Sign of the times

[jsm]

This is scary.

Intel cuts 5000 jobs.

I knew things were getting bad - but that is REALLY bad. A friend of mine at Cisco told me they are implementing a hiring freeze there. I know Palm has instituted a hiring freeze AND a re-org quite some ago.

Now, if Microsoft implemented a hiring freeze, that's when we know things are getting really, really bad.

EDIT: More bad news. Cisco is supposed to lay off 5 percent of it's work force. To quote The Dude, that's a bummer man.

Cisco to lay off 5% of work force.

 

[silhoutte]

<< Shares of Intel rose 31 cents to $33.25 in Nasdaq trade ahead of the news >>



it will increase on Friday's trading day. CEO's take huge pay hikes while laying off employees.
You can't believe how often this happens and has been happening since 1980ish.

Big business owns our government, they know it and use their leverage to push policy that fits their agenda. My eyes were recently opened and have been giving it some thought.

Eventually, the middle class will be squeezed out if this continues.
And if you think you're immune since you make 150k, you and your money is effected the same way as for someone who makes 50k.

Time is coming when there will be some hell raising and hog (politicians) hunting and butchering.

 

[Chris A]

After reading that story it seems as though Intel is doing what it has to to stay in the market. Chip prices are down sales are flat.

<< The 5,000 job cuts, which represent about 5.9 percent of the company's total work force, are expected to take place over the next nine months and will be primarily through attrition, Intel said. >>



Seems like a fair and honest thing to do. I have seen other places driven to the ground because they could not get their costs under control.