Mike: The big unemployment news – initial claims – comes in at 554,000; an improvement but still at recession levels:
Initial jobless claims drop more than expected, but layoffs continue amid recession
WASHINGTON (AP) — Initial claims for unemployment benefits dropped more than expected last week, but mass layoffs continue amid a recession that appears to be deepening.
The Labor Department reported Thursday that new applications for jobless benefits fell to a seasonally adjusted 554,000 for the week ending Dec. 13, from an upwardly revised figure of 575,000 the previous week. The new tally was slightly below economists’ expectations of 558,000 claims.
via New jobless claims drop more than expected: Financial News – Yahoo! Finance.
Leading economic indicators: Leading indicators drop for second straight month in November as stocks fell, job losses rose
NEW YORK (AP) — A private research group’s measure of the economy’s health fell again in November and its six-month rate of decline hit
the worst level since 1991.
The New York-based Conference Board on Thursday said its index of leading economic indicators fell for the second straight month, dropping 0.4 percent in November. That was slightly better than the 0.5 percent decline economists surveyed by Thomson Reuters had expected.
via Leading indicators fall in November: Financial News – Yahoo! Finance.
Mike: Here are some recent announcements:
Miami-based Ryder System said Wednesday it will cut as many as 3,100 jobs to align its costs with lower expected business levels. Ryder said it is cutting its supply chain operations in Brazil, Chile, Argentina and Europe. About 2,400 workers support the discontinued operations. via Ryder to cut up to 3,100 jobs — South Florida Sun-Sentinel.com.
A company spokesperson for Wyndham Worldwide has told News 4 that it is laying off most of their employees at its Reno locations. The firm employs approximately 100 employees in the Reno market and about 75 employees are being laid off, according to Spokesperson Liz Hutchison. via Channel 4 KRNV.com: Local News and Weather for Reno-Tahoe Region: Vacation ownership firm Wyndham lays off 75 percent of Reno workforce.
ZEELAND — Herman Miller Inc.’s second quarter was as bad as forecast, with profits down 20 percent to $32 million and sales off 6 percent to $476.6 million. After warning last month that its second quarter results would come in lower than initially forecast, the company launched a sweeping round of buyouts and layoffs, affecting 450 to 600 area employees. Its revised forecast called for a range of $475 million to $495 million in sales and earnings per share between 57 and 64 cents. via Herman Miller reports 20 percent drop in profits – Grand Rapids, Michigan Business News – The Grand Rapids Press – MLive.com.
The Norbord plant in Cordele laid off about 180 workers, said Plant Manager Avery Smith. Those people will all get their jobs back when the plant reopens on January 5th, said Smith. via Cordele Plant Closes | 13wmaz.com | 13WMAZ.
Thomasville will lose one of its automotive supplier industries and 104 jobs will be eliminated in the Chair City in January when Automotive Motors of Thomasville (AMT) closes, according to information from a DavidsonWorks newsletter. via Plant to close; 104 jobs to be cut | The Dispatch | Davidson County’s News Source.
This north Chatham-Kent community has taken another major hit. Operations have ceased at the TPS Group plant on Arnold Street — the former Hillerich and Bradsby hockey stick maker — affecting approximately 30 employees. It’s the second factory in Wallaceburg to announce closure plans within the past week. via Chatham Daily News – Ontario, CA .
Gibraltar Industries Inc. on December 16 announced the closing of its Enterprise, Miss., facility and the consolidation of its manufacturing operations into two other existing facilities, with no anticipated impact on sales. This consolidation is part of Gibraltar’s ongoing effort to streamline operations, reduce costs and improve long-term operating efficiencies. Since the beginning of 2007, Gibraltar has streamlined its operations with 24 facility consolidations and the reduction of staffing levels by nearly 20 percent. via Gibraltar Industries closes plant in Mississippi .
