Source: The Guardian

The previous downgrade was a decision of the ace credit reporting agency Standard & Poor’s but research reveals that the Bank of America units predict that the next credit downgrade would be a decision of either Fitch or Moody’s. The stock and bond markets swooned after the Standard & Poor’s curbed the nation’s bond rating in the month of August, after the long months of bickering by the Congress on how best to reduce the expenses and also curb the budget deficit. Research reveals that the United States spends almost 40% more in a year than it collects on taxes.

All the major credit rating agencies strongly feel that another credit downgrade is round the corner if the Congress emerges unsuccessful and can’t come up with an authentic plan to reduce and curtail the deficit. This is the reason why the experts are predicting at least one more credit downgrade by the last week of November, 2011 or the first week of December. Instead of agreeing to cut down the deficits, or add new taxes, the president Barack Obama and the Congress appointed a bipartisan “super-committee” so that they could reach the deal and lower the US debt deficit by at least $1.2 trillion by the last week of November, 2011. If there’s no further deal, there will be some automatic across-the-board cuts through which there will be a restriction on discretionary spending. The Congress would be free to stop all of these reductions if it wanted.

Therefore, if you’re a debtor who is worried about the future interest rates, you must look at the big picture. Take firm decisions so that you don’t fall in trouble in the near future. Make sure you save enough money and form a cushion on which you can fall back during uncertain times.

Author Bio: Kavin Matthews is a financial writer who deals with the contemporary finance world. He loves to analyze certain present financial issues so that he can make people aware of the pros and cons of their financial decisions. He contributes news articles to various blogs, communities and websites. To know more on debt, you may follow us to http://twitter.com/debtcc

According to the latest figures of the Labor Department, the US economy has seen another 54000 job losses in the month of August making it the third consecutive month of job losses in US. As a result to the job losses the unemployment rate grew up to 9.6% in August from 9.5% of July.

Total Losses = 54000

Source: Top News US

Russia’s AvtoVAZ plan to layoff 27000 employees to improve performance at a factory that has been clobbered by the sharp drop in demand for cars.

OCI Chemical Corp layoffs 38 employees

Ashland Inc plans to cut 1800 jobs
True Textile layoffs 84 workers

Verizon Communications cuts 8000 jobs

Power-One cuts 300 jobs

GE Consumer & Industrial to close Kentucky plant 125 jobs lost

ATK Space Systems to cut 450 jobs in October

Contec Holdings layoffs 132 workers

Amgen layoffs 100 employees

Hartford Financial Services cuts 270 jobs
Portola Tech International layoffs 130 employees
IMS Health plans to cut 850 jobs

Air Products and Chemicals to cut 1150 jobs

Minerals Technologies plans to cut 200 jobs

Stanley Works cuts 200 jobs worldwide
Flash Networks layoffs 40 cuts salary for others
Bell Helicopter layoffs 150 workers in Canada

Branson Ultrasonics to close Honeoye Falls plant 46 jobs lost
GE Oil and Gas layoffs 93 employees
Law firm Dechert cuts 25 jobs
American Coal Company layoffs 37 workers

Siemens plans to cut 1400 jobs in Europe
Avon to cut 1200 jobs
Pratt & Whitney to cut 1000 jobs in Connecticut

Yahoo to cut 675 jobs
Alliance Resource Partners layoffs 72 employees
Assurant Employee Benefits plans to cut 91 jobs
Hardinge layoffs 50 workers
Intel plans to layoff 294 employees in Ireland
US Airways plans to cut 34 jobs at General Mitchell International Airport
Belden to close Mass. plant lay off 170
Erica Lyons to lay off 75 close Miami facility
Continental Airlines cuts 1700 jobs
Gemini Manufacturing Corp to layoff 81 workers
Carlisle Tire & Wheel to close North College Street plant 340 jobs at stake
Cygnus Business Media cuts 50 jobs
Buckeye Partners layoffs 260 employees
Microdyne to close Groveport center layoffs 78
Arizona Attorney General’s Office cuts 29 jobs

Kimberly-Clark cuts 750 jobs
D.C.’s Department of Mental Health layoffs 120 employees
Harley-Davidson Financial Services cuts 100 jobs

Source: Layoff Tracker

Total losses = 50392

Source: Flickr 19598520@N00/2967191227

Source: Graham Hicott of the Mirror

More than 3000 people a day are joining the ranks of the unemployed as the recession tightens its grip. The jobless total surged by a record 281,000 to almost 2.4 million in the three months to May.

