So, it looks like Nike could be letting 1400 employees go. It also appears that Pier One will be closing up to eighty stores, and Xerox is bracing for a weak first quarter. Anyone who thought that the recession was over, or who told you the recession was over, is sorely mistaken. That said, are we probably on the upside of things–but the phrase comes to mind, “we’re not out of the woods yet.”
In the plus column, however, the Treasury Department has unveiled its new “bad-asset plan” with which it hopes to clear $500 billion of bad assets off of bank’s books (using the government in cooperation with private businesses). This, eventually, would ease lending, and make the whole system start to work again.
And if there’s one thing we like, it’s a working system.