August 2008
August 31, 2008 –
It is now time I teach you why we face such incredible CRISIS ahead of us. [more]
August 31, 2008 –
The government was plunged into turmoil yesterday as the chancellor admitted the full scale of Britain’s economic crisis. [more]
August 30, 2008 –
The Blog world is starting to rumble.....is Sarah Palin really the mother of five children or the mother of four and grandmother to one????? [more]
August 30, 2008 –
Aug. 30 (Bloomberg) -- President George W. Bush said the U.S. economy is ``beginning to improve,'' and he credited the $168 billion stimulus this year with helping to ward off a recession. [more]
August 30, 2008 –
At this point, the issue is pretty clear....... incomes in America are evaporating and the mainstream press is starting to tell you. What they havn't told you yet is why. That an huge percentage of America's income over the past five years was dependent simply banks loaning out bags of money and now that is stopping causing incomes and spending to evaporate and asset values to crash. [more]
August 29, 2008 –
The UK is facing its worst economic crisis in 60 years, Chancellor Alistair Darling has admitted. [more]
August 29, 2008 –
Pray a War Starts?????? Putin seems to think so....... [more]
August 29, 2008 –
Have we seen the distress America is facing right NOW!!!!! [more]
August 28, 2008 –
But why listen to Dell's CFO when you can listen to the happy folk: [more]
August 28, 2008 –
“‘We are seeing people that have challenged credit … (or) foreclosures pending’ said Bob Kleis, general manager of Jimmy Vasser Chevrolet-Toyota. ‘We are seeing more cars for sale in repossession wholesale auctions.’” [more]
August 28, 2008 –
As I have been saying, income in America is evaporating. Now the the banking system as a whole is losing money. The outlook is for even more losses. No income, no taxes being paid. We are facing something we have never seen in many many decades. Here is the proof: [more]
August 28, 2008 –
Right now our nation is facing an unprecedented financial crisis. Few seem to be addressing the issue. [more]
August 28, 2008 –
Municipalities contemplating bankruptcy. [more]
August 28, 2008 –
MONTPELIER, Vt. - Lawmakers have approved a round of budget cuts designed to respond to sagging state revenues. Among the results: Vermont's courthouses likely will close for a half day each week. [more]
August 27, 2008 –
The U.S. Federal Deposit Insurance Corp. said its ``problem list'' of banks increased [to] 117 ``problem'' banks as of June 30, up from 90 in the first quarter and the highest since mid 2003 ... FDIC-insured lenders reported net income of $4.96 billion, down from $36.8 billion in the same quarter a year ago. [more]
August 27, 2008 –
It is amazing to see how the current crisis is characterized by the mainstream media. Statements like the problems are only contained in the financials but most other things are doing fine?????? [more]
August 27, 2008 –
HONG KONG (MarketWatch) -- Shares of Japan's Sohken Homes Co. were suspended from trading Wednesday after the home builder filed for court-led rehabilitation with the Tokyo District Court, becoming the latest Japanese developer to enter into bankruptcy protection. [more]
August 26, 2008 –
Two of America's three largest employers, Restaurants and Government(approximately 20% of the workforce) is facing serious financial headwinds. Many states, counties, and cities on the brink of insolvency(see previous post and Alabama County Prepares for Bankruptcy in Debt Crisis ). Restaurants shutting down accross the country. [more]
August 25, 2008 –
The Tyrone Town Council got a huge dose of reality Thursday night. “We’re broke,”said Finance Director Mary Sturm. Sturm said the city’s operating costs per month are $275,000 per month, but the town has only collected $53,000 in revenue this month. [more]
August 25, 2008 –
Dear Mr Cramer, [more]
August 25, 2008 –
Funny how people are waiting for the home sales numbers. Wall Street and the pundits want you to focus on the number of homes sold. [more]
August 24, 2008 –
In the northeast, Centex Homes and KB Home have stopped construction at a pair of contiguous tracts immediately west of City in the Hills. [more]
August 23, 2008 –
``The fear is that we really may be in a long, continuous financial crisis,'' said Stephen Lieber, who oversees $9 billion as co-chief executive officer of Alpine Woods Investments in Purchase, New York. ``When you have no sense of certainty as to what will happen tomorrow, it's nerve-racking.'' [more]
August 23, 2008 –
It is bad enough that tax revenues are evaporating to our local, state, and Federal governments. Programs are being cut and jobs lost. The same trend is occuring in businesses accross the country forcing millions of layoffs and cutbacks. [more]
August 22, 2008 –
Inside Room 385 of the Broward County courthouse, dozens of foreclosed properties were auctioned off publicly. A condemned 26-building property in Lauderhill is among the high-profile sales. Some properties may not draw as many bids as they would have before the housing market's downturn. (Sun Sentinel/Mike Stocker / August 21, 2008) [more]
August 22, 2008 –
The following is a quote from one of our favorite bloggers: [more]
August 21, 2008 –
Is anyplace safe????? [more]
August 21, 2008 –
Exchange Bank's top executive, J. Barrie Graham, resigned unexpectedly as president and chief executive officer of Sonoma County's oldest and largest commercial bank. [more]
August 21, 2008 –
ITS A DEFAULTING LOAN CRISIS!!!!!!!!!!!!!!!!!!!! [more]
August 18, 2008 –
NEW YORK (CNNMoney.com) -- Americans saw their net worth decline by $1.7 trillion in the first quarter - the biggest drop since 2002 - as declines in home values and the stock market ravaged their holdings. [more]
August 17, 2008 –
There is little doubt our economy is facing some unprecedented negative headwinds. [more]
August 16, 2008 –
“Cities in the Coachella Valley, which experts say is in a recession, also saw their unemployment rates rise in July. The east valley was hardest hit. Indio rose to 10.1 percent while Mecca saw 18.2 percent unemployment. Desert Hot Springs was also among the highest at 12.6 percent.”
