That's 50,000 more homedebtors and potential homedebtors that are going to be in a world of hurt. On top of the millions who've already lost their jobs, and the millions and millions that are still about to.
There is only one way out of this folks.
Shock and awe.
An inflationary stimulus, green energy and infrastructure money bomb.
It hath been foretold.
Citigroup to cut more than 50,000 jobs
New York City-based bank unveils massive layoff plan -- the latest step by the embattled firm to slim down in response to the economic slowdown.
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45 comments:
USPS is going to layoff 40,000+ as well. Get ready for some pissed off postal workers.
Post office to double the 40,000 job cut estimate it is reported.
50,000 people will be laid off. Who cares? This economy is going down or as President Bush said "this sucker is going down".
I think the economy will go to shit. You SA'ers/Fucked Savers believe we will enter into a Depression and falling asset prices (a deflationary investment era). I beg to differ; the government's of the world will do whatever it takes to create hyper-inflation.
Thus you Fucked Savers will see your hard earned savings lose tremendous value. Boy you folks are so smart! Can I be like you? NOT!!!!!!
Do you all think that the Eurotards will start looking for real jobs now, or will they do what they have always done in tough times = violently turn on their neighbors..
Europe is toast!
Good, GREAT. Who needs another bank anyway? DIE.
GM NEXT.
DIE GM. (It was NOT Realtors who killed GM, it was GM that killed GM)
RIP.
An inflationary stimulus, green energy and infrastructure money bomb
So, Keith. I take it you are a follower of the Bernanke School's solution to economic downturns and recessions : The Printing Press.
Is that right?
Do you believe that the great social programs and government intervention of the New Deal and it's predecessors were what pulled America out of the Great Depression or what turned what would have been a severe recession into a depression?
In order to have a money bomb you need two ingredients:
1. Money
2. Bomb
So far we have just the bomb(s)
But it's a start right?
Here's where we are:
We are heading into a New Great Depression.
Period.
Millions and millions and millions will lose their jobs. Double digit unemployment. 2008 will be the worst year in the HISTORY of the stock market. Millions losing 'their' homes. Home values down 50%. Industries collapsing.
That's a Depression. And that's where we are.
So, the question is, do you want a Depression? Or do you not want a Depression?
IF the answer is you don't want one, then the only solution, the ONLY one, is a government money bomb. Bernanke told us that's what he'd do, and I think that's what he'll do.
I'm not for it or against it. I'm sick that this is what realtors and bankers and Bush and Congress did to America and the world.
But now we're here. We're quickly heading into a New Depression. We'll be there within months.
Money Bomb or Big D.
This is an announcement to all readers of this blog (your blog name goes here)
We the taxpayers of the United States of America refuse to pay any further taxes, be they state, or federal until the following is guaranteed:
1. Complete transparency is given with regards to any and all bailout.
2.
***Now fellow bloggers, it's up to you to add to this list so we can then publish it everywhere and start a real taxpayer revolt for change.***
What is a money bomb???
bbc says 75,000
http://news.bbc.co.uk/1/hi/business/7733575.stm
2. We are armed and will blast the sh*t out of any IRS agents who come to arrest us!
"2008 will be the worst year in the HISTORY of the stock market."
------------------
Ummmm..., Keith, how do you know that 2009 won't be even worse for the stock market?
Just wait 'til the post-holiday gloom of January.
-Mammoth
This is an announcement to all readers of this blog (your blog name goes here)
We the taxpayers of the United States of America refuse to pay any further taxes, be they state, or federal until the following is guaranteed:
--------------------------------------
and how do you plan to pull this off, exactly? I could no more prevent taxes being deducted from my check than I can stop the rain.
the only way to stop paying taxes is to stop working......
only 50,000? the ceo has no balls. they need to lay off 150,000
oh my, goldman's sacks will not be paying bonuses..... nope, it isn't april 1st.
Now if only AIG would take note. but now way is aig not going to withhold bonuses. they know the aig ship is going down so they are going to enrich themselves as much as they can before it goes completely under.
Keith said....
I'm not for it or against it. I'm sick that this is what realtors and bankers and Bush and Congress did to America and the world.
