Job loss roundup: like other roundups, only less fun
By Laura June 
posted January 21st 2009 11:45AM
posted January 21st 2009 11:45AM
Remember yesterday... when everything was awesome and hopeful? Well, with this morning's coffee came the cold hard truth once more: the economy is seriously stinking up the joint, and it only seems to be getting worse. Logitech's announced their third-quarter earnings (down 70 percent) and simultaneously said it's going to shrug off 600 of its employees, while the folks over at Intel have said they're shutting down a manufacturing facility in the Philippines which houses 1,800 employees. Sony's vaguely announced a "restructuring" which is bound to result in misery and job loss, while Sega confirmed that "about 30" people have been vaporized from the pay sheet. So... everything's cool with this blogging job, right guys? Guys!?
Read - Confirmed: Sega cuts staff
Read - Sony announces restructuring plan
Read - Intel announces RP operation shutdown
Read - Logitech third quarter profits fell 70 percent
Read - Confirmed: Sega cuts staff
Read - Sony announces restructuring plan
Read - Intel announces RP operation shutdown
Read - Logitech third quarter profits fell 70 percent
I think big companies gain a lot of extra weight over time and have to loose it periodically. This just presents a perfect opportunity for doing so -- because the management needs to show that they're doing something, and they're easily justified when they downsize or close a barely-used factory.
This is true. A lot of companies are trimming now because it's accepted. They may not really "need" to but it's an opportunity for companies to save money.
What I'm worried about though is when they do that, they basically make one guy do two or three guys work. So after a while they assume this is the way it's supposed to be and when they do grow again they may hire less people back then they would have initially. We'll see how this pans out. We need Superman to save the day.
LOSE
what exactly did bush do??? so many ppl bashing him..... its not even his fault exactly, did people want to wage war? yes, yes they did. did he want the 9/11 attack to happen? no, no he didnt, did he handle it well? yeah, he did, did he want hurricane katrina to happen? come on, hes possibly had the hardest time period to ever be a president.
i can sence many downranking....
Blame Bush for straying from his principles and letting Democrats persuade him to artificially boost home ownership by forcing banks to give loans to toxic people. Conservatives aren't the problem, it's that bush wasn't acting like one. Polls show that most people are conservative in their ideaology, some just say they are liberal because their political affiliation is. That is, unless you like big government and like paying people that don't work. For American to be a beacon people actually need to have the desire to make a difference. When their income is taken more and more to pay for people that don't care to make the difference that incentive diminishes.
Rob nails it. The whole government went along with the stupid Community Reinvest Act, and the collapse of the credit market as a result is what is driving this economy off the cliff. Of course the high cost of energy is what drove us to the cliff. It seems Congress still doesn't understand the concept of supply and demand. It's interesting to note that some in the government recognized the crash course we were on and tried to correct it (to little to late) and these people do not have names like Barney Frank or Chris Dodd.
The banks were happy to loan money to flippers, speculators, and other real estate holding firms to try and make a quick buck from raising interest rates. The corporations supplying the home construction market and the home builders themselves. The fed also had a hand in this trying to prop up the stock market by lowering interest rates.
I got fired on monday. :(
Being part of the I.T Field is risky business. Whenever something happens we are the first to go.
All the work & programming I did for this damn company down the drain.
Now @ 29 back to square one. WHAT DO I WANT TO DO?
Seriously considering the medical field. But dont know what exactly to chase.
I chased my dream of becoming a part of the whole I.T industry and made it my reality. But now I rather have 99.9% uptime reliability with my employer.
Yeah i'm being laid off to make room for the boss's son who just graduated college. Gotta love it.
I read in Forbes that Radiation Therapists make good money.
Sorry to hear that guys. All the best of luck to both of you.
Henry OUCH!!
That really sucks.
Ogo.
My wife is a anaesthesiologist. For years she recommended the radiation therapist field.
I actually been considering it for a while now. Just might go after it. I believe is 4 years total.
Hmmmmm thanks.
Chris
Thanks.
That's the problem with IT, when the systems are up and running people question if they need them. That is, until the systems start breaking because there way no preventative maintenance being done.
Sega link says "around 30 people" not 300...
Oh you're right! Thanks!
Nothing like hysteria...
Nah, just an embarrassing, soul-crushing typo.
