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ikki5 said:
Capitalism at it's finest.

Yes it is.  If things goes down like most of these cutbacks, the severance package will be nice.  If you work in a market where demand is high then its great.  You get your nice severance package and also get another job within the week.  Its not all bad but its still a pain especially if the market you work in does not have a lot of demand.

Edit:  I remember when i was in a simlar situation when another company bought out the one I worked for.  It was communicated early that their would be cutbacks.  With the number of years I had worked for my company, my servance package was looking awesome.  I actually was hoping my position was getting tossed but instead I was kept on.  I remember it kind of pissed me off.