MONMOUTH — A second business in two days announced it will be shutting its doors in 2009. The Pottery Barn, the retail arm of Western Stoneware, will be closing Jan. 4, 2009, an announcement that came just one day after Equipco announced it, too, will be closing. via The Pottery Barn closing in Jan. – Monmouth, IL – Daily Review Atlas.
MEMPHIS, Tenn. (AP) – Memphis is losing 300 jobs (PFSweb Inc, ABX Air, Circuit City) because of 2 company closings and a round of layoffs by a logistics company. via WHNT, Huntsville AL News, Weather, Radar -Memphis to lose 300 jobs.
WHITSETT, N.C. — A company that makes electrical wiring devices for homes will close its plant here by the fourth quarter of 2009, putting 143 people out of work. Pass & Seymour/Legrand said the slowing economy forced the decision to consolidate its Whitsett plant into other plants across the world. via MyFox WGHP | Manufacturing Plant in Whitsett to Close; 143 Could Lose Jobs.
WARRENTON, Ga. — Economic woes are now being felt close to home. Just last week, more than 200 employees of the TRW Automotive plant in Warrenton learned from company officials that they soon will be out of a job. “This is certainly not something we wanted to have to do, but severe economic conditions within our industry forced it,” said John Wilkinson, senior communications manager for TRW Automotive Holdings Corp. via TRW Automotive to close Warrenton plant, idling more than 200 employees 121808 – The McDuffie Mirror.
3M Co. will close its Petaluma optical manufacturing plant next year, laying off 100 workers as part of a global cost-cutting effort. “The operations will be moved to other locations in the U.S.,” 3M spokeswoman Jacqueline Berry said Tuesday. 3M’s Petaluma employees will have a chance to transfer or take severance and get job transition services, she said. via 3M will close Petaluma plant | PressDemocrat.com | The Press Democrat | Santa Rosa, CA.
The American Color Graphics printing plant on East Smith Road in Medina will close by June, putting as many as 165 people out of work. Baltimore-based Vertis Communications, the owner of the plant, released 20 people in the first step of a “phased consolidation of production” at the offset-printing facility. via American Color Graphics to close – Medina Sun: Breaking News and More – Cleveland.com.
JM Eagle has more than 20 locations around the country. Its Adel plant was one of the biggest employers in the city. Over the past two weeks, they’ve had to make lay-offs.
JM Eagle is the world’s largest manufacturer of PVC piping. With the recession’s negative effects on the housing, JM Eagle felt the hit.
The staff decreased from 135 to roughly 50
The Indianapolis Public School Board voted Tuesday to close six schools, adding to the gloom in a district where dozens of administrators learned last week they could lose their jobs. Superintendent Eugene White would not identify the 240 principals, deans, central office administrators and teachers on special assignment who were given notice that their administrative contracts might not be renewed. via IPS Board OKs plan to close 6 elementary schools | IndyStar.com | The Indianapolis Star .
Fort Smith, AR (AHN) – Baldor Electric Co (BEZ) officials say they plan to cut 900 jobs through attrition, not layoffs, by June 2009 in an effort to save money because of dwindling sales. via Baldor Electric Announces It Will Cut 900 Jobs Through Attrition
GREENSBORO, N.C.— A North Carolina plant that employs 143 people making residential electrical wiring devices will close as the work is consolidated at other locations.
The News & Record of Greensboro reported Thursday that Pass & Seymour/Legrand said it would close its Greensboro facility.
The state transportation department plans to lay off about 65 workers locally in early January, a definitive sign that the recession is hitting the public sector hard.
All temporary transportation workers in the N.C. Department of Transportation’s local division will be laid off by Jan. 9, except for temporary bridge operators, said Allen Pope, who heads Division 3, which includes New Hanover, Brunswick, Pender, Duplin, Onslow and Sampson counties.
