And so the other shoe dropped

with a loud KA-BOOM yesterday. The company laid off massive numbers off sales reps. I have no idea the total number of employees who were laid off. In my little office 5 sales reps were let go. That is 5 out of 16. Also one person that we call a sales overlay was laid off. Nationwide the number must be staggering.

Last Thursday I heard something and saw something else that lead me to believe there were going to some lay offs Monday but I had no idea it was going to be so huge. Primarily the sales reps who were laid off were under performers and maybe should have been gone already.

But when it comes right down to it these employees are people with families. Some of them were friends. It was a sad day and it sucked.

It is what it is…

The day after 3rd quarter earnings were announced the company I work for sent an email to all management employees announcing that there would be no future payments into the pension plan. What is in the pension plan will be frozen at the end of the year. What that means is that my pension as calculated for 12/3o/2009 won’t change regardless of when I retire. For me this is a good thing. I was going to lose my highest earning year and going forward my pension would have been somewhat less because of that.

While I say that this is a good thing for me it is another sign that the economy is not turning around. Everyday some company is announcing more layoffs. One department in my company recently announced a 30% reduction in their workforce.  Some of that 30% is made up of union employees. The company had to give a 60 notice to the union when reducing union jobs.  The management employees have already been let go.

More to follow I am afraid.







Thank you US Navy for not frivolously spending my tax dollars

I just heard on the local news that only one US Navy ship will be docking in Portland as part of Rose Festival Fleet Week. The decision was made that Seattle, Portland and San Francisco will each only have one ship arrive for their respective Fleet Weeks. This is to save money on the time needed to travel to each port. There will still be several US Coast Guard ships arriving in the next couple of days. But my guess is that they have far less travel time to get to Portland.

I posted earlier about how great it is that the Waterfront VIllage opened a week early and business was booming bringing much needed $s to Portland. But on a more global persepctive I am glad to see that the US Navy is cost conscience. What a huge change from pre 911 and even the last few years. A real sign the the weak economy is hitting all aspects of US lives.

The USS Charleston was the first ship to visit the Portland Rose Festival in 1907 and the navy’s annual Rose Festival Fleet Week visitation has been an annual tradition for nearly 80 years.

On a side note it is now almost two weeks now since Rose Festival began and there has only been a trace of rain last night or this morning depending on where in the area you were.