Tuesday, July 01, 2008

Second Law Of Thermodynamics Violated, Then Confirmed

Starbucks is closing 600 of its stores and cutting 7% of its work force.

As many as 12,000 full-time and part-time retail positions will be eliminated with the store closures all over America. Which, in turn, means that the Fed will have to give another $75 billion to Wall Street banks next week. Don't worry, baristas and baristos will figure out a good use for their biology and ethnobotany Masters degrees.

4 comments:

Vincent said...

It would be nice to be rid of Starbuck infestations over here too.

Still Life Living said...

Here comes the recession. People are cutting back on extras. The past 10 years has been financed through debt consumption. Now, even the credit card companies are having a hard time selling their debt in the secondary market.

banks are fu*ked (except for the state-protected BofA -- our national bank but in private hands).

MarcLord said...

vincent, the way things are going here, Starbucks may be moving its HQ right into your neighborhood

MarcLord said...

SLL,

yah, and look at this:

Fortis Bank predicts US Financial market meltdown within weeks
(Fortis is a large bank and insurer in the Netherlands and Belgium.)

28th of June, 9:10
BRUSSELS/AMSTERDAM - Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion.

“We have been saved just in time. The situation in the US is much worse than we thought”, says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US”