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alstry (35.98)

11.10.9....The Bankruptcy Phase Of Concentric Contraction

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October 14, 2009 – Comments (2)

From Zero Hedge:

With the New York's Stuy Town implosion getting picked up by the Wall Street Journal months after being written about on Zero Hedge, the question now is what the next landmark property to go bankrupt will be. According to Real Estate Alert, the iconic Union Square W Hotel may just be it. The hotel, which was acquired by Dubai's troubled sovereign wealth fund, Istithmar, for $285 million in 2006 (one of the few acquisitions of a hotel at a price of more than $1 million per room) has been bleeding cash lately after room rates have declined by 24%. The result has been an inability for the owner to even meet debt service obligations: a sure sign the current balance sheet is doomed, with an outright default just a matter of time.

Commercial Real Estate Loans affect every crevice of our banking, retirement, and pension system........in 9.09 we knew.....now we feel.

Hotels, Shopping Centers, Warehouses, Office Buildings and more....Trillions financed or refinanced in recent years now beginning to default as tenant evaporate or demand much lower rents......

Buy buy buy.....as Wall Street Bankers make money on issuing debt, sticking that debt in your pension fund, and betting and making billions and billion when that debt defaults....while the citizens lose their jobs, lose their homes, and lose their retirements.

Report: Layoffs at Vogue today

Konecranes - 21

Water Agencies - Consumers Cut Backs = Layoffs

LCN Closers - 47 Job Cuts - Eliminate 3rd Shift

Coca Cola HBC Ireland - 130

Yellville- Summit School District - 5

Glenn County Employees Want Layoffs over Furloughs

SunTrust Banks  in Florida - 100 in the past year

McFarlane Elementary - 3

Wilsonart International  - 10% Reduction in Workforce

NC Department of Health and  Human Services - Thousands of Jobs Cuts Coming?

The Fair Store in Elmwood

Kmart in Holland on Chicago Drive

Harris Corporation ( International ) - Close Irish Plant by June 2010

Jimenez Meat Market in Weslaco

North Lakes Golf Course - Closing Temporary? 

Anderson Public Library - Ending Bookmobile Service For Schools 

Jason's Downtown Restaurant Closing Dinner Services

IGA Grocery Store in Essexville 

2 Comments – Post Your Own

#1) On October 14, 2009 at 12:22 PM, alstry (35.98) wrote:

As Wall Street cuts off America from credit....yet we give Wall Street free money and it loans it back to America at a huge profit.......Wall Street never fails to take care of its own as Americans lose their jobs and kicked out on the streets for a job well done.....

Wall Street on Track
To Award Record Pay

 

Major U.S. banks and securities firms are on pace to pay workers about $140 billion this year -- a record high despite scrutiny of Wall Street's pay culture.

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#2) On October 14, 2009 at 12:31 PM, alstry (35.98) wrote:

Just wait until you find out how your Pension Funds were bribed to buy the Wall Street nonsense......

Calpers Probes Fees Paid to Adviser

Calpers is launching a "special review" of fees paid by some of its money managers to an advisory firm run by a former board member.

Earlier: Calpers Has Worst Year, Off 23.4%Earlier: Calpers Takes Another Property Hit

 11.10.9........America Feels when it has been infected with Trillions of BAD PAPER.............

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