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Original: 1/29/2009 12:33 PM
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Thursday, January 29, 2009

 NoteWorthy News 1-29-09

aNNa'S NoTe:  I haven't done one of these in so long, I don't even know what's in my hopper anymore!  ((Only that it's miles long, literally.))  Gotta DO something about that!  Let's start at the bottom and work backwards, since I'm guessing some of them aren't very relevant anymore...

 JOB CUTS R' US 

http://www.marketwatch.com/news...BB9C}
U.S. private-sector firms shed 693,000 jobs in December, far worse than expected, according to the ADP employment index released Wednesday.  ...The nation's labor market is on track for the largest quarterly decline since 1945, they said.

http://news.yahoo.com/s/nm/20090127/bs_nm/us_corning
Corning Inc posted weaker-than-expected quarterly results and gave a weak forecast due to a significant decline in sales of glass for televisions and computer monitors, and said it would eliminate 4,900 jobs to cut costs.

http://www.istockanalyst.com/article/viewiStockNews/articleid/2980574
Microsoft has reported an 11% decline... for the second quarter 2009... The company also announced plans to cut approximately 5,000 positions in R&D, marketing, sales, finance, legal, HR, and IT over the next 18 months.

http://tech.yahoo.com/news/ap/20090126/ap_on_hi_te/sprint_nextel_job_cuts
Faced with persistent subscriber losses and questions about its long-term prospects, Sprint Nextel Corp. is slashing its already shrinking work force by 8,000 people...

http://news.yahoo.com/s/nm/20090126/bs_nm/us_caterpillar
Caterpillar Inc announced it would cut nearly 20,000 jobs and warned of a tough year ahead...

http://news.yahoo.com/s/nm/20090116/bs_nm/us_bankofamerica
Bank of America Corp posted its first quarterly loss in 17 years on Friday and slashed its dividend ... said it expects to cut 30,000 to 35,000 jobs over three years following the Merrill merger, on top of 7,500 job losses following the Countrywide acquisition.

http://economictimes.indiatimes.com/News...3284.cms
Dutch electronics giant Philips and banking group ING announced job cuts totalling 13,000 worldwide. ...The announcement of the 7,000 job losses from ING was accompanied by a statement that its chief executive, Michel Tilmant, had resigned.

http://news.scotsman.com/world/Black-Monday--as-struggling.4914954.jp
Home Depot, a DIY retailer, said it was to cut 7,000 jobs.

http://www.finfacts.ie/irishfinancenews/article_1015779.shtml
Texas Instruments announced it would shed 3,400 jobs.

http://seattlepi.nwsource.com/business/397851_boeing29.html?source=mypi
McNerney said Boeing will cut about 10,000 jobs, or about 6 percent of its work force, this year because of the global recession and industry downturn.

http://www.eweek.com/c/a/IT-Infrastructure/Layoffs-to-Continue-at-IBM-Sources-Say/


http://news.yahoo.com/s/ap/20090129/ap_on_bi_ge/earns_kodak
Eastman Kodak says it is eliminating 3,500 to 4,500 jobs, or 14 percent to 18 percent of its payroll, as it posted a $137 million loss for the fourth quarter.

http://www.suntimes.com/business/1353883,CST-FIN-retail30.article
Four retail analysts -- Britt Beemer, Howard Davidowitz, Larry Freed and Michael Niemira -- believe retail names will be wiped off the map and thousands of stores will close in the new year.  Davidowitz estimates retailers will shutter 12,000 money-losing stores in 2009; Beemer predicted that half of today's retailers will be in big trouble -- perhaps at risk of shutting down -- next year; Freed believes 20 to 40 retail chains will go out of business in the first three months of the new year, and Niemira predicts 73,000 retail locations will close in the first half of 2009.

http://finance.yahoo.com/news/Pay-freezes-spread-during-apf-14124112.html
What do Tropicana Casino and Resort, Avis, Yahoo and the White House now have in common?  They're all freezing the pay of some of their workers. It's part of a growing trend by employers facing the fallout -- economic and political -- from a brutal recession.

aNNa'S NoTe:  If you have a job, count your blessings.  And it's not just here...

