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Topic: The new Economics
Message: Posted by: landmark (Sep 16, 2010 06:40PM)
Fedex doubled their profit this quarter, so they're [url=http://www.marketwatch.com/story/fedex-doubles-quarterly-profit-but-plans-job-cuts-2010-09-16?dist=countdown]laying off[/url] 1700 workers.
Message: Posted by: MagicSanta (Sep 16, 2010 06:54PM)
Yes and it is a terrible thing. My old company had a lay off the same day as announcing record sales and profits.

As far as Fedex goes, and I wasn't a huge fan of Fedex beyond their drivers and warehouse guys, didn't like their management, what they are doing makes sense. They were operating redundant warehouses and distribution centers because of purchases they made in order to become a player in the LTL (less than truckload) and general freight business. Their LTL was three regional companies and they did merge in some areas. So it makes some sense from a logistics point. I'm surprised it took this long. Just remember Fedex Express, Fedex Ground, Fedex Freight, and Fedex LTL were all operating seperately while UPS, a better over all company in my opinion, was running as UPS Carrier (small parcel combined) and UPS Supply (Int'l, hard freight, and distribution). It also makes it easier for Fedex to do this since they are non union compared to UPS being union. Fedex paid the same rate etc for the most part but it did leave the door open for this type of action.
Message: Posted by: tommy (Sep 16, 2010 06:55PM)
:)

Its all going according to Orwellian plan. What is it they call it... double speak I think
Message: Posted by: balducci (Sep 16, 2010 07:21PM)
Saw this cartoon just a few moments ago, and it seemed to - sort of - fit this thread.

[img]http://www.caseyresearch.com/images/100916_12.gif[/img]