Layoffs coming, and in large numbers, survey finds

Source: Financial Week

Corporate executives are poised to start making substantial cutbacks in their staffing, according to a new forecast by employment consulting and legal firm Career Protection.

In fact, the firm is predicting a 37% increase in layoffs this year over last, based on a survey of more than 1,300 corporate executives and senior level officials that was conducted earlier this month.

The layoff forecast registers as the worst in the last five years, according to Career Protection officials. They also indicated that the firm has already been “inundated” with inquiries from employees at a number of companies that announced layoffs earlier this month, including Bear Stearns, Chrysler, Citigroup, Ford, Covidien, General Motors, IndyMac and Sprint Nextel.

Read more: http://www.financialweek.com/apps/pbcs.dll/article?AID=/20080128/REG/600868279/1036

So We dont have to Lay the off over there......:sarcasm: :sarcasm: :hi:

:toast:

Your tax dollars are indeed at work: overseas enriching republicon cronies.

guess what entity will welcome all those people with open arms--those desperate enough to sign onto just about any job?

That's right...the U.S. military. :cry:

GRRRRRR!

I can see good old fashioned corporal democrats i.e. ...........Obama and Hillary.
I hope John Edwards reads this thread about our economy and use it against his two rivals..........

Our young college kids will suffer........
young n's take heed. Edwards is the only one who can do this..........please listen to him. It's note too late !!!

JOHN EDWARDS 08

during tonight's speech.

"Muh fellow Murkins, the economy is strong, so stop whinin' about your stupid job. Just go shopping. Heh, heh."

some of us work more then 1.

Most of those laied off will just be classified as being "private contractors".

That seems like an ominous sign, the kind of thing that presages bank failures and such.

Tucker

by Citibank after 37 years. He was the VP of a large bank branch in NYC and had won all kinds of awards for his work. No pension, no severance pay. He's got plenty saved, so he won't lose his house. But at 62, what kind of job is he going to find?

and get no pension or retirement?

He originally worked for some other bank, but it was acquired and merged many times over the years, ending up with CitiGroup.

good luck to him :)

in which services did not fall into the purview of insurance claim gathering. Employee benefits there included a, wait-for-it, fulled-paid, discretionary pension and PS plan under which only the owner was permitted to contribute any amount annually, but just if he wanted to do so, with vesting at 8 years. Post-Enron it was converted to a 401(k) in which employers contributions were discretionary, as before, and employees were permitted to make un-matched contributions - value 10 years later - about $3000. What a guy!

My wife works for a Doctors office of 10 (started at 5 people 6 years ago). She gets a 5% bonus every year and he contributes 5% to their 401(k) every year. Screw the guy and let him see what type of loyalty he deserves.

The terminated person has the right to sue for wrongful termination to collect, or to be reinstated, but he'd better be very certain the termination was actually wrongful before trying it.

That's my story and I'm sticking to it.

I think there is an indirect correlation between the DJIA and the income variances of the US population as a whole. When the DJIA goes up, the variances in annual income of Americans increase. That is to say, it's an indication that the rich are getting wealthier from the exploitation of the ordinary workers. That process will continue until the DJIA crashes suddenly and we lapse into a real economic depression.

It's the biggest horseshit scheme ever foisted upon a people*.





*There are of course other equally bullshitty schemes.

it seems to me that such a comparison might show some correlation on how the aggregate wealth in the nation is being transferred away from the workers and into the non-productive sectors of society (i.e. functioning capitalists but not so much the coupon-clippers who earn income from financial assets or real estate).

Layoffs is GOOD for the "bottomline" don't cha know.

Fire everyone and then shut down accounts payable!
I'm a fricken GENIUS!

pump it up and do it over again. It's an historical fact.

it's the least bad of the possibilities...
pump up some other bubble,
do nothing and have a nasty deflationary depression (great depression)
or print to pay off debts/ and employees (weimar, zimbabwee)

I just wonder if it will work again. Eric Jantez of iTulip is betting on an alternative energy bubble
Mish Shedlock, globaleconomicanalysis is betting on a nasty deflation
Mogambo guru is expecting hyperinflation


I'm putting my money on Mish's senario and planning for deflation.

