Some months back, we had already heard that we should brace for recession in key parts of the world. A lot of people stand to lose their jobs and rightfully so, we have seen thousands to perhaps a million people now jobless no thanks to this economic crisis that has befallen the world.
The big three auto manufacturers have made necessary cuts and so have banks. Three companies have joined the fray as well and this includes consumer electronics giant Sony which has cut over 8,000 jobs due to the acute downturn and economic climate. As we can see, no one is spared from this recession stage we are facing and if corporate giants like Sony joins the ranks of General Motors, Ford and Chrysler, it appears that no one is exempted from trying to hurdle that larger obstacles of trying to be financially capable of surviving this debacle.
Stocks are collateral damage as well, relying heavily on how the companies perform. These developments are not helping and much of the investors have embraced their money as they are afraid of losing them on investments which were usually the case for being able to rack in the riches.
Everyone is praying for a miracle. Some for an end to the recession issues. That is all we can do for now as the economic issues of the world reigns upon us for now.
Originally posted on December 9, 2008 @ 6:31 pm