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2009 Depression Validated

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posted on Apr, 16 2009 @ 04:12 AM
Headlines for April 16th 2009

U.S. foreclosure filings jump as moratoriums end

White House Acts To Aid Hurting Homeowners

Trying to defuse the U.S. bank test bomb

WRAPUP 1-S.Korea cuts 2009 export growth target to 51-yr low

Industrial production plunge weighs down single currency
&dist=TQP_Mo d_mktwN]MarketWatch

French state bank CDC makes first loss in 200 yrs

OPEC sees 'devastating contraction' in oil demand

General Growth Properties Files for Bankruptcy

LG Display sees TV panel shortage until end-June

French fishermen resume Channel blockade

SABMiller beer volumes dip as slowdown bites

[edit on 4/16/2009 by Hx3_1963]

posted on Apr, 16 2009 @ 05:05 AM
reply to post by Hx3_1963

In a depressed world, if one is not depressed, one surely is - be it mentally, emotionally or economically but the root cause is mostly the econ.

posted on Apr, 16 2009 @ 07:38 AM
U.S. housing starts dive 10.8% in March to 510,000 pace; March permits at record low
&siteid=bnbh]MarketWatc h

Southwest posts loss on weak demand

Harley net falls on restructuring costs

[edit on 4/16/2009 by Hx3_1963]

posted on Apr, 16 2009 @ 08:04 AM
reply to post by spinkyboo
Star 4 U!!!


Yep...Income Tax Day...Lincoln died...Titanic sank...

Come to think of it...depressing...

Jobless claims drop but continued claims at record

When Did Your County's Jobs Disappear?

Harley-Davidson to Cut More Jobs as Profit Dips

Flood of US Debt Threatens To 'Crowd Out' Other Borrowers

Bank Test Results May Strain Limits Of Bailout Funding

Falling housing starts dampen recovery hopes

Obama launches mortgage rescue plan

World Trade Center Towers May Be Delayed Indefinitely

UPDATE 1-Hotel group Accor posts 9.6 pct Q1 sales drop

UPDATE 2-Carrefour posts 1st quarterly sales fall in 6 yrs

Best Buy Cuts Wages, Jobs in its Stores

New York Times cuts sections to save money

Euro Falls on Bets ECB Division to Undermine Economic Recovery

UPDATE 2-Last-minute haggling delays vote on EU bank rules

BP Slows Production at Some Refineries as Demand, Profit Margins Decline

East Europe's Recession to Deepen, May Cause Rating Downgrades, Fitch Says

Ukraine Government, Central Bank Agree on Recapitalization of Seven Banks

Ukraine Risks Triggering Defaults With Limits on Hryvnia Trading, BNP Says

UniCredit Rating Cut by Fitch on Eastern Europe, Slowdown in Main Markets

Austria Not on Brink of Default: Central Bank

Lebedev Says German Airline Will File for Bankruptcy After License Revoked

Canada February Bankruptcies Rise 22 Percent in First Recession Since 1992

AbitibiBowater Files Bankruptcy as Refinancing With U.S. Lenders Fails

1,500 farmers commit mass suicide in India

Sorry, Mom: Mother's Day Spending Seen Down

The Biggest Holders of US Government Debt

A 'Copper Standard' for the world's currency system?

[edit on 4/16/2009 by Hx3_1963]

posted on Apr, 16 2009 @ 12:40 PM

Originally posted by Hx3_1963

1,500 farmers commit mass suicide in India

This article broke my heart. I just saw an amazing film called ONE MAN ONE COW ONE COUNTRY - about an Englishman named Peter Proctor - who is in India turning one farm land at a time into healthy farmland by using organic biodiversity measures - It was necessary to start all over due to the Monsanto and chemically treated diseased soil.
I suppose these folks were getting a chance to finally pull out of the cycle -
It's all seems too well orchestrated for me.

posted on Apr, 16 2009 @ 09:21 PM

Thur 4-16-2009

San Francisco Art Institute -9
MassMutual -65
Southwest Airlines Buyouts
Raleigh Super Kmart -71
Rochester MN Schools -78
Smurfit-Stone -200
Best Buy -1,000
Harley Davidson -300
Reading Hospital -250
CSX Current Tally -2,300
Innovating Converting Closed -11
Chicago Mayor Warns -1,600
Kane County Court -11
\Land O'Lakes Closing Plant -120
PPG -75
City of Mansfield -50
Fred Hutchinson Cancer Center -83
Elyria OH Firefighters -10
Callaway Golf -162
Southfield Schools -150
Leroy-Somer -200
SPX Dielectric -17

