countries. The first to be fired will be the foreigners working in a country because every country
would not want to keep their citizens jobless and employ a foreigner.
the property and the construction business has fallen very low nearly 80%. There are no new
projects coming up and some of the existing projects are being cancelled.
Microsoft was asked to fire the foreign employees first in response to the layoff announcement.
In the US, during the layoff, companies should not be retaining H-1B or other work visa
programmer employees over the qualified American Workers. There is a very high percentage of
Indians working with H-1B visa in the IT industry in the USA, so it is going to a very bad time
Even with the companies firing foreign workers the economy will be very slow to recover due to
millions of U.S. citizens being laid off, and with out the same income the result was these citizens
could not afford their bills and foreclosures grew rampedly. The housing market dropped and
employment rate dropped while the unemploymaet rate was rising and debt was compiling.
Many companies felt the effects of the global recession. There was a new increased focus on customer
retention as many customers struggled to pay everyday bills. Like with any industry, those companies
that prepared early, improving operation efficiencies and cost cutting, managed to weather the harsh
economic storm. Recessions often force companies to think more critically about spending both time and
money with respects to efficiency and profitability. They bring about new thinking and change.
This looming global recession is being fed by the collapse of housing bubbles in the United States.
punctured credit bubbles where money and credit was too easy for too long; the severe credit and
liquidity crunch following...