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- Seditio, on 03/17/2009, -7/+46"Today, the chairman and CEO of Caterpillar said that if the American Recovery and Reinvestment Plan passes, his company would be able to rehire some of those employees," said Obama.
Owens (Caterpillar CEO) said, "I think realistically no. The truth is we're going to have more layoffs before we start hiring again"
Listening is hard, lieing is easy. - inactive, on 03/18/2009, -2/+23Very poor journalism here. Caterpillar was the company that Obama said could rehire people after PRIOR LAYOFFS IN FEB the bill had been passed. Caterpillar CEO politely said, "*****" But this article makes no mention until the bottom and downplays the context.
1 Month ago:
Caterpillar CEO Contradicts President on Whether Stimulus Will Allow Him to Re-Hire Laid Off Workers
February 12, 2009 6:16 PM
EAST PEORIA, ILL. -- President Obama today repeated the claim we asked about yesterday at the press briefing that Jim Owens, the CEO of Caterpillar, Inc., "said that if Congress passes our plan, this company will be able to rehire some of the folks who were just laid off."
Caterpillar announced 22,000 layoffs last month.
But after the president left the event, Owens said the exact opposite.
Asked if the stimulus package would be able to stop the 22,000 layoffs or not, Owens said, "I think realistically no. The truth is we're going to have more layoffs before we start hiring again"
"It is going to take some time before that stimulus bill" means re-hiring, he said. - prunch, on 03/17/2009, -2/+19and then it became a beautiful butterfly
- nihil, on 03/18/2009, -5/+20I thought the "Stimulus" bill was supposed to boost hiring due to infrastructure programs? Guess there aren't that many programs if Caterpillar isn't seeing their business improve.
- haydukeqc, on 03/18/2009, -2/+16Stimulus FTW!
- Lucas123, on 03/17/2009, -2/+16It's sad when an American company as tried and tested as Caterpillar is laying off thousands - really telling about how bad this recession is. On the bright side, Bernanke says we'll be out of it this year.
- MadOgre, on 03/18/2009, -0/+8A company that supports national infrastucture... this is ***** PEACHY.
- stankuo, on 03/18/2009, -3/+11...Meanwhile in a nearby city, AIG employees are cheering for receiving their million dollar bonuses.
- punkcat, on 03/18/2009, -4/+11spelling is hard too.
- datsum5770, on 03/18/2009, -0/+6Bernanke also said everything was just fine last year and the economy and banks were fine...he's a lying sack of ***** J**!
- brandita, on 03/18/2009, -0/+6In addition to the 22,000 they cut in January?
- edstate, on 03/17/2009, -10/+16Help us Obama!!!
- ninjaturtles1, on 03/18/2009, -0/+6Wow! You actually believe what that guy says?
- CLAWC, on 03/18/2009, -0/+6Kinda thought this was the Onion by just reading the title.
I guess a better one would be "Ant lays off 2,000 workers or Bee..." - Mattwdj, on 03/18/2009, -15/+20I guess this is the Change obama promised.
- graemee, on 03/18/2009, -0/+5I'd say your family was hurt, but not as deep as others. Good Luck.
- zediker, on 03/18/2009, -0/+5Oh crap... Never a good sign when the construction industry starts suffering during economic hardship...
- inactive, on 03/18/2009, -7/+110bama should resign.
- Smegzor, on 03/18/2009, -0/+4I call shenanigans. Everybody knows caterpillars don't lay eggs! Those are poos.
- inactive, on 03/18/2009, -0/+4Terex cut back pretty heavily as well, but not as bad as Cat. Overall, I think it was healthy for Terex. We lost a lot of dead weight and the morale of the remaining employees is extremely high.
- poidh, on 03/18/2009, -3/+7noe itss not
- acudoc, on 03/18/2009, -0/+4Another example of the debt-based money system devouring itself.
The fractional-reserve banking system, established by the Federal Reserve Act of 1913 to oversee a debt-based currency, is obsolete and detrimental to the needs of the American people in the 21st Century. The very act of creating money by debt-assumption on the part of the citizenry and productive enterprises gives unwarranted power to a financial elite and erodes the very foundations of the American Republic. The constantly increasing debt with its associated interest acts as a millstone around the neck of industry and stifles economic creativity, while rewarding the well-connected elite generously.
Therefore----
By amendment to the US Constitution, establish a new currency, the American Freedom Note.
All debt instruments (loan contracts, bonds, govt debt, etc.) originating in Federal Reserve banks, all existing Federal Reserve Notes and checking account balances, are exchanged for American Freedom Notes. Creditors forgo liens and are cashed out 100%. Debtors are exonerated, and assume 100% ownership of any encumbered assets, including---and most importantly--- the productive assets of the country (factories, farms, productive enterprises in general).
A fixed quantity of AFNs results from this system-wide exchange and these fresh accounts can be loaned at interest rates determined freely in the marketplace, with the strict proviso that no fractional-reserve lending is allowed from that point forward.
Over time a natural deflation occurs and the American Freedom Notes, fixed in quantity by this Amendment, acquire increasing purchasing power.
