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...January, the economy lost 600,000 jobs. There is no reason to think that the monthly number will be any smaller between now and the end of April. The biggest concern will be whether the near-term future looks so grim to managements that they will begin another substantial round of cuts as they look at their likely second quarter results. This would indicate that the total job loss for 2009 could move above six million. To economists, that would look like the end of the world...
...next big wave of layoffs will begin in the retail industry where there is still too much store capacity to be supported by a moribund consumer. GM has already signaled its intention to cut additional employees and, based on the rate of the drop in its sales, Chrysler will be forced to eviscerate its employment base further...
...these bonds that the government's aggregator bank will have to deal with first. In a November survey officers at the nation's largest banks said CDOs were among the assets they would most like to sell should the government begin buying troubled bonds...
...people dead in southern Australia burned with such speed that they resembled less a wildfire than a massive aerial bombing. Many victims caught in the blazes had no time to escape; their houses disintegrated around them, and they burned to death. As firefighters battle the flames and police begin to investigate possible cases of arson around some of the fires, there will surely be debates over the wisdom of Australia's standard policy of advising residents to either flee a fire early or stay in their homes and wait it out. John Brumby, the premier of the fire-hit Australian...
...schools, are needed. Moreover, the recession should spur those outside the public-school system to think of ways they can help. Students, at Harvard and elsewhere, should view the budget shortfalls as a call to serve their communities by volunteering at schools. Private foundations should also look inward and begin working to rebuild the American education system. It will take more than government to lift our schools out of this slump, and everyone must begin to do their share...