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By TOM MURPHY and MARLEY SEAMAN Published: Today INDIANAPOLIS (AP) - WellPoint Inc. said Friday it will cut about 1,500 jobs, becoming the latest health insurer to take what analysts see as a tough-but-necessary step to cope with the recession. The Indianapolis-based insurer will eliminate about 3.5 percent of its staff, which currently totals more than 42,000. The cuts include 900 positions that are currently unfilled and 600 employees. WellPoint spokeswoman Kristin Binns said the cuts were made "across the board." "This reduction didn't affect any one specific area or function directly," she said. WellPoint has employees in 46 states, and the cuts will be felt in 25, Binns said, noting that they will be spread across the country.
By JORDAN ROBERTSON Published: 10 minutes ago SAN FRANCISCO (AP) - Advanced Micro Devices Inc. plans to cut 1,100 jobs, 9 percent of its global staff, and slash the remaining employees' pay as the chip maker hopes its third round of layoffs in a year can help it get through a brutal market for computer sales. The Sunnyvale, Calif.-based company said Friday that 900 workers will have their positions cut. The rest of the reductions are coming from attrition and the previously announced sale of a business unit. The company has 15,000 workers currently, but it is spinning off its manufacturing operations, which have 3,000 employees who are not affected by Friday's announcement. So AMD's cut of 1,100 jobs amounts to 9 percent of the remaining 12,000 workers. The firings represent AMD's third round of major layoffs in the last year. AMD cut 600 workers just last month, and earlier in 2008 jettisoned 1,600.
PARK RIDGE, N.J. (AP) - Rental car company Hertz Global Holdings Inc. said Friday it will eliminate more than 4,000 jobs worldwide as it further cuts costs amid slowing demand. The company expects to save $150 million to $170 million this year and take a related fourth-quarter charge of $20 million to $25 million. Hertz already has trimmed its work force by 22 percent in the last two years. The new reductions will bring staffing to 32 percent below August 2006 levels. According to CapitalIQ, the company currently has about 29,350 workers in total, who operate about 8,100 locations in 144 countries. The company said the latest round of eliminations, which will take place in its fiscal 2008 fourth quarter and first quarter of 2009, will come in its car and equipment rental operations as well as corporate and support areas. The reductions will occur across all regions. Chairman and Chief Executive Mark P. Frissora said in a statement that Hertz is still committed to its global airport and off-airport car rental and equipment rental businesses and will add the "necessary resources" when operating conditions get better.
Originally posted by prd1
I have a question . please let me know if i am too far out in center field. If the u.s. gov't gave every "tax payer " a large sum of money , do you think it would have a negative impact such as early retirement ? lotta boomers out here. and younger people not working at all ? or going to work later ? am i making any sense here ?
Hoping to save $130 million a year, Autodesk Inc. will lay off 750 people and merge some of its offices around the world. The San Rafael design software business said the cuts represent about 10 percent of its employees.
Let's put this to rest right here and now.
"Hyperinflation", or even "Serious Inflation" (similar to what we had in the 1970s) is impossible without a means to transmit the rise in prices into wages.
In today's United States that simply cannot happen for two reasons:
* The union representation of workers has been eviscerated due to their own idiocy over the previous thirty years. In effect, they have no power to impact economic or labor policy - no matter what Gettlefinger thinks.
* Outsourcing of work to China, India, Mexico and other nations makes wage demands impossible for American workers to enforce. Such demands simply result in the loss of the job to overseas workers.
As a consequence a hyper-inflationary or even seriously-inflationary spiral is impossible to sustain.
Think about your associates, people who you know in the middle class.
Now consider that a 10% inflation rate (moderately bad "serious inflation" ala 1970s) goes on for four years.
This raises the cost of living for everyone by 46%.
How many people who you know are saving 46% of their income? How many will survive a 46% increase in their cost of living?
Such an outcome will result in half or more of America becoming immediately homeless, hungry, and as a consequence out of work. It will as a consequence crash GDP by 50% or more immediately which in turn will crash income tax receipts by a like amount at both state and federal levels.
This will in turn crash prices, but at that point it's too late as now the price crash in turn destroys what remains of the business community and further crashes tax receipts, while at the same time foreign bond investors throw up their hands and say "screw you!", cutting off all foreign capital inflows to the government.
Down that road lies immediate insurrection - that is, the violent overthrow of the government. You are delusional if you think the military could stop such a thing - 150 million Americans, maybe even 200 million of the 300 million in our population? Not a prayer in hell, even if all the Americans had was pitchforks, torches and a gallon of gasoline, and they don't - they have firearms, and lots of them. Even the Chinese, who are (by demonstrated act) willing to roll tanks over their own people would have no chance against 100 million of their citizens if hunger ever trumps fear.
This didn't happen in the 1970s because we had vastly more union work representation and they were able to force wages to keep pace for the average working man. While the pinch was bad (I grew up in it and remember it vividly) society never degenerated because the self-reinforcing crash of production, jobs and tax income never happened, and as a consequence the sort of mass-unemployment, disenfranchisement and loss of essential human needs did not come about.
Today the average working man works for WalMart or some other non-union shop and has no wage pricing power; ergo, there is absolutely no way to prevent the implosion from initiating.
The government must not engage in any sort of policy that could lead to this outcome. Absolute protection at the top levels of government must be put in place to prevent it, because if this occurs then everything - absolutely everything - that we know and love about America disappears.
This is where the Peter Schiffs and McHughs are wrong in their hyperinflation thesis and their "defensive" measures to try to do something about it (or worse, McHugh's belief that not only is this inevitable but that the government should intentionally cause it through something like a "money drop" to households.)
They are wrong because if this outcome occurs there will be no United States of America, your gold will be confiscated and/or rendered worthless by executive fiat, and at approximately the same time an angry marauding mob consisting of half the population of the country will literally loot and burn everything to the ground.
Vengence inevitably follows when justice is denied for a long enough or in an egregious enough fashion. We have seen this with Rodney King and now with the apparent BART assasination of a suspect in Oakland, and that was one man who was abused at the hands of government. Make the abuse half the population and there is a zero chance that civil and political order is maintained.
Pray that our nation's leaders aren't stupid enough to set in motion such a course of action either by accident or under the foolish belief that they can "keep the outcome under control".
Time is running out to demand and obtain justice folks. America's clock is literally ticking towards zero.