GatewayRedbirds.com

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

heyzeus wrote: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."

clevername wrote: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?

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.