Bloody Monday: 50k laid off today

[Flipx99 5,000+ posts]

Sorry, does that article say the GDP will see growth by the 2nd quarter of 2009? Most of the information I've seen so far talks about recession until at least the 1st quarter of 2010.

That is what I was thinking. It would have to be a pretty fast recovery because the 2nd quarter starts in March...just around the corner.

I see a bottom in Q1 10, but I don't expect growth until Q3. No growth until there is optimism. And when people like me are debating on whether to invest or stick their money in a savings account, there isn't much optimism out there.

 

[newusername 10+ year member]

Better question, why are they laying off so many employees when they are sitting on tons of cash?

Answer: They have an obligation to the share-holders, and we all know how rational share-holders are right now.

It's panic inciting panic. Only time will heal these problems. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[Flipx99 5,000+ posts]

I love how microsoft has been lobbying for tons more H1B visa's to fill a "void" of needed tech workers, yet they are laying off 5000 people.
I wonder how many cheap H1B workers they will keep while laying off American workers. I also wonder where this void of tech workers is if they have to lay off 5k people :cornfused:

Well, first off I would look to see what kind of workers are being laid off. Is it marketing guys, accountants, or what. Your argument would make more sense if they said they are laying off 5,000 programmers to hire 5000 of the same kind.

 

[quins90lac 10+ year member]

I make 10 an hour. They start you off at 9. How much lower you think theyd actually go? I dont think anyone would bust there *** off like we have to do for 7 bucks an hour...

Ide do it for 8.50

 

[Flipx99 5,000+ posts]

Better question, why are they laying off so many employees when they are sitting on tons of cash?
Answer: They have an obligation to the share-holders, and we all know how rational share-holders are right now.

It's panic inciting panic. Only time will heal these problems. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

I admit...I am joing in on that panic.

 

[JimJ 5,000+ posts]

If people's definition of a "recovery" is going back to the way things were...have we really solved any problems? //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

I think what we mean by "recovery" is not what a lot of people are wanting to hear...

 

[hornedfrog1985 5,000+ posts]

Just sell drugs. Thank god we bailed out the rich ****s.

 

[newusername 10+ year member]

In Canada, we're expecting a recession until the 3rd or fourth quarter 2009, and growth 1st or 2nd quarter 2010. All forecasts so far have the US at least 1 quarter or two behind that (in some cases, a full year behind), so where this CNN article is getting its information from...I'm not sure.

 

[duece212 5,000+ posts]

Well, first off I would look to see what kind of workers are being laid off. Is it marketing guys, accountants, or what. Your argument would make more sense if they said they are laying off 5,000 programmers to hire 5000 of the same kind.

A clear answer there probably won't ever be had. Just makes me curious:

"Starting with 1,400 today, they'll affect workers in research and development, marketing, sales, finance, legal and corporate affairs, human resources and information technology.

CEO Steve Ballmer says Microsoft won't stop hiring entirely. He says the company could add 2,000 or 3,000 jobs in the next year-and-a-half in certain promising areas, such as Internet search technology."

Better question, why are they laying off so many employees when they are sitting on tons of cash?
Answer: They have an obligation to the share-holders, and we all know how rational share-holders are right now.

It's panic inciting panic. Only time will heal these problems. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

Gotta keep share holders happy, I agree its smart business to layoff or replace with cheaper labor, especially when you are trying to compete with other companies who do the same thing to lower their costs. Does **** though, even though I know its smart.

 

[newusername 10+ year member]

I admit...I am joing in on that panic.

Everyone is, and it is hard to change the direction the bulls are heading. Even worse, the US is where the recession is centered, so the largest consumer base and the greatest GDP is also the most hesitant. There is no way the economy turns around that quickly.

It is a good time to have cash, though, and hopefully it will remind people of the value of SAVINGS!

 

[Flipx99 5,000+ posts]

If people's definition of a "recovery" is going back to the way things were...have we really solved any problems? //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif
I think what we mean by "recovery" is not what a lot of people are wanting to hear...

Recovery to me is where I have confidence that if I was layed off that I could find a job paying roughly the equivalent within 2 months. Right now, that confidence just isn't there.

I hope more people do not adopt this attitude. Right now, I could continue spending a thus stimuating the economy. But I am not, plowing what I can into additional savings out of fear...cutting back on investments for the same reason. Perhaps, in the long run, it is good that I have such a cushion, but right now I am trying to cushion myself the best I can.

 

[Flipx99 5,000+ posts]

Everyone is, and it is hard to change the direction the bulls are heading. Even worse, the US is where the recession is centered, so the largest consumer base and the greatest GDP is also the most hesitant. There is no way the economy turns around that quickly.
It is a good time to have cash, though, and hopefully it will remind people of the value of SAVINGS!

If/when job confidence is restored the upswing will begin. The more people hear about layoffs, the more nervous they will become, the more they reduce spending, etc. The consumer is becoming unwilling to take on the risk of debt like in times past. The news claims lending is tight; however, I don't think I'd have an issue borrowing money for a car or something at a decent rate. I did decide to push back a potential vehicle purchase until 2010, not willing to take the risk of debt.

 

[newusername 10+ year member]

If anyone does take any loans, make sure you pay them off in the next year or so, or alternatively make sure you get a fixed interest rate. Otherwise, any debt you have is going to hurt when the fed rate sky rockets once the economy begins to recover!

 

[duece212 5,000+ posts]

If/when job confidence is restored the upswing will begin. The more people hear about layoffs, the more nervous they will become, the more they reduce spending, etc. The consumer is becoming unwilling to take on the risk of debt like in times past. The news claims lending is tight; however, I don't think I'd have an issue borrowing money for a car or something at a decent rate. I did decide to push back a potential vehicle purchase until 2010, not willing to take the risk of debt.

I have the cash for a decent used car which I need but have been contemplating not making the move thinking I need to keep some liquidity, also why buy a used car that may only sell for half of what I spend if I got in a bind and had to sell it fast.

I think even those with cash and not having to use credit are holding tight //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[Shinju 10+ year member]

Job loss number are up to 71,400 as of 3:00 pm

Crazy stuff.