The increase – taking the number out of work to the highest for 14 years – was described as “truly horrendous” by experts. And the tally worsened yesterday as car giant Jaguar announced 300 job losses with plans to cease production of the X-Type at its Halewood factory on Merseyside.

Paul Kenny, general secretary of the GMB union, said:

People are paying a very high price for this bankers’ recession as unemployment heads back to the three million seen in the Tory years. The news that Goldman Sachs intend to restart paying billions in bonuses to bankers adds insult to injury.

The figures showed unemployment  at  7.6% to the end of May – but it is feared to have gone even higher since.  In June, the number claiming dole was up 23,800 to 1.56 million.
Yesterday’s report from the Office for National Statistics revealed youth unemployment at a 16-year high of 726,000.

The number of people out of work for longer than a year also rose by 46,000 to 528,000, the highest for 11 years. TUC general secretary Brendan Barber said threatened public spending cuts could only make things worse, while The Prince’s Trust warned of dire consequences for young people.

Chief executive Martina Milburn said:

Another young person is added to Britain’s dole queue nearly every minute of every day. We need to help them into work before they become a lost generation.

Shadow work and pensions secretary Theresa May said unemployment cast a “dark cloud over the economy.” But Employment Minister Jim Knight said there was hope, with the UK figures better than in the US, Germany and France.

He said:

Through investing now, fewer people are getting stuck on benefit for months and years.

Everyone knows the scams “You have won X hundred thousand pounds or dollars” and you need to send your details to some dodgy Nigerian at some ridiculously false address. Well here is another one, although this time they are being quite crafty by using Google the popular search engine as the rewarders of the prize money. Definitely a scam (no doubt) as you just have to look at the return address or Sender Details.

Anyhoo here is the email.

It finally happened. The super rich workers in the UK earning £150 000 or more are going to be taxed 50% from April 2010.  How sorry I feel for these “poor” rich people…..NOT!

For many years now it seems the rich have gotten richer because they are able to stash their cash into foreign bank accounts where tax is a lot less than the UK, or they hide behind loop holes that prevent them from paying high tax. It is always the middle man (the not so rich nor not so poor man) that seems to end up being screwed by the tax man and every other stealth tax under the sun.

The problem with the announcement today is that a lot of wealthy talented foreign people living and working in the UK will simply up sticks and leave to avoid paying the high tax, which means the country as a whole will lose out on exceptional talent. One has to accept that good talented people cost money and in most cases deserve their huge salaries, but where does one draw the line?

No one likes paying taxes, but it should be fair, and currently I believe the rich are not paying their fair share.

On top of all that, if one takes all the top traders, managers, directors and CEO’s of these doomed hedge funds, investment banks, and banks, why should they get away with screwing up the banking system and not paying for their bad decisions and judgements calls?

On another positive note I see they are increasing the tax on cigarettes and alcohol. Hit them where it hurts the most I say!

Deflation according to wikipedia is defined as a sustained, generalised fall in prices across the economy.

Please note: I get my information from many web sites and news resources. If anything is deemed to be inaccurate, or wrong, then please drop me an email crunchvictims@gmail.com and I will make the necessary changes.

Teradyne Inc. Apr 17,   350
Playworld Systems Apr 17,   38
Sony Ericsson Mobile Apr 17,   2000
Boeing Apr 17,   120
Seymour Tubing Inc. Apr 17,   86
Carlyle & Co. Apr 17,   90
Harley-Davidson Apr 16,   70
ABX Air, Inc. Apr 16,   518
Observer & Eccentric newspapers Apr 16,   44
Ritz Camera Centers Apr 16,   63
Somaxon Pharmaceuticals Apr 15,   7
Air France-KLM Airlines April 15,  2500-3000
Tribune Apr 14,   90
The HOMAC Companies Apr 14,   54
Cisco Systems Apr 14,   1500 10%
Hallmark Cards, Inc. Apr 14,   750
MEMC Electronic Materials Apr 14,   200
ArcelorMittal Apr 13,   400
Owens-Illinois Apr 12,   400
LyondellBasell Apr 11,   3000
InfoSys Apr 11,   2100
CB&I Constructors Apr 10,   80
American Republic Apr 10,   30
Lehigh Southwest Central Apr 10,   40
LyondellBasell Apr 9, 3000
Russian Railways Apr 8, 53700

Total losses = 69030