Monday, March 9, 2009

"Insulated but not immune"


I rode past General Growth Properties today on my way to Columbia Archives. I looked at the barren trees and vines clinging to life and thought of the company. Today the company's stock closed at a measly 38 cents. Two years ago, the stock hovered close to 60 dollars a share. Assuming the company doesn't go bankrupt, now would be a good time to purchase controlling interest in the company and a seat on the board . . . if anyone living in Columbia actually had that much to piss away.

An article in the Columbia Flier, written by Derek Simmonsen caught my attention. Norman Rule, 47 year old business analyst and Columbia resident has found himself out of a job, even in a county as prosperous as Howard. In his article, Simmonsen wrote a detailed list of sinking ships with red flags.

Filene's Basement, EXPO Design Center and U.S. Foodservice are all digging graves beside Orinocco Coffee and Champion Billiards. Techlab has faded from view, along with Rocky Run and Atlanta Bread Company. Even the Dobbin Blockbuster is feeling the squeeze, with its floor space cut in half.

[Howard County's unemployment remains the lowest in the states, but the number of jobless people is the highest it's been in sex years, with 1,800 jobs were lost in 2008. And some economists predict thousands morejobs could disappear in the next two years. "Were insulated but not immune," said Dick Story, executive director of the Howard County Economic Development Authority. "We often tend to me the last in, the first out. ... But you can be sure that we're fully participating in the recession.] - Signs of the Economy, Columbia Flier

People will always go to the movies or buy a Subway sandwich, just without the $7.50 large popcorn or the additional potato chips or cookies. In spite of dismal times, a window sign caught my eye as I pedaled towards the Supreme Sports Club. The sign read Manpower. A small glimmer of hope for employment in these troubled times.

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