👉Airlines, Disney, Banks, Big Oil, Mass Layoffs & Job Cuts: And The Worst is Yet to Come

👉Airlines, Disney, Banks, Big Oil, Mass Layoffs & Job Cuts: And The Worst is Yet to Come Wow, what a day!!! The country is facing financial Abyss. The pandemic has crippled tourism, retail, and the travel sector. The damage could last years, and layoffs, service cuts, and added debt are all on the table. I guess America can thrive off of massive job losses, record bankruptcies, record loan defaults, and a dead economy in free fall. Historic GDP drop and an economic FREE-FALL and the stock market tears are higher... wow! Just amazing, and the STOCK MARKET BOOM CONTINUES!!! 100% BULLISH for the multi-billionaires and trillion-dollar companies. Stocks only go up. WOW!!! As the layoff moratorium ends, the stimulus talks stalling again, and the second wave of the downturn (Depression) has begun, big companies are laying off thousands of workers. A massive layoff wave continues and is turning into a devastating Tsunami. Temporary layoffs becoming permanent job losses. Another flurry of bankruptcies and permanent closures is expected as cold weather arrives. Shell and Continental announcing thousands of layoffs, and Goldman Sachs Group, Allstate, and Marathon Petroleum each announcing layoffs on Wednesday—just a day after Walt Disney said it would lay off 28,000 employees across its parks. Marathon Petroleum to lay off more than 2,000 employees, Shell plans to cut 9,000 jobs. KPMG will be eliminating 1,400 jobs. Goldman Cuts 400 Jobs. They don't need that many employees to count the stock buybacks. The retail store closings in the US reaching a record in the first half of 2020, and the year is on pace for record bankruptcies and liquidations, The Wall street journal reports. Bankruptcies in the New York City region have surged 40% during the pandemic, according to Bloomberg. New York City will face an extended financial crisis, the likes of which have not been seen since the 1970s. Las Vegas too is losing a quarter of a million jobs in just two months, CNBC reports. The airlines too are starting massive layoffs. American Airlines and United Airlines plan to furlough a combined 50,000 workers starting today. If congress bails these companies out again, there need to be some strings attached. Take the average wage of all airline employees, from bag handlers to pilots. That should be the CEO's and all upper management compensation until the loan is paid back. No 12 million dollar salary for Doug Parker. Also, no stock buybacks using borrowed money. The bailout is more than $1 million per job. You know this is not about saving jobs, but saving executive bonuses and bondholder returns. Airlines are now seeking a BIGGER bailout than previously thought. American Airlines CEO Doug Parker said that if Washington comes up with a deal with $25 billion for airlines over the next few days, the company will reverse 19,000 furloughs set to begin Thursday and recall the workers. 25 billion dollars !!! For Nineteen thousand workers that are approx 1.3 million per worker! I would rather give each worker $100,000. The employees would be better off with direct payments from the government, bypassing bailouts for the airlines completely. Let's face it ;95% of profits over ten years from the airlines went to buybacks. We shouldn't give them a dime. The executive suite should be fired first, right off the roof. There is good debt, and then there is bad debt. This is the epitome of bad. The airlines and other companies have been raising money any way they can just to burn it. The Fed and government have enabled and even encouraged this behavior. I have little doubt the airlines are going to get their bailout. Doug Parker(American Airlines CEO) made $11.5 million in-stock gifts in 2019 and about the same in the previous years. If they would just begin taxing this as regular income and close up the tax loopholes for the rich, it would stop a lot of this buffoonery. When Warren Buffet said that there nothing wrong with stock buybacks when used properly, he was being disingenuous. The fact of the matter stock buybacks are typically used just to inflate stock prices, thereby increasing the executive and board members' compensation, which is taxed at a lesser rate. There are companies that borrow money to buy back their stock. What idiocy is that? It enriches them while eventually destroying the company. Buybacks are simply burning cash. This cash could be better used for R & D, acquisitions, even marketing. Its time to allow these goliaths to sink or swim with no bailouts, and its time for there to be consequences and measures put into place to punish their irresponsibility. That money is needed in other places, and why should we save companies that nickel and dime us for everything as consumers, but their CEOs get golden parachutes. Its time we turn our torches and pitchforks on the failing airline industry. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to click the like button. And as You know friends, I rely on your donations to keep this channel functional; as you know, it takes a crazy amount of research and time to bring you this content on a daily basis, so I hope you consider helping with whatever donation you can afford. Thank You. The U.S. economy shrank at a historic rate during the second quarter of 2020, with gross domestic product falling 31.4% from April to June, according to data released by the Commerce Department on Wednesday. The drop is little changed from the second estimate released a month ago and is far worse than the previous record of a 10% drop in the first quarter of 1958. We just lived through a period where the US economy shrank by 30 percent in five months. That would have been laughably absurd science fiction in every year of my life before this one. Another 837 thousand more Americans filed for unemployment benefits for the first time last week. Airlines are hours away from cutting more than 32,000 jobs if they don't get billions more in federal aid. It is a black hole. They're gonna cut those jobs anyway, like right after they get their money. Yes, the economy is great! No problems at all! Wait...more stimulus on the way. Commercial plane production used to be one of the few export bright spots in industrial