I thought this might be interesting with all the bad economic news recently, and interview with a CEO who laid off 10% of his company.

"But there is another side to layoffs that doesn't get told very often. That's the story of the people who do the laying off, those who make the decisions about who stays and who goes."
link

Dale Gribble.

It's the real world.. get it over with and move on. Of cause for me it left a mark. It's hard to walk into the meeting room full of people that will soon leave. Everyone was quiet. The mood was so thick that... "Like all the happiness drain from the world." -from Harry Potter.

tuphat said:The sad / ironic part of the story is that the CEO was probably more responsible for the company's difficulties, but it's the rank-and-file that suffer from his/her incompetent management.

The really horrible thing is that they're all suffering from mistakes made by government officials who refused to regulate the banking industry, the banks and financial companies that took on insane risks to better their bottom lines, and the idiots who bought houses they could not possibly afford.

darkmeridian said:tuphat said:The sad / ironic part of the story is that the CEO was probably more responsible for the company's difficulties, but it's the rank-and-file that suffer from his/her incompetent management.

The really horrible thing is that they're all suffering from mistakes made by government officials who refused to regulate the banking industry, the banks and financial companies that took on insane risks to better their bottom lines, and the idiots who bought houses they could not possibly afford.

it all boils down to greed

darkmeridian said:...The really horrible thing is that they're all suffering from mistakes made by government officials who refused to regulate the banking industry...Regulation of Fannie/Freddie is what sank them. They were REQUIRED by Congress to make loans as a social tool to make possible home ownership by people who wouldn't otherwise qualify. When some in Congress complained about four years ago, they were called racists, etc..

Xnarg said:darkmeridian said:...The really horrible thing is that they're all suffering from mistakes made by government officials who refused to regulate the banking industry...Regulation of Fannie/Freddie is what sank them. They were REQUIRED by Congress to make loans as a social tool to make possible home ownership by people who wouldn't otherwise qualify. When some in Congress complained about four years ago, they were called racists, etc..Nah, the real problem was that the regulators allowed them too much leverage. If you look at the numbers, their loss is inline with the overall market, i.e., much, much better than subprime mortgages. They simply didn't have enough capital to absorb losses when the national market dropped 20%.

Another simple fact to point out: default correlate most strongly with HPA. Remember, there had been no policy to force banks to lend in bubble prone areas.

Xnarg said:They were REQUIRED by Congress to make loans as a social tool to make possible home ownership by people who wouldn't otherwise qualify.

"We've got a problem here in America that we have to address. Too many American families, too many minorities do not own a home. There is a home ownership gap in America. The difference between Anglo America and African American and Hispanic home ownership is too big. And we've got to focus the attention on this nation to address this."

"The single greatest barrier to first time home ownership is a high downpayment. It is really hard for many, many, low income families to make the high downpayment. And so that's why I propose and urge Congress to fully fund the American Dream Downpayment Fund. This will use money, taxpayers' money to help a...low income buyer make a downpayment."

"A third major barrier is the complexity and difficulty of the home buying process. There's a lot of fine print on these forms. And it bothers people, it makes them nervous. And so therefore, what Mel has agreed to do, and Alphonso Jackson has agreed to do is to streamline the process, make the rules simpler, so everybody understands what they are -- makes the closing much less complicated."

"That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge."

"Let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system...Fannie Mae and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts. This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments."

"We want everybody in America to own their own home. That’s what we want."

"Half of the Hispanics and half the African Americans own their homes. That's a homeownership gap. It's a gap that we’ve got to work together to close for the good of our country"

"We've got to work to knock down the barriers that have created a homeownership gap."

"I set an ambitious goal. It's one that I believe we can achieve. It’s a clear goal, that by the end of this decade we'll increase the number of minority homeowners by at least 5.5 million families."

"I issued a challenge to everyone involved in the housing industry to help increase the number of minority families to be home owners. And what I’m talking about, I’m talking about your bankers and your brokers and developers...And the response to the home owners challenge has been very strong and very gratifying...Partners in the mortgage finance industry are encouraging homeownership by purchasing more loans made by banks to African Americans, Hispanics and other minorities."

"Nearly 70 percent of Americans enjoy the satisfaction of owning their own home, and my Administration continues to promote an ownership society where the promise of America reaches all our citizens. The American Dream Downpayment Act of 2003 is helping thousands of low to moderate income and minority families with downpayment and closing costs. Since 2002, when I announced our goal to help 5.5 million minorities become homeowners by the end of this decade, the rate of minority homeownership has climbed above 50 percent, and more than 2.5 million minority families have become new homeowners. My Administration will continue to provide counseling and assistance for new homebuyers and expand homeownership opportunities for all Americans."

kamalktk said:I thought this might be interesting with all the bad economic news recently, and interview with a CEO who laid off 10% of his company.The Romans called this "decimation" and was usually punishment for fleeing or cowardice in battle by a regiment.

I especially hope he lays off Samir Naga...Naga...Nagonna Work Here Anymore....

"Date Posted: Dec/03/2008 4:04 PM
Rating: +3

I hope he lays people off on Friday, since studies have shown statistically that there's less chance of an incident "