Mike: Not only will TGIF type restaurants have a difficult time surviving, but so will quality eateries:
Three T.G.I. Friday’s restaurants shut down unexpectedly in San Mateo, San Bruno and San Jose earlier this week, leaving employees wondering where they will get their next paycheck just days before the holidays.
Closure of the restaurants, all franchises with investment from CNL Investment Group Inc. of Orlando, Fla., came Monday, T.G.I. Friday’s said in a statement.
“A small, three-restaurant franchisee made the independent decision to close the San Mateo, San Jose and San Bruno restaurants effective Dec. 15,” the company said. “These closures were not authorized by T.G.I. Friday’s Inc., and we are still in the process of gathering facts.”
via Three T.G.I. Friday’s close unexpectedly in San Mateo, San Bruno, San Jose – San Jose Mercury News.
ASML Holding (ASML), the Netherlands-based semiconductor equipment company, this morning announced a sharp reduction in revenue guidance and said it will cut 10% of its staff and make other cost-cutting moves. Meanwhile, Goldman Sachs analyst Simon Schafer raised his rating on the stock to Buy from Neutral, giving a lift to the shares in early trading.
via Tech Trader Daily – Barron’s Online : ASML Cutting Workforce 10%; Goldman Upgrades To Buy.
UP TO 45 workers at train maintenance firm Bombardier will learn their jobs have been axed days before Christmas after a consultation ended.
Union leaders say about 20 people have signed up for voluntary redundancy at the Crewe plant, but dozens more will go after the company became the latest to be hit by slowing spending.
via Redundancies at Bombardier | 45 jobs go | Crewe, Cheshire & Staffordshire News.
Caterpillar Inc., hit by a drop in demand for diesel engines, disclosed Thursday that it plans to indefinitely lay off 814 production workers at its engine assembly plant in Mossville.
The heavy-equipment giant said the layoffs will begin on Feb 23.
HICKMAN, Ark. (AP) – Steel-tubing manufacturer Tenaris Hickman, the largest employer in Mississippi County, announced it is laying off 150 workers. The layoffs among the plant’s 1,332 employees were effective immediately.
via WXVT-TV Delta News – More Local News and Weather WXVT.com | Ark. company lays off 150 workers.
Dec 18, 2008 (Globes – McClatchy-Tribune Information Services via COMTEX) — RTLX | Quote | Chart | News | PowerRating — Retailer software developer Retalix Ltd. (Nasdaq: RTLX; TASE: RTLX | Quote | Chart | News | PowerRating) has laid off 20 more employees. The company has been reducing its workforce since January. It laid off 40 employees in April and not replaced people who left voluntarily. The company has reduced its workforce by 200 people since January.
More than 120 Hawaii workers will lose the jobs over the next several weeks as two companies close and a third tries to stay in business.
Hawaiian-themed retailer Hilo Hattie will lay off 31 employees as the company struggles to stay alive.
via Hilo Hattie fires 31; 2 firms to close – Pacific Business News (Honolulu): .
Adobe Chief Executive Officer Shantanu Narayen, facing slumping demand for design software from advertisers, this month announced 600 job cuts, equal to 8 percent of the workforce. Ad spending probably will shrink next year, the first time since 2001, according to ZenithOptimedia and Interpublic Group of Cos.
via Bloomberg.com: U.S..LANSING, Mich. (AP) — Michigan’s unemployment rate rose to 9.6 percent in November, the highest monthly rate since March 1992, state officials said Wednesday.
via Michigan’s Nov. unemployment rate rises to 9.6 pct – NewsFlash – mlive.com.
Graco Inc. and Tennant Co. announced 150 and 240 respective job cuts Wednesday, becoming the latest in a long line of Minnesota stalwarts to shrink because of the troubled economy.
Graco, the Minneapolis-based spray and fluid-equipment maker, said it will cut 6 percent of its workforce because incoming orders had dropped 15 to 20 percent in the fourth quarter.
via Graco, Tennant announce layoffs.
