RSS Feed for This PostCurrent Article

Disturbing Economic News

By Larry Johnson on January 12, 2013 at 3:29 PM in Current Affairs

A major move in terms of job losses is underway and spells big trouble for an already anemic economy.

Check out these news blurbs:

The Wall Street Journal‘s article, “AmEx to Cut 8.5% of Staff,” reports that:

American Express Co. [has] set plans to cut 5,400 jobs in its biggest retrenchment in a decade, as it pares back a travel business that has been hammered by the rise of Internet-based hotel- and airfare-reservation services.

The same article in the Wall Street Journal also reports that:

American Express Co. is reportedly planning to slash hundreds of jobs, the New York Post’s Keith Kelly exclusively reported on Thursday. Sources told Kelly that the first round of layoffs, which were originally expected to hit last week, had been pushed back till next month.

Politico reported in its article, “Possible NYT layoffs rattle media”:

… in the news business, no one is safe — not even senior editors at The New York Times. The media business was shaken on Friday when it was reported, first in New York Magazine and confirmed by POLITICO, that managing editor John Geddes, assistant managing editor Jim Roberts, dining editor Susan Edgerley, former Washington editor Rick Berke, and former Times Magazine editor Jerry Mazorati could all be casualties of the Times’ effort to cut costs.

According to the article in the San Francisco Chronicle, “Morgan Stanley Said to Plan 1,600 Investment-Banking Job Cuts”:

Morgan Stanley, the sixth-largest U.S. bank by assets, plans to cut about 1,600 jobs from its investment bank in coming weeks, a person familiar with the matter said.

A friend of mine who works for FEDEX told me just before Christmas that FEDEX will be laying off a significant number of pilots and drivers. FEDEX is planning to reduce its work force.

It is time for the Obama apologists to wake up and admit that the paltry economic growth of the last three years is not a sign of a vigorous, healthy economy.

We have significant problems. Unfortunately, the canaries in the economic mine shaft are starting to die.

  • KenoshaMarge

    People who paid real attention could see that things weren’t going well. But with the obamamedia and the Democrats saying, “now, now, there, there, don’t worry you little heads about it,” your typical low-information voter will be taken completely by surprise when all is not well in Fantasy-land.
    They deserve the pain they will feel. Will-full stupidity should hurt. The rest of us, those who warned and tried to explain that that childish rhetoric was not a plan don’t deserve what we will also have to endure.

    • CynthiaRuccia

      you got that right kenoshamarge. Some folks just have to learn the hard way….

      • CynthiaRuccia

        but even if they learn the hard way—why do they have to take the rest of us down with them?

        I’m still pissed about how the O campaign exploited people’s class hatred. It’s so unAmerican….

        • KenoshaMarge

          I am and was outraged at the way the class hatred was exploited. Even more than my out rage at them for their trashy exploitation I am disgusted with the people that fell for it.

          Republicans have a “War Against Women”? Seriously? What kind of a dolt believes such drivel.

          Some conservatives are very bad on some women’s issues. But then so are the Liberals who think the most important part of a women lives between her legs not between her ears.

          Liberals would give woman the life of “Julia” and I for one believe we are a whole lot better than someone who must needs freeload on the government for her lifetime. Women with guts and gumption must surely regard that as a “war on women’s value.”

          Sorry, up on my soapbox ranting and raving again.

    • wylrae

      Let’s not just place the blame on the “low-information” voters. What about those so-called conservatives who just couldn’t pull the lever for Romney because he just wasn’t conservative enough? Seems to me that immediately after the election there were statements about the Republican base not turning out and conservatives and independents staying home. Appears to me that there are quite a few of those “low-information” voters in the Republican party or who are independents if they are not intelligent enough or informed enough to know that just about anyone would be better than the current FIC (Failure in Chief). And to think we will have to pay this snake oil salesman a very good pension (any some other benefits) for the rest of his life and also now (I see from an article a few days ago) provide secret service protection to him for the rest of his life instead of just ten years). (Frankly would expect to see where we will end up having to pay for extravagant vacations for he and Michelle for the rest of their lives also.)

      • KenoshaMarge

        There are low-information voters in all parties.
        And of course the conservative dunderheads who wouldn’t vote for Mitt Romney because he wasn’t “conservative” enough are to blame too. I hope obama is conservative enough for em.

        There is certainly enough “stupid” to go around. But stubbornly sitting an election out and joyously voting for obama are not the same thing. Different but equally stupid IMO.

