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Layoffs mount, economic crisis deepens in the US
- Text size
Tom Eley
IntelDaily
November 13, 2008
Monday brought a number of fresh indications—including mass layoffs, bankruptcies and negative labor market data—that the US is entering a deep economic crisis.
DHL Express, the country’s third largest parcel delivery company, now joins the ever-increasing list of companies making massive cuts in its labor force. It announced on Monday that it was laying off 9,500 workers and shutting down hundreds of service centers. The cuts are in addition to a 5,400 employee reduction announced last May.
Economic conditions have also led to a reduction, for the first time since 2001, in the quantity of shipping that DHL and rivals Federal Express and United Parcel Service carry out.
The layoffs themselves will devastate the small town of Wilmington, Ohio, where DHL is headquartered. About 3,000 of the town’s 12,000 residents work directly for the company, while the remainder relies on it indirectly. “They’re taking away everything from me, my family, my friends—this whole town,” DHL employee Sherry Barrett told CNN.
Also on Monday, Circuit City, the second largest electronics retailer in the US, filed for bankruptcy protection. Prior to the announcement, manufacturers had begun to cut off product line shipments fearing that the company would not be able to make its payments. Circuit City simultaneously announced 700 layoffs among its corporate staff.
Only one week ago the company announced that it was closing 155 of its retail stores and laying off 7,000 workers. Thousands more will undoubtedly lose their jobs as a result of the bankruptcy announcement.
Nortel, a telecommunications firm, announced 1,300 layoffs along with a freeze on salary increases after reporting a third quarter loss of $3.4 billion. It is not yet clear where the Canada-based corporation will carry out its latest headcount reduction, but it has operations at dozens of sites in the US and around the world.
On November 7, the nation’s largest toymaker, Mattel, announced 1,000 job cuts worldwide, including more than 170 at its El Segundo, California, headquarters.
- A d v e r t i s e m e n t
On November 6, GlaxoSmithKline, the world’s second largest drug maker, announced it was laying off 1,000 workers in the US.
The financial industry is also preparing a new round of mass layoffs for 2009—as many as 150,000 worldwide and 70,000 in the US alone—according to a Monday report in the Financial Times.
Over the next few years, New York City may shed between 55,000 and 78,000 finance jobs according to a recent Federal Reserve Board survey. Financial sector layoffs for 2009 are likely to be made public later this month as major financial firms prepare their respective budgets for the upcoming year.
The dismissals will come on top of the massive reductions that have already taken place or are currently underway in the financial sector. Citigroup is in the midst of laying off 23,000; the collapse of Lehman Brothers and Bear Stearns has resulted in the loss of another 23,000 jobs; Merrill Lynch has fired 5,700; Morgan Stanley 4,400; and Goldman Sachs is dismissing 3,200 employees.
The series of announced layoffs—in virtually every sector of the economy—arrives on the heels of a sharp drop in employment in October, when 240,000 jobs were eliminated and the official unemployment rate soared to 6.5 percent.
Monday was also another bleak day for US auto giant General Motors. Its stock fell by 23 percent, reaching its lowest level in 60 years, after analysts for Deutsche Bank, JP Morgan, and Barclay’s Capital warned investors that GM’s prospects were grim.
Deutsche Bank lowered its target for GM equity to zero dollars, predicting that GM was unlikely to avoid bankruptcy or “bankruptcy-like” conditions, and that any government bailout would not benefit shareholders.
Also on Monday, GM issued its quarterly report with the US Securities and Exchange Commission. It revealed that that the mortgage component of its GMAC LLC financial arm may soon collapse, and that Delphi Corporation, GM’s spun-off parts-maker, might never emerge from bankruptcy protection. GM controls 49 percent of GMAC, while Cerberus Capital Management LP, which owns Chrysler, controls 51 percent.
In another sign of a rapidly worsening economy, the Conference Board’s monthly labor market index fell sharply. The Conference Board is a New York-based business research group. The index, which assesses eight employment-related economic indicators, has fallen 12 percent in one year. Part-time and temporary jobs have been especially hard hit over the past six months, the index reveals.
