Thursday, December 4, 2008

Recession journal


This is turning into a periodic "recession journal", but I was seeing so much change happening at a local level, thought it would be important to post some observations.

* Yet another bank robbery. The 26th in the county since September. Averaging 1 to 2 bank robberies per week.

* Two more local businesses close- A 20 year old health food manufacturer, the parent company is moving it to an out of state industrial production facility. 25 people will lose jobs. A packaging company shudders it's facility 100 more jobs gone.

* Top level CEO's at local motor coach company slash salaries. Salaries are cut up to 50% for highest management employees.

* The county unemployment rate hit 7.5% in October, well above the state and national rates. Nearly 14-thousand people out of work.

Things are still progressing in a downward spiral.

6 comments:

Mberenis said...

That is an interesting illustration you provide. The recession really isn't that bad if you know where to look. The bailout money is spilling over to us believe it or not. I've done research and found that there is more money than what you think...

Bailout Spillover

Fran said...

PEOPLE WHO DON'T HAVE JOBS CAN'T GET LOANS.
IN THE COUNTY WHERE I LIVE 14,000 PEOPLE ARE OUT OF WORK.

I'M JUST POSTING OBSERVATIONS, SINCE WE ARE NOW FORMALLY & OFFICIALLY IN A RECESSION FOR OVER A YEAR NOW.

Christopher said...

The USA has shed some 1 million jobs in 2008. 250,000 in November alone.

Remember when Paulson, Bernanke, Pelosi and Frank said we just had to bailout Wall Street because it would help Mainstreet?

Looks like they were full of sheyat after all.

Christopher said...

Revise that number!

533,000 jobs lost in November alone!

Stunning.

Fran said...

Holy Crap,Christopher, that is amazing-- and that probably does not include the 9,200 WaMu bankers that recently got pink slipped.

Main street is in trouble for sure. But I am glad they are beginning to make cuts at the top levels.... a local CEO Went from making almost a million a year to $300K. Why should a CEO be making huge sums when the companies they run are tanking?

Paulson, Bernanke, Pelosi and Frank got it wrong, they keep shifting plans each week-- while billions vanish.

Fran said...

The day after I posted this two more banks were robbed. This time they caught the *bicycle bandit*, a man who used a bike as his getaway vehicle. He did not think this one through-- walked right past a "WANTED" poster photo of himself. The bank noticed the resemblance, and the fact he was there robbing the bank, & hit the silent alarm. The bicycle bandit's getaway route took him right in front of the police station where they were waiting for his arrival. He will be spending time in Federal jail.


New tally: 28 bank robberies since September.