Posted by: Patrick Mosolf | Friday, 12 December, 2008

Further Economic Difficulties as Markets Decline Again

Just saw that markets in the US are looking bad again as the Senate refused a bill to help the US automakers. Thousands, even millions, look set to lose jobs.

It appears the effects will also be felt globally as index futures have fallen in other countries as well.

How much worse can it get? It seems the US government must do something to resolve the situation, as the human costs will be serious.

Hope everyone who is really suffering as a result of this crisis can stay calm despite the difficulties- hopefully we will all see a timely resolution of this problem and standards of living will recover!


Responses

  1. Interesting side note: the head of the UAW, Ron Gettelfinger, makes less than $200K / year. That compared to $20 million and up for Ford / GM CEO’s.

    My opinion: we need a bankruptcy-type intervention to formulate a workable future for the American auto industry.

    • Yeah, you’re right- It’s crazy how much money CEOs make in ratio to the workers in countries like the US. I haven’t been following this story real closely, but it seems like the Executive branch has earmarked some money for the Auto companies. But will it be enough? And will the companies be able to re-invent themselves to be more reflective of modern realities?


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