Road down to recession?
After Sun microsystems news on laying off 6000 employees, Citigroup is now planning to down-size by 53000 employees. 53000! the size of a small town may be. It sure gets depressing to think of a small town of people without work.
Traveling around the city I find so many shops that have put banners that they are closing down. Even behemoths like CircuitCity have filed for chapter 11. I'm not sure how many financial companies could be saved with the $700 billion, or how many more automakers could be given a bail-out. Can US afford to support so many companies? Wonder how all this is going to percolate to the developing nations.