Stocks Sink on Coke's Gloomy Forecast (AP). AP - Stocks headed lower Wednesday after beverage giant Coca-Cola Co. issued a gloomy forecast, and a lower-than-expected reading on industrial production for August threw the nation's broader economic outlook into question. [Yahoo! News - Top Stories]
A "soft patch?" Is that what they are calling it? Gee, in the 80's it was called a recession and in the 20s a depression. At least millions of people are not out of work...just hundreds of thousands. And the prospects for new jobs are....well, you fill in the blank. Take this multi guess questionnaire:
I work long hours because:
a) I enjoy it
b) I am doing the work of 6 people
I haven't had a vacation in 18 month because:
a) I am dedicated to my job
b) I won't have a job to come back to
I am not spending all my disposable income because:
a) I am a miser
b) My company is going to lay off 40% of my department in the next 6 weeks
I am not making these up. In the last month I have talked to a lot of people and I keep hearing the same thing over and over - either they are afraid to go on vacation because there won't be a job to return to, they are doing the work of 6 people because the companies are not hiring or they are getting ready for a layoff in the near future. And with housing prices near $500,000 (that is one-half a MILLION dollars) for most single family homes, it isn't any wonder people are scared. Tell me again this economy is recovering? I don't believe it. Neither should you.
10:23:12 AM 
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