        And women who believed that somehow the GOP waged a “war on women” deserve every bad thing that happens to them. Such childish stupidity should hurt.

        The trouble is, the rest of us, the less credulous suffer too.

  • politicsisdirty

    Elections have consequences.

    Another thousands soon to be lining up for food stamps and unemployment. More Obama voters for his run for the third term.

  • DianaLC

    My major source for the pulse of the economy has always been the classifieds. Today that means the newspapers still but also other online sources for job postings. It’s a frightening world out there in that regard, believe me.
    I’ve mentioned my second son’s situation. He’s been working part-time and temportary jobs since last April. Basically that means he’s been working almost steadily, but there are no benefits on thise jobs and the wages are therefore uneven, higher for some jobs and lower for others. And there’s the added “job” of constantly being on the lookout for the next place to fill your time. That’s a job in itself–searching and filling out applications that can sometimes take an hour to complete.
    He just finished a seasonal job, and was told that the company may have positions to fill in March, in which case they look through the seasonal employee’s evaluations for finding people to hire. He knows he has a good evaluation, but nobody can guarantee there will be a job. And he has a month and a half of time ahead without a job unless he can snag another soon.
    In the meantime, he did get an interview on Monday, so I’m paying for a haircut tomorrow. (This poor kid inherited my thick, thich, fast-growing hair.)
    What makes me very angry are my progressive friends who, when I tell them of his situation, give back platitudes to the effect that “well, isn’t it nice that he’s been able to convince so many people to hire him?” They have blinders on in regard to the economy. It’s a don’t ask, don’t tell policy.
    My uncle and I have come to the conclusion that progressives are people who desperately WANT to feel like humanitarians, but because they have no ablitly to feel empathy for anyone, they have to just pretend that they have empathy.

    The good thing about the job he’s interviewing for on Monday is that it’s a local family-owned business. He would not be earning much, but it would be permanent. And it would be a job that he feels he would enjoy. Who cares about the benefits at this point. He has no idea if there are any until he has the interview. But, if not, he can be put on his girlfriend’s (soon-to-be-wife’s) insurance policy, and he can set up his own savings through his friend who converted his 401k and pension from his last full-time job into an IRA.
    AND HE CAN PROUDLY SAY HE NEVER TOOK UNEMPLOYMENT.

    • getfitnow

      And then we have this fool who is OVER employed. And I assume since he’s a retired law enforcement officer, he’s collecting a pension too. they really need to throw his butt in jail.

      http://www.dailymail.co.uk/news/article-2261027/Revealed-Civil-servant-secretly-working-time-public-jobs-70-miles-apart–netting-salary-higher-Vice-Presidents.html

      • DianaLC

        Wait a minute, aren’t you being racist since this involves a person of color and Detroit?

    • KenoshaMarge

      You have a son to be proud of. And it speaks well for your parenting skills. Good for both of you and good luck for him on Monday.

      • DianaLC

        After filling out so many applications this last year, we came to the conclusion that if a person has been on unemployment, that fact may work against them for many empolyers as they look through applications.

        • KenoshaMarge

          I don’t find that surprising. If I had a small business I would be far more inclined to hire someone who had kept their skills current than someone who sat at home and vegetated.

          I would also have more respect for someone who was out there “trying” to find a job.

          Several of the people I know think they’ve really worked at finding a job if they email a resume a couple times a week.

  • HARP2

    I`m afraid the media are the ones that need to learn the hard way. Lay em off.

  • ConservativeMountaineer

    My daughter, a RN, just got laid off from a job at a high-end plastic surgeon facility ($20-30K cash paying women).. business is off ~20% and expected to get worse.
    Think increased taxes on the rich don’t matter? Think again.

  • HELENK2

    companies were warning before the election that when obamacare kicked in there would be major layoffs. The records for what companies have to pay start in 2013 for 2014 when it does kick in. Many companies are laying now so the records will show less employees. So an extra year of low employment before obama care starts.

    the obots put him back in. and he replied ” HELLO SUCKERS”

  • HELENK2

    http://www.wxyz.com/dpp/news/region/wayne_county/section-8-housing-voucher-distribution-canceled-after-thousands-waiting-in-line-get-out-of-control

    Expect a lot more of this. section 8 housing voucher distribution canceled after thousands waiting in line get out of control

    • getfitnow

      A cattle call is no way to distribute housing- it should be based upon age, health and need. Again, a perfect example of how government can’t run anything efficiently.