goods. Overall exports in August fell 13.3% year-over-year. The only single-digit decliner was exports of food, feeds, and beverages -3.3%,$11 billion. Exports of all other major categories fell by the double-digits: industrial goods -11% or $39 billion. Partially caused by the Boeing B737MAX fiasco and travel bans. Even though more than 60 million American workers filed new claims for unemployment benefits in 2020. We're still seeing 800,000 new layoffs every single week. More like 1.5 million if you factor in PUA claims as well. Twenty-five million people are still collecting unemployment benefits, with many job losses becoming permanent. To give some context, the Great Recession peak for unemployment claims was 665,000 in March 2009, and the all-time mark of 695,000 occurred in October 1982. More waves of unemployment are still on the way. We are in the midst of a catastrophe! Corporate executives ax thousands of employees with families, shed crocodile tears, stock price increases; they cash out on stock options to become richer. In addition, they use debt for company buybacks and dividends instead of capital investment, and investing in employees, endangering the health of the company. Besides banksters , is there anyone more evil than these corporate monsters? These layoffs have been planned for months; you do not suddenly lay off that many people without a continuation plan in place. I expect to see a lot of these prior to Christmas. It's the natural result of shutting down or restricting 80% of your businesses. Many of these cities, such as New York City, Portland, Seattle, are never going to recover; look at Detroit's 1967 riots and how they NEVER recovered as your model. The damage is done to the population. Even if everything is lifted. Most large companies will not, which unfortunately make up a large segment of commerce, big boxes, restaurants, etc. I don’t like it either. But the psyche of the population will take years to work its way out. People aren't scrambling to keep a roof over their head, they don't even have to pay rent or their mortgage anymore, they were getting free money, and basically sucking off the government teat. It's despicable. They can't even hire workers around here because they are sitting home, getting high, and getting paid for it. Over the past six months, 60 million Americans signed up for unemployment. The U.S. government hurled money at them for not working. What a great idea; why didn't I think of that? It's probably worth pondering what happens when the government runs out of trees to print more paper or stumbles into a shortage of ink. Many, perhaps even most, of those in the ranks of the newly unemployed will never get their prior job back. The depression is hurting both those making minimum wage flipping hamburgers and tens of thousands of highly paid airline staff now without a future. The riots will not just continue; they will get a whole lot worse. Retail bankruptcies, store closures hit record in the first half. This is almost certainly the worst year in recent history for retail. The big question is what exact items people spent all the money on. The home office staff, computers, and video games are clear winners. But, what exactly else is the big question. Besides their new home office stuff (mainly chairs and desks), which they will have to keep if Work From Home becomes permanent, otherwise, they might toss a lot of this stuff away. Gun stores have had a hell of a run. Ammo–especialy. Defense loads–is in short supply. There exists an incredible shortage of ammunition, certainly in the common calibers. It cannot be had anywhere! Checking the sites for major ammo and component sales outlets and producers, everything is back-ordered several weeks to 2 months, even though they are running 24/7! Where in the world is everything going? Buying guns could explain a lot, but only if they are taking on a truckload of ammo at the same time, ammo, which doesn't exist! Something is definitely afoot! Disney is laying off 30,000 workers, and soon airlines will shed 40,000 jobs as well. Just wait until Fall/winter rolls around, and cases explode again, leading to the reimposition of restrictions at the very least, if not outright shutdowns. Many businesses are struggling as is. Businesses that had planned to close only temporarily have now decided to close permanently. But things are about to get worse. The US second-quarter GDP down 31.4%. Interest rates need to be at 0 just to keep this fake economy going. Eight hundred thousand plus job losses the past several weeks. We have the worst handling of this pandemic in the entire world. It's great times here in the USA. The recession/depression is just starting. The fact that the Fed pledged to keep rates low for years tells you they are very worried, and they should be. Let's be honest. The supposed success of our economy is based on two things - technology and money printing. Without either of those, the economy is in tatters. Crony capitalism and shipping productive jobs overseas are not the path to a stronger and more prosperous US. Outside of the tech bubble, the economy is a wasteland, where we consume far more than we produce. Time for some very large changes, but neither the democrats (big bureaucracy) or republicans (laissez-faire capitalism) are the answer. There is another answer, which is true capitalism, where the government prevents monopolistic behavior and creates a coordinated tax and trade policy that rewards enterprise, but breaks up monopolistic enterprises, consolidation of corporate power, and reduces offshore production. ASSETS MARKETS CRASHING. Too much uncertainty. CV19 flaring. Economy horrible. Election Wars. Supreme Court battle. Dangerous time in world history. DO NOT DO what I did. I bought Gold and Silver yesterday. Hold cash. Be smarter. Be patient. Worst is yet to come. This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. And please take some time to subscribe to my back up channels; I do upload videos there too. You'll find the links in the description box. You will also find a PayPal link if you want to make a donation. Thank you wholeheartedly to all those of you who have already donated. Stay safe and healthy friends! Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.