Digital TV Hits a Recession Hurdle

Let’s just bring out this unpopular view right now: We don’t think the digital TV switch delay from February 17 to June 12 is a good idea for anybody. Especially consumers.

Here’s why: right now, digital televisions (the only kind they make now) are selling for all-time lows. Flat-panels have dropped to as low as $400 for 32 inches and smaller, sometimes as low as $300 or less for lower-end brands.

Screwed: 10,000 at Boeing

Boeing is expected to cut 10,000 workers after lowering its 2009 earnings outlook. … A severe drop in advertising revenue is forcing AOL to cut 7,000 positions worldwide. … Starbucks is closing 300 stores and cutting 6,700 employees. … Kodak will cut 3,500 to 4,500 positions. … Ford Credit will lay off 1,200 people, one-fifth of its workforce, due to heavy losses to be reported in its quarterly earnings announcement today. … Unemployment rose in all 50 states for the first time ever and global job losses could hit 50 million, a 7.1 percent unemployment rate, by end of 2009.

Recession Briefing 1.29

What you need to know today to survive and thrive in the recession.

House Passes Stimulus Package (WaPo)
On the eighth day of his presidency, Obama achieves passage in the House of his $819 billion economic stimulus package. The Senate will vote today.

Geithner Says Plan for Banks Is in the Works (NYT)
But he discourages talk of “nationalization,” even though sources say he’s been sniffing around on this “bad bank” concept.

Caffeinated Closures

Attention employment-challenged workers: Your workspace options have just been reduced. With its fiscal first-quarter earnings today, Starbucks announced that it would be cutting 6,700 jobs

Read more…

Update: Layoffs Reach 62,000 Today Alone

We reported earlier on the many layoffs sweeping the country. The New York Times did the tally and calls it at 62,000 for today alone, in the U.S. and around the globe. Most decidedly, today marks a certain inflection point. Let’s hope we don’t see this kind of single-day figure again. Ever.

Screwed: 20,000 at Caterpillar

Today in layoffs, bulldozer/excavator maker Caterpillar is getting crushed and plans to shed 20,000 jobs, about 20 percent of its workforce. … Home Depot is expected to lay off 7,000 workers. … European bank ING is to shed 7,000 of its 130,000 employees after $1.29 billion in losses mainly related to toxic mortgage assets. … The ongoing secret layoffs at IBM are rumored to include an upcoming 3,000 on top of the 1,400 already said to have been let go. … Fourteen hundred workers will be cut at Williams-Sonoma. … Starbucks will let 1,000 workers go in the coming weeks. … Fannie Mae will put hundreds of its 5,500 employees out of work. … Vermont may cut 660 state jobs. … Digg.com is expected to reduce its 75-person staff by 10 percent (we wonder, who is that .5 percent staffer?). … Two states hit unemployment record highs: 9.3 percent in California and 6.9 percent in Massachusetts.

Recession Briefing: 1.26

What you need to know today to survive and thrive in the recession.

News
Recession Warrior?
Tim Geithner is expected to be confirmed today as Treasury Secretary — and architect of the way out of the downturn. [CNN Money]

The Quitter Economy
Slate says the waning of American confidence will be a mighty hurdle in President Obama’s aim to fix the economy. [Slate]

U.S. Bank?
Obama needs to fix the banking system, which remains broken despite infusions of cash. One sensitive option being considered: nationalization, which might be the only way to return any benefits of the bailouts to citizens. [NYTimes]