Open Space Depression

During the early nineties I was working for Tellabs, a large high tech telecommunications equipment manufacturer. A great company to work for, Tellabs at the time was led by Mr. Mike Birck, one of its founders. We had launched the TITAN 5500, which has gone on to become perhaps the greatest core product in communications networks, and is still part of many of the TDM transport backbones.
Towards the end of the decade, Tellabs built a magnificent corporate office building, a palace paid for by the TITAN 5500. Unfortunately, as the complex was finished and was beginning to be occupied, the 2001 Internet dot-com bubble burst. Two years later, the beautiful complex was only half occupied, and part of the building looked like a ghost town.
These memories were revived thanks to an article onMSNBC titled "Cubicle graveyards disrupting office harmony-Empty workspaces creating morale problem for those who remain." The article reports that "Mass layoffs throughout corporate America have created cubicle and desk graveyards in office buildings from coast to coast. After years of shrinking office space for employees, the recession has brought about a new trend — more room for workers to stretch out.
An ever-growing office void-
The average square foot per office occupant has risen to 435 square feet so far this year, from 415 square feet in 2008, according to International Facility Management Association, or IFMA, in a soon-to-be released report. "There is simply more space per person in the workplace, meaning there are fewer people occupying a greater amount of space, and this is just over the course of a year," says George Deutsch, a spokesperson for the association. "We attribute this to the economic downturn and layoffs our nation is currently dealing with." It’s creating morale problems for employees, not to mention logistical nightmares for companies and the facilities maintenance staff.."

From BRIC to TRIC

BRIC = Brazil, Russia, India, China
TRIC = Terrorism, Recession, Immorality, Chicanery

For the past ten years, the BRIC countries have been all the rage- growing fast, attracting fast (and loose) money, building like crazy, and nouveau rich showing off. Now, Brazil is having serious economic problems, Russia's rouble is in a rubble, China is trying hard to fight the downdraft, and India, in addition to economic problems, has had Mumbai attacked and brought down for three days. It is time to put on a new pair of glasses and see the current imagery.

Terrorism

Keith Obermann brought up a key point today, in light of the terrorist actions in Mumbai. Does India have the right to strike against targets in Pakistan that are considered 'housing terrorists,' just as United States did against Afghanistan after 9/11, and then followed with the Iraq war? Obama and Bush are not answering the question, while others are urging restraint. Since the U.S. is already carrying out actions inside Pakistan, this point is perhaps moot- except that India and Pakistan have historically been at odds.

Recession

Today, the National Bureau of Economic Research (NBER) reported that the U.S. entered a recession in December 2007.

From the Tribune...
**The White House commented on the news that a second downturn has officially begun on President George W. Bush's watch without ever actually using the word "recession," a term the president and his aides have repeatedly avoided. Instead, spokesman Tony Fratto remarked upon the fact that NBER "determines the start and end dates of business cycles.".."I'm sorry it's happening, of course," Bush said, referring to a global financial crisis that has eliminated millions of jobs and damaged retirement accounts.**

Treasury Secretary Henry Paulson said the Bush administration is looking for more ways to tap a $700 billion financial rescue program and will consult with Congress and the incoming administration of President-elect Barack Obama. "While we are making progress, the journey ahead will continue to be a difficult one," Paulson said in a speech to business executives in Washington. "But I have confidence that we are pursuing the right strategy to stabilize the financial system and support the flow of credit into our economy."

Immorality

According to early reports, all the terrorists involved in the Bombay attacks were young. Where are the parents of these folks? How did they let their children grow up to kill complete strangers- people who have not hurt them in any way? These parents should know that their children have died. Come out and speak out. Parents have to discipline their children and teach morality. It should apply to parents in every country, and of any religion.

Chicanery

There is a lot of chicanery to go around. In this section I will examine one or two at a time. First up- statements of Helicopter Ben.

Here is what Ben said on 3/28/2007, in testimony to the JEC.
"Although the turmoil in the subprime mortgage market has created severe financial problems for many individuals and families, the implications of these developments for the housing market as a whole are less clear.....Overall, the economy appears likely to continue to expand at a moderate pace over coming quarters. As the inventory of unsold new homes is worked off, the drag from residential investment should wane. Consumer spending appears solid, and business investment seems likely to post moderate gains."

But Bernanke -- while acknowledging there are risks -- told Congress's Joint Economic Committee that the Fed does not see such negative forces pushing the economy into a recession. "I would make a point, I think, which is important, which is there seems to be a sense that expansions die of old age, that after they reach a certain point, then they naturally begin to end," Bernanke said. "I don't think the evidence really supports that. If we look at history, we see that the periods of expansions have varied considerably. Some have been quite long."

Here's Ben today, 12/1/2008..
Addressing critics of the Federal Reserve’s response to the crisis, the central bank’s chairman, Ben S. Bernanke, defended the Fed’s actions, calling them “exceptionally rapid and proactive” measures that had helped stabilize the economy. In a speech in Austin, Tex., Mr. Bernanke warned that the economy would “probably remain weak for a time,” with particular problems ahead for exports and household spending. He called for broad new regulations that would allow the Fed more flexibility in assisting institutions considered “critical” to the health of the economy. Federal Reserve Chairman Ben Bernanke said today that further interest rate cuts were possible but he cautioned that there were limits to how much such action will be able to revive an economy expected to remain weak well into next year. "Although further reductions ... are certainly feasible, at this point the scope for using conventional interest rate policies to support the economy is obviously limited," Bernanke said in a speech to business executives in Austin, Texas. The Fed is widely expected to cut a key interest rate when officials next meet on Dec. 15-16.

This guy was wilfully asleep at the Fed Switchboard when the "ownership society" crowd were running the economy to the sub-basement, and he has the gall to defend his actions...

Top 10 reasons to wish for a long lasting Employment Recession

1 No need to go to work and get 'stimulated'- keep getting "rebate checks" a.k.a. "stimulus" checks from the government...(politicians are talking about providing another round of 'stimulus'.....helps keep the Viagra bill down)
2 Can watch CNBC anchors get ecstatic over stock market moves
3 Can watch reruns of Andy Griffith and Get Smart on TV LAND and Me TV
4 Get more time to play Wii Fit
5 Get more time to do Sudoku
6 Get the Wal-Mart / McDonald work experience
7 Get the Wal-Mart shopping experience
8 Oil price increases may slow down...MAY is the operative word here
9 Can go back to school and do all the fun things you missed the first time around
10 Housing prices will continue to get lower, if looking to buy