Back in February of this year, when a hyperventilating President Obama claimed that the Stimulus bill must pass with the utmost urgency, he had a pow-wow with James Owens, CEO of the machinery giant Caterpillar, Inc.
President Barack Obama said […] that heavy-equipment maker Caterpillar has informed him it will rehire some of the thousands of workers it has laid off in recent weeks if Congress passes an economic stimulus bill.
“The time for talk has passed,” Obama said.
The world’s largest maker of mining and construction machinery announced more than 22,000 job cuts last month (January) amid waning demand for its products.
Well, it’s a good thing that Obama and the Congress rushed to pass that bill, ’cause the future’s looking mighty bright for the company.
Caterpillar Thursday reported a decline of 50 percent in worldwide machinery sales for the three months ending in October. The world’s largest construction manufacturer said sales for the three month period in North America were down 58 percent since last year while sales in Europe, Middle East sales were down 41 percent while Asia Pacific sales were down 39 percent from the same period a year ago. Engine sales , according to a company release, dropped 30 percent from a year ago.
Heck of a job, Barry!