Looks like we are getting some blood letting in the financials today. ML, GS, and Citi announced layoffs that could be in the tens of thousands.
The Big three car makers, GM, Ford and Chrysler, have huge inventories of SUV's, Trucks and other gas guzzlers and have no inventory of economy cars. We could see one of these Bankrupt this year as all three have been downgraded by S&P to"credit watch negative."
Combine this with our Airlines declaring that the they will post losses of 18 Billion......this year.
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