According to Gad Levanon, the Conference Board’s Senior Economist, the data “suggests we will experience even greater deterioration in the labor market in the months ahead, and that the unemployment rate will continue to rise sharply well into 2009. The economic developments of the last two months made it clear to businesses that demand for goods and services in the US is declining, and businesses are responding by aggressively slashing their payrolls. Unfortunately,” he said, “it seems this environment will persist for several more quarters and business leaders will continue reducing their workforce.”
As winter approaches, the federal government has done almost nothing to alleviate the suffering of millions of working class people who have been thrown on to unemployment lines, or who face home foreclosure, eviction, or personal bankruptcy.
The indifference of both the Democrats and Republicans to this social catastrophe engulfing millions stands in stark contrast to the alacrity with which they carry out the dictates of the financial aristocracy.
The federal government also announced an expanded government rescue package for the giant insurance company, American International Group, (AIG), this Monday, which will amount to a total of $150 billion, $40 billion of which will be invested directly into AIG despite the company’s disclosed losses of $24.5 billion from July through October.
According to a report by Bloomberg News, the federal government has extended over $2 trillion in emergency loans to major financial concerns in the past fifteen months and the Federal Reserve Board has thus far refused to reveal who has received the taxpayer infusions. On November 7th, Bloomberg News filed a lawsuit against the board, demanding that it release information pertaining to the recipients of the $2 trillion largesse, and also about the toxic assets which the US Government has now taken onto its books as collateral.
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November 13th, 2008 at 4:13 pm
It seems clear to me that the Gov’t is purposely hiding the fact that it is buying up the massive debt of the American people so that when the smoke clears, it will not be credit card or mortgage companies you owe your $$ to, its the FEDERAL GOVERNMENT!
This is why DHS was formed, this is why the FEMA camps are built, THIS IS WHY WE ARE NOW:
The United States of TERROR!
November 13th, 2008 at 4:15 pm
CHECK THIS OUT!!!
Wal-Mart Partners With Army Reserve
Associated Press
November 12, 2008
http://www. military. com/news/article/wal-mart-partners-with-army-reserve. html
BENTONVILLE, Ark. — Wal-Mart Stores Inc.
has signed on to an Army Reserve program that allows the company and the Army to work together to recruit and train people interested in serving in the military and working for the giant retailer
Wal-Mart, the world’s largest private employer, has more than 1.4 million U.S.
employees
An agreement signed Tuesday obligates Wal-Mart to interview and consider all qualified, participating soldiers for employment after they complete military occupational specialty training
November 13th, 2008 at 4:16 pm
CHECK THIS OUT!!!
Wal-Mart Partners With Army Reserve
Associated Press
November 12, 2008
BENTONVILLE, Ark. — Wal-Mart Stores Inc.
has signed on to an Army Reserve program that allows the company and the Army to work together to recruit and train people interested in serving in the military and working for the giant retailer
Wal-Mart, the world’s largest private employer, has more than 1.4 million U.S.
employees
An agreement signed Tuesday obligates Wal-Mart to interview and consider all qualified, participating soldiers for employment after they complete military occupational specialty training.
Read More at the site…for some reason this forum does not like links…
November 13th, 2008 at 4:22 pm
Who cares… no one is paying attention to this crap. The whole country is going down the drain and everyone will still be watching their football and baseball games.
Who cares.
November 13th, 2008 at 4:36 pm
right on #1
November 13th, 2008 at 4:37 pm
Thats right. This is it. Its over. I’ve never ever seen things this bad. We’ve been sodomized by our government. We’re going to have to learn to live in the woods. I expect Martial Law by the end of the month. I’m going to the Bunny Ranch in Las Vegas for one last weekend of Hedonism!
November 13th, 2008 at 4:44 pm
This is getting scarier and scarier
November 13th, 2008 at 4:54 pm
msn front page headline: more families turn to fed for help.