TOTAL - 6,750+


Page County VA Unemployment 17.7%
6 Million People Getting Unemployment
Utah Past Year -32,800
Rutgers University Planning Layoffs

posted on Apr, 16 2009 @ 10:12 PM
General Growth brings more bad news for banks

General Growth filing ups stakes in commercial mortgages

Real Estate Plunge Spreads To Malls

World Trade Center rebuild faces decades of delays

GM would require quick bankruptcy: judge

Icahn, Oaktree push for MGM Mirage bankruptcy: report

Wall Street loses 3,100 jobs in March

Fed officials see signs of improvement

Obama Won't Pursue Assault Weapons Ban Now

Obama: Mexican Drug War "Sowing Chaos"

Mexico drug clash kills 16 ahead of Obama trip

In Mexico, Kidnapping A Persistent Threat

Captured Pirate To Face Trial In N.Y.

[edit on 4/16/2009 by Hx3_1963]

posted on Apr, 16 2009 @ 11:28 PM
Headlines for April 17th 2009

ABC: Obama 'Unaware of Tea Parties'
White House out of touch with 'cultural phenomenon' of tax day protests.

Stiglitz Says White House Ties to Wall Street Doom Bank Rescue

Treasury May Retain Grip on U.S. Banks With Warrants After Share Buybacks

Citigroup Accused by Braintree of Selling Disguised Auction Rate Bonds

Yellen Signals Fed's Decision to Let Lehman Brothers Fail Was a Mistake

Macy's, J.C. Penney Debt Ratings Are Lowered to Junk by Standard & Poor's

Japan LDP unveils share price emergency plan

Japan Considers New Fiscal Target After Koizumi Goal Missed, Yosano Says

Shirakawa Says Weak Demand at Home Will Hurt Japan Even as Exports Improve

Nissan Foresees 17% Drop in European Sales, May Bring Forward New Micra

Australia's Budget Growth, Revenue Forecast Will be `Substantially Worse'

Territory Resources Studying Acquisition of Second Mine to Supply China

Hong Kong's Bankruptcies Increased to Highest Since SARS Epidemic in March

Cathay Pacific Cuts Capacity, Implements Unpaid Leave on Plunging Travel

Oversupply may bring down Mumbai office rentals
Times of India

Industries Qatar Quarterly Net Drops 68% as Recession Cuts Product Demand

Leighton Scraps $1.3 Billion Dubai Airport Venture After Failure of Talks

IMF, EU May Approve Wider Budget Deficit for Latvia, Moody's Orchard Says

Trichet Faces Biggest Split as ECB President Over Use of New Policy Tools

Euro Weakens for Fourth Day; Trichet Says ECB Must Do Everything Possible

Credit-Default Swaps Playing a Role in Some Bankruptcy Filings, FT Says

Caisse des Depots et Consignations Posts First Loss Since Creation in 1816

Danone Sales Miss Estimates as Dairy, Bottled-Water Demand Slows Worldwide

Dresden's Job Losses Leave It Reeling as Crisis Kills East German Revival

Air Berlin Braces for Strike as Pilots Vote for Walkout to Press Pay Claim

CDC Group Says Emerging-Market Private Equity Assets Declined 13% in 2008

Royal Bank of Canada to Take $850 Million Second-Quarter Goodwill Charge

Vale Says Will Postpone Start-Up of Onca Puma Mine; to Further Cut Output

Angolan Central Bank Devalues Its Currency to 79 Per Dollar, Official Says

Uganda's Annual Inflation May Increase to 14.1% in June as Shilling Falls

Pirate Attacks Threaten Food Aid Shipments for Nations in Africa, UN Says

Crude Oil Set for Biggest Weekly Decline Since February on Reduced Demand

Some foreclosed homes too damaged to sell

Obama Appointee Wants Radical Newspaper Bailout

[edit on 4/17/2009 by Hx3_1963]

posted on Apr, 17 2009 @ 12:55 AM
Celente has been saying it, and now the proof is in the pudding

General Growth Properties Inc, the second-largest U.S. mall owner, declared bankruptcy on Thursday in the biggest real estate failure in U.S. history.

posted on Apr, 17 2009 @ 01:54 AM
TOPWRAP 4-ECB, IMF urge action to ensure 2010 recovery

Treasury Defends Toxic Asset Plan After JPMorgan Opts Out

UPDATE 3-White House to meet with credit card execs-sources

U.S. banks and investors scrap over housing aid plan

Taxes? Experts Say They Must Go Up...