Plug Power Inc. laid off 90 employees—one-third of its total work force—effective Thursday.
Most of the layoffs occurred at the fuel-cell developer’s (Nasdaq: PLUG) Latham, N.Y. headquarters.
via Plug Power lays off 90 – The Business Review (Albany): .
KALAMAZOO, MI — Checker Motors Corp. is mulling whether to lay off additional employees after its holiday shutdown, which is to start at the end of this week.
The company, which made taxi cabs from 1923 until 1984 and now manufactures stamped components and welded assemblies for the Detroit Three automakers, employs about 250 people, said Marcia Koestner, vice president for human resources.
A meeting that began with the El Dorado County Choir, composed of county employees, singing wishes for a “merry Christmas and a happy new year,” ended on a less cheerful note.
In one of its final actions of 2008, the Board of Supervisors voted Tuesday to eliminate 29 positions in the Health Services Department.
via Large layoffs target health unit – Health & Fitness – sacbee.com.
Austin-based FiveRuns Corp. confirms that earlier this month the company laid off sales and marketing workers in response to a slower-than-expected fourth quarter.
via Employees laid off at FiveRuns Corp. – Austin Business Journal: .
YONKERS – Municipal workers are expected to begin learning as early as this afternoon if they are on the city’s list of pending layoffs, as the Amicone administration moves ahead with efforts to eliminate a $16 million budget gap.
The exact number of employees getting layoff notices was still in flux this morning because negotiations with labor unions were continuing, officials said. Mayor Phil Amicone last Friday outlined a plan that would cut 76 full-time workers and 75-part-time workers, as well as eliminate 44 vacant positions and include 28 demotions.
via Layoff notices set to go out in Yonkers | lohud.com | The Journal News.
The pain continues at Vanda Pharmaceuticals Inc., which has laid off another 17 employees, including two key executives, to slash expenses.
In an effort to stay operational through May, when it receives word on its second attempt at federal approval for its schizophrenia drug, Vanda Pharmaceuticals (NASDAQ: VNDA) has cut its formerly 53-person work force by more than half. By the end of the year, the Rockville biotech said it will employ 25 people.
via Vanda Pharmaceuticals cuts half its staff – Washington Business Journal: .
Dec 18 (Reuters) – Minerals Technologies Inc (MTX.N: Quote, Profile, Research, Stock Buzz) said it will cut 340 jobs, or 12 percent of its workforce, and that it expects fourth-quarter earnings to be significantly below Wall Street estimates as it has been hurt by a greater-than-expected shortfall in sales.
via UPDATE 1-Minerals Technologies to cut 12 pct jobs; sees weak Q4 | Industries | Industrials, Materials & Utilities | Reuters .NEW YORK (AdAge.com) — Harris Interactive has cut 8% of its U.S. staff, or 51 employees — an indication that even high-growth sectors of the business such as market research are taking steps to weather the economic storm.
via Harris Interactive Cuts 51 Jobs – Advertising Age – News.
RENO, Nev. – Another 15 workers will lose their jobs at the Reno-Sparks Convention and Visitors Authority effective Jan. 3.
The layoffs are the result of an additional $2 million budget cut the tourism agency announced today in response to the continued economic slump.
WILMINGTON, N.C. — About 65 temporary employees of the state Department of Transportation will be losing their jobs in January as DOT copes with declining tax revenues.
via NC laying off 65 DOT workers in southeast NC – NC Wire: Local & State – News & Observer.
Citing rapidly changing conditions in the licensed and budget DVD markets, Navarre Corp. Dec. 17 said it would shut down operations of BCI Eclipse and continue distributing exclusive BCI titles internally through Navarre Distribution Services.
Key third-party brands include UFC, TNA Entertainment, Fall Thru, Retroactive, Sangin, Code Red, Lichtung Media, Marvelous Media and Xtreme Entertainment.
