Korean Job Discussion Forums

[nuthatch]

the ship continues to sink

Korean Carmaker Seeks Receivership
http://www.nytimes.com/2009/01/10/business/worldbusiness/10won.html?hp

[Bigfeet]

That company will be in trouble for years. I say let it fail and the government do what it can for the 7,100 employees. This will be better for the country in the long run.

[fusionbarnone]

That news is not good. All I hear these days is how someone we know has been layed off(even after 17 years regardless of occupation) on a continuing regular basis these days stateside. So I'm wondering if the same chain of events is likely to occur on the ROK as it is in the US.

I used to work in a part of Korea where cars could be seen by the acre waiting to be loaded onto ships where one was almost able to smell the money radiating from the transport ship throughout Korea. I wonder how intertwined Korean business' are with cheap Chinese/Japanese money. Expect layoffs and reduced working hours happening throughout the entire country once commercial loans become due. Bad business could impact hogwons all round which is starting to be seen in the US with parents owing daycares/schools hundreds and oftentimes thousands of dollars(private schools closing). I really hope Korean Confusion ideals pertaining to the value of education continues to keep you guys employed.

It has also been estimated that 73,000 retail stores, including malls, and office buildings will go bankrupt as loans come due and landlords fail to find tenants for much of 2009 in the US. The Subprime fiasco was considered by some to represent a much smaller percentage of the loans(blamed the "little people" for greedy opportunism) owed than what is currently owing for commercial leases;business loans etc, which is predicted to begin hitting the US next month.

The whole concept behind "the bailout" was to create an air of normalcy in a time of uncertain economics and consequence according to some econ. advocates. Just recently, Fannie Mae and Freddie Mac were found to have owed three Japanese banks 44 billion dollars(guess where your "bailout" is going).

Be thankful you still have a job and Koreans aren't a huge population of meths freaks looking for something to steal.

BTW: I still don't understand why in the media the search for a Car Czar(???) is important. What is that? Do you think the Korean Media will use such silly rhetoric on their masses?