 TROUBLE ABROAD 
http://www.thestreet.com/story/10454419/1/japanese-exports-fall-record-27.html
Japanese exports plunged a record 26.7% in November, the Ministry of Finance said Monday, highlighting the drop in global consumer demand for automobiles, electronics parts and other Japanese products.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aj0treTULm6w&refer=home
China cut interest rates for the fifth time in three months after trade growth collapsed because of recessions in the U.S., Europe and Japan.

http://finance.yahoo.com/news/European-markets-fall-as-UK-apf-14136461.html
World markets fell Friday as investors were disheartened by weak corporate and economic figures and confirmation that Britain plunged into recession at the end of last year.

http://www.timesonline.co.uk/tol/news/world/europe/article5559773.ece
Riots in Iceland, Latvia and Bulgaria are a sign of things to come... these are not natural protest cultures. Something is going amiss. The LSE economist Robert Wade – addressing a protest meeting in Reykjavik’s cinema – recently warned that the world was approaching a new tipping point. Starting from March-May 2009, we can expect large-scale civil unrest, he said.

 WHAT ARE WE TO DO? 
http://www.latimes.com/classified/realestate/news...8.story?ref=patrick.net
First, the subprime meltdown and housing market collapse, then the woes on Wall Street, now mounting layoffs. Each has contributed to a phenomenon that many Southern Californians never imagined they would have to face: moving back home with mom or dad after years -- sometimes decades -- of being on their own.

An AARP study released in September reported that more than a quarter of the foreclosures and delinquencies in the second half of 2007 involved homeowners ages 50 or older -- and that was before giant drops in the stock market unraveled the financial safety net for many midcareer Americans.  No reliable figures yet exist on the number of adults forced to move in with parents because of the financial crises, but it's clear this group consists of older, previously well-established homeowners

http://money.cnn.com/2008/10/23/pf/college/student_loan_fugitives/
While most Americans are burdened with debt of some kind, student loan repayment can be a particularly scary prospect for young people struggling to start a career. Payments are often higher than expected, and the loans can't easily be discharged. Added pressure from debt collectors causes some grads to flee their loans by fleeing the country.  ...To date, there is about $60 billion in defaulted student loan debt according to Chris Lang of the New York-based debt collection agency, ConServe.

http://www.courier-journal.com/article/20081216/NEWS02/812160454
Bankruptcy filings nationally increased by more than 30 percent in the past year, and rates in Kentucky and Indiana were among the highest in the country.Medical costs, foreclosures, rising unemployment and the loss of high-paying manufacturing jobs are to blame for the climbing numbers locally and nationally, economists and bankruptcy attorneys said.

http://www.breitbart.com/article.php?id=D960C7KG0&show_article=1
Massive deficits could force the post office to cut out one day of mail delivery, the postmaster general told Congress on Wednesday, in asking lawmakers to lift the requirement that the agency deliver mail six days a week.

If the change happens, that doesn't necessarily mean an end to Saturday mail delivery. Previous post office studies have looked at the possibility of skipping some other day when mail flow is light, such as Tuesday.

http://www.washingtontimes.com/news/2009/jan/27/paul-warns-inflation-depression/
House and Senate Republicans expressed strong opposition Tuesday to President Obama's $835 billion stimulus package now before Congress.  ...Rep. Ron Paul, Texas Republican, warned that Mr. Obama's plan to stimulate the economy will cause inflation and lead to a depression.  "This stimulus package is going to cause every American $6,700 of more debt," he told CNN in an interview. 

...Mr. Obama planned to meet with Republicans on Capitol Hill later Tuesday to discuss his proposal to boost the economy with spending on repairing the nation's infrastructure, schools and government buildings; offering tax breaks; and creating up to 4 million jobs.

Mr. Paul argued that printing more money to inject it into the economy only will create inflation down the road.  "More inflation is absolutely the wrong way to go," said Mr. Paul, a former presidential candidate. "We're taking a recession and trying to turn it into a depression. . . . To continue doing what we're trying to do isn't going to work. We're in the process of destroying the dollar" because of creating inflation. "We're going to see a real calamity."