That's 12% in just over 3 months.

pretty fuckin' scary, isn't it?

But never mind me, I'm just another nutjob, America hater.:eyes:

I can't see anyway that this situation can end well.

Although there will continue to be many who think it can't happen here.

We can't get out with him in office. :toast: to the death spiral.

country. Not only jobs lost but had one of the most over valued markets in the country too.

Uh oh........

You think people are cutting back expenditures now? Just wait a few months.

Executive compensation packages have to come from somewhere! And THEY must be
maintained at ANY cost.

while the politicians squabble about minimum pay they pretty much ingore "maximum pay".

Due to belt tightening from the economy.

L-

We'll All Soon be Getting Our Stimulus Checks and Can Go Shopping. :sarcasm:

Great Depression --- and ensure that no FDR comes to rescue the public ---

Basically, this is "Operation Gladio" at home in America ---

Malcolm X called this about 45 years ago --- !!!

coming home to roost.

We are so screwed.

We don't need hollow 'inspiration' and shallow 'hope' we need some one with a track record of kicking the shit out of the Corporations that put us here.

The Oligarchy is about to win the race to the bottom.

as alot of the democrats went mostly willingly down the aisle with them in selling our nation out for profit for corporations, how else do you think they got all those bribes....err i mean campaign donations *wink* *wink*

Democrats are never to blame, they are always either hopeless dupes that were fooled by those evil bastards, or they are helpless in the face of their unreasonable ignorant constituents that will vote them out if they ever dare to do the right thing.
:kick:

the only real difference is Democrats toss us common folk a bone once in a while :(

Fuck...

:grr:

because the results are undeniable :o

“I'll show you politics in America. Here it is, right here.

'I think the puppet on the right shares my beliefs.' 'I think the puppet on the left is more to my liking.' 'Hey, wait a minute, there's one guy holding out both puppets!'”

What do you think that Economic Stimulus Package brought to you by Bush and our Democrats in Congress is....that's right....a bone.

We need real solutions, not bones.

A couple years ago corporate profits were at an all time high and many economists said this would benefit the workers who had been hanging around with little salary changes for years. They predicted big bonuses and raises. Did you get yours? Nope. Didn't happen. And then they wonder why we don't keep spending. We can't, and I just heard today that now inflation (which had been in check) is up meaning the Fed may not cut rates as much. Inflation means you are paying more for goods, how can you on the same salary. Corporations will falter for not sharing the wealth with those who buy the product(s) they are selling.

There are some corrupt Dems. Speaking in generalities I'd go as far as saying that there are about 99% Corrupt republicans in office and about 50% corrupt Dems. No matter what numbers YOU want to come up with - it's time to toss out the garbage.

I don't consider DLC and Blue Dogs Democrats. And this includes Bill Clinton. Wild Bill was the best Republican President since
Eisenhower. NAFTA, GAT, WTO, Telecommunications Act (to name the usual list) were NOT Democratic policies or ideals. They are Republican and Conservative and Neo.

40 years ago the DLC and Blue Dogs would have had the guts to call themselves what they truly are: Moderate (at best) Republicans. None of these people are Progressive or Liberal. The Democratic Party has been infiltrated at the highest levels. We are seeing the results of the "Permanent Republican Majority" that was promised. Liebermann called himself a Democrat for years before he flopped. Did anyone ever believe that he embodied ANY Democratic principles? No one who was paying attention.

Now - who has the list of corrupt Progressive/Liberal Democrats vs Corrupt DLC and Blue Dog Democrats. I think we can safely write off the republicans

Guess it's not the best time to be graduating from college...