November 13th, 2008 at 7:35 pm
Well. what did we really expect??? You can’t pull trillions of dollars out of thin air and expect everything to be just hunky dorey. Right now, America if not the entire world is plunging into a depression of worse proportions than the Great Depression of the 30’s.
If the major catastrophic terrorist event occurs as Colin Powell predicted, January 21 or 22, the only thing we’ll have to worry about is our survival. Finances will no longer be an issue. Best thing to do now is stock up on non-perishables, canned food and good water…not just a few months worth, but several years worth! Spend over what you think you’ll need…it might be enough to keep you and your loved ones alive. The ones that will perish are the ones that are unprepared for such events. AND…get a few weapons and ammo ..it’s going to get mighty rough in a very short time.
November 13th, 2008 at 8:00 pm
…dono is a piggybacker…
November 13th, 2008 at 8:08 pm
LAYOFFS? What About The ANTICHRIST IS HERE!
See and Read The PROOF!
http://pinnacleheadlinenews.weebly.com
November 13th, 2008 at 8:10 pm
DonO – That sucked
November 13th, 2008 at 9:03 pm
We have not seen nothing yet….These preliminary layoff numbers will seem like nothing compared to what is to come over the next year.
November 13th, 2008 at 9:38 pm
On June 4, 1963, a virtually unknown Presidential decree, Executive Order
11110, was signed with the authority to basically strip the Federal Reserve
Bank of its power to loan money to the United States Federal Government at
interest. With the stroke of a pen, President Kennedy declared that the
privately owned Federal Reserve Bank would soon be out of business. The
Christian Common Law Institute has exhaustively researched this matter
through the Federal Register and Library of Congress and can now safely
conclude that this Executive Order has never been repealed, amended, or
superceded by any subsequent Executive Order. In simple terms, it is still
valid.
When President John Fitzgerald Kennedy – the author of Profiles in
Courage -signed this Order, it returned to the federal government,
specifically the Treasury Department, the Constitutional power to create and
issue currency -money – without going through the privately owned Federal
Reserve Bank.
President Kennedy’s Executive Order 11110 [the full text is displayed
further below] gave the Treasury Department the explicit authority:
“to issue silver certificates against any silver bullion, silver, or
standard silver dollars in the Treasury.”
This means that for every ounce of silver in the U.S. Treasury’s vault, the
government could introduce new money into circulation based on the silver
bullion physically held there. As a result, more than $4 billion in United
States Notes were brought into circulation in $2 and $5 denominations. $10
and $20 United States Notes were never circulated but were being printed by
the Treasury Department when Kennedy was assassinated. It appears obvious
that President Kennedy knew the Federal Reserve Notes being used as the
purported legal currency were contrary to the Constitution of the United
States of America. “United States Notes” were issued as an interest-free and
debt-free currency backed by silver reserves in the U.S. Treasury.
In the illustrations below, a “Federal Reserve Note” issued from the
private central bank of the United States (the Federal Reserve Bank a/k/a
Federal Reserve System), is compared with a “United States Note” from the
U.S. Treasury issued by President Kennedy’s Executive Order. They almost
look alike, except one says “Federal Reserve Note” on the top while the
other says “United States Note”. Also, the Federal Reserve Note has a green
seal and serial number while the United States Note has a red seal and
serial number.
President Kennedy was assassinated on November 22, 1963 and the United
States Notes he had issued were immediately taken out of circulation.
Federal Reserve Notes continued to serve as the legal currency of the
nation. According to the United States Secret Service, 99% of all U.S. paper
“currency” circulating in 1999 are Federal Reserve Notes.
Kennedy knew that if the silver-backed United States Notes were widely
circulated, they would have eliminated the demand for Federal Reserve Notes.
This is a very simple matter of economics. The USN was backed by silver and
the FRN was not backed by anything of intrinsic value. Executive Order 11110
should have prevented the national debt from reaching its current level
(virtually all of the nearly $9 trillion in federal debt has been created
since 1963) if LBJ or any subsequent President were to enforce it. It would
have almost immediately given the U.S. Government the ability to repay its
debt without going to the private Federal Reserve Banks and being charged
interest to create new “money”. Executive Order 11110 gave the U.S.A. the
ability to, once again, create its own money backed by silver and real value
worth something.
