And a Very Merry Christmas to Wilmington, OH from Bush to You

No, I’m not letting Bush off the hook because some pissed off guy threw a shoe at him.  I would highly recommend the town of Wilmington, OH do the same thing.   It’s a nice, non-lethally violent, way to express one’s displeasure…

WILMINGTON, Ohio — As hard times go, this is about as hard as it gets. The single-biggest employer in these parts is laying off about 7,500 men and women.

In a town of fewer than 13,000 people. In the midst of the worst financial crisis in generations.

“It’s going to test us,” says Mayor David Raizk. “The numbers are frightening.”

Those numbers came in a Nov. 10 announcement by Deutsche Post World Net, the German owner of package-delivery company DHL. After investing five years and nearly $9 billion, DHL is abandoning its ill-starred effort to compete in the United States with FedEx and UPS. Winding down its U.S. business will eliminate 9,500 DHL positions around the country plus thousands more here at the company’s local partner, ABX Air.

DHL, which has long struggled in the U.S., said in May that ABX would likely lose business that supported thousands of workers. But the global financial crisis magnified shareholder pressure on DHL’s German owner and accelerated the erosion at the No. 3 company in a three-company market, triggering DHL’s exodus. Exposure to bankrupt investment bank Lehman Bros. blew a $450 million hole in third-quarter earnings at the German giant’s banking subsidiary, while DHL’s customers grew tightfisted amid the spreading economic malaise.

[full story]

And this is what’s going to happen if we sell off our auto industry too.  Sharehlders and foreigners aren’t going to take a hit to keep Americans working.  Sorry to be the bearer of bad tithes, but that’s the facts, jack.

If you think this whole debacle can’t be directly traced back to our current President and his policies, you haven’t been paying very close attention.  And now we all get to pay for that apathy and ignorance.

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4 thoughts on “And a Very Merry Christmas to Wilmington, OH from Bush to You

  1. Ummm, I’m one of those people getting screwed by dhl and I have been paying attention. According to my research the whole financial mess was started by forclosures due to people not being able to afford what they bought. How were they able to buy it? Perhaps a look into the Clinton administration will clarify that for you. Dork!

  2. I’m sorry to hear about that. I hope things work out well for you.

    And Clinton did make a rather large blunder that set the stage to allow this to happen. However, without the SEC lowering banking leverage requirements in 2004 and the U.S. borrowing a couple trillion dollars to finance Bush’s tax cuts and his War in Iraq, we wouldn’t be where we are today.

    I have a much longer explanation for the crisis here.

    Good luck.

  3. My family lives and works in Wilmington, I am a Realtor, and my husband is a mortgage banker and I have to agree with DoRight. Just sayin’.

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