Welcome back to the New Depression! In case you’re keeping score: Citigroup is cutting over 50,000 jobs (and jacking up its credit card rates), JP Morgan Chase will cut about 3,000 worldwide, and Lowe’s earnings fell 24 percent last quarter. In the past two months the U.S. lost about half a million jobs (even the super-healthy magazine industry was not spared) and things don’t look good for November. The market is tightening its sphincters.
Your friends at Motley Fool, who till recently were cheerfully telling you how to get rich in the stock market, now provide a “Recession Survival Guide,” advising you “stay employed,” “get out of debt,” and “spend less.” No word yet how long their jobs will last.
This article from the Village Voice Archive was posted on November 17, 2008