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CONCERNS ABOUT THE STRENGTH OF THE ECONOMIC RECOVERY PUSH STOCKS LOWER IN THURSDAY TRADING.
THE DOW SLID ALMOST 94 POINTS, TO CLOSE AT 10, 332.44
THE NASDAQ AND S&P 500 ALSO FINISHED SHARPLY LOWER.
AOL HAS ANNOUNCED A DRASTIC MOVE TO REDUCE OPERATING COSTS: IT'S CUTTING A THIRD OF ITS WORKFORCE.
THE ONCE POWERFUL INTERNET COMPANY PLANS TO LAYOFF ABOUT 2,300 PEOPLE.
AOL WILL SEEK VOLUNTEERS FOR LAYOFFS, BEFORE CUTTING JOBS INVOLUNTARILY.
THE MOVE IS IN PREPARATION FOR ITS SCHEDULED DECEMBER 9TH SPINOFF FROM PARENT COMPANY TIME WARNER.
IN ANNOUNCING THE LAYOFFS, AOL CEO TIM ARMSTRONG TOLD STAFF HE WOULDÂ FOREGO HIS ANNUAL BONUS.
AS AMERICANS CONTINUE TO LOSE THEIR JOBS, RECORD-NUMBERS ARE FALLING BEHIND ON THEIR MORTGAGE PAYMENTS.
DESPITE GOVERNMENT EFFORTS TO HELP, THE MORTGAGE BANKERS ASSOCIATION REPORTS NINE-POINT 64 PERCENT OF WERE DELINQUENT IN THE THIRD QUARTER.
AND THAT DOES NOT INCLUDE HOMES THAT WERE ALREADY IN FORECLOSURE.
WHEN COMBINED- WE ARE LOOKING AT NEARLY ONE IN EVERY SIX HOMES.
INTEREST RATES IMPACT US ALL, BUT PERHAPS NONE AS MUCH AS THE FEDERAL GOVERNMENT.
THE CONGRESSIONAL BUDGET OFFICE PREDICTS THE NATION WILL COMPILE NINE-TRILLION DOLLARS IN DEBT
IN THE NEXT DECADE.
AND MORE THAN HALF OF IT, FOUR-POINT-EIGHT TRILLION, WILL BE TO PAY THE INTEREST ON THAT DEBT.
FOR BUSINESS BRIEF, I'M STAN CASE.
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