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alstry (35.40)

1.01.10 EXTREMELY PRECARIOUS AND WORSENING!!!!

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November 24, 2009 – Comments (9)

NEW YORK -- Saying the state faces an unprecedented fiscal crisis, New York Gov. David Paterson on Tuesday sought emergency legislation that would give him authority to implement a one-time, across-the-board reduction in state payments to close a $3.2 billion budget gap for the current year.

The proposed bill includes a legislative finding that the state's deficit "presents a genuine danger that the state will lack the funds necessary to make payments as they come due," Mr. Paterson said in a Web address.

The state's "extremely precarious and worsening fiscal situation" necessitates the payment denials that the legislation would allow, he said. Mr. Paterson said Friday that the cuts could involve furloughs and layoffs of state employees, as well as delayed payments to schools, local governments, workers, health care and service providers. Payment reductions would exclude debt service and collective-bargaining obligations, as well as those expenses required under state and federal law.

"I want to make clear that this is not a cash flow problem that can be fixed with one-shorts or creative accounting," Mr. Paterson said. "This is a lack-of-cash crisis that threatens the financial stability of our state. Unless we take action, the state will run out of money."

MAYBE THE GOVERNOR COULD HOLD A PANCAKE SALE???  THANK GOODNESS THE RECESSION IS OVER.........

IT IS SIMPLY IMPOSSIBLE TO SERVICE THE CURRENT OUTSTANDING DEBT......AND OUR NATION IS SHUTTING DOWN TRYING......

AS THE BANKERS PREPARE FOR THEIR  TAXPAYER SUPPLIED HOLIDAY BONUSES....

9 Comments – Post Your Own

#1) On November 24, 2009 at 6:05 PM, alstry (35.40) wrote:

IT IS AMAZING HOW QUICKLY AMERICA IS SHUTTING DOWN....

Salvation Army Thrift Store in Downtown El Cajon

Carver Equipment

Larry H. Miller Automall in Caldwell 

Forgotten Treasures in Ellettsville

Arizona Department of Transportation - 12 DMV to Close

53 P&C Grocery Stores

Morton Grove Closing Senior Citizens Center

McDaniel’s Christmas Tree Farm Closing End of Season

Asheville Civic Center - Ice Skating Ring Closed this Year

Whispering Hills Girl Scout Camp May Close for Good

ConAgra Closing Ranch Style Beans Plant

14 Catholic Schools in DC Area at Risk of Closing

Stayton Homes Plant to Close

Book Cellar in Utah

Palmetto Ford Lincoln Mercury

Dillard’s Ward Parkway Center store

Northeastern University Dropping its Football   Program After 74 Years?

Update: GM Spring Hill Plant Closing Wed. - Many Left Without Work

City of River Rouge - 66

Beckman Coulter - 11

Trinity Rail Car - 160

Kellogg's Augusta Georgia - Lay offs Coming?

American Classic Outfitters - 100 Jobs at Risk

Kansas Department of Transportation - Job / Service Cuts

Longview Cable TV - Layoffs to Begin in January 

Penn Traffic Company - 4,000+

Fortune Magazine - 15

Saratoga Spring NY - 12+ ?

Nationwide Insurance Raleigh - 5 

Playboy Magazine - 25

Nokia Japan ( International ) - 220

Sterling Life Insurance Company - 48 Earlier this Month

More Job Cuts Coming to Nascar?

Pfizer - Small Layoffs Here and There?

General Dynamics Land Systems Canada - 40

Delaware Ohio - Wage Freezes and 6 Job Cuts Possible

Update: City of Newburgh - 31 Layoffs / Tax Increase of 24%

General Motors GM - up to 9,500 in Europe

Florissant Missouri - Job / Service Cuts 

Wisconsin Public Service - Layoffs / Furloughs Coming?

City of Reading - 40 More Layoffs

Update: Wyoming Public Schools - 57 Total

THE LINKS FROM DAILYJOBCUTS.COM JUST TODAY

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#2) On November 24, 2009 at 6:47 PM, ChrisGraley (29.74) wrote:

You change dates more than a Playboy reality show!

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#3) On November 24, 2009 at 6:53 PM, alstry (35.40) wrote:

You know what they say, variety is the spice of life;)

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#4) On November 24, 2009 at 7:00 PM, alstry (35.40) wrote:

Japan October Exports -23.2% On Year; Imports -35.6% On Year

GM Might Shut Saab as Koenigsegg Group Ends Acquisition Talks

Economy is Forcing Young Adults Back Home in Big Numbers

Russian Post Office  - 33,000 

If the world slows down any more, the only thing left for people to do will be fight.....you would almost think this was foreseeable.

Obama speech next week: More troops for Afghanistan

 

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#5) On November 24, 2009 at 8:28 PM, alstry (35.40) wrote:

UNCIVIL WARS BREAKING OUT ACROSS AMERICA

Macomb Co. orders deep cuts to erase deficit; prosecutor may sue

Pretty soon all heck could break out in America as we send more troops overseas and not many here to protect us!!!!!!

When you are the fattest trukey before Thanksgiving....guess who gets their head cut off first.

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#6) On November 24, 2009 at 11:04 PM, alstry (35.40) wrote:

Talk about getting stuck with the cheap seats. The Pontiac Silverdome, built three decades ago for $56 million, is being virtually given away -- sold at auction for a paltry $583,000.

Saab likely to close as GM fails to sell car brand

0% is always the last bubble before the music stops for all

Fed: super-low rates could fuel speculative bubble

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#7) On November 24, 2009 at 11:21 PM, alasker (< 20) wrote:

hey alstry

I have not seen it mentioned on FOOL but when we think of interest rates on credit cards going up to 30% next year I wonder the effect that will have on small businesses. I know my family business has a 0 percent credit card that we take advantage of to cover costs to our suppliers on large orders and other one time expenses to spread out large purchases. Luckily we do not keep inventory but for smaller mom & pop manufacturers & retailers who are used to low rates to finance large expenses- i can see that come January when the low annual rates of last year expire and new credit terms come into play at 30%- many small firms are going to be hurting on top of decreased consumer demand.

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#8) On November 24, 2009 at 11:37 PM, Viking70 (< 20) wrote:

Good to see that the governments are cutting back.  Let's see--all the businesses have gone lean and cut the fat this year spuring positive EPS.  While I agree that this is not the long term solution, it does show that businesses tend to get sloppy over time and need to be reminded to play smart.  Hopefully this spills over into the governments because, in my opinion, they are the sloppiest of all.  They won't shut down (I know that this flies in the face of your drumbeat), but maybe they will realize they need to cut the fat and slop out of their budgets.  Not likely--I am sure they'll do what comes naturally and raise taxes. 

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#9) On November 24, 2009 at 11:41 PM, alstry (35.40) wrote:

Our government is the biggest customer of those lean businesses....when government cuts deep,  many of those businessess will fail.....causing government to cut deeper.

It ain't hard to see where this is going.

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