The restructuring could affect about a dozen BCI employees, including write down of assets and severance costs for the fiscal quarter ending Dec. 31. Navarre made no comment about specific staff reductions except that BCI president Bob Freese would assist in the restructuring.
via Navarre Shutters BCI Eclipse | homemediamagazine.com.
The Department of Workforce Development says Oconto boat-builder KCS International is planning new layoffs.
The company that’s also known as Cruisers Yachts notified the agency it’s permanently laying off 60 workers and extending a current layoff of 68 others.
via WBAY-TV Green Bay-Fox Cities-Northeast Wisconsin News: Job Cuts Coming for Oconto Boatbuilder.
Sirius XM Radio Inc. said Thursday it will have trimmed 22 percent of its work force by year-end, as the satellite radio provider moves to slash costs in order to stay on track and post its first-ever adjusted profit next year, even amid slumping car sales.
The New York-based company will have cut 458 people from its staff, going down to 1,600 people from the 2,058 it employed before its July acquisition of XM Satellite Radio Holdings Inc. Sirius Chief Executive Mel Karmazin made the announcement at its annual shareholders meeting, according to a filing with the Securities and Exchange Commission.
via The Associated Press: Sirius ending 2008 with 22 percent less staff.
Just two years ago, most workers found it fairly easy to find a decent job in Utah, where a booming economy had employers in a variety of industries struggling to fill available positions.
Today, although a variety of companies are hiring, finding employment is getting more difficult as the competition for available positions heats up.
After years of year-over-year job gains, Utah has entered a period of sustained job losses. The state reported Tuesday that Utah lost 11,500 jobs in the year that ended in November, pushing total employment down 0.9 percent, to just under 1.3 million. Nationally, job losses totaled 1.5 percent last month.
via Economic crisis hits home: Utah has lost 11,500 jobs over past year – Salt Lake Tribune.
A bitingly cold wind is sweeping through the Motor City this day, but the bigger chill continues to be the rapidly increasing number of idle plants from Detroit’s automakers. As part of a previously-announced bid to trim first-quarter output by nearly 38%, Ford now says it will shut down ten North American factories the week of January 5. Unlike Chrysler’s planned one month downtime (where they eerily won’t commit to start dates), the Blue Oval has confirmed plans to re-light the fires in eight of those plants beginning the week of January 12.
via Ford will shut down 10 N.A. plants in early January – Autoblog.
Mike: There will be a boost in the criminal ranks as governments cut more and more protective services. Crime will start paying even better with fewer controls:
Exeter City Council members voted to shut down the city’s police department in the face of declining revenue and rising costs.
In recent months, the City of Exeter has encountered a number of expenses associated with its ongoing water project that have taken a toll on city finances.
via Cassville Democrat: Story: Exeter forced to shut down PD.
CHARLESTON, W.Va. — More than 650 employees at Century Aluminum of West Virginia in Ravenswood were today warned the plant could shut down within 60 days if aluminum prices don’t stabilize and the company can’t reduce costs.
via The Charleston Gazette – West Virginia News and Sports – News – Century Aluminum employees warned plant may close .WATERTOWN, Conn. – DriveSol Worldwide Inc., a Watertown plant that makes steering column shafts for the automotive industry, plans to shut down and lay off 241 workers.
The company, based in Troy, Mich., says it plans to shut down the plant between now and March 15, 2009.
via Watertown Plant Shutting Down, 241 Jobs Lost — Courant.com.
With the sluggish economy still taking its toll on the motorsports landscape, another round of layoffs were announced in Race Country USA this week. Gillett Evernham Motorsports officials say they will reduce their 2009 Nationwide Series program to a partial schedule and eliminate about 65 jobs in the process. Sponsorship played a key role in the decision.
via Gillett Evernham Announce Layoffs.
LEWISTON — Maine Public Broadcasting Network announced Thursday that it will close two of its seven radio towers and one of its five television towers, citing decreasing federal and state subsidies as well as member donations.
