We’re expecting the job losses report to come out today - I know for a fact that a lot of companies cut back in the month of October - AMD was one of them as a couple people I know were laid off.  If you haven’t heard Dell is also allowing employees to take a voluntary severance package in leu of further job cuts.  

Oh and the other thing that really pisses me off is the US auto-industry.  They are asking for some of that 700bn tax payer bailout.  Just like the banks, the auto-industry put themselves in this position.   While I feel really bad for the workers, I think the management for the auto-industry can go fuck themselves.  I’m not paying for your mistakes and poor management - they continued to tool up to sell more and more non-fuel efficient vehicles.  They continued to hold back innovation in an effort to continue to make profit.   I want the US auto-industry to crash hard.

Yeah, looking more bleak for the Auto industry, but I’m personally glad that the detroit industry is having a hard time - they have not been playing the game right, they have purposfully held back technological endevors that would jump the industry into the future.

NEW YORK (CNNMoney.com) — A merger between U.S. automakers General Motors Corp. and Chrysler is likely on hold until after next week’s presidential election, as the U.S. Treasury Department said it will not provide the automakers with aid, the Detroit Free Press reported Friday.

GM had asked the Bush administration and Congress for a loan of about $10 billion to help keep the struggling company operational. It said that it could possibly use the aid to fund a merger between it and Chrysler, which is owned by Cerberus Capital Management.

Many experts have said both companies would need to merge to stop their recent bleeding. GM (GM, Fortune 500) has only about $21 billion in cash and Chrysler has $11 billion, although most of that was borrowed.

GM said Wednesday that overall sales were down 11.4% worldwide in the third quarter compared to the same period a year earlier. With auto sales plummeting globally, analysts say the merger would save the companies billions of dollars in redundant expenses.

But that would also mean tens of thousands of jobs lost. Analysts have estimated that the total job loss in a GM-Chrysler merger could be as high as 90,000.

The really bad part is that the American worker is getting hurt by the morons that run GM.