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Sunday, October 26, 2008
10:33 PM | Author: Brett Bumeter - Unknown | | | Edit Post
With word of a global slowdown rapidly approaching a global recession, many industries are projecting doom and gloom in the upcoming quarter. Other than a few distribution businesses (Union Pacific, UPS, DHL and others), many are feeling the pinch and not only cutting back all non-essential programs, they are beginning to apply job cuts and wage freezes. This is not good for anyone, but appears to be the direction in which things are headed (already there).
Many of the worlds great economic thinkers are engaged in a debate to determine the best course of action and for the time being that debate appears to have produced a consensus of , "We don't know what the hell is going on or how to fix it." Many businesses are taking the short-term measures that they must to continue to compete in the ailing market, but it is only a matter of time before more drastic measures have to be taken. I oftentimes wonder if the steps will include many of the distribution businesses selling off to the highest bidder much as the retail banks have been the last couple of months.
It is unclear as to how long this global recession will last, but many are saying that the outlook for 2009 is bleak. I, and many others I assume, are hoping that the passed stimulus package will begin to take hold and help stabilize and reverse our current course (at least in the US).