Pfizer, Caterpillar and Home Depot Layoff 40,000 Today

More at Huff Post: “WASHINGTON — The recession is killing jobs at an alarming pace, with tens of thousands of new layoffs announced Monday by some of the biggest names in American business _ Pfizer, Caterpillar and Home Depot.

More pink slips, pay freezes and other hits are expected to slam workers in the months ahead as companies desperately look for ways to survive.

"We're just seeing the tip of the iceberg _ the big firms," said Rebecca Braeu, economist at John Hancock Financial Services. "There's certainly other firms beneath them that will lay off workers as quickly or even quicker."

Looking ahead, economists predicted a net loss of at least 2 million jobs _ possibly more _ this year even if President Barack Obama's $825 billion package of increased government spending and tax cuts is enacted. Last year, the economy lost a net 2.6 million jobs, the most since 1945, though the labor force has grown significantly since then.

The unemployment rate, now at a 16-year high of 7.2 percent, could hit 10 percent or higher later this year or early next year, under some analysts' projections.”

-- And how many people do we need to have jobless before we call this a Depression?

Circuit City liquidation Plan Approved by Judge

More at SFGate.com: “A bankruptcy judge says Circuit City Stores Inc. can liquidate its remaining 567 U.S. stores.

Circuit City needed approval from U.S. Bankruptcy Judge Kevin Huennekens (HIN-a-kins) to begin to put itself out of business. It sought a buyout deal, but one could not be reached.”

Golden Globe ratings: worst since '96 - LA Observed

More at LA Observed : “Americans who watch TV don't watch the Golden Globes any more, even if the newspapers, blogs and celebrity cable channels continue to insist they are a big thing. An average of 14.6 million viewers nationwide tuned in over three hours, down 26% from two years ago in the 18-49 niche and the worst audience since NBC took over. The Globes's did a little better than "Desperate Housewives" and "24," but only a little better — and "24" is on Fox.”

Zennie Abraham Takes On CNN's Ali Velshi On Economic Stimulus

For me this was a ton of fun to do. But it's even better when someone takes time to let folks know you did a great job. Such was the case with the CNN iReport and CNN.com, who contacted me regarding my question for CNN's Ali Velshi on what he thought of giving $3,500 to each American taxpayer under $100,000.

Here's the video:



This is what CNN iReport's Rachel8 wrote:

Would you go head-to-head with CNN's top economic expert on an economic stimulus plan? How about live on the air?

Fearless iReport superstar Zennie Abraham did. After submitting an iReport suggesting a taxpayer stimulus package, he discussed his plan with CNN chief business correspondent Ali Velshi on CNN.com/live. Velshi said the plan -- which calls for a $3,500 stimulus check to those making less than $100,000 a year -- was not targeted enough to work. But Zennie courageously defended his idea.

"I disagree, with all due respect," he said to Velshi. "$3,500, particularly for college students or their parents, can help pay for their housing. For a person who's older, that could help pay their mortgage. ...You have to have time for the other aspects of President Obama's programs to work. The idea with this proposal is to buy time for those programs to kick in. I'm not saying that this is a cure-all. It works as part of a package."

And, after hearing the explanation, Velshi started to agree.

"In that context, I can understand that. If we are creating jobs, and we are helping people out with their mortgages, as an added extra, that could work," he said.

Nicely done, Zennie! You really held your own

.

Thanks Rachel! It was a lot of fun and I hope I get the chance to do something like that, again.

Home Sales Drop To 18-Year Low

More at Huff Post: “WASHINGTON — Sales of new homes fell in November to the slowest pace in nearly 18 years, while new home prices dropped by the biggest amount in eight months.

The Commerce Department reported Tuesday that new home sales fell 2.9 percent to a seasonally adjusted annual sales pace of 407,000 units. That was a weaker performance than economists had expected and was the slowest sales pace since January 1991.

The median price of a new home sold in November was $220,400, a drop of 11.5 percent from the sales price a year ago. That was the biggest year-over-year price decline since a 12.7 percent fall in March of this year. The median is the point where half the homes sold for more and half for less.”

Toyota predicts first ever loss as sales drop - Dec. 22, 2008

More at CNN.com - Dec. 22, 2008: “NEW YORK (CNNMoney.com) -- Japanese auto giant Toyota said Monday that it would suffer an operating loss due to plummeting auto sales and a strong local currency.

About 30 minutes after the market closed in Tokyo, Toyota said it expected to lose approximately $1.5 billion to $1.7 billion this fiscal year. Toyota reports earnings on a fiscal calendar beginning in April.

This would be Toyota's first operating loss since 1950, Toyota spokesman Steve Curtis said.

Despite the likely operating loss, Toyota expects to post a $557 million net profit for the fiscal year. The profit stems, in large part, from joint ventures whose revenues are not included in the automakers' accounting for its operating profits.”

--- This should show others that it's not just American car companies that are hurt by this economy.

More At The Denver Post

Banks not saying where bailout money is going - The Denver Post: “WASHINGTON — It's something any bank would demand to know before handing out a loan: Where's the money going? But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it.
"We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,"' said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. "We have not disclosed that to the public. We're declining to." The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what's the plan for the rest? None of the banks provided specific answers.”

-- This is an outrage! One of President Obama's first axts as President should be to write an executive order forcing the banks to tell where the bailout money they've got is going!