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Caterpillar to lay off 2,454 workers in 3 states

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posted on Mar, 17 2009 @ 09:01 PM
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Caterpillar to lay off 2,454 workers in 3 states


hosted.ap.org

PITTSBURGH (AP) -- Caterpillar Inc. on Tuesday announced plans to lay off more than 2,400 employees at five plants in Illinois, Indiana and Georgia as the heavy equipment maker continues to cut costs amid the global economic downturn.
President Barack Obama, during a visit to a Caterpillar factory last month, said the company's chief executive, Jim Owens, had promised to rehire some workers if Congress approved the president's economic stimulus plan. But Owens later said more cuts were likely before the company could start hiring again, and that a stimulus plan was unlikely to have an effect on the economy until late 2009 or early 2010.

The White House tried Tuesday to sound a positive note despite the news of more layoffs at Caterpillar.

Press Secretary Robert Gibbs said the White House was confident the stimulus bill will create opportunities for Caterpillar and other companies to grow their businesses because of the many construction projects states will be breaking ground on.
(visit the link for the full news article)




posted on Mar, 17 2009 @ 09:01 PM
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Well it looks like the CEO of CAT wasn't kidding when he said there would be more layoffs....contradicting what Obama said.

Let's just add this to the pile of lies that Obama has been building up since his rise to fame.

Barack "Owe"Bama...the flip flopper.

The craziest part is that almost 1600 of these layoffs are in Illinois..his home state.

Here's a refresher....he said this IN Peoria, Illinois....go figure right Obama?



hosted.ap.org
(visit the link for the full news article)

[edit on 17-3-2009 by David9176]

[edit on 17-3-2009 by David9176]



posted on Mar, 17 2009 @ 09:12 PM
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They are closing the whole operation here too.



posted on Mar, 17 2009 @ 09:30 PM
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Well, there goes whats left of my stock in CAT. Sheesh....
2nd.



posted on Mar, 17 2009 @ 09:31 PM
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OweBama!

We all know politicians lie, but man, I don't think any president has ever put together a string of them in such a short time.

It is like every time he stands in front of the camera the teleprompter just rolls out lies. From now on the teleprompter will go by the name of "lie machine".



posted on Mar, 17 2009 @ 09:39 PM
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Originally posted by USamf
Well, there goes whats left of my stock in CAT. Sheesh....
2nd.


No. Layoffs mean lower expenses. Stock should rally on this news.



posted on Mar, 17 2009 @ 09:44 PM
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reply to post by Hastobemoretolife
 


Yeah...just like his "choking" outrage yesterday on the AIG bonuses.

I wonder if the teleprompter said..."Choke now!"

BTW...disgustebyhumanity and USamf...in the article...you will see that stocks did rise today on the news.



posted on Mar, 17 2009 @ 10:00 PM
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reply to post by David9176
 


It probably did.

Man to get transcripts of his tele... er lie machine, would be comedy gold.

Obama got busted out on this though, when he made the comment about CAT.



posted on Mar, 17 2009 @ 10:14 PM
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reply to post by Hastobemoretolife
 


Yeah...he's had a great week so far...and it's only Tuesday!

Added an awesome video to the OP!



posted on Mar, 17 2009 @ 10:34 PM
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The daily unemployment numbers are staggering in my opinion..
here are just some of them from LAYOFF DAILY -


LAYOFF DAILY
Tue 3-17-2009


Ramtron -17%
HiRel Systems Closing Plant -50
Food Word -431
Road Home Program -500
More Layoffs At American Funds
Garlock Cuts Again -17
WestPoint Home Inc. -12
Resurrection Healthcare -125
Stanley Tools -36
Canadian Broadcasting Corp. Up To -1,200
GE Healthcare -175
University Of Maine Layoffs Inevitable

Layoffs Coming To MySpace
money.cnn.com...

Caterpillar Update -2,454
Panasonic -130
Potash Corp. -940
Trail King Trailers -75
Caterpillar Engine Plant -439
Caterpillar Closing Fuel Facility -89
Blue Cross Blue Shield Of MI -1,000
Nokia -1,700
Taylor Made Closing FL Plant -24
Wilton Armetale Co. Closed -15
Ramtex Closing Plant -205
Paper and Printing Companies On The Ropes
Food Co. Kings Delight Closing Plant -78
Catawissa Closing Plant -100
2 More Auto Suppliers Close Plants -80
Texas Hydraulics -117
West Aurora School District -169
The Body Shop -18
Zambia Copper Mine -1,321
Clarksville Gas and Water -22
Harris Interactive -90
Smurfit Stone Container -83
TRW Cutting More -42
Merillat -35 Merkle Inc. -34
Corning Cable Systems -200
News Tribune In Tacoma -30
Caterpillar In Pontiac Rolling Layoffs -40
Scopus Video Networks -100
Applied Materials In Austin -50
Getty Images -110
Hawker Beechcraft In Salina KS -41
The Olympian -15

HIRING
Mutual Of Omaha +100



posted on Mar, 17 2009 @ 10:39 PM
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reply to post by spinkyboo
 


Wow.

That's horrible man.

It's just not fair for people that have busted their asses and have been responsible to get bitten by all of this.

I hope i don't become one of them.

Looks to be around 7000 - 8000...insane for just one day.



posted on Mar, 17 2009 @ 10:45 PM
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Originally posted by David9176
reply to post by spinkyboo
 


Wow.

That's horrible man.

It's just not fair for people that have busted their asses and have been responsible to get bitten by all of this.

I hope i don't become one of them.

Looks to be around 7000 - 8000...insane for just one day.


It IS truly insane. I don't think the masses really have a clue.
Those who have lost their jobs do - but others ... not so much.
Here's the DAILY LAYOFF link.

www.layoffdaily.com...

It's astounding.
Not easily fixable.
I also hope that I keep my job(s) -
Wild times.



posted on Mar, 17 2009 @ 11:04 PM
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reply to post by spinkyboo
 


After looking at that list of companies, I'm wondering if there's any statistical difference between percentage of workforce layoffs of public (ie: has publicly floated on the stockmarket) vs. private companies?

I'm guessing that a publicly owned company would be more liable to its shareholders financial interests that a privately owned business. Would be interesting to see just how the two business models compare in those terms



posted on Mar, 17 2009 @ 11:06 PM
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reply to post by citizen smith
 


That's an interesting question.
I'll have to do a little research -



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