CNBC reported today that Citigroup could cut their workforce by 5 to 10%, and could announce as early as next week.  Long term this is very good for the stock, but bad for the people getting the layoff notice.  In fact, enough of these layoffs across the financial and housing industry could help those companies stay in business, but not necessarily help the recession picture.  A layoff of 10% of Citigroup's workforce would mean over 32,000 jobs lost globally.  That is a lot of jobs everyone.

In other news, the number of people talking about the need for a 50 basis point rate cut is increasing.  Within the same speak are people talking about 12,500 or 12,000 Dow again.  No one can ever know this, but we are not really that far from those levels right now given the negative news in the market.

In some good news for our stock picks, and the economy as a whole, Oil continued to fall today.  Whether this is a trend which will continue is too hard to tell.  Some articles are calling for $200 a barrel oil by the end of 2008.  I sure hope not, and I do not see that happening right now either.

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