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Massive Layoffs Coming Everywhere

 
acer51
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02/01/2010 07:07 PM

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Massive Layoffs Coming Everywhere
Massive Layoffs Coming in NYC, Nevada, California, Colorado, Arizona, Everywhere

Cities, states, and municipalities are sinking by the minute. And unless unions agree to concessions (which they won't) massive layoffs are coming everywhere you look.

Jobs That Are Not Coming Back

* Intel's workforce is at 2003 level.
* Airlines have cut capacity, which means fewer routes and fewer flights. Total airline employment was down almost 10% through November from two years earlier, according to the Bureau of Transportation Statistics.
* Citigroup shed one-third of its employees and unloaded $500 billion in assets.
* GE is in the process of condensing its capital-finance unit, once the locomotive of its profit. During GE's conference call on Friday, Chief Financial Officer Keith Sherin mentioned the unit's "focused shrinkage." "GE Capital," he said, "will be a smaller but more meaningful contributor in the future."


The above bullet points from the Wall Street Journal.

Layoff stories are endless, and layoffs in the public sector have barely started. Those layoffs are likely to be staggering unless Obama and Congress are willing to go much deeper in debt, specifically to bail out failed states.

The budget deficit religion in Obama's state of the union message will surely be put to the test.

4th quarter GDP numbers will give one last reason to celebrate. However, that will be the last hurrah. The next GDP report will be nothing more than a rear view mirror look of inventory rebuilding, failed stimulus plans like cash-for-clunkers, and housing tax credits.

Here's a sobering thought for all the stock market bulls: The best of this "recovery" is now likely behind us, the official unemployment rate is still over 10%, and massive layoffs are on the horizon for city and state workers across the country.

Full article here:

[link to globaleconomicanalysis.blogspot.com]
Anonymous Coward
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02/01/2010 07:16 PM
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Re: Massive Layoffs Coming Everywhere
Now were talkin' DOOM!!!!!!!
holy bat shitman
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02/01/2010 07:18 PM
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Re: Massive Layoffs Coming Everywhere
oh noes......
Anonymous Coward (OP)
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02/01/2010 07:24 PM
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Re: Massive Layoffs Coming Everywhere
Less cops, more potholes, less teachers....

This is the doom that will hit the average joe right smack in the face. They will have no choice then, but to finally open their eyes to what the rest of us have seeing for the last few years.
Anonymous Coward
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02/01/2010 07:26 PM
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Re: Massive Layoffs Coming Everywhere
AWESOME!

MORE UNEMPLOYMENT TRANSLATES INTO HIGHER STOCK PRICES.

KEEP ON LAYING PEOPLE OFF AND WE'LL ALL BE RICH.
PACNWGUY
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02/01/2010 07:29 PM
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Re: Massive Layoffs Coming Everywhere
No worries. Obama said he is saving millions of jobs every day.

Just listen to him.
Doominator
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02/01/2010 07:31 PM
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Re: Massive Layoffs Coming Everywhere
^ Saving 'em for when?
Anonymous Coward
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02/01/2010 07:33 PM
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Re: Massive Layoffs Coming Everywhere
unemployment actual is up around 17% with all the poor souls who either ran out of benefits or just gave up looking due to lack of opportunities. thanks for the gumball obama!
Anonymous Coward
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02/01/2010 07:35 PM
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Re: Massive Layoffs Coming Everywhere
AWESOME!

MORE UNEMPLOYMENT TRANSLATES INTO HIGHER STOCK PRICES.

KEEP ON LAYING PEOPLE OFF AND WE'LL ALL BE RICH.
 Quoting: Anonymous Coward 787523


Lol yup...more revenue and more productivity to the poor saps that are stuck and afraid of losing their job...gotta love being corporate America
acer51 (OP)

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02/01/2010 07:37 PM

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Re: Massive Layoffs Coming Everywhere
AWESOME!

MORE UNEMPLOYMENT TRANSLATES INTO HIGHER STOCK PRICES.

KEEP ON LAYING PEOPLE OFF AND WE'LL ALL BE RICH.


Lol yup...more revenue and more productivity to the poor saps that are stuck and afraid of losing their job...gotta love being corporate America
 Quoting: Anonymous Coward 770865



Productivity the new America! That's all we have left to give.
acer51 (OP)

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02/01/2010 07:39 PM

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Re: Massive Layoffs Coming Everywhere
The plan would help close Phoenix's $242 million deficit, balancing the general-fund budget through fiscal year
2011.

Cavazos' proposal would eliminate 1,379 of the city's 16,000 positions, though a third of the targeted positions are vacant. The Police Department would lose about 353 sworn positions, from patrol officers to assistant chiefs. The Fire Department would cut 144 sworn jobs. The cuts represent about 18 percent of the total sworn police and fire force.

