Originally published on Thu February 9, 2012 2:08 pm
Kandral McKenzie delivers Pepsi products in New York on Thursday.
Credit Mark Lennihan / AP
PepsiCo, the maker of Pepsi soda and Doritos chips, said it will cut 8,700 jobs worldwide. That represents about 3 percent of its 300,000 person global work workforce.
The announcement also comes just after the company announced better-than-expected fourth-quarter earnings. The Financial Times reports that net income for the company rose 3 percent to $1.4 billion and revenues were up 11 percent to $20.1 billion.
Spaniards march through the streets of Madrid, Nov. 27, 2011, to protest spending cuts, high unemployment and political corruption. The government is proposing an overhaul of the country's two-tier labor system, in order to close the gap between temporary and permanent workers.
Credit Pedro Armestre / Getty Images
For his age group, Spaniard Miguel Viada is one of the lucky ones. The 25-year-old has a temp job, at the help desk of a tech company in Madrid. But three out of his four roommates are unemployed.
They spend hours on the computer, sending out resumes, he says.
"It's impossible. They find jobs, but for one month, or something like that. And not in very good places or situations," says Viada, who has a master's degree.
Federal Reserve Chairman Ben Bernanke pauses during a hearing before the House Budget Committee on Feb. 28, 2007.
Credit Alex Wong / Getty Images
Five years ago, a subprime mortgage firestorm was melting down the U.S. economy, but most analysts didn't see it happening.
Federal Reserve Chairman Ben Bernanke, testifying before Congress in February 2007, said the housing sector "is a concern, but at this point we don't see it as being a broad financial concern or a major factor in assessing the course of the economy."
If he and the vast majority of economists were blind to the economic and financial calamity taking shape then, could they also be missing the start of a huge economic boom now?