DEALKTALK-Westfield unlikely to swoop on General Growth's assets

U.S. business worried China stimulus favors locals

Taiwan's Nanya Tech to cut capital by 66.43 pct

Toshiba expects wider group net loss of 350 bil. yen for FY 2008

Russia may lose hundreds of small banks

Banks rejig loan repayments to help job-loss victims

Almost one million home owners in negative equity, says CML

UPDATE 1-Austria EconMin expects weaker GDP than institutes

Sony Ericsson Q1 pretax loss of 358 mln euros

Overnight deposits at ECB fall to 6-1/2-month low

GM union retirees frustrated, angry at bondholders

Southwest faces ‘toughest environment’ yet

Google’s 11-year growth spurt ends

Time Warner bondholders agree to let AOL go

UPDATE 1-Media General posts loss; ad sales fall

UPDATE 3-Mattel loss just misses view; more sales pain seen

Mystery Donors Give More Than $45 Million to 9 Schools

[edit on 4/17/2009 by Hx3_1963]

posted on Apr, 17 2009 @ 04:51 PM
IMF warns over parallels to Great Depression

Bernanke Says Crisis Damage Likely to Be Long-Lasting (Update2)

Fed first to blame for financial crisis: Kaufman

Fed mulls taking wider array of collateral: source

Geithner to Be Grilled About TARP on Tuesday

More debt exchanges loom as buyout debt comes due

Credit-Default Swap Sellers Take Beating as Latest Auction Produces Losses

Can Citigroup's results be sustained?

Pressure mounts on BofA CEO before annual meeting

Hypo Real Estate Owners Are Given May 4 Deadline to Accept Takeover Offer

Failed Bank List:
Great Basin Bank of Nevada, Elko, NV 33824 April 17, 2009
American Sterling Bank, Sugar Creek, MO 8266 April 17, 2009

AIG CEO's Stake In Goldman Raises Conflict Of Interest Questions

Chadwick: The Looming Credit Card Crisis

Foreclosure Filings in U.S. Climbed to Record in First Quarter

States With the Highest Unemployment Rates

Joblessness Reaches 10% in Indiana; Oregon, Washington, West Virginia Jump

UPDATE 1-GM CEO warns bankruptcy more probable

GM readies plans for bankruptcy it hopes to avoid

GM readies all-equity offer for debt: sources

Fiat may tie-up with GM in Europe, Latam: report

Dark Day For Chrysler

Chrysler's Nardelli Tells Canadian Workers Cuts Must Be Made to Survive

Volkswagen First-Quarter Sales Fall 11% on U.S., Audi Declines

U.S. `Cash-For-Clunkers' Bill May Be Changed to Cover Cars From Overseas

Hard-Hit Town Can't Salvage DHL Jobs

UPS, DHL Scrap Airlift Agreement Talks

Longer Unemployment for Those 45 and Older

From Six-Figure Salaries To Food Stamps

After the Bank Failure Comes the Debt Collector

New Zealand Inflation Rate Slows to 3% as Recession Curbs Consumer Demand

Australia's Budget Growth, Revenue Forecast Will be `Substantially Worse'

