Strap On Your Economic Seat Belts

• “Almost all businesses are in survival mode, and they’re slashing payrolls and investments just to conserve cash,” Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania, said in a Bloomberg Television interview yesterday. “We’re in store for some big job losses.”

Globalization means corrections happen quicker and are felt more deeply. Welcome to the brave new world....there is no going back.

• The government does not count some types of underemployed workers -- those who are overqualified for their current work, for instance. But it does count people who are working part time when they would prefer full time. That count has jumped by 2.8 million in the past 12 months, to 7.3 million.

Good thing we elected a President who is willing and able to think big. He may get it right, or maybe not, but he was the only candidate smart and able enough to be expected to deal with the stuff on the Presidential plate right now.
- posted by john @ 4:23 PM