There are so many things to talk about today I thought I’d just do a hodgepodge post to cover them all.
First a couple of humanity items…
The Norway thing. I actually don’t even have words for that, so I’m not going to address it other than to say what a senseless waste, which I’m sure is what most people are thinking.
Also, singer-songwriter Amy Winehouse died over the weekend. They don’t know the cause of death yet. Regardless of how she died, it’s a shame to lose a young artist. I for one don’t think there are enough artists in the world.
On the telecom front…
RIM, makers of BlackBerry smartphones, is planning to cut 2,000 jobs as the company continues to lose market share to Android and Apple.
According to Bloomberg, RIM is cutting one-tenth of its workforce (down to 17,000 total employees) to “focus on areas that offer the highest growth opportunities.”
I’m not exactly sure what that means, but it’s not the biggest surprise to see the company cut back. Apple and Android are taking over the market. BlackBerries are even starting to lose out to Androids and iPhones in the business sector, BlackBerry’s bread and butter.
On the domestic and world economy…
U.S. lawmakers have yet to raise the federal debt limit, keeping the nation at risk of defaulting. In response, the stock markets have dipped a bit. Nothing to be alarmed about, but illustrating some uncertainty nonetheless.
To make matters worse, Greece seems likely to default on its bailout loans despite austerity measures (and subsequent protests and riots). The European Union is planning a debt swap to ease Greece’s burden—adding as much as 30 years to the term, according to the BBC.
But rating agency Moody’s has dropped Greece’s rating to just above default. “The announced EU programme…implies that the probability of a distressed exchange, and hence a default, on Greek government bonds is virtually 100%,” the agency said.
Unfortunately, some believe a Greek default could affect the U.S. economy, including former Fed chairman Alan Greenspan. He said it could send us into another recession.
For all our sakes, I really hope he’s wrong.
