Here are your latest cuts, layoffs,closings marching toward the DEPRESSION

NEW YORK -- The Bank of New York Mellon Corp. said Thursday it will cut its worldwide work force by 4 percent, or about 1,800 jobs, blaming the weak global economy.

The Associated Press to cut 10 percent of work force

Honda Motor Corp. said Friday it will cut production in Japan and Europe by 61,000 vehicles, as it continues to grapple with slowing global demand.

Home repossessions in Britain jumped 12 percent to 11,300 in the third quarter from the previous quarter, the Council of Mortgage Lenders said Friday, more evidence that the financial crisis is taking its toll on households and the ailing housing market.

JPMorgan Chase & Co. is shedding about 10 percent of its investment bank staff in an effort to better weather the global economic slowdown.

Singapore's economy has skidded into a recession for the first time since 2001, the government said Friday, warning that it could contract by up to 1 percent next year as a global slowdown saps export demand.

General Motors Corp. will extend its holiday shutdown or make other production cuts at up to 10 factories as it deals with a continued U.S. auto sales slump and fights to stay solvent.
Ailing U.S. automaker General Motors Corp. said Thursday it will stop production at its Thai plant for up to two months, joining other global vehicle manufacturers in cutting production as the global downturn hits sales.

The prime minister of energy-rich Trinidad has told its citizens to expect cuts in government programs because of an anticipated loss of $1 billion due to the fall in prices of crude oil, natural gas and petrochemical products.

Germany will have to borrow an extra euro8 billion ($10 billion) next year, as it expects to spend more even while revenues slump, the parliamentary budget committee said Friday.
The German economy could lose up to 215,000 jobs in 2009 amid the global economic crisis, Germany's Bild newspaper said Friday, citing a survey it compiled

New Zealand's dairy farmers, a mainstay of the isolated South Pacific nation's exports, face a 24 percent fall in payments for milk this year because of slumping world prices, a new blow for an economy already in recession.

TENS of MILLION of Dollars worth of Vehicles SITTING at the PIERS!

Sea of Unwanted Imports
By MATT RICHTEL
LONG BEACH, Calif. — Gleaming new Mercedes cars roll one by one out of a huge container ship here and onto a pier. Ordinarily the cars would be loaded on trucks within hours, destined for dealerships around the country. But these are not ordinary times.
For now, the port itself is the destination. Unwelcome by dealers and buyers, thousands of cars worth tens of millions of dollars are being warehoused on increasingly crowded port property.
And for the first time, Mercedes-Benz, Toyota, and Nissan have each asked to lease space from the port for these orphan vehicles. They are turning dozens of acres of the nation’s second-largest container port into a parking lot, creating a vivid picture of a paralyzed auto business and an economy in peril.

“This is one way to look at the economy,” Art Wong, a spokesman for the port, said of the cars. “And it scares you to death.”
READ FULL ARTICLE HERE

CHINA closes 67,000 FACTORIES-GM cost for bailout? 200 BILLION!

Courtesy of the NY TIMES:

China Stats:
GDP: 9.74%
Inflation: 6.43%
Unemployment: 4%*
Markets: -64.92%
Gallon of gas: $3.48
Interest Rates: 6.66%
The slowdown in exports contributed to the closing of at least 67,000 factories across China in the first half of the year, according to government statistics. Labor disputes and protests over lost back wages have surged, igniting fear in local officials. I sat in disbelief reading today’s Shenzhen local paper stating that Some 9,000 of the 45,000 factories in the cities of Guangzhou, Dongguan and Shenzhen are expected to close down in the next three months according to the Dongguan City Association of Enterprises with Foreign Investment estimates. Those closures would see up to 2.7 million jobs cut as overseas demand for consumer goods and clothes fades, that’s more than 50,000+ a day if you believe official figures, which I do not, and I believe number is actually higher.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0Ee7HIsw7Ao&refer=home

Nov. 15 (Bloomberg) -- General Motors Corp., burning through cash as sales slump, would cost the government as much as $200 billion should the biggest U.S. automaker be forced to liquidate, a forecasting firm estimated.

A GM collapse would mean ``more aid to specific states like Michigan, Ohio, and Indiana, and more money into unemployment and extended benefits,'' Nariman Behravesh, chief economist at IHS Global Insight Inc. in Lexington, Massachusetts, said yesterday in an interview.