But now we're here. We're quickly heading into a New Depression. We'll be there within months.
----------------------
I agree with everything you say, except for the blame part.
We did this to ourselves.
We still refuse to wake up and smell the coffee. Our greed and "specialness" caused this. Even now most of the people I know are still buying cars, houses, furniture, and lest we forget Xmas?
A country full of Nick's and a Preznit that gets slobbering ass drunk in public. The curtain is being pulled back for all to see the shallow and the vain bunch of whiners, crybabies and snake oil salesmen we have become. We need more money, more, more.
It didn't have to be this way.
anonymous said...
Post office to double the 40,000 job cut estimate it is reported.
Do you have a link for that?
Yup, my sister is one of the Citibank employees getting the ax.
Took my parents out to dinner this weekend - subject was finally brought up that 3 of their 5 adult kids are now/soon to be unemployed. All 3 siblings are hard working and good at what they do - just in the wrong profession right now.
I believe it Re: we are headed to a depression. It is clear that this is much worse than your average recession.
Sad.
Keith -
You might want to create another blog called "World Panic".
That's where we are today.
The malls in Huntington Beach, Ca. are starting to look very empty - and it's just beginning.
Keith,
Can you please enable the posts to be emailed.
Oh...by the way great blog bro you are appreciated.
RayNLA
Gotta go with Hyper-I
inflation will skyrocket (food, taxes, ) but fake statistics will deny all a la Argentina...
there will be a Depression, but not officially as Barry O with MSM will hype all is well, but alas, all will be not...
Here's where we are:
We are heading into a New Great Depression.
Period.
Some are naming it the Supreme Depression--since it will be so much worse that the last one.
Consider:
we were a creditor nation back then, not HUGELY in debt.
we weren't in two wars.
we had a manufacturing base, not a service ecomomy.
our wealth was backed by gold.
we weren't in global competition for all our jobs.
our overall education level, as compared to the level needed for the prevailing job market, was pretty solid.
on those occasions when we were given oars, we all rowed together, instead of calling each other terrorists, racists, socialists, wingnuts...
back then we were largely a friendly, charitable, christian-principled society, instead of a bunch of cheaters, scam-artists, pitbulls, sharks, real estate agents, lawyers, etc.
our new immigrant influx was interested in HARD WORK to get ahead, not crystal-meth and McMansions.
we weren't sugar addicts, TV addicts, Nintendo addicts, caffeine addicts, alcohol-addicts, and walmart junk addicts.
the government was allowed and encouraged to care about the sick, the mentally ill, the disabled, the poor--instead of only being allowed to care about the rich and too-big-to-fail.
Good luck!
And it's about to get worse:
"Nov. 17 (Bloomberg) -- President-elect Barack Obama said the U.S. government will do 'whatever it takes' to revive the economy, and that means 'we shouldn't worry about the deficit next year or even the year after.'"
Change We Can Believe In
"...a Preznit that gets slobbering ass drunk in public..."
Best part: half of this cuntry adores who they are told to.
Proud of yourselves?
As usual you blindly blame the evil Realtors when they are at the very bottom of the bogus mortgage food chain.
Isn't it Citigroup's own fault for involving itself in the subprime slime CDO structured finances?
Why do you always place the blame on "The Evil Realtors". Isn't the housing bubble a little more complex than that, Keith?
President-elect Barack Obama said the U.S. government will do ``whatever it takes'' to revive the economy, and that means ``we shouldn't worry about the deficit next year or even the year after.''
---------------------------------
tighten your seat belts!
It didn't have to be this way.
--------------------------
oh, but it was inevitable. half the population has an intelligence that is average or below average. That is 50% of those eligible to vote! that 50% finally figured out that they could vote themselves money from the public coffers. game over, dude.
that 50% didn't realize directly that they could do that, they are not smart enough to realize it. it was done all via seemingly unrelated issues, with the great depression the instigating event that started down this path with FDR's creation of social programs that have just kept expanding.
i knew a kid in high school who was receiving SS checks because his father had reached retirement age. they were doing fine financially. they didn't really need the money.
Not sure if anyone watched 60 Minutes last night. Obama basically said 'now is not the time to worry about deficits'.
