Our financial system is crumbling this week.

[dangerous]

http://seekingalpha.com/article/108965- ... depression

[TimeForGuinness]

Circuit City is no more.

[Jocephus]

Twenty-five people at the heart of the meltdown ...

http://www.guardian.co.uk/business/2009 ... ls-economy

[Leroy]

This is somewhat frightening.

[heyzeus]

50,000 jobs cut by 6 major employers today;

Oh, but there's good news!

"The good news is it's so bad right now that we will have a definite, noticeable recovery when it comes," Brusca said. "We're getting a lot of adjustment out of the way early."

[Arthur Dent]

50,000 jobs cut by 6 major employers today;

Oh, but there's good news!

"The good news is it's so bad right now that we will have a definite, noticeable recovery when it comes," Brusca said. "We're getting a lot of adjustment out of the way early."

This guy needs to be slapped. Also, Allstate for those assine commercials where they claim that a depression is good for the soul.

[clevername]

This isn't "our" financial system, but the freaking government of Iceland has collapsed. The country is broke and can't run a government.

Is it all Mad Max over there right now?

[Hungary Jack]

This isn't "our" financial system, but the freaking government of Iceland has collapsed. The country is broke and can't run a government.

Is it all Mad Max over there right now?

I guess Iceland became a haven for offshore banking for many mainland Europeans. The banks took in those deposits and made loans on real estate projects, alternative energy, and fish oil farms. These assets collapsed in value, the loans went bad, the banks went insolvent, depositors pulled out what they could, and now Iceland has no money--almost literally. They'll be bartering fish oil and geyser tours for beef and corn soon enough I guess.

[sparks]

The bad news continues.

http://news.yahoo.com/s/ap/20090126/ap_on_bi_ge/economy

Pharmaceutical giant Pfizer Inc., which is buying rival drugmaker Wyeth in a $68 billion deal, and Sprint Nextel Corp., the country's third-largest wireless provider, said they each will slash 8,000 jobs.Home Depot Inc., the biggest home improvement retailer in the U.S., will get rid of 7,000 jobs, and General Motors Corp. said it will cut 2,000 jobs at plants in Michigan and Ohio because of slow sales

In response to deteriorating business conditions, Caterpillar Inc., the world's largest maker of mining and construction equipment, disclosed nearly 20,000 job cuts, most of which already have been made. They include 5,000 new layoffs of white collar workers, which will occur globally by the end of March.

Earlier actions included the elimination of 2,500 Caterpillar workers through a buyout offer announced in December, the termination of about 8,000 contract and temp agency workers, and the reduction of 4,000 full-time factory workers through firings and buyouts.

Please make it stop!!!!

[thrill]

I'm planning on vacationing in Iceland this summer. It's supposedly very affordable right now.