  • elizabethrc

    Wasn’t all of this inevitable? Business owners have been so cowed by Obama’s intransigent over regulating that they are petrified to hire, expand and some are even cutting employees to 28 hours (30-32 hours seems to be the starting point for required healthcare insurance paid by the employer). This is about companies continuing to exist or disappear. If they don’t make a profit, they go out of business. What’s so hard to understand about that?
    Democrats and liberals seem so intent on cutting America down that I am beginning to believe they are pretty much fraudulent Americans if you consider the founding principles upon which the country was developed, now so maligned by liberals. Wouldn’t you want the best for your country? Wouldn’t you want it to shine with opportunity? Instead Obama seems hellbent on denegrating everything we do (his recent comments on how we performed in Afghanistan is a recent example) and doesn’t comprehend that he will pay a price for this when more and more people will demand food stamps and other entitlements, only to find that there is no money. It’s inevitable that at some point, he will be blamed.
    This sad outcome isn’t deserved by the hard working people in this country, but it is so deserved by Obama and his followers.

    • getfitnow

      I hope people understand now why Rush Limbaugh (I don’t quote him often) said, “I hope he fails.” Our problem now is we failed to oust him and his crew, and are living with the consequences.

      • KenoshaMarge

        Exactly! He didn’t “fail” and therefore the rest of us will have to pay the penalty for his and his party’s success.
        Their “war” on the people of this country has been won. Now all of us have to live with the consequences.

  • HELENK2

    http://weaselzippers.us/2013/01/12/report-obama-leaning-towards-picking-another-white-guy-for-chief-of-staff-role/

    should we tell the female obots, backtrack is picking another old white guy. this time for chief of staff.

    HELLO SUCKERS

    • getfitnow

      It appears That One needs a “binder of women” to refer to.

      When I think of that idiotic campaign I get mad all over again.

    • foxyladi14

      Right on Helen.

  • HELENK2

    http://cnsnews.com/blog/gregory-gwyn-williams-jr/patriotic-group-build-armed-defensible-neighborhood-fortress

    patriotic group to build armed defensible neighborhood fortress.

    look who are NOT welcome

  • no_longer_a_democrat

    “Unfortunately, the canaries in the economic mine shaft are starting to die.”

    many have been dead for a while and more dying, none of it has been reported by the Soetero MSM press or if it has it has been rosy-ed up to make Soetero look good.

    But oopsie, looks like they’re, barry’s adoring press, getting axed too, hey but on the bright side, since they kept touting just how great Barry’s economy is, they should have no problems finding a job in the economy they were touting just a few weeks ago pre-nov. 8th.

    layoffs coming off at the NYT, Time…. awwww so sad :(

    http://pjmedia.com/blog/the-new-media-numbed-normal/

  • no_longer_a_democrat

    this is exactly what my employer told us in 2010 when the fking dimocrats rammed that PO$ bill on America.

    http://twitchy.com/2013/01/10/still-more-employers-cut-workers-hours-to-sidestep-obamacare/

    and so now part timers will have work 2 jobs, both 28 hrs and under and neither job will have health care, and they will not be allowed to earn any overtime, 28 hrs is the limit.

    Thanks you POS dimocrats!

    • BronwynsHarbor

      Good point. It is terrible that people have to work two jobs without health insurance. I wonder what will happen when Obamacare begins in 2014.

      • TeakWoodKite

        What happens when the work week is 28 hours. How will that be reflected in the BLS numbers?
        We see the 28 hour trends all over the place. Happy freaking new year.

        • no_longer_a_democrat

          converting a full time job into a part time job is counted as 1 new job created

          (not I am not kidding, I looked it up at BLS and then Zerohedge confirmed it)

          • wylrae

            How about when the 30+ hour job is downgraded to that 28 hour job, does that count as a full-time job lost? Way they count in DC I would imagine not.

    • getfitnow

      Indeed. I have a friend who was looking for full time job (temporary), doing taxes. I’ve known her for 30 years, and she does it every “tax season.” All jobs are part time now to avoid healthcare. Her brother–exact same story. Applied for a job a SF airport. Only part time positions available.

  • no_longer_a_democrat

    An article worth reading…..

    Get ready, this continuous massive money printing with no adverse effects is going to come to an end soon, pay off all debts if you can, store food, don’t take on new debt if at all possible, become as self-sustaining as possible. This will not end well, all this debt, no way to pay it, and massive inflation with all this money printing, no level of taxation will cover it. 20+ trillion in just more years.

    http://dollarcollapse.com/politics-2/why-were-ungovernable-part-6-here-comes-the-debt-ceiling/

  • no_longer_a_democrat
  • Dave L.

