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Welcome to the opening ceremony of a modern depression.
The effects of the financial shock are starting to make themselves felt in my neck of the woods. Neighbors on three sides not involved even peripherally in the financial markets are unemployed now. Vacations for the year have been cancelled.
Even Paramount Pictures announced this week that they would only be “green lighting” 20 films for production instead of their originally budgeted 25.
General Motors (NYSE:GM), Ford (NYSE:F) and Chrysler (DCX) are laying off thousands upon thousands.
Copper and nickel mines are closing, and feasibility studies are being postponed. Yahoo is laying off 10% of its workforce.
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