Yes, that’s right. Quite amazing. It was led by Caterpillar, but also retailers like Home Depot. Kevin O’Leary estimates that this means we might be heading towards 10% unemployment in the U.S. Yikes!
According to O’Leary today on BNN, pretty much the only remaining hope in the investment world right now (in terms of earnings) is McDonald’s. Pretty sad. I certainly will never support McDonald’s with my dollars.
If you look back on some of the things that Nouriel Roubini has been talking about, which I discussed in this previous post, he’s starting to seem quite a bit more realistic rather than “Doom and Gloom”… looks like he’s basically right about it being the worst recession in 50 years. It sounds quaint now, with all that’s happened in the last two months.
Update: Actually, according to the Financial Post, today saw 75,000 jobs cut!!!
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