Six of the city's 15 library branches, five of its senior centers and numerous sports complexes and community centers would be shuttered. Funding for the arts and after-school programs would be slashed. And bus routes and light-rail hours would be reduced.
acer51 (OP)

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02/01/2010 07:44 PM

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Re: Massive Layoffs Coming Everywhere
Pennsylvania Capital Should Weigh Bankruptcy, Controller Says



y Dunstan McNichol

Jan. 26 (Bloomberg) -- Harrisburg, Pennsylvania, the capital of the sixth-largest U.S. state by population, should skip a $2.2 million debt service payment due Feb. 1 and consider bankruptcy, City Controller Dan Miller said.

Harrisburg faces $68 million in payments this year in connection with a waste-to-energy incinerator and should weigh Chapter 9 protection from creditors or state oversight through a program known as Act 47, Miller said today. Chapter 9 bankruptcy allows municipalities to reorganize rather than liquidate.

The alternatives are to sell assets such as an historic downtown market; an island in the Susquehanna River that includes the city’s minor-league baseball stadium; and the city’s parking, sewer and water systems, according to a preliminary 2010 budget and an emergency financial plan submitted yesterday.

“What I’m suggesting is we stop paying the debt service until we have a plan or we decide which way to go, in bankruptcy or Act 47,” Miller, a former city council member who became controller this month, said in a telephone interview. “I think it could save our assets instead of selling them.”

Mayor Linda Thompson, who unseated 18-year incumbent Mayor Stephen Reed in a Democratic party primary last year to lead the city of 47,000, didn’t return a call to her office for comment.

Thompson is scheduled to present her budget proposal to the city council tonight. The council has until Feb. 15 to adopt a final budget.

Asset Sales, Fees

Management Partners Inc. of Cincinnati, a consulting firm hired to study the city’s finances, recommended selling assets, raising city inspection and recreation fees, and reopening city labor contracts.

Harrisburg owes a total of $68 million in payments it guaranteed on bonds issued by the Harrisburg Authority for the incinerator and on a $35 million working capital loan for the project.

The city skipped more than $3.5 million in debt service and swap payments last year, prompting draws on reserves and back-up payments by Dauphin County, where Harrisburg is located, which has sued the city to recover its payments.

Harrisburg’s debt was downgraded to high-yield, high-risk junk status by Moody’s Investors Service in October. Moody’s lowered the city’s rating to Ba2 from Baa2, the second-lowest investment grade.

The city’s credit rating could be lowered further after an analysis of the steps taken to address future payments on debt and two interest-rate swaps that are costing about $800,000 a year, Moody’s said in an Oct. 19 report.
Anonymous Coward
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02/01/2010 07:52 PM
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Re: Massive Layoffs Coming Everywhere
Washington DC will be hiring with the huge new Obuma budget.
Anonymous Coward
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02/01/2010 07:54 PM
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Re: Massive Layoffs Coming Everywhere
I work in Hershey, Pa. which is only 20-30 minute drive away from Harrisburg and were currently going through some very difficult contract negotiations between our company and union too.
I feel that most of the Harrisburg/Hershey area have not noticed any significance towards the economical impact on their personnel lives but I suspect that this is going to slowly change for the worse.
Son of Righteousness

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02/01/2010 07:55 PM
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Re: Massive Layoffs Coming Everywhere
No worries. Obama said he is saving millions of jobs every day.

Just listen to him.
 Quoting: PACNWGUY 688273





PNACguy SHILL WARNING!! siren2 siren2
acer51 (OP)

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02/01/2010 11:11 PM

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Re: Massive Layoffs Coming Everywhere
bump
Anonymous Coward
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02/01/2010 11:17 PM
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Re: Massive Layoffs Coming Everywhere
But but but the left claims BO saved all the teacher's and fire and police jobs with the first and second stimulus bill, right?
Anonymous Coward
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02/01/2010 11:24 PM
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Re: Massive Layoffs Coming Everywhere
But but but the left claims BO saved all the teacher's and fire and police jobs with the first and second stimulus bill, right?
 Quoting: Anonymous Coward 867669


Dont worry.. if you need some loven and don't got no money Michele Obama will share some Loven your way... her and the girls are setting up at Mustang Ranch in Nevada.. they are taking over the loans the FDIC made to the WHore Houses and its sorta right up her ally she knows all about screwing AMERICA.. her and he largest staff of assistants to a First Lady... Thank you for all you do for us Barack.
Ricfly52

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02/01/2010 11:26 PM
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Re: Massive Layoffs Coming Everywhere
So do I have to lay myself off, since I am the only worker in my business?
Fishing and skiing keeps me a little sane.
Anonymous Coward
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02/01/2010 11:26 PM
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Re: Massive Layoffs Coming Everywhere
yeah, i'm kinda worried about this. my boss has been acting
really nice and that's not like her. you know what that
means: (axe sound).
Anonymous Coward
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02/01/2010 11:33 PM
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Re: Massive Layoffs Coming Everywhere
take money out of big banks

stop playing the stupid stockmarket

bring money into communities where you live

learn to grow your own food

alternative energy sources

plan for the big one, survival techniques and meditation
Anonymous Coward
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02/01/2010 11:36 PM
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Re: Massive Layoffs Coming Everywhere
No worries. Obama said he is saving millions of jobs every day.

