More Economic chaos

With unemployment at a record 16 year high, the government is struggling to come to terms with this, and create new jobs, but that is proving to be a hard task indeed. This week, on Monday alone there were 65,400 reported job cuts in many Fortune 500 companies across America. Not only was the amount of jobs lost shocking, but also the fact that it came from otherwise stable companies that had not really shown signs of weakness throughout the fiscal year. With steadfast American companies such as Sprint, Home Depot and Pfizer accounting to this massive nationwide job cut, the only question that comes to mind is who's next? And with the announced bankruptcy of Circuit City (the second largest tech store in America, following Best Buy) in the horizon, the path towards the Economic Revival of the US is looking dreary indeed.
And there are many questions being asked of the government and the supposed bailout that had been passed before the Obama administration, and I am curious as to how they will be answered because supposedly, half of the $700 billion bailout plan has already been pumped into the failing economy.
I was actually shocked to see how the upper part of the AIG hierarchy had used some of their bailout package, after I read this article on how they went on a luxurious vacation (cleverly dubbed a corporate retreat) as soon as receiving their $85 billion bailout package. I was not in support of the first bailout anyway, and this only reaffirms my views on corrupt companies. And what surprised me even more was how the same politicians who nonchalantly passed major bailout plans for obviously mismanaged companies as AIG, were hesitant to grant the US Auto industry a bailout (the same industry that employs over 5 million American workers).
Hopefully the new bailout organized by the Obama cabinet will be better than the first one. The reason I am so critical of the first bailout plan was not only because it was being distrubuted improperly, but also because the figure $700 billion did not come around after diligent calculations, it was just a number put together to appease the masses. The real cost of that first bailout was estimated to be over $1 trillion, and therefore it was like handing a blank check to these fraudulent companies so that they can do as they please with US taxpayer money.

article on Mondays job loss; http://money.cnn.com/2009/01/26/news/economy/job_cuts/index.htm