Blame fractional reserve banking, the fiat dollar, the dunces at the federal reserve (Alan Greenspan, Ben Bernanke) who gave us artificially low interest rates rather than letting the market set them, both Democrats and Republicans for being complete morons, thinking by doing more of what got us into this mess (injecting credit) they would somehow solve this. We're heading to the zombie Japan of the 90s, except it'll be worse - Japanese citizens had this thing called "savings" that most Americans just can't figure out. If anyone really thinks there is any change in fiscal or foreign policy with this new admin, you are out of your mind - another central banker to head the treasury (one who skips on taxes), and more neoconservatives (who are anything BUT conservative) as advisers for foreign policy. Obama is a CFR member, Bush is a CFR member? Get it? Maybe everyone who has lost or will lose their job can just work for the government...except there is that nagging rule that government can't "create" jobs or wealth...they can only reallocate it - one more thing the state thinks it can do better than the market. Politicians are pompous jackasses, every one of them. Oh, except the one guy trying to warn everyone it was coming even when the DOW was at 14K...who? It was Congressman and Dr. Ron Paul, of course. I hope our kids and grandkids enjoy the paying the 75 Trillion dollar debt (when including Medicare and Social Security over time - which our government steals from each year because there is a social security "surplus"...how do you think Clinton "balanced" the budget? He stole more from social security is all). I hope that people start spending less on entertainment and more on education...perhaps some books on Austrian School of Economics...maybe some money management advice - the simplest advice being "Don't buy stuff you can't afford". Use your cash before hyperinflation (thank you Bush, Obama and everyone else who voted for the bailouts for that one). We can only prop up bad debt for so long…we’re just worsening the eventual crash. Alas, after yesterdays display for love of the state I can only think to Queen Amidala’s words – “So this is how liberty dies, with thunderous applause”
Your reference to Star Wars negates your entire argument.
comment system is acting up for me....i was trying to be funny (horrible comedian). But saying that negates my entire argument is a logical fallacy, my friend.
WTF do job losses in the Philippines have to do with the US unemployment...
Who is talking about US unemployment?
Globalism.
Bush was meant to put it in cruise control and ride out 8years of economic bliss. But that didn't happen and he shouldn't have been in charge when the s4it hit the fan. But that was the U.S. fault for voting him in. He was too stubborn at times. Yes he attached after 911 when probably the majority of the U.S. wanted him to. But he didn't have to drag it out so long. And he gave up on Bin Laden it seemed. And that's who the American people wanted. Not Iraqi citizens. Hussein was just a bystander(not innocent).
Katrina IMHO was a big fumble on his and his administrations part. Huge fumble. Of course he didn't want it to happen but he handled it sooo poorly. C'mon it was one city in America we had 50 others that weren't affected. He could have ordered more National Guard right away. He didn't.
He spend WAY too much of our money on the war in the middle east. WAY too much. Try like 400+ billion. And people freaked out when the Auto Industry wanted 15... IMHO spending that much money on that war tipped me over the scale and since then I've disliked him and his decision and agree that he has "ruined" America for a while. The worst part is all that money is either up in smoke or in another countries hands. None of it came back to us.
There's much more I'm sure.
I knew that the situation was only going to get worse. This is precisely the reason why I packed my bags way back in July '08 and headed off to the UAE to continue living the life. Not only that, but I'm earning far more than what my manager or senior manager made back in the U.S.
If I'd be in the states right now, God knows whether I'd still be working or not.
What the heck is "RP?" The Intel article title mentions it, but never defines it. Another article at that same source cites "RP" again. Is this some sort of abbreviation for Philippines?
RP = Republic of Philippines (sp?)
As long as people are looking for free* trials I'm not worried.
More Intel layoffs coming Monday. They are also considering idling FAB12 for a month and forcing workers there to take leave. Should be interesting to see what happens.
Dear Engadget
You post so many freaking pictures from the great depression its getting us all down. The more the media says how bad the economy is, the more it will collapse. We need some encouragement to get the economy going
Check out the Global Pulse video on this, showing how different TV news around the world are covering the issue.
Watch it here: http://www.linktv.org/video/3606
I'm an intern with Link TV, the nonprofit that produces Global Pulse. Interesting to see how the rest of the world is reporting on the news.