Again, just five months after Kennedy was assassinated, no more of the
Series 1958 “Silver Certificates” were issued either, and they were
subsequently removed from circulation.
Perhaps the assassination of JFK was a warning to all future
presidents not to interfere with the private Federal Reserve’s control over
the creation of money.
November 13th, 2008 at 9:55 pm
You could have read this article on your HDTV with http://www.freedomonmytv.com!
November 14th, 2008 at 12:17 am
Traditional sources are unlikely to work because the scam is so HUGE! First off, the US has had the illegal creation of the Federal Resrve for about 95 years–in that span of time the Fed has helped to usher in the IRS (its collection agent), WWI, orchastrated stock market crash of 1929 that it manipulated into happening, the removal of the gold standard in 1933, entry into WWII, entry into the Korean War that many still do not know why we entered, JFK assassination, entry into Viet nam war, on up to the present with other false flag operations such as inside job 911, illegal war on Iraq, Gitmo, Patriot Act that basically nullifies our US Constitution…the illegal $700 billion bailout, ETC. ETC. ETC. Do you recall that on 9-10-2001 Rumsfeld announced that their was some $2.6 TRILLION unaccounted? The following day 9-11, and then a little later on, it was reported Rumsfeld was in error, the more accurate amount of missing $ was $3.4 TRILLION! This was announced with an explaination that we will never be able to know for sure how it was stolen from the US people snce the evidence were located in the Pentagon and Twin Towers, like the ENRON evidence–how convenient. Hmmm. Could such vast amounts of money help to finance a 9-11 false flag operation? We rightly squabble about $700 Billion bailout, but $3.4 TRILLION based on 2001 value is some five times this most recent bailout! The illegal Federal Reserve has capitalized and encouraged every war and false flag operation that it financed into existence with monopoly money that is not based on anything; yet, the Federal Reserve charged interest on such a fiat system and therefore manipulated much of the true wealth and assessts of this country away from WE THE PEOPLE! How many of you have lost a family member or friend in the manufactured wars of the 20th and now 21st century? How many have died. In WWI and WWII it is estimated as much as a 100 MILLION died in those senseless wars. In Vietnam, one million vietnamese died–not counting US deaths. In Iraq, MILLIONS have died since its manipulated war with Iran in the 1980s, and speaking of Iran, now the US (CIA/MOSAD) are encouraging a war with Iran! When will it cease? Who stands to gain by such evil manipulations? Surely WE THE PEOPLE do not gain anything from wars and rumors of wars, so why participate in a game that offers you no true lasting benefits/rewards? Folks, you want change? Then get involved and do what your heart, mind and soul directs you to do to bring about a lasting change to usher in JUSTICE and hopefully PEACE. NUFF SAID–GET INVOLVED! Peace.
November 14th, 2008 at 1:24 am
Hey, DHL provided shitty service. It’s just some German investors who tried to make money off of Americans. Fed Ex and UPS were doing fine and they will continue to do fine. DHL just entered into an industry that didn’t need more services. It happens. Crap. I feel sorry for the people laid off. I really do. But, it happens. I entered into a metal valve industry in the 1970’s. I was ignorant and thought I had found Nirvana. But I soon saw, me, just a lowly clerk, that the deck was stacked against the industry and I got out. Sorry about your luck, folks. Just pack up, move somewhere else and start again. That is, afterall, the human condition.
November 14th, 2008 at 2:38 am
#19: You could have read this article on your HDTV with http://www.freedomonmytv.com!
you are a cheap freeloader. I hope your business is slow
November 14th, 2008 at 5:49 am
If we were more like this guy, we would be far better off: http://www.youtube.com/watch?v.....re=related What do you think? Peace.