Japan Says Economy in Severe State, Keeps View Unchanged for Second Month

Bank of Japan Cuts Economic View in Seven of Nine Areas on Spending Slump

Mitsubishi UFJ Securities Says Business Has Been Hurt by Client Data Theft

JFE Steel President Bada Says Five Years May Pass Before Demand Recovers

Sumitomo Trust's Full-Year Net Income Falls 94% on Bad Loans to Developers

Russia's Richest Lost 73% of Wealth Last Year as Crisis Bit, Forbes Says

IMF Mission Proposes Paying Ukraine $2.8 Billion Loan Tranche Next Month

Czech Republic May Breach EU's Budget Deficit Ceiling, Central Banker Says

Beiersdorf Reports Profit, Revenue Drop on Adhesives Slump; Shares Slide

European Exports to Main Trading Partners Slump 27% as Recession Deepens

London Will Lose 290,000 Jobs Through 2011 as Finance Shrinks, Agency Says

One in Six U.K. Mortgage-Holders May Owe More Than Home is Worth Next Year

Spanish Bad-Loans Ratio Surges to 4.18% as Recession Hits Savings Banks

Canadian Non-Home Construction Has First Drop Since 2004 in First Quarter

Mexico's Industrial Output Tumbles 13.2%, More Than Economists Estimated

International Monetary Fund Grants Mexico a $47 Billion Line of Credit

S&P Sees Rising Risk to Latin American Companies' Investment-Grade Ratings

Congo Police Fire Tear Gas at Striking Workers at Katanga Copper Mine

Gold Heads for Fourth Weekly Decline on Inflation Outlook, Equities Rally

[edit on 4/18/2009 by Hx3_1963]

posted on Apr, 17 2009 @ 09:54 PM

Fri 4-17-2009

Hallmark Health -150
Citrus County -18
Manufacturer AMT -40
Weyerhauser Closing Facility -75
Garment Co. Goes Bankrupt -120
City of Seattle -30
Carlyle and Co. Closing Plant -90
and Daniels Law Firm -17
Playworld Systems -38
Kirsh Foundry Inc. -60
Lufkin Industries -92
City of North Port -24
Teradyne -350
Ad Agency Doner -100
Howard Kennedy -40
Toshiba -3,900
Boeing -300
Harley Plant Kansas City -70
ABX Air -518
NY Dept. of Corrections -50
Sony Ericsson -2,000
City of Toledo -300
Railroad Workers In Buffalo -400
Marion County OR -25
Weyerhaeuser -66
Queen Creek -20
Rum Company Furloughs -50
Detroit EMTs -12
Oremet Corp. -1,000

TOTAL - 10.005 est

posted on Apr, 18 2009 @ 03:04 AM
Headlines for April 18th 2009

Extreme uncertainty in world economic outlook: OECD

More bad news on the recovery

Are the good times really over?

Obama says he'll cut dozens of wasteful programs

Obama to Request Budget Cuts From Agency Heads

Bernanke: Innovate, but don't obfuscate

Kohn says Fed can prevent inflation surge

Fed's Kohn Says Emergency Lending Isn't Creating Risk for U.S. Taxpayers

Volcker says economy recovery a "long slog"

Fed's Dudley: Consumers pay price on bailout furor

Fed's Dudley Says Investor Concern Over Scrutiny Under TALF Is `Misplaced'

U.S. Regulators Clash on How to Release Banks' Stress Tests Without Damage

China says key currency countries need watching

China's $200 Billion Fund May Invest in Europe as Protectionism Retreats

Stimulus funds costing states cash

U.S. closed banks match total for all of 2008

Venture capital money down to 1997 levels: reports

Some homeowners see giving up as best option

UPDATE 2-Trichet says ECB must watch prices, may cut rates

Britain has become brittle society, says think tank

Concern Over Trade Barriers

UPDATE 4-Mexico slashes key interest rate to aid growth

Ortiz Cuts Mexico Central Bank Rate More Than Forecast Amid Economic Slump

Economic survivalists take root

The Great Recession: America Becomes Thrift Nation

What's All That Secession Ruckus in Texas?

[edit on 4/18/2009 by Hx3_1963]

posted on Apr, 18 2009 @ 02:50 PM

Layoff Daily
Sat 4-18-2009

Flexsys Stops Production -100

Cinram Inc. Idles Workers -330

Derby Cellular Closing -98

Country Fresh Dairy Closing -110

Noble Metal Processing Closing -79

Kawneer Co. Closing Plant -250

Ecolab Closing Plant -131

City of North Port FL -14

Suncadia Resort -43

California Jobless Rate 11.2%

Reef-Sunset Schools -62

GM More Plant Closings Layoffs

Uttermost Co. -20

Trendway Corp. -25

USA Legal Layoffs -10,000

Nomura -50

Total 11,312

+ GM

More to come...

Sorry Spinkyboo...when I saw these #'s it just moved me...