You're right, Keith, Obama will spend our money like there's no tomorrow. A democrat-controlled congress will be only too happy to cooperate.
All the pigs will be lined up at the trough. DIE U PIGS won't have enough bullets to kill them all. Every senator, congressman and governor will have their hand out for federal assistance for their constituents.
I'm afraid I agree with a-hole nick on this one - there will be inflation. But nick, where do you think us savers are going to have our money when inflation takes off? Answer: we'll have our money invested in the very things that you desperately need but can no longer afford.
Money Bomb or Big D.
I'm with You Kieth Why take the Big D.
We can pass it on to our kids and there kids and there kids and there kids and there kids etc.....
Money Bomb ......
"green energy and infrastructure money bomb."
You mean we get to build something that creates long term wealth for the country instead of for 2x4's, counter tops, and women's nesting instinct?
Well that's not so terrible. Let the money bomb begin.
People should realize that as soon as Citi and GM go under, they will start to get decent credit not a usary rates, and high milage electric cars.
2. We are armed and will blast the sh*t out of any IRS agents who come to arrest us!
You know I read an article about how these dudes were so armed up that even the police in that town would not even think about going near the place.
They were supposed to go collect back taxes or evict them or the IRS was supposed to do an audit- something like that
Anyway these dudes - peaceful dudes but just crazy armed to the teeth had put the fear of god into the authorities.
So in the end, they got left alone.
Maybe you have a point.
I motion to approve points 1. and 2. in their entierty.
Anyone else care to add to the list?
Anonymous said:
and how do you plan to pull this off, exactly? I could no more prevent taxes being deducted from my check than I can stop the rain.
the only way to stop paying taxes is to stop working......
You bring up a good point but there are people who, for instance have to pay alternative minimum tax, or property tax or additional income tax at the end of the year because of the way their tax returns end up i.e. different deductions what have you.
You can refuse to report any income you may make in cash and accept cash only if you are self employed.
Revolt isn't easy you know. But we can make our voices heard.
Throwing your arms up and declaring that there is nothing that we can do is not the answer come up with a better proposal.
That's what this blog is all about. Coming up with answers.
My suggestion is that we organize and figure out how we can refuse to pay as much of the taxes that we "owe".
It has come this far now. If the people do not rise up and reclaim their country, they will lose it (if it hasn't been lost already).
You bring up a good point but there are people who, for instance have to pay alternative minimum tax, or property tax or additional income tax at the end of the year because of the way their tax returns end up i.e. different deductions what have you.
--------------------------
i hear you, and I agree. perhaps what everyone could do is increase their exemptions listed on their w-2 (or is it w4, i always mix those two up). that would decrease the amount withheld from their paychecks.
Just wait everyone. Obama is going to raise the taxes on capital gains to help fund his social programs. That should fix everything. That and the dems seizing your 401Ks.
Hope and Change we can all believe in.
Dr. Pimento and the used tire swing said...
That's what this blog is all about. Coming up with answers.
It has come this far now. If the people do not rise up and reclaim their country, they will lose it (if it hasn't been lost already).
----------------------------
It is really easy. We are the consumers. We are 70% of the GDP. If we collectively refuse to pay our bills for a month or two, we will bring them to their knees. Pick a month. Everyone in America chooses to not pay the mortgage or their credit cards. Everyone in America has their FICO score downgraded, which is fine because it is based on the curve just like high school. It will adjust to everyone accordingly.
If they don't pay attention after the first month, do it again for another month.
Not my idea, is Karl Denninger's, but damn if I don't like it. It would work, because it is the only thing that the ones who are stealing our money care about.
Quiet, stealthy, disobedience.
Kind of like Martin Luther King on steroids.
Consider:
we were a creditor nation back then, not HUGELY in debt.
we weren't in two wars.
we had a manufacturing base, not a service ecomomy.
our wealth was backed by gold.
we weren't in global competition for all our jobs.
our overall education level, as compared to the level needed for the prevailing job market, was pretty solid.
on those occasions when we were given oars, we all rowed together, instead of calling each other terrorists, racists, socialists, wingnuts...
back then we were largely a friendly, charitable, christian-principled society, instead of a bunch of cheaters, scam-artists, pitbulls, sharks, real estate agents, lawyers, etc.
our new immigrant influx was interested in HARD WORK to get ahead, not crystal-meth and McMansions.
we weren't sugar addicts, TV addicts, Nintendo addicts, caffeine addicts, alcohol-addicts, and walmart junk addicts.
the government was allowed and encouraged to care about the sick, the mentally ill, the disabled, the poor--instead of only being allowed to care about the rich and too-big-to-fail.
