More business confidence expressed in Obama's economic plan - Mercedes-Benz Forum

 
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post #1 of 6 (permalink) Old 01-24-2009, 10:10 PM Thread Starter
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More business confidence expressed in Obama's economic plan

My local newspaper business section takes note of the economic downturn with brief articles of large company layoffs.

In just today's paper, they wrote of the following:

Microsoft 5000 laid off.

Sun Microsystems 1300 laid off.

Harley Davidson 1000 laid off.

This is happening nearly everyday. What puzzles me is where is the confidence in the Obama/Dem economic recovery plan?

Apparently, the positive effects anticipated from the plan, if any, will not occur in the near future or they will not accrue to private business. Quite possibly they will profit concrete workers and teachers, who are not on the lay-off list and will be counted as "jobs retained." This is really baffling.

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post #2 of 6 (permalink) Old 01-24-2009, 10:24 PM
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The companies have the confidence now to lay off more people since the unemployed will be taken care of.
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post #3 of 6 (permalink) Old 01-24-2009, 10:33 PM
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This is the same thing that happened after 9/11. Go back and look at the mass layoffs that occurred then. From what I can tell, two things are happening. The companies are trimming quickly to satisfy the analysts and talking heads in order to prop up their stock prices. Second, they are moving much business offshore.

As an example, Microsoft is laying off 5,000. What they don't mention is the ramp up in Mumbai and Bangalore. I have a friend who is Regional Manager with Lexmark in Mumbai. He says that Microsoft, IBM and others are building and hiring as quickly as possible in all three major technical areas of the country.

So the "confidence" is an irrelevant part of the equation, much as it would be if they stayed steady state.

There is much more to the picture than one element.

Now once the economic plan is actually announced, and implementation begins, then it will be interesting to see what the reaction to some of these companies are. Right now they are reacting to Bush's very deep recession and its long term effects on their business, no matter who is in office.

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post #4 of 6 (permalink) Old 01-24-2009, 10:35 PM
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Originally Posted by mlfun View Post
The companies have the confidence now to lay off more people since the unemployed will be taken care of.
That is actually incorrect. Companies like IBM have as a stipulation in their severance package that if you accept the severance package you will NOT file for unemployment. Mose companies that have big layoffs have similar language.

It is why white collar workers tend to not receive any of the benefits of unemployment from layoff actions of large companies.

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post #5 of 6 (permalink) Old 01-24-2009, 10:53 PM
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I saw a Hyundai ad on TV today guaranteeing that the advertising dealer would buy your car back if you lose your job this year. I couldn't believe what I was hearing....

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #6 of 6 (permalink) Old 01-24-2009, 11:06 PM
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I saw a Hyundai ad on TV today guaranteeing that the advertising dealer would buy your car back if you lose your job this year. I couldn't believe what I was hearing....
I would be interested in the fine print on that. I would imagine that fat depreciation would come into play.

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