"Consumer fatigue growing; US confidence index plunges" by Associated Press | January 28, 2009
NEW YORK - This is one recession Americans aren't going to spend their way out of....
Americans are battered by headlines about massive job cuts, including thousands at Home Depot, Corning, General Motors, and Caterpillar in just the past two days, and are still watching the values of their homes and retirement funds dwindle....
Economists believe Americans will remain in a financial funk until they start seeing fundamental improvements in the economy, including a turnaround in the housing and job markets. And two other reports issued yesterday suggested that's unlikely to come soon....
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Without the help of consumer spending, which accounts for more than two-thirds of economic activity, the economy faces a slow recovery. In past recessions, consumers had helped the economy dig itself out of its funk....
IBM Corp. has cut thousands of jobs over the past week.--more--"
IBM CUT JOBS?
Then WHY did Mass. give them $5 million in tax breaks that they didn't want?
"$5m in tax breaks going to IBM for Littleton project
The Massachusetts Economic Assistance Coordinating Council approved $5 million in state and local tax breaks for IBM Corp., which recently began a $63 million expansion in Littleton. IBM vice president Bob McDonald said the company plans to create 42 jobs at the site over the next decade. McDonald said the computer giant, based in Armonk, N.Y., has already begun renovating a building and hopes to move into it next month. McDonald said the tax incentives were important, but the company would have gone forward with the expansion without them. IBM has 4,000 employees in Massachusetts, including about 2,000 in Littleton (Boston Globe October 30 2008)."
(Blog author just shaking his head as steam comes out his ears)
