Longest Recession since 1947

Some economists now believe that the current recession could be the longest since the last 60 years. And if some of the GDP predictions are true for early 2009, unemployment will rise drastically as well.

Merrill Lynch CEO Fights for Bonus

In the middle of these economic hardships that has resulted in job losses that tip the scale and sinking corporate profits, many high-profile executives are opting to do without their bonuses this year. But Merrill Lynch CEO John Thain, (whose company just received shareholder approval to be sold to Bank of America), is in a dispute with Merrill Lynch's board over whether he should get a $10 million check. Millions loose jobs and he's fighting a million people for $10 million...so sad!

More Businesses, More Cuts!

So again in business we have another business cutting jobs - they happen to be a very big operation, Dows Chemicals. They happen to be one of the largest chemical makers in the world and they're cutting 5,000 full-time jobs. That is about 11 percent of its total work force -- "close 20 plants and sell several businesses to reign in costs amid the economic recession."

They May Have a Chance After-all

So after all this talk and blogs about the Big Three, and the chances of the bailout looking slim and then not so long, it looks like they may have a chance after-all. I personally don't have anything against, i do not like have they run their businesses, I just like the other billions of Americans, and tax-payers and Bush (apparently) do NOT want to see efforts, time, and most importantly money be wasted! Congress proposed an emergency $15 billion aid package for the Big Three. The measure would speed short-term help to General Motors, Ford and Chrysler, while allowing the government to "slap them with tighter restrictions."

3M Cutting 1,800 Jobs Worldwide

The giant manufacturer 3M says that it will cut 1,800 jobs in the fourth quarter and demanding some workers to take vacation or unpaid time off for the last two weeks of the year.

23rd Bank of the Year

Federal regulators announce that they have seized First Georgia Community Bank, the 23rd FDIC-insured bank to fail this year. Just last week, the FDIC said that the number of "problem banks" has grown to 171 during the third quarter - "the highest since 1995." Shocking but still true...

The Big Three...Stooges

So- I've come to the conclusion that Detroit's "Big 3 Stooges" (as The New York Post puts it) most popularly known as The Big Three are entirely clueless. In simple words, The Big Three asked for a big bailout- or "bridge loan" as they so eloquently worded it-that would cost taxpayers $34 billion dollars. Okay- that's not even right! I did appreciate President Bush actually siding with the American people, the ones struggling through all this mess. Bush stated, "No matter how important the autos are to our economy, we don't want to put good money after bad." Thanks, Bush! That might be one of the only things I ever agreed with him on.

Big Three...Again...

Chicago's Big Three CEOs return to Capitol Hill, making a new plea for $34 billion in taxpayer money for thier bailout. Autoworkers union president Ron Gettelfinger warns that without help from Congress, "I believe we could lose General Motors by the end of this month." General Motors has been a succesful, the succesful American "brand" and they even just recently had their 100 year Anniversary. It would be a disaster to the American world of business and our economy if they do not make it.

Job Cuts!

Sad to say the government released information saying that more than 15,000 layoffs, on top of 10,000 more high-profile layoffs were disclosed this week. I hope our economy isnt about to crumble. I believe it's hitting us so hard now because the government has been trying to hide it from the public for a while...

Detroit's Desperate Big 3 Ask for Billions

In reponse to Congress' order for automakers new plans before they considerate the bailout Detroit's automakers give plans to cut costs and return to health. They also include nominal salaries even for top executives -- "each CEO will earn only $1 -- as well as broad cuts in staff, brands, and of course, private jets."

Automakers Can't Outrace Their Past

"After spending much of the decade driving sales unnaturally high through excessive incentives and generous credit, America's desperate automakers" -- back in Washington this week aiming for the bail out, "now find their old methods have caught up with them." This is a good example of bad business management.

Stock Picks and Pans for Troubled Times

The market's gains this week are no doubt encouraging, but we're still working our way through the bear market, and a recovery will take some time... lots of time. Hopefully Obama and his plans for our economy and nation can pull things through!

Black Friday Not So Dull, Afterall

Our countries retailers got a "much-needed" sales boost during Black Friday's traditional shop-a-thon. Costumers crowded every store, got deep discounts, spent nearly 3 percent more than they did last year, according to preliminary figures. This was actually pretty surprising to me, with the economy's poor-standing.

Wal-Mart Worker Trampled to Death

Black Friday has a body count: A Wal-Mart worker is pronounced dead, trampled by shoppers who according to a police statement "physically broke down the doors, knocking him to the ground," as the Long Island store opened Friday morning. Police are reviewing store surveillance footage in hopes of identifying the culprits. I think this goes to show the level of integrity that people have nowadays. It also, shows the crazy world we live in.

Goldman Sachs Closer to Becoming Bank

Two months after the Federal Reserve approves its request to be designated a bank holding company, Goldman Sachs Group wins a charter from New York State banking regulators, permitting the financial big to open bank branches in New York and surrounding mid-Atlantic states.javascript:void(0)