November 14th, 2008 at 6:33 am
Good Patriot… I think you are not so good and not a patriot. First you use Alex’s site to plug your lack luster site and then hope HIS business is slow. No doubt you have some inner searching to do on that issue. I would say you are guilty of that demon “jealousy”. Yes the Anti Christ is here but, so ARE his MESSENGERS. Cause that is what those two Messangers do…”fire comes out of their mouths and devours their enemies” Nothing mystical here…the “fire” is words and knowledge ——something you don’t seem to get!
November 14th, 2008 at 8:12 am
SOLUTION FOR THOSE WANTING TO STOCK UP NOW:
Max out your credit cards in order to purchase guns, storable food, survival gear and then subsequently, file Chapter 7 bankruptcy. The bankruptcy court will have to approve it as long as you wait 6 months (180 days) after your last major purchase and not make it look fraudulent.
If you still have credit during the 6 month period, you can use your credit cards to buy groceries, pay rent, utilities, gas and car maintenances during this “waiting” period—just no major purchases. The key is using the right strategy and doing it smart!
As a caveat, my sage advice is to transfer—title ownership only—your house, car, etc. to someone else during the meantime so that the court cannot relegate them. A friend of mine purposely maxed out his credit cards up to $60K then filed Chapter 7 successfully. He still has everything and is now $60K richer in survival gear including guns, ammo, storable food, bunker, etc.
You can do it too but do it now before the imminent collapse of the United States of Hysteria!
November 14th, 2008 at 8:18 am
YOU’RE GOING TO NEED SOME DEVINE INTERVENTION BUDDY…………………………..GOD IS WATCHING………………………………HE SEE’S YOU WHEN YOU ARE SLEEPIHG…………..HE KNOWS WHEN YOU’RE AWAKE……………………….
November 14th, 2008 at 8:27 am
IT IS OVER ……………………………
November 14th, 2008 at 10:57 am
WHEN IN THE NAME OF GOD ALMIGHTY WILL OUR “LEADERS” ADMIT WE’VE BEEN IN A RECESSION FOR QUITE A LONG TIME NOW?
November 14th, 2008 at 12:23 pm
Titan
We’ll have martial law in 2009. Between now and then, I strongly recommend that you spend your money on food and ammo rather than blow it on somebody who has already been fucked by 10,000 guys.
If you would much rather get your dipstick wet, then I have news for you. The Bunny Ranch is not located in Las Vegas.
It is located on US Highway 50 just east of Carson City, Nevada.
November 14th, 2008 at 1:37 pm
WHERE THE HELL IS EVERYONE GOING TO BE WORKING ??? Next year because any job that was paying 30/60 a year is now in some orther country ,or on its way so how you going to pay the house payment that car payment /much less that over priced INS. for both /oh and you can forget about any new STUFF from CHINA-MART !!! Just a matter of time before we,ll all be in the soup lines??????????
November 14th, 2008 at 6:59 pm
The US Government has sold us out a long time ago with the passing of NAFTA, and GATT. We are starting to feel the impact of big Corporate America sending our jobs to China, and other countries. They can save millions of dollars on labor cost by getting people to work for pennies on the dollar in Third World Countries!
We are at a crossroads in America and we must decide if we are going to pick up the torch of Liberty or let those who hate her cause extingish her flames of Freedom and Justice. We owe it to our children and the future generations of American’s not to let this injustice happen!
Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph.
November 14th, 2008 at 8:34 pm
#31
“WHERE THE HELL IS EVERYONE GOING TO BE WORKING ??? ”
If everyone is still alive after the shoe drops…
Google:
Civilian Inmate Labor Program
Or download the pdf file right from the Army:
http://www.army.mil/usapa/epubs/pdf/r210_35.pdf
November 15th, 2008 at 9:56 am
This world wide economic crisis hasn’t affected my life at all, yet. I still receive my $35/hour 2 new cars, free health care, bought a house in August and no FEMA camps. To think how far the American nation has fallen since BUSH was chosen.
December 1st, 2008 at 9:46 am
It’s time to change from within. Go to http://www.upgradeyounow.com and take a step for yourself, stop being a spectator and take positive action in your own life!
Upgrade You Now!