Radio stations 89.7 WMED in Calais and 106.5 WMEF in Fort Kent, along with WMED-TV Channel 13 in Calais, will be shut down in January, according to an announcement made by MPBN President and CEO Jim Dowe.
via Calais, Fort Kent MPBN radio stations to shut down – Bangor Daily News.
Mike: Not the glamour layoffs of Western Digital or BOA, but this is a large layoff with little air play:
Water treatment and storage systems maker Pentair Inc. said Thursday it will cut more than 10 percent of its work force, or about 1,600 jobs, due to a faster-than-expected dropoff in demand and consumer spending.
The company expects the job cuts to lower expenses by more than $75 million. Pentair also implemented a hiring freeze and said it will not give annual salary increases.
via Pentair to slash 1,600 jobs due to slowing demand – BusinessWeek.
Mike: Intel will have to do some pretty amazing things to avoid a large layoff, since their suppliers and competitors are hitting hard times:
AMSTERDAM, Dec 18 (Reuters) – The biggest-ever drop in demand for its chip making equipment forced ASML NV (ASML.AS: Quote, Profile, Research) to lower its outlook and cut more than 10 percent of its workforce, hitting shares by as much as 13 percent on Thursday.
via UPDATE 4-ASML slashes outlook, jobs in severe order slump | Reuters
Against the sweep of layoffs on Corporate America, a few companies have taken pains to explain efforts to keep employees on their rolls. The latest, FedEx, announced a series a steps to “minimize job loss” while slashing costs.
The package delivery and logistics giant, noting that it is facing “some of the worst economic conditions in the company’s 35-year operating history,” said it has cut base salaries for a wide number of individuals. The cuts start with CEO Frederick W. Smith, who is taking a 20 percent reduction, while other senior executives will see their salaries reduced by 7.5 percent to 10 percent.
Boston Medical Center is laying off hundreds of workers and cutting back on services in an effort to trim $61.5 million from its $1 billion budget.
“We’re looking at every single penny,” hospital President Elaine Ullian told the Herald yesterday. “We are even looking at eliminating paper towels.”
via Boston Medical Center cutting 130 jobs – BostonHerald.com.
AvalonBay Communities Inc. is cutting jobs and scaling back its apartment development activities because of the souring economy.
Alexandria-based AvalonBay announced Wednesday that it would take a charge of up to $65 million to account for the drop in value of eight pieces of land that it has decided not to develop. The company will also take a charge of approximately $7 million to abandon development rights for another seven projects on land that AvalonBay does not own. AvalonBay will also take a charge of approximately of $3 million to reduce the payroll and other costs of its construction and development units which will now have less to do. AvalonBay, which employs 1,600 people, did not disclose the number of jobs being eliminated.
via AvalonBay cuts jobs, scales back – Washington Business Journal: .
MOSINEE, Wis. – Wausau Paper says it will close its plant in Appleton by the end of 2009 to consolidate and streamline operations in a tight paper market.
Perry Grueber, a spokesman for the Mosinee-based paper manufacturer, says the closure will eliminate 90 jobs and is part of a $6.6 million project to relocate paper converting equipment to plants in Brokaw and Brainerd, Minn.
via Wausau Paper to close Appleton plant — chicagotribune.com.
NEW YORK (MarketWatch) — Eastman Chemical Co. said Wednesday it plans to save over $100 million in 2009 through a recently completed reduction of its management staff and a cut in its use of contractors and part-time labor, along with other moves. The Kingsport, Tenn., company didn’t specify how many jobs are being cut.
via Eastman Chemical cuts unspecified number of jobs – MarketWatch .
Mike: AmTrust has been having difficulties with bank regulators and ratings for the past few months, so seeing a few bank closings isn’t surprising, but this could lead to further reductions in staff and locations. And can you really trust a bank that says no more layoffs?
Dec. 18–AmTrust Bank is closing its downtown Akron branch early next year.
