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You thought wrong.
I can't defend the appalling behavior of your street-corner preacher, for "all have sinned, and come short of the glory of God" and "If we say that we have no sin, we deceive ourselves, and the truth is not in us."
But C. S. Lewis had a good answer to your question about the square circle (or the more often heard question of "could God make a rock so large that he could not move it.")
"His Omnipotence means power to do all that is intrinsically possible, not to do the intrinsically impossible. You may attribute miracles to Him, but not nonsense. There is no limit to His power.
It remains true that all things are possible with God: the intrinsic impossibilities are not things but nonentities. It is no more possible for God than for the weakest of His creatures to carry out both of two mutually exclusive alternatives; not because His power meets an obstacle, but because nonsense remains nonsense even when we talk it about God."
Cutting costs not to go broke? Where have you been the last 40 years? Companies don't "cut costs" to avoid closing. They "cut costs" to appease wall street and the financial sector.
Exactly. What is all this angst about? Did IBM lose money last quarter? No -- they made $3.00 per share (which was in fact an improvement over the previous year) instead of their projected $3.05 a share. And for this they are laying off thousands worldwide. Employees, and even customers, are not a priority anymore. The only thing that matters is the stock price.