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Financial news I consider important, with my opinion, which is worth as much as you paid for it.
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Sunday, November 16, 2008

More Layoffs, More Lies, More Lousy News

Worthy financial related news since November 12th

Layoffs
Citi to announce 50,000 job layoffs, & cut 20% costs (14% global)
BT to cut 10,000 jobs (6% of workforce)
University of Texas Medical to layoff 3,800 (30% workforce)
Las Vegas Sands to layoff 11,000 workers outside of USA
Sun MicroSystems to layoff 5-6,000 employees (17% of workforce) My Spin: I love Sun as a company, I hope they pull through this stronger than ever.
Fidelity Investments to cut 1,700 jobs
JPMorgan planning to slash about 3000 jobs (worldwide)
Jobless claims rise by 35,000 to 512k for week of 11/8. My Spin: Scary chart

Lies
Market-Ticker Blog proves Paulson and CONGRESS knew 700 Billion dollars as presented to US Public was not what it would be used for
China reports very strong domestic sales growth of 22% My Spin: I trust communists for honest news. But in general, I still think China leads the world out of this years(s) from now.
China's Industrial production falls to 8% My Spin: Falls to 8%? Most of the world wishes it had 4%
CitiBank to become a bank Holding company My Spin: I'm buying Circuit City stock for pennies hoping that Circuit City will become a bank holding company. (white lie)
110 Banks ask for 170 Billion in Fed Cash My Spin: And after they get the handout, these companies will be strong for next 10 years. (the implied lie)
San Jose asks for 14 Billion from US government to bail them out My Spin: Once again, does ANYONE think pay this one time, and this city will be greate for next 10+ years? Bueler? anyone?


Lousy News
G20 Summit Agrees to clean up world economics, see Mish Blogger comments
Insurance Companies to become Savings and Loan companies My Spin: Maybe Circuit City can become a Bank Holding Company AND a S&L, my penny stock buys could be worth millions
Former AIG Chief Greenberg says AIG "Toast" if not stabalized: My Spin: I have no spin on Insurance companies, I don't want to bite the hand that feeds me.
House Prices drop for 7th Straight quarter My Spin: Expect 12+, as the NorthEast starts to finally get hit with NYC layoffs
Iceland struggles after their economy collapses My Spin: Lets hope (but not count on) we never face their level of difficulties.
US Facing major recession/depression by Bloomberg
Britain is said to be on a brink of a meltdown. My spin: Ya think? Debt per person surpasses the USA, and they don't have the luxury of US dollar being international currency. Wouldn't surprise me if Paulson guarantees Britain's debt. ;)
Hedgefunds see over 100 Billion withdrawn in October.
Goldman Sachs outlook cut by DICK Bove. My Spin: A little late to the party Mr. Bove, go back to your cheerleading job.
Intel Warns, lowers guidance on world wide weaker demand.
Germany, Italy, and Hong Kong fall into a recession, And Japan My spin: Whoever judges those countries on being in a recession should judge the USA.
Three European Creditors pull credit from GM & Ford My spin: No credit, no operation in a company that has over 70 Billion losses in 8 years.
Federal Deficit hits 237 Billion for October alone My Spin: Thats 800 bucks for every person in the USA of added debt.
Retail Sales plugne 2.8% for October
Ecuador can't make 30 Million dollar interest payment. My Spin: This won't be the last country in this boat, lets hope the USA never sees this.
Twenty banks receive injection of Federal Cash.
UBS to hold back bonuses My Spin: That those who damaged this company got their bonuses, and those left to work very hard to clean it up get nothing. It pays to be ahead of the curve.
German bank faces significant losses My spin: It's nice to see the USA was able to spread fraud on a global scale.

This video clearly shows on Fox News and other channels the hostile and belittling attitude held towards those who tried to warn ACCURATELY what was to come. It shows that news media does NOT do it's homework, and does not provide a service to protect the public. At this point, its funny to watch.


Ben Stein Did apologize in Dec 2007

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