Owner: The Ailing Economy URL:http://www.ailingeconomy.com/ Join Date: Fri, 21 Nov 2008 19:01:11 -0600 Rating:0 Site Description: unemployment and bankruptcy news, layoff reports and information on the ongoing global economic crisis. global economic recession and depression coverage Site statistics:Click here
Unemployment insurance extended 2008-11-21 10:35:50 Seven additional weeks of unemployment payments will be available for jobless Americans as President Bush signs new bill. Law change comes in response to the recent 16-year record of jobless claims in the United States. At this time, more than 4 million people are receiving unemployment benefits, Reuters reports
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Manufacturing jobs fall worldwide. 2008-11-21 01:27:26 Isuzu Motors - Japan
Peugeot Citroen - France
Rolls-Royce - Britain
All shedding headcount. There’s clearly not enough silly governments in the world to finance all these automaker bailouts. I say we should all start buying bicycle company stock ASAP! Huffy’s my favorite.
As far as the continuing U.S. automaker “crisis” goes, Ilargi of the Automatic Earth says it [...] Read more:Manufacturing
Automakers Bankrupt… also known as DEAD MEN WALKING 2008-11-21 00:39:59 These are some really exciting times we are going through. Indeed, it would have been ever more interesting to watch if we weren’t all so poor. Wall Street Journal article by Paul Ingrassia asserts that the Detroit car makers are all done. In fact, GM has basically confirmed their bankrupt state everywhere but in front [...] Read more:Bankrupt
Google should buy the New York Times 2008-11-20 17:21:30 Interesting and little covered fact in the news today…
The New YorkTimes
Company lost more than 10% of its value on the stock market today, to close below $6 per share. NYT hasn’t traded this low since the mid-80s. Even during the 1987 crash, the newspaper’s stock price bottomed out at around 12 bucks per [...] Read more:Google
Thursday economic crisis roundup… 2008-11-20 16:06:06 The Dow keeps dropping like a stone, Citigroup is trading at under an Abe, and JP announced plans to cut more than 3,000 positions from its investment banking workforce. A sign of hope? My money’s on “not anytime soon” - this economic enema may take a few years to complete, but it is as necessary [...] Read more:Thursday
Surprise, surprise, the jobless rate is on the rise 2008-11-20 11:10:22 NYT article reports that applications for jobless benefits rose to 542,000 over the last week. The Fed expects unemployment to rise just above 7% going into next year, which I would say is a very wishful thought. Policymakers keep revising their expected figures upward as they keep getting proved wrong by reality. October unepmloyment rate [...]
Dow breaks 8k floor, sets new low in 5 years 2008-11-19 19:52:14 General Motors shares dipped under $3, Citigroup fell more than 20% to close at under 7 bucks. Unemployment forecast by the Fed is over 7%
Dow Jones Industrial Average dropped approximately 430 points today, closing at under 8000, a low that has not been broken since 2003.
This cannot possibly be good.
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Michigan unemployment reaches new peak… auto, cough, industry, cough cough cough… 2008-11-19 18:04:11 My home state of Michigan
reported a 9.3% unemployment rate today, mostly due to job loss in the car manufacturing industry
, as the Big Three automakers continue to beg Congress for a bailout to avoid bankruptcy. As of today, Michigan unemployment is highest it has been in sixteen years. About 30,000 manufacturing jobs were lost [...]
Citigroup to eliminate over 50 thousand jobs… 2008-11-17 18:51:39 Probably the biggest hit in today’s financial news is Citigroup
’s proposal to cut workforce by . This is really what has inspired me to begin this blog today… for the global banking giant, this represents about a 15% reduction in headcount, more than a modest downsizing intiative in my opinion. Citigroup reached peak headcount toward [...]
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