Just listen to him.





PNACguy SHILL WARNING!! siren2 siren2
 Quoting: Son of Righteousness



Obamabot Shill Warning......




.
Anonymous Coward
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02/01/2010 11:41 PM
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Re: Massive Layoffs Coming Everywhere
Layoffs? How? THERE'S NOBODY LEFT TO LAY OFF!
Anonymous Coward
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02/01/2010 11:54 PM
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Re: Massive Layoffs Coming Everywhere
No worries. Obama said he is saving millions of jobs every day.

Just listen to him.
 Quoting: PACNWGUY 688273


You were the ony one in Nov 2008 who was calling this right on GLP. Thanks Pac.
GraftedPromise
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02/01/2010 11:54 PM
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Re: Massive Layoffs Coming Everywhere
No worries. Obama said he is saving millions of jobs every day.

Just listen to him.
 Quoting: PACNWGUY 688273


.
... yep ... PeBO's got the numbers ...
.
tungfumastR NLI
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02/02/2010 12:38 AM
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Re: Massive Layoffs Coming Everywhere
Less cops, more potholes, less teachers....


 Quoting: Anonymous Coward 624823


I'm actually OK with this aspect of the whole debacle....
acer51 (OP)

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02/02/2010 12:47 AM

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Re: Massive Layoffs Coming Everywhere
Less cops, more potholes, less teachers....




I'm actually OK with this aspect of the whole debacle....
 Quoting: tungfumastR NLI 519387



Maybe in the very short term, but after that maybe not so good!
Fantasia II
Koo Koo Ka Choo

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02/02/2010 12:49 AM

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Re: Massive Layoffs Coming Everywhere
My heart goes out to anyone who has lost their jobs.
George Orwell was right..Black is White, Up is Down, War is Peace...

"Never believe anything until it has been officially denied."

Yesterday is history.......Tomorrow a mystery.......Today is a gift......thats why we call it the Present!!!
Anonymous Coward
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02/02/2010 08:41 AM
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Re: Massive Layoffs Coming Everywhere
The problem is that most cities, and state governments are run by democrats ( leftists ) who always crave " more revenue ".

When they keep spending more than they take in, they immediately want tax increases.

What cities and state legislatures should do is:

Eliminate the position of mayor. Let the city council decide by majority vote. That eliminates the need for "bodyguards".

Lay off city employees who don't actually accomplish anything, and have titles like assistant so and so, in the Department of Uselessness.

States should fire at least 25 % of teachers, and increase class sizes.

Combine school districts so that you don't waste money on all those duplicate positions, like Superintendents.

There is a LOT of FAT in city and state government to cut, but democrats never do that.

Instead they frighten the public by saying they "NEED" to lay off police and firefighters.

It's all BS.
acer51 (OP)

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02/02/2010 09:38 AM

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Re: Massive Layoffs Coming Everywhere
The problem is that most cities, and state governments are run by democrats ( leftists ) who always crave " more revenue ".

When they keep spending more than they take in, they immediately want tax increases.

What cities and state legislatures should do is:

Eliminate the position of mayor. Let the city council decide by majority vote. That eliminates the need for "bodyguards".

Lay off city employees who don't actually accomplish anything, and have titles like assistant so and so, in the Department of Uselessness.

States should fire at least 25 % of teachers, and increase class sizes.

Combine school districts so that you don't waste money on all those duplicate positions, like Superintendents.

There is a LOT of FAT in city and state government to cut, but democrats never do that.

Instead they frighten the public by saying they "NEED" to lay off police and firefighters.

It's all BS.
 Quoting: Anonymous Coward 742489


Agreed there is always a lot of excess to be cut, but then what do you do with all the unemployed people? You have just moved them from one payroll to another. We are still going to be paying them. Too many people?
itdincor

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02/02/2010 12:17 PM
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Re: Massive Layoffs Coming Everywhere
Less cops, more potholes, less teachers....

This is the doom that will hit the average joe right smack in the face. They will have no choice then, but to finally open their eyes to what the rest of us have seeing for the last few years.
 Quoting: Anonymous Coward 624823


Folks begin to awaken. A bit late, I admit, but at least the general public begins to realize what's been going on behind their backs.

hayseed

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