    Get used to it, Obama is doing exactly as he planned, destroy the US from the inside. This piece of human defication will be rembered for destroying the American way of life, The wealthy that can afford to excape will, the middle class will cease to exist. Why do you think this asshole gave himself lifetime Secret Service protection, he knew he would need it !

  • Hokma

    In the past this would have been shocking news. In fact the first paychecks where everyone’s withholding taxes were increased would have been a shock in the past.

    But because we have been living with a horrible economy for now over four years we have become desensitized to any bad economic news and almost expect it.

    With Lew as Treasury Secretary the markets will only get worse. With Obama refusing to reduce the deficit or debt things will only get worse.

    Obama will likely lose elections for his party in ’14 and in ’16 but he will not care because his goals are not ours.

  • Raymond McGovern

    Anyone can find a few examples of job layoffs any time. Company’s adjust their businesses and layoff people all the time. The financial and newspaper industries in particular have been undergoing downsizing for more than 5 years now. There are big structural changes going on in those industries. Overall, the jobs data continues to show solid improvement. Compared to just about every other OECD country the U.S. is growing relatively pretty good. In fact, the U.S. is amongst the fast growing among all OECD countries right now. If the GOP does not torpedo the economy with their debt ceiling non-vote the economy is set-up to see even better growth in 2013. Read what economists are saying. A solidly recovering housing market is making a difference.

    • Hokma

      “torpedo the economy”

      Why torpedo a sinking ship?

      As many life preservers the GOP keeps offering the Dims keep tossing them and just stand on the deck fiddling away.

      • foxyladi14

        Makes me sick.We could have had a successful person. But got the failure in chief again.

    • DianaLC

      Let’s see….better growth at this point can mean that people looking for work no longer have to compete with the thousands upon thousands more who decide to give up looking and those that come up with excuses to convince someone they should get disability. And then the few more who get jobs–even those who are counted because they want to work instead of draw unemployment and so take part-time jobs and temp jobs one after another. They’ll be might happy to understand that the taxes they’ll be paying as working Americans witll go to support those who give up, I’m sure.
      I really, really, really, really am disgusted by know-it-all people like you can sit, probably in a government job and spout “facts” that mean nothing to those scrapying by trying to work and have a life.

  • HELENK2

    http://www.thegatewaypundit.com/2013/01/in-great-britain-57000-patients-a-year-die-without-being-told-life-saving-treatments-have-been-stopped/#comments

    57000 patients a year die without being told life saving treatments have been stopped

    backtrack wanted obamacare. he got it. wanted to have healthcare like England, we may get it.
    It could help social security get better financially, except that some of those who had their unemployment run out, now apply for SS disability payments and they will drain SS

    • getfitnow

      Bypassing the death panel and going straight to death.

  • foxyladi14

    The canaries died along with the hope and change. lol

  • HELENK2
    • wylrae

      But, but … how is that possible? They say the economy is coming around; just lot at how gun sales are booming (excuse the pun)!

  • HELENK2
  • Retired_from_SPOnaj

    Hey Larry, The FedEx employees who have been fired can just go on welfare. Obama is cool, that’s all that counts.

  • HELENK2

    not too far off topic

    http://www.whitehousedossier.com/

    backtrack to pass immigration bill the same way he passed obamacare. big bill, no time to read it, How many little tidbits will be in the bill that we will not know about until it is too late?.

    remember
    the dems want higher taxes, how many hidden taxes were in obamacare?

    the dems want more spending, how much will be added to the bill?
    think the sandy bill on steriods

  • Fred82

    I can’t help but see the irony here.

    One minute, the MSM was glossing over all of the economic problems, playing partisan cheerleader, and ensuring us that things were getting better.

    The next minute, economic calamity is reaching out and smacking them right across the face.

    • DianaLC

      I wish I could follow up by throwing a bucket of water in their faces also.

      • wylrae

        Might help wake some of them up but with Matthews it would just match the pee running down his leg!

        • DianaLC

          So true!! LOL

  • HELENK2

    http://www.thegatewaypundit.com/2013/01/its-an-obama-world-long-term-unemployment-at-highest-level-since-wwii/

    in backtrack world long term unemployment at highest level since world war 2

  • HELENK2

  • Pingback: Disturbing Economic News : NO QUARTER USA NET | theforextalk

  • graywolf

    This is what the dopey voters voted for.
    People get the government they deserve.