Ah well

:kick:

I know lots of people at my job that are just taking up space...this may not be such a bad thing after all:)

without a thought. It's not like they are real people with lives or families or anything. Who cares, as long as it isn't you that someone else decides is "just taking up space".
:dunce:

The coming rust-belt recovery

Barrie McKenna is very bullish on the prospects of a U.S. manufacturing sector recovery.

nanotechnology and nanomaterials. You need the skilled workers, the engineers, the factory processes, the institutions, the education and the rust belt has got them.

I just dont think it will come in time before this whole downturn happens upon those poor souls.

McKenna fails to factor in global wage arbitrage, peak oil, and the US budget deficit.

McKenna says:


Edwards on trade:


Obama on trade:


Clinton on Trade:


I don't think any of the democratic candidates are skeptical about trade.


P.S. that link didn't work for me but this one did:
http://www.theglobeandmail.com/servlet/story/RTGAM.20080125.wcoessay0126/BNStory/specialComment/?page=rss&id=RTGAM.20080125.wcoessay0126

for correcting the link. I came across the article and thought some of you might be interested in the views of McKenna. To be honest, I don't know enough about economics to form an opinion of whether I think he's right or wrong.

I'm not sure how accurate his numbers are either. I'm not sure that the USA produces 25% of the world's manufactured goods (based on cost I assume). That # seems really high. That said, the USA is manufacturing high cost, high quality goods, while China is mainly producing low-cost, lower-quality goods. I do know that on a per capita basis, Germany is the world's leading exporter of manufactured goods.

I agree with you that America budget deficits are going to be a major problem in the future, especially as more and more baby boomers start to retire and depend on Social Security. The revenue is going to have to increase to match the increased expenditures.

While the Republicans have certainly damaged your country's financial situation, I think there should certainly be hope that your fiscal situation can be improved. All you need is for the government to realize that it cannot continue to accumulated debt at the rate it is currently. At some point, someone they're going to have to face the debt and that will mean higher taxes in one way or another. I guess the current generation figures they can make their children, grandchildren, etc, etc, pay for the debt instead. It's not a nice legacy to leave future generations and it reflects on the selfishness of America's Republicans.

Will the idle masses finally take to the streets?

Our candidates need to be coming up with a New Deal v2.0!

The idle masses are easily pacified.

even in the great depression, it didn't reach half that.

maybe they'll hire me...

The inevitable fall is nigh.

For all you poor fools who live in the United States of America: I pity you.

Personally I'm riding high on teh hog in Murika land of opoortunata. Yeeeeeeehaw! Good thing I'm debt free and wealthy and can now move to france and eat freedom fries the rest of my days. Yeehaw.

The population is about 15,000. I read in the paper yesterday, that a plant is closing, moving to India, and laying off 2,000 people. That's about 13% of the population. That is about the last of the factories we use to have here. The textile and chemical plants all closed down two years ago. There is no large industry remaining. All we have are minimum wage, service jobs. Local stores are closing and Wal Mart is cutting back on the number of people employed and the hours they work.

This globalization is destroying America one small home town at a time.

I'm working on an eBook for people who lose their jobs after age 50 (like I did). Sounds like I will have more potential readers than I had hoped.

I shouldn't be laughing right now...

...their houses go into foreclosure, creating further huge losses for banks, who respond by laying off employees.

Rinse, repeat.

Meanwhile out of work people in debt up to their gills stop buying goods, depressing prices.
With less demand for goods companies ramp down production and begin laying off people.

Can you say deflationary spiral?

they can do to stop it.

The hangover from that was hell though......

to hold a party but if we are going to party why not try the one back in 89, I mean the one back in 1789 in france.

...when even fewer Americans can afford their products.

When can we admit that socialism is a good thing? Now? Can we?

Ship them jobs off, gotta get that job done cheaper, gotta maximize them profits! These people never cease to amaze me, scacrificing the American worker for the sake of endless profit on top of already great profits. Thank Jack Welch and the rest of the 80's corporate raiders that embraced the Reagan Revolution to tear down the American worker to the bone.

I think we are really screwed. :(