TOKYO (Reuters) - Japan's Panasonic Corp, the world's No.1 plasma TV maker, warned it would post an annual loss of $4.2 billion and said it would cut about 15,000 jobs as it grapples with a stronger yen and slowing demand.
OUCH! I guess we didn't buy enough televisions during the Christmas holidays. People are spending their money on more important things like food, shelter and clothing. I think the days of the leisure spending are coming to an end.
I was chatting with a friend of mine about his leisure spending. He started to cut back on buying video games. When you consider how much we spend on things and how much we spend, it boggles the mind. I look at our own budget and was able to cut it back a lot. I have given a nickname to the frivolous items in our budget, "fluff and fold". I used this term after finding out that one of my friends was spending $800 a month to have someone wash, dry and fold the laundry. I think I'm in the wrong business. I need to open up a "fluff and fold" business.
Don't get me wrong. I, too, had items in my household budget that needed to go. Once they went, I felt better. I could actually look at jobs that paid less and still kept us afloat. Be prepared for more lay-offs.
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