CEO's say Job Cuts Coming

  As if this is any kind of surprise?

  ATT is about to cut 12,000 jobs ( 4% workforce ) while DuPont says that it is letting 2,500 jobs go. Let us not forget United Airlines, which plans on furloughing 1,088 workers.

   While these job cuts were being announced, the Labor Department said that unemployment benefits have reached a 26 year high. 4.09 million people are claiming benefits.   Source

  But wait! There's more!

   A survey by The Business Roundtable says that...

   The majority of U.S. CEOs say they expect to cut workers in the next six months, according to a survey out Thursday that showed a rapid deterioration in the economic outlook from the nation's top executives.

Sixty percent of the CEOs said they plan to cut workers in the next six months. That was up from 32% in the third quarter.   USAToday

  Obama and his team will have their work cut out for them. Don't count on the Republicans helping out to much. A few Democrats, also.

Technorati Tags: Economy,Employment,ATT,DuPont,Labor Department,Barack Obama,Unemployment

Big 3 Automakers Back to Congress...

    Wednesday to beg for money once again.

    Senate Leader Harry Reid says that they do nor have the votes in the Senate to get money to the automakers. Not out of the $700 billion fund for the Wall Street crooks. That is pretty damned pathetic to give swindlers and cheats access to $700 billion for a product which does America no good, but we can't help one of our manufacturers?

Chrysler's Vice Chairman:

   "We're on the brink with the U.S. auto manufacturing industry. We're down to months left," Chrysler's vice chairman, Jim Press, told the AP in a separate interview. "If we have a catastrophic failure of one of these car companies, in this tender environment for the economy, it's a huge blow. It could trigger a depression."

   So, where might other finding sources come from?

   The Bush administration and auto-state Republicans and Democrats are pushing to help the automakers with aid from a different source: a previously approved $25 billion program that's supposed to be used to help them produce more environmentally advanced vehicles.

   The second half of Wall Street's $700 billion bailout is due to be released after the Bush Crime Syndicate request it. If I were Reid, I'd say sure you can have the money, minus $35 billion for Detroit.  Otherwise, no dough. Of course, Reid has no spine, so this will not happen.

Technorati Tags: Detroit,Big 3,Auotomakers,Congress,Harry Reid,Senate,George Bush,Wall Street