[edit on 4/18/2009 by Hx3_1963]

posted on Apr, 19 2009 @ 02:12 PM
Headlines for April 19th 2009

IMF to cut global forecast, sees 2010 recovery: report

2008 "Worst Year" In Fortune 500 History

The Fortune 500's biggest losers

U.S. economy still under strain: Obama

No taxpayer money for any bank "black hole": Obama

White House: Some banks will need more help

Small banks angry about treatment of big ones

Obama Says He'll Seek `Accountability' From Banks Asking for More Capital

Obama to address credit card abuses

Obama: Business needs to work with me

Geithner sees no new banking crisis: report

Obama advisor Axelrod-some stress-test banks have problems

Axelrod: Markets Can Handle The Truth

U.S. can avoid bank nationalizations: White House

Summers Says Banks Must Tap Markets for New Capital (Update1)

Summers says U.S. banks not a topic at summit

Fed's Kohn, Dudley Defend Emergency Credit, Dismiss Concerns on Inflation

White House: U.S. has tools to protect nation

Bank of America has plenty to prove

Wall Street: Plan for a storm

Companies increasingly quiet about the future

Political stakes high as U.S. Congress returns

Goods Orders, Home Sales Probably Fell: U.S. Economy Preview

Like a weed, downturn takes root on farms

Commodities follow stock market

U.S. transport Q1 earns watched for recovery signs

Dayton Superior Files Voluntary Chapter 11 Petition and Arranges $165 Million DIP Financing Facility

Union OKs deal to cut Chronicle jobs

GM may give away stake in Opel/Vauxhall: report

U.S. says watching China's naval expansion closely

UPDATE 1-China's CIC says considering investments in Europe

Yuan Forwards Have Worst Week in Two Months as Growth Slumps

China CNOOC: No plan to buy oil firms during crisis

Nippon Steel's Net Income Tumbles 60% to 140 Billion Yen, Nikkei Reports

Mitsui O.S.K.'s Profit May Drop 50% This Year on Fee Decline, Nikkei Says

Hungary Will Cut Spending to Battle Deepening Economic Crisis, Bajnai Says

Aldar Properties Says Abu Dhabi Real Estate Market Prospects Are `Flat'

Dubai House Prices Fell 42% in Past Six Months, Likely to Decline Further

RAK Properties First-Quarter Net Drops 39% as Income From Sales Declines

Saudi Electricity Quarterly Loss 771 Million Riyals, Same as Year Earlier

UPDATE 2-Israel economy to worsen, recovery to be weak-Fischer

Israeli Banks Can Withstand `Large' Corporate Bankruptcies, Fischer Says

Trichet says further ECB rate cut would be measured 25 bps

Darling Will Detail Plans to Curb U.K. Government Spending, Help Jobless

Grosvenor's Mark Preston Says It's Too Early to Invest in U.K. Real Estate

UBS seeking to drop accounts for undeclared EU cash: report

Devolution is failing Scotland thanks to populist policy agenda, says study

Germany `Must Do Everything' to Save GM's Opel Unit, Foreign Minister Says

Porsche Reiterates Sales Target for Panamera Sedan Amid Luxury-Auto Slump

Infineon Has No Comment on Newspaper Report That It Is Seeking State Aid

Belgium to investigate AB InBev over payment delays

Royal Bank Writedown May Be `Bellwether' for Canadian Banks This Quarter

Chrysler's Nardelli Tells Canadian Workers Cuts Must Be Made to Survive

Bay Street: Ugly numbers expected from Canada's oil patch

Abitibi-Consolidated Files for Bankruptcy Protection From U.S. Creditors

World Bank to Continue Strong Latin America Lending to Fight Credit Slump

Brazil's Fuel Prices May Be Cut Soon to Adjust for Cheaper Oil, Lula Says

Argentine Tax Agency Takes Control of Registry for Trade of Grains, Cereal

Tea Party Anger 'Misdirected'

‘Made in the USA’ still means something

How do you measure economic anguish?

Lessons from the Great Depression

Depression II: The Horror

How to Protect Your Family from the Greatest Economic Disaster in Recorded History

U.S. Cities Where It's Hardest to Get By

In Pictures: America's 10 Most Miserable Cities

'Farm fresh' movement a growing food trend

Factories dumping drugs into sewage

Heated Debate Over Assault Weapons

Grisly Slayings Bring Mexican Drug War to U.S

Mexican Police Convoy Ambushed, 8 Killed

[edit on 4/19/2009 by Hx3_1963]

posted on Apr, 19 2009 @ 08:21 PM
U.S. to put conditions on TARP repayment: report

World lags on poverty goals: G8

BoE's Blanchflower: "Nonsense" to say crisis unpredictable

Retirement Dreams Disappear With 401(k)s

Layoff Daily

Durango High School -19

Schilling Robotics Cuts

Montaplast -80

Video: Cameron County PA

Paycuts Instead of Layoffs

Chrysler Stamping Plant -450

[edit on 4/20/2009 by Hx3_1963]

posted on Apr, 20 2009 @ 01:21 AM
Headlines for April 20th 2009

LEAKED! Bank Stress Test Results !