The bank, in a recognizable circular building with a white roof at East Market and Broadway streets, will be closed March 13.
The downtown Akron branch is the only AmTrust location being closed, said Donna Winfield, vice president and marketing communications manager for Cleveland-based AmTrust.
With an important deadline looming in two weeks, AmTrust Bank says it is working to satisfy federal regulators who demanded that the bank bolster its cash reserves and stop reckless lending.
There are also reports that the Cleveland-based bank is for sale after being unable to raise money from private investors or the U.S. government. The privately owned bank earlier this month cut 200 to 300 of its 2,700 employees to save money.
via AmTrust Bank works to satisfy regulators before deadline – Cleveland.com.
Mike: Speaking of banking cutbacks, the following site offers a small list of some of the latest financial layoffs:
Finance Layoffs: Barclays, Citadel, Bank of America and more
Fifty-eight employees at Staten Island’s SI Bank & Trust, a unit of Sovereign Bank, received notices today that they will be laid off by Jan. 16.
There are currently 375 employees who work in SI Bank & Trust offices across the Island.
Three of the most familiar on-air faces at WWBT-Channel 12 have been laid off.
Longtime sports director Ben Hamlin, anchor Gene Lepley, and Henrico and Hanover counties reporter Rob Richardson are among the seven employees from several departments whose jobs were eliminated Wednesday because of the economy.
via Longtime Richmond TV personalities laid off | Culpeper Star-Exponent.
NEW YORK Omnicom Group’s BBDO today said it has cut 189 staffers across its North American operations “in response to some lost client accounts (e.g., Pepsi in the U.S.) and reduced planned levels of activity on some clients.”
That cut, based on Adweek estimates, equals approximately 5 percent of the New York-based agency’s N.A. staff.
The layoffs come amid confirmation that BBDO parent Omnicom is trimming less than 5 percent of its worldwide staff of 70,000. In a statement, an Omnicom rep said: “Given current economic conditions, our companies have reviewed their staffing levels as they relate to their current business requirements. Some, but not all, will have to make adjustments.”
Updated: BBDO Cuts 5% of N.A. Staff
Insurance and investment company Genworth Financial Inc. said Thursday it was slashing 1,000 jobs amid the deteriorating economic climate.
The company, based in Richmond, Va., has about 7,300 employees around the world. Affected workers will be notified by early January.
via Insurer Genworth Financial to cut 1,000 jobs – Forbes.com.
Mike: Bush keeps the country’s job prospects and the economy hanging for another day:
WASHINGTON – The Bush administration is looking at “orderly” bankruptcy as a possible way to deal with the desperately ailing U.S. auto industry, the White House said Thursday as carmakers readied more plant closings and a half million Americans filed new jobless claims.
With General Motors, Chrysler and the rest of Detroit anxiously holding its breath and waiting for a federal rescue, White House press secretary Dana Perino said, “There’s an orderly way to do bankruptcies that provides for more of a soft landing. I think that’s what we would be talking about.”
via Bush considering ‘orderly’ autos bankruptcy – Autos- msnbc.com.
Mike: This video shows just how poorly this administration is handling the auto bailout, which isn’t surprising:
[youtube=http://www.youtube.com/watch?v=KU98E5lHbYI&eurl=http://video.google.com/videosearch?rlz=1C1GGLS_enUS291US303&sourceid=chrome&ie=UTF-8&q=bailout%20video&um]
Mike: Yet another example of indecision with an associated video:
President Bush said today he has yet to make up his mind what to do about the nation’s faltering auto giants as House Speaker Nancy Pelosi urged him to act with some urgency.
via ABC News: Pelosi Urges Bush to Make Up His Mind on Auto Rescue.
Pelosi warned that the nation can’t afford to add to the currently high unemployment rolls that are already zooming at a record setting pace. More than 554,000 people applied for jobless claims just last week
More as the day unfolds……….
