Tuesday, January 26, 2010

Does This Look Like an Economic Recovery?

Verizon to Cut 13,000 Jobs as Businesses Reduce Lines

Wonder where the Bureau of Labor Statistics will bury that little nugget in Feb's jobless report.  Here's the full article:  LINK

There is just no way the Fed is going to raise interest rates or pull back liquidity anytime soon, unless it wants to create an economic freefall.  Everything else is just noise.  I am still on record with a forecast that the Fed will, in some form, announce an extension of its "Quantitative Easing" program before June.  This trading bounce in the dollar is temporary and I expect to see the dollar hit new lows sometime this year.  The rest is political rhetoric.

Wait, there's more:  Home Depot to Cut 1,000 Workers LINK


  1. I have two engineers (sons), mechanical and civil graduating in May. No jobs, no recruiters on campus, no government hiring in either City, State or Federal levels, nothing out there. Oh, well. They will just keep trying. It can't stay this bad forever, can it?

  2. Wow. I hope they find something. A friend of mine just told me that he has a neighbor who is an engineer (don't remember which flavor) who is mowing people's lawns.

    Obama spent a million dollars per job to save 65,000 auto jobs, but people with skills that might offer a competitive edge in our economy are being left out of the largesse.

  3. What?! There are still people left to fire! When will the blood letting stop?

  4. LOL. When the dollar is low enough relative to every other currency such that we can produce industrial and manufactured goods that are price competitively superior to the Asia's.

    Until then, it's watch the printing press roll on.

  5. I'd have to ask, what American company hasn't already moved their manufacturing to Asia yet? If the dollar ever plummets that much, it'll be wide spread chaos here. It'll be like Zimbabwe on a lesser scale.

    Unfortunately, touting Buy American is a day late and billions of dollar short... only because people will be less likely to pay higher price for necessities just to get by day to day.

  6. Dave,
    you should well know unemplyment is wonderful for inflation, no income, no rising prices. Maybe the FED's grand strategy after all?
    Sarcasm off.

  7. Don't let Verizon laying of 13k convince you of anything but poor management.

    Personal experience: I spent over 12 hours earlier this year trying to get them to ADD a business line to my office. Yes, I wanted to PAY them and BUY stuff.

    After 15 automated menus on each call, 3 lost orders, 2 tech no-shows and a partridge in a pear tree, I said "f" this.

    Skype is my new best friend. Verizon is one of the most poorly run companies that I'm surprised they haven't been given an official government name. Absolutely awful.

    If you are ever faced with the horrible choice of sacrificing your first born or dealing with Verizon, by all means sacrifice your kid. The pain is way less than the alternative.

  8. LOL. I dumped Verizon as well last year. I have friends who tell me that Majic Jack for home service works great, but I'm not sure it's good for office purposes.