Debt forgiveness, greed forgiveness. The financial elite are bought out, the rest of us indentured servants are freed, and most importantly, no blood in the streets and the American experiment in liberty and the enshrinement of the rights of man continues with renewed character! - aaronhoffmeyer, on 03/18/2009, -0/+3Eventually some of the big ticket construction projects will eventually lead to companies like Terex and Caterpillar rehiring, but it might take a year or more.
- momedefome, on 03/18/2009, -0/+3It's just a sign of the times , it's sad all those hard working people lost their jobs
- professorplum, on 03/18/2009, -1/+4***** them, I'll never buy their bulldozers again.
- cubicledrone, on 03/18/2009, -3/+6The truth is that American companies do not want American workers. They don't really want Americans as customers either. The dollars are welcome, but Americans aren't.
We build nothing in this country, and our "employers" are doing their best to make sure we never build anything in the future either. As a nation, we cannot educate our people. We WILL NOT utilize the educations of the people who succeed in spite of how much this country's employment situation SUCKS, and pretty much all of the recent productivity we claim to have achieved is a fraud.
Why? Because our "employers" claim that everything involving Americans is too expensive. Except, of course, the 40,000% markup on that patio furniture.
It would be less of an insult if they took a giant ***** on the dinner table and wiped their ass on the flag. Then again, I suppose they already did. - Agentdvd, on 03/18/2009, -3/+6I feel great about it. I just can't wait until the Obamabots realize they were terribly wrong. I will be laughing my ass off the day it happens.
- zacharytelschow, on 03/18/2009, -2/+4I will, too, but how much damage might be done by then?
- enantiodromia, on 03/18/2009, -0/+2what about Screw?
- KSUdesigner, on 03/18/2009, -1/+3Except layoff doesn't necessarily mean rehire.
http://en.wikipedia.org/wiki/Layoff
"Originally the term "layoff" referred exclusively to a temporary interruption in work, as when factory work cyclically falls off. However, in recent times the term can also refer to the permanent elimination of a position." - slapded, on 03/18/2009, -1/+3they formed a new company.. hehe
- inactive, on 03/18/2009, -0/+2Dang. I think Caterpillar makes some of the best of that kind of stuff and I hope this doesn't whack their quality.
- l034me, on 03/18/2009, -0/+2Nobody ever suspects the butterfly!
- UpperUpsilon, on 03/18/2009, -1/+3My dad works for CAT, and his position was cut, with pay until July to find another job within CAT. Fortunately, he was able to secure another job within the CAT system, because of his rep and his credentials. He narrowly missed being laid off, despite working their for over 20 years. He lost a lot of coworkers, friends, and his pay has been cut dramatically. But he still has a job. Which probably means I will still go to college.
The recession is everywhere, I found out by this narrow escapade. I thought my family wouldn't be hurt. But it's here, its real, and I honestly think that the "stimulus plan" was a gimmick to make the public feel as if Obama is actually doing something in office.
After watching that interview with Bernake, I have hope now, and We, America, will pull out of this stronger and more knowledgeable. - inactive, on 03/18/2009, -0/+2so appropriate for this economy... where's my Head on the Door? I can go for "Sinking" right about now.
- MCJackhammer, on 03/18/2009, -0/+2If
Caterpillar=CAT
then
Butterfly=BUTT - mcoulter876, on 03/18/2009, -0/+2How the hell can an insect do that?
- inactive, on 03/18/2009, -0/+2 That's a real shame...But i bet that the CEO and his upper crust team didn't take a cut..Oh no!
- inactive, on 03/19/2009, -0/+2caterpillar corporation is known by human rights advocates as a killer...the caterpillar is used as a weapon of war
- MCJackhammer, on 03/18/2009, -1/+2Y0U f@!L
- deema1, on 03/18/2009, -0/+1You're right that it is sad. The problem is that the meddling at the hands of this and last administration's policies are going to prolong the country's pain. I would not listen to a thing that Bernanke says. He's either a liar or he's clueless -- he's been wrong every single time he has spoken over the past year and a half.
- itsthemechanic, on 03/19/2009, -0/+1Well, they won't fold, the Israelis still need spare parts for theirs to flatten more Palestinian homes. So cheer up.
- BotchaMcCoola, on 03/18/2009, -0/+1My guess is that countries like Brazil, India and China will be the new leaders in that industry, RossetaStone for Portugese, look for my order soon.
- dungbeetle, on 03/18/2009, -1/+2I live near Peoria, Illinois and this has hit several people very hard. Basically Cat is firing everyone up here so they can move to Texas or Mexico for cheaper labor. It doesn't help that the unions are like leaches here but it feels like a giant middle finger to the people who made it the company it is.
- accvrat, on 03/19/2009, -0/+1Sound about right...
- MCJackhammer, on 03/18/2009, -1/+2....means the stock market turning around...
- MCJackhammer, on 03/18/2009, -1/+2Glad you're laughing your ass off about people losing their jobs.
As for being wrong....keep waiting... - accvrat, on 03/19/2009, -0/+1True, guess no one wants to hear the truth...
- accvrat, on 03/19/2009, -0/+1I was gonna say what about deere, hav'nt hear about them in the news... looked at their stock... not good
- Chordonblue, on 03/18/2009, -0/+1Well thank God the unions didn't capitulate, huh?
You know, principle doesn't fill your stomach. -
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