 AND IN OTHER NEWS... 
http://www.wo.ala.org/districtdispatch/?p=1573
The American Library Association (ALA) today expressed dissatisfaction with a public meeting held by the Consumer Product Safety Commission (CPSC) to discuss the Consumer Product Safety Improvement Act (CPSIA) and whether the law, which requires children’s products to undergo stringent testing for lead, should apply to ordinary, paper-based children’s books.

Under the current opinion issued by the General Counsel of the CPSC, the law would apply to books for children under the age of 12; therefore, public, school, academic and museum libraries would be required to either remove all their children’s books or ban all children under 12 from visiting the facilities as of February 10.

During the meeting, members of a panel including representatives of the American Association of Publishers (AAP) as well as major book publishers and ink manufacturers, addressed questions raised by the CPSC rulemaking committee regarding the testing procedures and methodologies currently exercised in the production of an ordinary book.

The panel presented a collection of data reinforcing their position that ordinary books pose no inherent threat. This information can be viewed here. Though the CPSC acknowledged that the current deadlines are unrealistic and potentially damaging, the General Counsel gave no clear indication as to when an official ruling would be made and could offer no definite direction to libraries at this point.

“It is completely irresponsible and unacceptable for the CPSC to continue to leave this matter unresolved with the February 10th deadline drawing closer each day,” ALA President Jim Rettig said.

“It is apparent that the CPSC does not fully understand the ramifications this law will have for libraries – and for children – if libraries are not granted an exemption. At this point, we are advising libraries not to take drastic action, such as removing or destroying books, as we continue to hope this matter will be rectified and that the attention will be paid to the products that pose a true threat to children. However, we find it disappointing and shameful that a government agency would continue to leave this matter unsettled when clearly the outcome would virtually shut down our nation’s school and public libraries.”

 Posted 1/29/2009 12:33 PM - 197 Views - 12 eProps - 6 comments

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6 Comments

Visit Lamb's Xanga Site!
I'm glad Ron Paul is up there... of course some are to dense to get it. :wry:

I can't believe that no one has come out saying that AT LEAST the Libraries are exempt from this testing! this is completely outrageous! :bang:
Posted 1/29/2009 1:14 PM by Lamb@revelife Xanga True Member - reply

Visit koldodi's Xanga Site!
I'm glad Ron Paul is still proclaiming his convictions.
Perhaps this library example will bring conventional wisdom -- real common sense to the table. Please invite her.
Posted 1/29/2009 1:40 PM by koldodi - reply

Visit Cagey's Xanga Site!

Anna I was wondering if you'd seen this article today regarding Mount Redoubt, since you're always keeping an eye on geological happenings. ^_^

http://www.cnn.com/2009/TECH/science/01/29/alaska.volcano/index.html

Posted 1/29/2009 2:01 PM by Cagey - reply

Visit Psalm113vs9's Xanga Site!

Union Pacific railroad had a lot of lay-offs also ((my DH etc)) 

Can they stop me from taking my son to the library, that's at our own risk, eh?  also it should just be garbage from china we stop importing, and no more lead scares...geesh ....

I find it strange/laughable that bho only voted present while in the senate and yet assumes he's so perfect for this highest position, that now he has something to say and vote on ....again strange.  Also that most people think a 47 year old has enough wisdom to lead a country.  Even Moses was 80 when he was used of G-D to lead the people.

Posted 1/29/2009 2:12 PM by Psalm113vs9 Xanga Lifetime Member - reply

Visit illgrindmyownthankyou's Xanga Site!

1. remove the books  2. replace the books with new versions that are "chipped"  3. track who is reading what  4. or just track the kids

just my initial thought - probably reading to much into it I know

Posted 1/29/2009 3:06 PM by illgrindmyownthankyou - reply

Visit BeeyondSight's Xanga Site!
Woo hoo... how about this... I was able to access your site for the first time in ages!! Did you adjust something or is it my flaky computer?
Bee
Posted 1/30/2009 4:00 PM by BeeyondSight Xanga True Member Xanga Premium Member - reply


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