Ah yes. The good ole days. All those wonderful honest hard-working folks stringing up dem Blacks on trees.
Any Former Calif. Mortgage Professional?
Are you tried of being passed up for jobs you know good and well you qualify but time after time no calls? I recently spoke with an EDD employee who stated Mortgage people are the hardest to get placed because employers are afraid once the market changes they will bail or we made too much money and we won’t be happy. How stupid are people, first of all we will never lend money the same way, therefore a lot of us will become obsolete, if we don’t work we wont have the skills and training to keep up with the changes, also some us are grateful to have any job to feed our children and a place to live so I am sure most of us re-examined our priorities, making less is ok with me.
A group of us are looking for people who are willing to join us in a protest against employers discriminating because of our employment history
If interested e-mail me with your name & phone # my324@aol.com
"2008 will be the worst year in the HISTORY of the stock market. "
-----
Then they better get cracking. Only got 6 weeks left. So far its only down 30%? Thats no-where near the 89% the DOW suffered in the great depression
oh boy! BO is talking about a big stimulus package. really big. 700 Billion big! and 700 billion is what they are talking about now. just wait until feb, i bet it will be a 1 Trillion plus package.
CTC Baby, CTC! (Cut The Check)
It not just in the financial industry, side industry like the tech industry is affected also.
http://www.marketwatch.com/news/
story/tech-layoffs-may-have-only/
story.aspx?guid=%7B1AC4936B-1C89
-4D34-A4F7-B5EAA1E41E86%7D
By year-end, tech will say goodbye to 180,000 jobs
Silicon Valley may not be the cause of this economic meltdown, as it was during the bust of late 2000-2001.
But it may suffer even more this time around, as its customers, both consumers and businesses, are caught in the middle of the global economic crisis and credit still hard for many to come by.
The consumer-led spending frenzy is finally coming to an end and technology products, especially upgrades of existing products and some gadgets, may be viewed as a luxury that many cannot afford right now.
Some people rent out their rooms in hard time.
http://www.latimes.com/features/
home/la-hm-roommates15-2008nov
15,0,2085798.story
Renting a room can be an intriguing proposition. Many homeowners who are looking for roommates have never been landlords. And their tenants are likely to be strangers.
"Historically, in times of economic crisis, taking in tenants has been an option many families have employed to get extra income," said LeMar Woolly, spokesman for the Department of Housing and Urban Development in Washington, D.C.. "It also provides a needed community service as many former homeowners who have experienced foreclosure need a decent place to live and can't afford apartment rents."
Renting rooms in houses "is something of an underground economy," according to IbisWorld's Van Horn. The market has traditionally been seasonal and largely consists of college students and migrant workers, he said, though demand may be shifting to other types of individuals due to "employment uncertainty."
Paul E. Math said...
But nick, where do you think us savers are going to have our money when inflation takes off? Answer: we'll have our money invested in the very things that you desperately need but can no longer afford.
--------------------------
Yea Nick, so there! Actually we are taking our money out of our 401k and using it to pay off our house in 24 months. We are getting no return sitting in bonds for safe haven. The interest we save from the mortgage is way more than any piddly 5% in bonds. We figure with the house paid for we will be way ahead when the SHTF. Now is the time to turn your money into useful things. Paid for house, garden, propane generator. Oh and shoes!! Buy your Skechers and Lugz now. Will take America awhile to figure out how to make those,cuz China ain't making no mo tenny runners and hikers. They are building bridges and freeways with the money we gave them. How dare they! Didn't they know it was for more shoes?
Nick may try to sell his Townhouse during the Supreme Depression (perfect name) for food.
He needs to get his roach problem under control first though.
.
50,000+ jobs gone!!
And it's only 15% of their workforce!!!!
How Frickin big are they?????
.
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