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.

Recession Briefing 1.30

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

Obama Calls Wall Street Bonuses ‘Shameful’ (NY Times)
“There will be time for them to make profits, and there will be time for them to get bonuses,” he said during an appearance in the Oval Office. “Now’s not that time.”

Screwed: 20,000 at NEC

Japanese electronics giant NEC Corp. will cut 20,000 workers worldwide…with sales down 24%, Eastman Kodak said it plans for 3,500 to 4,500 more layoffs…

Blago’s Guide to Getting Fired

Recessionwire salutes Blago for facing the firing squad with rare aplomb. After mounting a week-long PR campaign in which he teared up, praised himself, and flirted with the ladies on The View, he showed the Illinois legislature his middle finger by skipping his impeachment hearing.

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…

CNBC: Cuomo Subpoenas Thain

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A breathless Charlie Gasparino is reporting on CNBC that New York Attorney General has subpoenaed former Merril Lynch CEO John Thain over the $4 billion in bonuses that were paid out to the company’s executives late last year.

Screwed: 8,000 at Sprint Nextel

A daily review of the employment fallout around the country.

Sprint Nextel plans to cut 8,000 jobs in the first quarter, or about 14 percent of its work force…Corning is slashing 3,500 positions…Philips Electronics is eliminating 6,000 jobs this year after swinging to its first quarterly loss in five years…IBM is cutting 2,800 jobs in sales, software units…Fox Interactive Media is laying off about 100 people…Reed Business Information sacked 7 percent of its work force.

Read about layoffs at the sites compiled on our Layoff Tracker page.

Recession Briefing 1.27

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

U.S. Stocks Set to Open Higher (WSJ)
U.S. stock futures edged cautiously higher Tuesday, as investors faced another flood or corporate earnings.