We can rail against political issues, but it's difficult to feel anything but afraid with this economy. It seems almost irrelevant who created it; it's overwhelming.
paulbot5
· 10 months ago
Its the end of our phony economic system, but unfortunately Obama want to try and hold it together
benb
· 10 months ago
Jeez...is this God's judgement on Capitalism? The Economic troubles seem so supernatural. Where did they come from and why do they affect me? I haven't bought any real estate, tranches, credit default swaps, or hedge funds. I haven't done anything risky or even out of the ordinary (okay...I married my boyfriend but that wasn't an investment decision) but I'm having to pay for this mess. It's like the world economy shares a small wading pool and one splash upsets everyone else.
I'm an innocent bystander. Why am I affected?
Older_Wiser
· 10 months ago
China may be right. And Bank of America just sold its interest in China construction for $2.8 billion.
Jan. 7 (Bloomberg) -- Alcoa Inc., the world’s largest aluminum maker, posted its third major production cut in as many months and will reduce its global workforce by 13,500 after demand for the metal used in automobiles and appliances plunged.
The reduction of 135,000 metric tons brings Alcoa’s total output cuts to 750,000 tons, or 18 percent of smelting capacity. Capital spending will be cut in half. The company will take charges of as much as $950 million for the restructuring and dismissals, which amount to 13 percent its employees, New York- based Alcoa said yesterday.
Alcoa and rivals Rio Tinto Group and Century Aluminum Co. are trying to cut costs as a global recession reduces demand for the lightweight metal used in autos, planes, appliances and power grids. The price of aluminum fell 36 percent last year as inventories more than doubled to a 14-year high.
(Even though the price of alum fell last year, the price of alum foil at the grocery store has increased dramatically--you can now see some rolls as high as $10 or more--inflation at the retail level.)
I get the sinking feeling that even with Obama's economic plan, things are so bad all over the world that what Wall St. has wrought will not be fixed any time soon. It's unprecedented and even worse than the crash of 1929.
All Comments
The Bush legacy
It seems almost irrelevant who created it; it's overwhelming.
I'm an innocent bystander. Why am I affected?
Jan. 7 (Bloomberg) -- Alcoa Inc., the world’s largest aluminum maker, posted its third major production cut in as many months and will reduce its global workforce by 13,500 after demand for the metal used in automobiles and appliances plunged.
The reduction of 135,000 metric tons brings Alcoa’s total output cuts to 750,000 tons, or 18 percent of smelting capacity. Capital spending will be cut in half. The company will take charges of as much as $950 million for the restructuring and dismissals, which amount to 13 percent its employees, New York- based Alcoa said yesterday.
Alcoa and rivals Rio Tinto Group and Century Aluminum Co. are trying to cut costs as a global recession reduces demand for the lightweight metal used in autos, planes, appliances and power grids. The price of aluminum fell 36 percent last year as inventories more than doubled to a 14-year high.
(Even though the price of alum fell last year, the price of alum foil at the grocery store has increased dramatically--you can now see some rolls as high as $10 or more--inflation at the retail level.)
I get the sinking feeling that even with Obama's economic plan, things are so bad all over the world that what Wall St. has wrought will not be fixed any time soon. It's unprecedented and even worse than the crash of 1929.