates is to monitor the average length the typical unemployed person has to wait to find work again. And that level is climbing agressively.

unemployment is also under-reported and if compared to the ways it was measured in the 1980's it would be 12.4 % today and climbing.

This number will get much higher at least 16% and likely more.

The offical rate will get to at least 9% and likely more.

The only way to get out of this is to spend aggressively and bailout mainstreet BIG TIME, we need to #1 . stop homeforeclosures and stop house price falls, we need to aggressively lower taxes on small businesses and capital gains which will put upward pressure on highing employees. This is an addition to obama's big stimulus plan that is coming in late january . i don't think they will act in time. And to top it off the fed is paying intrest on banks excess reserves, giving them further incentive to hoard cash (and not extend the credit that our economy needs/ is addicted to) things are accelerating in the wrong direction.

[edit on 7-12-2008 by cpdaman]

reply to post by Dinoking

Clearly the bottom has fallen out and the depth is still to be determined. At least from my experience.

Yes, in fact, 41 states face bankruptcy in 2009, according to global research:

41 US States Face Bankruptcy In 2009 (Rense.com)
........

Social catastrophes are poorly expressed by statistics. A recent study by The Center on Budget and Policy Priorities revealed that 41 states are facing severe budget shortfalls for 2009. Some states are worse off than others, with California ($31.7 billion) and Florida ($5.1 billion) leading the deficit pack. In all, the 41 states are currently facing a $71.9 billion budget shortfall. The key word here is “currently,” since a similar study was conducted by the same group only three months earlier, at which time “only” 29 states were predicted to face shortfalls of a “mere” $48 billion. As the recession deepens, so will the state’s budget problems, turning this “budget crisis” into a humanitarian disaster. Projections have already been made for a $200 billion shortfall by 2010.

source: www.globalresearch.ca...