A gloomy day right after the President’s inauguration
The day back to work after a day off from Martin Luther King Day and the President’s inauguration doesn’t seem to be such a great day. Our CEO announced at our town hall a cut of 300 jobs over the course of the year in response to the current economic turmoil. Our company, along with the other financial companies, has the front-row seat to the financial blow.
This financial meltdown started with Lehman Brother filing bankruptcy, followed by Merrill Lynch seeking refuge, and AIG requesting a loan from US Federal Reserve. The unfolding crisis continues with multibillion losses reported last week by Bank of America Corp. and Citigroup Inc., intensified after the Royal Bank of Scotland 's forecast with a loss possibly topping $41.3 billion.
Everyone is in for a rough ride. How does one weather this financial crisis? How do we get out of this vicious cycle? I really don’t know. I am losing faith reading all these headlines. I should stop reading them anymore. I do hope that President Obama has some answers. I am sorry that I do not have much faith in him as do the other investors. The stock market tanked right after his inauguration speech. It doesn’t seem like that his speech has any boosting effect.