Home Depot firing 7,000 people
January 26, 2009
Home Depot announced Monday it would eliminate 7,000 jobs and close its Expo home decorating division as dismal sales have hurt the home improvement chain. The average house has plummeted in value nearly 10% , whereas in some areas homes have lost 50% or more of their value.
Leaving homeowners underwater by massive margins. Some have advocated the “$100,000 bailout” to homeowners where $100,000 dollars will be automatically added to home values by a government guarantee. This it is felt would get the banks to start loaning money rather that hording the homeowners taxpayer money. However the chances of something along those lines passing are slim to none, as of today the working and middle classes have received no bailout money whereas billions have gone to bankers bonuses and trillions to failed banks themselves.
In other words, much of the US population is feeling like they bailed out the banks, but no one bailed them out.. and they are in worse shape.
This is great stuff, bailouts, recession, depression, automakers making cars people don’t want, houses people can’t afford, and credit card bills that people can’t pay… and a deficit so high that when this is said and done will bankrupt Washington.
And we were concerned about Advertising Agencies.
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