Do elections have consequences? If you have been paying attention to the financial markets, you might think so. Wall Street has had two horrible days since President Obama won a second term.
However, stock prices are not the only thing taking a hit. It appears that the job market is also suffering. In the last 48 hours, the following major corporations have announced layoffs in America (each is linked to the news release with details):
• Westinghouse –
Westinghouse Anniston, the contractor responsible for shutting down Anniston’s chemical weapons incinerator, has reduced its workforce by another 50 employees.
• Research in Motion Limited –
Research in Motion Ltd., the maker of BlackBerry smartphones, laid off about 200 people at its U.S. headquarters in Irving on Wednesday, according to a source close to the company who did not want to be named.
• Lightyear Network Solutions –
More than one dozen employees at a Pikeville company lost their jobs this week. Officials with Lightyear Network Solutions said they are consolidating offices in Louisville and Pikeville to save money.
• Providence Journal –
The Providence Journal Co. laid off 23 full-time workers Wednesday as part of a cost-cutting effort, including 16 members of the Providence Newspaper Guild and 7 non-union employees.
• Hawker Beechcraft –
The company says 240 employees will lose their jobs with the closing of Hawker Beechcraft Services facilities in Little Rock, Ark.; Mesa, Ariz.; and San Antonio, Texas.
Read more here.
Virginia’s 13 electoral votes went to President Obama for the second straight election, and the proprietor of a store in the south central city of Bedford is not hiding his dismay.
Lyons Jewelers hung up multiple signs on the windows of the shop indicating the shop would not be open for business Wednesday, including one saying the store was closed to “mourn the loss of the America that our forefathers endowed to us,” WDBJ reported.
“Lyons will reopen tomorrow to continue the fight against a president who seeks my demise” and “Shame on VA & USA” read two other signs.
Another played off a remark Mr. Obama made while campaigning in Roanoke earlier this year about businesses and government assistance that Republicans latched onto as a campaign theme: “I know I didn’t build this — God did.”
One customer did hang up a sign as a response of sorts: “I am sorry you feel this way!!! I do bussiness (sic) I guess I will take it somewhere else!!”
With nearly 100 percent of precincts reporting, Republican Mitt Romney won Bedford City, 54 percent to 44 percent, as well as Bedford County, 71 percent to 27 percent. Mr. Obama carried the state with 50.7 percent of the vote to Mr. Romney’s 47.7 percent, according to unofficial results — a difference of about 110,000 votes out of approximately 3.7 million cast.
Read more here.
A three block line weaved through a quaint neighborhood in South Boston, each person waiting to cast their vote at the polling place inside the Benjamin Franklin Institute of Technology. This is an austere, historic and heavily liberal section of Boston (generously assuming there are some non-liberal parts of Boston). Signs for Elizabeth Warren and buttons proudly proclaiming “Students for Obama” were in abundance.
See the video here.
The United Nations is about to discuss whether it should have the power to regulate the Internet.
Next month, the 12th World Conference on International Telecommunications, or WCIT-12, will be held in Dubai. At the meeting, the 193 member countries of the U.N.’s International Telecommunications Union, or ITU, will consider renegotiating a fairly obscure treaty known as the International Telecommunication Regulations, or ITRs.
The 24-year-old agreement delineates much of the ITU’s rule-making authority over telecommunications.
The hope of several countries is that they can expand the ITU’s jurisdiction to the Internet, replacing the current governing system with one that is controlled by a U.N. bureaucracy.
The member nations will also consider an “Internet tax” designed to collect money from more affluent nations and redistribute it to poorer nations to improve their Internet infrastructure. ITRs do not currently include regulation of the Internet within their jurisdiction, since they have not been revised since the beginning of the Internet communications era.
In testimony given last May at a hearing of a U.S. House Energy & Commerce Subcommittee, Republicans and Democrats were united in their opposition to any move by Russia and China to transfer control of the Internet to the U.N.
Rep. Greg Walden, R-Ore., chairman of the Communications and Technology Subcommittee, said, “Nations from across the globe will meet at a United Nations forum in Dubai at the end of this year, and if we’re not vigilant, just might break the Internet by subjecting it to an international regulatory regime designed for old-fashioned telephone service.”
Read more here.
In the wake of the 2012 presidential election, Glenn Beck ceded that his prior prediction that Mitt Romney would enjoy a victory with substantial margins was indeed wrong. Before an audience at his Dallas studio, Beck relayed what his thoughts and feelings had been prior to the election and also delved into where America should go from this point on.
“The biggest problem is not that we didn’t elect Mitt Romney,” Beck began. It is the “hole we have dug for ourselves.”
“Half of our country, our neighbors, are completely lost in darkness… Freedom is at stake and freedom lost last night.”
In speaking about the polarization of the nation, Beck noted that the United States of America “is in name only.”
Despite the grim outlook, Beck, an entrepreneur who, like other business owners across the country will face substantial challenges in the next four years, still believes that path forward is to “double down.”
See the video here.