Oct 26


Welcome to the Recovery (New York Times, by Timothy Geithner, August 2, 2010)

‘Recovery’ is the ‘Greatest Depression’.

Don’t miss:

COLLAPSE: 37 Facts About How Cruel This Economy Has Been To Millions Of Desperate American Families

Will The Bottom Fall Out? 15 Signs That Layoffs And Job Losses Are Skyrocketing (Economic Collapse, Oct 25, 2012):

If you still have a good job, you might want to hold on to it very tightly because there are a whole bunch of signs that unemployment in the United States is about to start getting worse again.  Over the past several weeks, a substantial number of large corporations have announced disappointing earnings for the third quarter.  Many of those large corporations are also loaded up with huge amounts of debt.  So what is the solution?  Well, the favorite solution on Wall Street these days seems to be to lay off workers.  In fact, it is almost turning into a feeding frenzy.  Since September 1st, we have seen more job cuts announced than during any other two month period since the start of 2010.  These announcements represent future layoffs and job losses which are not even showing up in the unemployment numbers yet.  So needless to say, things don’t look very promising for the end of 2012 or for the beginning of 2013.  If this race to eliminate jobs becomes a stampede, will we see the bottom fall out of the employment market?If you are concerned about whether or not you will still have a job 12 months from now, you might find the numbers posted below to be quite alarming.  We have not seen layoff announcements come this fast and this furious since the gloomy days of the last recession.

According to Bloomberg, job cuts are well ahead of the pace set last year…

North American companies have announced plans to eliminate more than 62,600 positions at home and abroad since Sept. 1, the biggest two-month drop since the start of 2010, according to data compiled by Bloomberg. Firings total 158,100 so far this year, more than the 129,000 job cuts in the same period in 2011.

So what happens if the economy really starts sliding rapidly and this loss of jobs becomes an avalanche?

Can the U.S. economy and the American people handle another major economic downturn?

Some of the biggest names in the business world have announced job cuts in recent weeks. 

The following are 15 signs that layoffs and job losses are skyrocketing… Continue reading »

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Jul 27

Facebook stock plunges to all-time low (CNN, July 27, 2012):

NEW YORK (CNNMoney) — Facebook’s stock opened at an all-time low, after its first earnings report failed to ease worries over slowing sales growth and its plan for mobile advertising.

Shares of Facebook (FB) tumbled nearly 15% to below $23 on Friday, 40% below the company’s initial offering price from May.

Facebook earnings matched analysts’ expectations when it reported its earnings after the bell on Thursday. The company also delivered a 32% gain in second-quarter revenue, to $1.18 billion. That slightly topped forecasts.

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Feb 07

What could possibly go wrong?

ZYNGA HACKED, $12 Million Stolen


Zynga released this statement in response to the breach: “Zynga treats game security with the utmost of seriousness. We want to provide our users with the safest and most enjoyable game experience possible. To that end, we have a world class security team which continues to proactively identify and address security breaches with the highest priority. We will pursue these issues vigorously, which could involve criminal and civil prosecutions.”


Apparently a guy was able to hack into social gaming giant Zynga. He then transferred 400 billion (!) virtual poker chips to his account and proceeded to sell them on the black market. (Yes, apparently, there’s a black market in virtual Zynga Poker chips.) They were worth about $12 million. (Develop)

That’s how they caught the guy, and he has since pled guilty and will probably serve a long sentence in jail (he was on probation from an earlier hacking-related offense).

Continue reading »

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