MASSIVE LAYOFF DRIVE: RECESSION IS GETTING WORSE

What a day! nearly 70,000 job layoffs announced in a single day and still counting.

Layoffs.

CATERPILLAR INC. - 20,000
SPRINT NEXTEL - 8,000
PHILLIPS - 7,000
HOME DEPOT- 7,000
ING - 7,000
TEXAS INSTRUMENTS- 3,400
IBM - 3,000
GM - 2,000

The series of above announcements come after fourth quarterly results of 2008 are declared and the picture for 2009 becomes more clearer. Not good. Layoffs or increase in unemployment result in additional deterioration of the economy. We are still on a steep downward slope. No concrete signs of improvement imaginable yet.