The roller coaster ride of the stock market has made dents in many a financial portfolio in recent months.
One victim is the Carnegie Library of Homestead, where the board has laid off the executive director and library director because the library’s endowment lost $300,000 on its investments during the past year.
In addition, the library board has imposed a spending freeze. Summer hours, which call for the library, which is in Munhall, to be closed on Sundays, will continue into the fall. Hours at the pool located in the library’s facility may be cut during less busy times.
The Deluge is at Hand: Many More to Come…
…layoffs and firings, that is, in the coming months, in all kinds of libraries, due to all kinds of previously unknown financial connections in the hyper-complex economic ecology of the present world and especially as the the Bush admin’s insane and criminal neglect in policing and regulating the financial markets take its toll.