jdobbin Posted January 9, 2009 Report Posted January 9, 2009 http://ca.news.yahoo.com/s/afp/090109/usa/...ployment6thlead US employers shed a massive 524,000 jobs in December, pushing unemployment to a 16-year high of 7.2 percent, according to data Friday suggesting the worst recession in decades may be deepening.The ailing economy shed 2.6 million jobs over the course of 2008, the most since 1945, the US Labor Department said in its monthly update. Of those, 1.9 million were lost in the past four months. The Labor Department also revised higher the number of job losses for the prior two months. The October figure was changed to show a loss of 423,000 jobs from 320,000 and November's data to a loss of 584,000 from 533,000. Since 1945? Yeesh. I can't imagine the beginning of 2009 is going to be much better. Quote
eyeball Posted January 9, 2009 Report Posted January 9, 2009 (edited) The ailing economy shed 2.6 million jobs... Put another way, 2.6 million people had the lack of foresight to position themselves better in that economy. If people do not take more responsibility for the choices they make they deserve what they get. Its just like it was with housing and the poor banks, someone's tried to force the economy to provide jobs for all too. Probably them damn socialists again I bet. The banks will have earned every dime of every bailout they get when the wave of foreclosures and crisis triggered by these laid-off deadbeats begins. Edited January 9, 2009 by eyeball Quote A government without public oversight is like a nuclear plant without lead shielding.
jdobbin Posted January 16, 2009 Author Report Posted January 16, 2009 (edited) http://www.msnbc.msn.com/id/28691963/ Circuit City Stores Inc., the nation’s second-biggest consumer electronics retailer, reached an agreement with liquidators on Friday to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.The company said in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators. The company’s move to liquidate, first reported by CNBC Friday morning, means the retailer’s 35,000 employees will likely lose their jobs, the financial news channel said. Like Linens and Things, another major retailer goes down. In this case, it affects The Source by Circuit City in Canada. That is a lot of stores. http://www.google.com/hostednews/canadianp...u61wygy9FEUyvCQ At the same time, its 765-store subsidiary in Canada - The Source By Circuit City - filed for protection under the Companies' Creditors Arrangement Act.It wasn't immediately clear how Circuit City's liquidation would affect the Canadian operations, which operated for many years as an independent retail chain under the Radio Shack banner. The stores in Canada remain strong but that didn't help the 55 Linens and Things stores in Canada when they fared better than the parent company in the States. They were liquidated too. Edited January 16, 2009 by jdobbin Quote
jdobbin Posted January 16, 2009 Author Report Posted January 16, 2009 Another major U.S. paper has filed for protection. http://www.msnbc.msn.com/id/28683442/ MINNEAPOLIS - The Star Tribune says it has filed for Chapter 11 bankruptcy.The Minneapolis newspaper posted the announcement on its Web site Thursday. The filing comes less than two years after a private equity group, Avista Capital Partners, bought the paper for $530 million. You have to wonder what some of these media owners were thinking leveraging themselves to the hilt to buy print companies. Quote
jdobbin Posted February 18, 2009 Author Report Posted February 18, 2009 (edited) http://business.theglobeandmail.com/servle...y/Business/home GM, Chrysler seek billions more. Toronto, Washington — Faltering auto makers General Motors Corp. and Chrysler LLC laid out a stark choice for the U.S. government yesterday: fork over another $19-billion (U.S.) in bailout money or watch them collapse into bankruptcy protection and deal another heavy blow to the crumbling economy.GM said it needs another $16.6-billion in government loans, while Chrysler wants an additional $2-billion. Even if they get the money, the two companies between them will slash another 50,000 jobs and close several more plants. Looks like we might lose most of Chrysler in Canada in this. Edited February 19, 2009 by jdobbin Quote
jdobbin Posted February 19, 2009 Author Report Posted February 19, 2009 http://www.msnbc.msn.com/id/3683270/ The Dow Jones industrial average tumbled to its lowest close in more than six years on Thursday as sharp declines in key financial shares led the market lower. The blue chips broke through a psychological barrier established in November to close at their lowest level since Oct. 9, 2002, the last bear market low.The feeble performance marks a setback for many investors who hoped the Nov. 20 finish would mark the low point of the market's extended decline from its October 2007 highs. Dow is now at its lowest point in six years. A good time to buy? Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.