By and large, Bank of America(BA Quote - Cramer on BA - Stock Picks) and Wachovia(WB Quote - Cramer on WB - Stock Picks), which have their headquarters a mile away, have not yet had major layoffs
An interesting article, but very narrow focus.
Hard to believe a reporter in CLT missed Bank of America's layoff announcement last week. Only 35,000 people, so I guess that's not that "major", at least relative to Citigroup's 55,000 number.
Plus this driver is on a route that is going to be the last to feel the downturn. He's dealing with the upper-class peeps. Let's look at UPS's numbers from the 4th quarter as a whole to really get a true picture of how things are going. As the reporter said,
"the biggest package shipper has become a proxy for the economy in real time". So let's actually look at the biggest package shipper, not just one driver.