POOF!
Where did the jobs go, America?
"Half-million jobs vanish as economy deteriorates" by Jeannine Aversa, AP Economics Writer | December 5, 2008
WASHINGTON --An alarming half-million American jobs vanished virtually in a flash last month, the worst mass layoffs in over a third of a century, as economic carnage spread ever faster and the nation hurtled toward what could be the hardest hard times since the Great Depression.
Underscoring Friday's dismaying signs of a rapidly deteriorating economy, General Motors announced yet more job cuts, and a record number of homeowners were reported behind on mortgage payments or in foreclosure....
And here GM is up on Capitol Hill begging for dough to SAVE JOBS! Pffffttt!
Somehow Wall Street found a silver lining, betting that so much bad news would force fresh government action to revive the foundering economy. The Dow Jones industrial rose 259 points. Staring at 533,000 lost jobs, economists were anything but hopeful....
Yeah, when you figure that one out, lt me know about it.
Some analysts predict 3 million more jobs will be lost between now and the spring of 2010.... "The economy is in a free fall," said Richard Yamarone of Argus Research....
Like a WTC tower on 9/11, huh?
Bush going-away gift to the American people!
Employment shrank in virtually every part of the economy -- factories, construction companies, financial firms, accounting and bookkeeping, architectural and engineering firms, hotels and motels, food services, retailers, temporary help, transportation, publishing, janitorial and building maintenance, and even waste management. The few fields spared included education, health care and government....
(Yeah, the GOVERNMENT and TAXPAYER-FINANCED JOBS were "spared")
Federal Reserve Chairman Ben Bernanke is now expected ratchet down a key interest rate -- near a historic low of 1 percent -- by at least a half-percentage point on Dec. 16 in a bid to breathe life into the moribund economy. Bernanke is exploring other economic revival options and wants the government to step up efforts to curb home foreclosures.
I thought that's what the BAILOUT was FOR?
Treasury Secretary Henry Paulson, whose department oversees the $700 billion financial bailout program, also is weighing new initiatives such as tapping the second half of that rescue money to ease the economic crisis....
LOOTING their way out the door, America!
If you have your own, understood.
