21,000 JOBS LOST "FRIDAY"

At least "21,000 Jobs Lost" Friday according to Bloomberg News. The 21,000 were targeted for elimination yesterday as employers from Hertz Global Holdings Inc. to Advanced Micro Devices Inc. grappled with recession and choked demand. Therefore, more than 20 companies said that were cutting cost ranging from Amonil Sa to Romania's second biggest fertilizer company, to Fiat's Spa's Magneti Marelli Auto-Parts Division. Hertz the second largest rental car company said that they will cut 4,000 jobs as business and consumers slow travel because of the global recession. This will tell how bad most companies did in the fourth quarter earnings said Chief Economist John Loniski. These companies are cutting back on staff when sales are significantly under expectation. Welllpoint well cut 1500 jobs, Clear Channel Communications will layoff 1,500 workers mostly in sales. Clear Channel is the largest broadcaster in America. Conco Philips is the second largest refiner announced after the market closed that they are cutting 1,350 jobs. Advanced Micro Inc. is cutting 1,100 jobs, General Electric Finance Arm may cut 7,500 to 11,000 jobs or at least 10 percent of there workforce. Blue Cross and Blue Shield will cut 1,000 jobs in Michigan. These are just a few examples of the depth of this worldwide recession. Finally, it will probably take us five years to get out of this recession because, it seems like it is the same kind of recession Japan had in the 1990's when it took the whole country ten years to resolve there financial problems.