11.10.9....The Bankruptcy Phase Of Concentric Contraction
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