Behravesh's projection of $100 billion to $200 billion in costs dwarfs the $25 billion industry bailout plan that will be debated in Congress next week to prop up Detroit-based GM, Ford Motor Co. and Chrysler LLC. The drain on taxpayers from a rescue or a GM failure is a central issue for U.S. lawmakers. General Motors also pleaded Monday for a billion-euro credit guarantee from the German government to help its Opel subsidiary.


BUSH: "US could have had a depression *greater* than the Great Depression" Admitted this to the press, on live TV, in his own words, after the G-20 economic summit today. Shocked The statement has only been briefly mentioned in the news, why?

BIG Problems with Mercedes BENZ/BMW/PORSCHE

With the economy slowing and demand for new vehicles shrinking, Mercedes-Benz is offering buyout packages to the nearly 4,000 workers at its Alabama plant for the first time since the factory opened 11 years ago."We're responding to the demand in the marketplace by reducing our operations here at Mercedes Vance," said Taylor, president and chief executive of MBUSI.

No GM/Chrysler Money from the Govt. CNBC says
"The development adds a new element of uncertainty for the embattled U.S. auto industry as Detroit's political allies warn the sector faces a deepening financial crisis that threatens tens of thousands of jobs."
BMW to lay off up to 733 temporary workers

As many as 733 temporary workers at BMW’s Greer plant will be laid off in December as the German automaker begins to feel the effects of the world financial crisis.
BERLIN — The German automaker Porsche AG said Sunday it will slow production at its main plant for upgrade work at the end of the year and acknowledged that the global financial crisis had hit the auto industry hard.
Car makers across Europe are cutting production and jobs because of the economic crisis. German competitors Daimler AG and BMW AG said last month they would cut production, change deliveries or temporarily shut plants to accommodate a fall in demand.
Ford's U.S. auto sales plummeted 30 percent and Toyota's dropped 23 percent in October as low consumer confidence and tight credit combined to scare customers away from their showrooms.


Comment: My estimation is that the many of these high end car dealers will be the first to go in the coming depression. First, the rich become more frugal with their money. (that is how they become rich in the first place.) Secondly, the middles class will not be able to afford even a used Mercedes, due to the rich company becoming more frugal in keeping employees on their payroll ( LAYOFFS). The trickle down affect will become more serious as the months go by. The poor.. well they will just be happy to eat. I guess I wonder if this means we are in worse shape than the Great Depression at this point. I mean these guys survived the Depression but they can not survive this " recession"?

Man Shot, Robbed of Final Paycheck on Day He's Laid Off

Is this what's coming when companies lay off their workers? The worst part about this, is he also had to pay taxes on the stolen money! He got robbed twice.


Man Shot, Robbed of Final Paycheck on Day He's Laid Off
Monday, October 27, 2008


DETROIT — A 37-year-old man who had been laid off from his job at a plant in Saginaw was shot in Detroit by a robber who made off with about $1,700 — the sum of the victim's final paycheck from his job.

WDIV-TV and the Detroit Free Press report Brad Mannie said he stopped Friday night at a store with his 12-year-old son. After they got back into their vehicle, a robber shot Mannie in the hip and took his wallet.

Earlier that day, the Inkster man had been laid off from his production and maintenance job at Stress-Con Industries Inc.

Despite the ordeal, Mannie says he's just happy to be alive.

Detroit police say a weapon has been recovered.

Depression JOBS

Here are a list of jobs one can do when the DEPRESSION HITS:

1. Locksmith: A profession that’s experiencing true growth, no joke this time. If you’d enjoy changing locks on foreclosed homes, a locksmith career might open some doors.

2. Bartender: Everyone drinks their sorrows away during a depression. Take the Bartending course (2 weeks)

3. Silver Collector: Collect silver coins. Check your local coffee shop tills for pre 1967 dimes or quarters (Canadian)pre 1966 coins (US). Take them to your local coin shops. They are worth 10 times face value!

4. Repo Man: Everyone loses their vehicles, boats and other large items from the bank.

5. Blogger: Set up a blog with advertising and collect money on the ads!

6. Credit Collector: Also known as bill and account collectors, try to convince debtors—people who owe money—to pay their overdue bills. Get paid doing it.