JPMorgan Chase, Goldman Sachs, Citibank, Wells Fargo and More Than 1,800 Other Institutions Believed to Be at Risk of Failure Based on Fourth Quarter 2008 Data

Bank Lending Keeps Dropping

U.S. Officials Signal No Need for More TARP Funds From Congress

U.S. may convert bank bailout to equity share: report

UPDATE 1-Pension kickback scrutiny spreads to New Mexico

Warren Lichtenstein's fund proposal resisted: report

GM could sell Opel stake for no gain: report

Toshiba shares tumble on fund-raising reports

The Real Lessons of the Great Depression

Zero Percent Inflation is Still a Tax and Wealth-Destroying

Calls to scrap plans for increase beer tax in budget

[edit on 4/20/2009 by Hx3_1963]

posted on Apr, 20 2009 @ 01:25 AM

Church leaders in northern Indiana relent and allow followers to collect unemployment checks. It's become a matter of survival. By Joshua Boak April 20, 2009 Reporting from Goshen, Ind. -- The Amish are defined by their religious beliefs, shunning automobiles, insurance and electricity in their homes. But some in hard-hit northern Indiana realize they can no longer avoid one modern idea: unemployment checks.

more at link

posted on Apr, 20 2009 @ 04:38 AM
March leading indicators fall; recession seen through summer
&siteid=bnbh]Mark etWatch

Leading economic indicators slip 0.3%

Analyst: Bank Hurricane Not Over -- We're in Eye of Storm

Bank Regulators Clash Over U.S. Stress-Tests Endgame (Update1)

Treasury does not yet have stress test results

Stress Test Results: Most Banks Likely to Pass

FACTBOX-Major U.S. financial regulation reform initiatives

More Accounting Games

White House: Treasury has enough capital for banks

Treasury to provide nearly $30 bln of funds for AIG
&dist=morenews]MarketW atch

Citi's credit losses growing at 'rapid rate,' analyst says

Bank of America profit rises, credit quality sours

Oil falls 8% on economic concerns, stronger dollar

Britain facing 'worst recession since World War II', Darling to admit in Budget

Britain 'overcoming' problems of the recession, says Gordon Brown

Public spending should be 'cut by £30 billion', think tank says

More than one million credit cards taken out of circulation

Cubs buyer looking to investors for funds: report

Halliburton profits slide, weakness to persist

Moody's reviews PepsiCo Aa2 ratings for possible downgrade

Hasbro profit drops 47% on currency impact, toy sales

UPDATE 2-Hitachi says outlook tough, mulling state funds

Stimulus will hurt us, biz owners say

Stressed Americans postpone healthcare

Number of young people not in work or education hits record high

Men bear the brunt of US jobs lost

Tube Strike: Underground workers to strike on Victoria Line

Sri Lanka gives Tigers ultimatum as thousands flee

[edit on 4/20/2009 by Hx3_1963]

posted on Apr, 20 2009 @ 12:27 PM

Idaho's jobless fund is going broke A law designed to ease unemployment

taxes backfired on the very businesses it was meant to help.

These days Roger Madsen, Idaho Department of Labor director, regrets not being more aggressive in ensuring that Idaho's fund for paying benefits to jobless workers could withstand a long recession's onslaught. But in 2004, Idaho was booming. National magazines were heralding the state's business environment. Idaho was in the midst of a tech, rec and building boom that some said made us resistant to recession.

GM exec says 1,600 will lose jobs in next few days

By TOM KRISHER – 5 hours ago

DETROIT (AP) — About 1,600 workers at General Motors Corp. will lose their jobs in the next few days as the troubled automaker accelerates cost cuts in order to qualify for more government aid.

GM North America President Troy Clarke said in an e-mail to employees sent Monday that the layoffs are needed to ensure the company's long-term viability.

"In these unprecedented times, GM is reinventing every aspect of our business, including our organizational size and structure, to create a lean and agile company," Clarke wrote in the e-mail obtained by The Associated Press.

Clarke said the next week will be "a very trying time for the entire GM team, but especially for those employees directly impacted by these actions."

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