I guess I've just heard a real-life story of a victim of the credit crisis.

[DeepModem Mom]

And it's an as yet unidentified employee in a large company of a sort we all deem necessary, not in the financial realm. It's a troubled company in a troubled kind of business, at this point living on credit. It has no execs with big bonuses, and no golden parachutes. And an emergency order has gone out from management, as a result of what I think are lenders' demands -- to a member of my family to fire a member of his/her small, not highly-paid staff. He/she can choose which one. He/she is devastated.

And afraid this won't be the last such order.

Like John McCain, I don't know a lot about economics, and I'm not arguing any point. I'm just saying that this is how what some are warning of happens.

[no_hypocrisy]

1. Got a corresponding story.

An international corporation doing business in this country has put out an order to fire ALL employees over 50 years of age. They're not worried about age discrimination class actions. They want to save money by reducing the demographic with expected health issues. Never mind the jobs probably inspire the hypertension that is more than apparent by age 50+. I got this information from legal counsel to this corporation and even HE'S worried about his time coming to a close soon.

[DeepModem Mom]

2. OMG, that's rough. I'll bet these anecdotes indicate this is happening all around, as we type here.

n/t

[Serial Mom]

3. Shit, I guess this means my kids and your kids will have to take of us in near future!

What the fuck are people over 50 supposed to do? The market has taken away even 20% of our principal that was invested in 1998 when we were serious about planning our retirement for 2015!! We would have been happy with 5-6% growth, but no, these companies had to try to achieve 12-15% and by doing that they took the risk! And what are we supposed to do about healthcare if we have no savings to pay for it and no job to offer us healthcare?

[Dover]

4. Sophie's choice....n/t

[DeepModem Mom]

5. You're right. nt

[bean fidhleir]

6. That's capitalism, not "credit crisis"

The "lenders' demands" come from their expectation of maximum personal profit. They get rid of people whenever they can, using any excuse that comes to mind. Remember that they can't raise wages during bad times because they need the money to stay in business, and they can't raise wages during good times because they need the money to expand the business. There's always some "reason" why employees get the dirty end of the stick.