Wednesday, February 2, 2011

It’s the Economy!! Stupid

The above title is the mostly used quote in US, spoken for the first time by former president Bill Clinton who accused Sr. Pres Bush for taking economic issues lightly. And still over a decade on, US economy is in doldrums where companies are laying off their staff to focus on their core business at times when the economy is in recession.

One of these companies is Yahoo which has recently announced that it will spoof off its staff to cut down on its expenses and it will also close down eight of its services including its popular social networking site Delicious. Yahoo has recently closed its Briefcase and Geocities services. But Yahoo in later statements denied the closure of ‘delicious’.

Other US companies that collapsed last year include A&P a grocery chain with 1400 outlets in East Coast, Affiliated media which couldn’t survive due to ever growing influence of the internet, Ambac The main subsidiary of this bond insurer sold protection on mortgage-backed securities, American Media etc

After Lehman Brothers, Circuit City, General Motors and Chrysler bankruptcies, the near failures of AIG and Citigroup seem like a year of convalescence for the global economy.

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