“The impact of the valley’s jobless rate has been apparent over the past two weeks as nearly 4,000 people have applied for about 500 jobs or so at WinCo Foods and SuperTarget in Indio.” [more]
August 16, 2008 –
The Trailing 12 month PE of the Dow and Russell 2000 stocks is nil....... [more]
August 15, 2008 –
Mrs. Fields Famous Brands LLC, which serves up fresh-baked cookies and TCBY frozen yogurt at more than 1,200 franchises across the country, is planning to file for Chapter 11 bankruptcy protection, according to a regulatory filing. [more]
August 15, 2008 –
Wilsons the Leather Experts, once a dominant retailer of leather clothing popular in the 1980s, has seen fashions and fortunes shift — as this closed store in Burnsville Center shows. On Tuesday, the chain sold most of its assets to a clothing company that will change its name and identity. [more]
August 14, 2008 –
Just think about this for a second: [more]
August 13, 2008 –
SemGroup Rushed to Raise $718 Million Pre-Bankruptcy (Update1)
By Linda Sandler and Robert Tuttle [more]
August 13, 2008 –
Any financial institution that is leveraged 10 to 1 and has 20% of its debt go South...........all of the depositors funds are gone(save insurance). [more]
August 12, 2008 –
APPLE VALLEY — After aggressively pursuing home construction loans during boom years, High Desert Federal Credit Union is now reeling from the weak real estate market. [more]
August 12, 2008 –
At the end of the day, a bank's, insurance company's, and pension plan's assets are primarily loans that the institution depends on getting paid to generate income. [more]
August 12, 2008 –
FDIC needs to raise more money. [more]
August 12, 2008 –
Wall Street Losses Cut Tax Bill, Sap New York Revenue (Update2)
By Henry Goldman and David Mildenberg [more]
August 08, 2008 –
Conditions are getting MUCH WORSE MUCH FASTER!!!!!!!! [more]
August 08, 2008 –
Rising dollar will make US exports more expensive against their foreign counterparts resulting in lower profits. Remember when exports were going to be the savior of America? [more]
August 07, 2008 –
Think about this for a second....the assets in our banks and insurance companies is basically debt. You loan the banks money or pay insurance premiums and they loan money to individuals, businesses, commerical real estate projects, and municipalities. [more]
August 07, 2008 –
WalMart gives terrible forward guidance AFTER stimulous check and record food price increases and now this from Target's CEO: [more]
August 06, 2008 –
Do you think Crammer will inform you of the following?: [more]
August 05, 2008 –
From Mish's Blog and now effecting Washington State(a non housing bubble state): [more]
August 05, 2008 –
Think about this for a second....the following have seen their incomes implode over the past few years: [more]
August 03, 2008 –
First, I would like to acknowledge a CAPs member who without a doubt provides the most straightforward and accurate analysis on homebuilding. His thoughts are lucid and not subject to the customary hyperbole that some of us tend to apply. His handle is Steve24216. [more]
August 03, 2008 –
Probably more than any state in the country, CA generated a greater absolute and relative percentage of revenues from the real estate boom. [more]
August 02, 2008 –
Current estimates for the California deficit is $17-20 Billion dollars. Revenues coming into the state are slowing every month making upward revisions likely. [more]
August 02, 2008 –
August 1 – AFP: “California Gov. Arnold Schwarzenegger on Thursday dismissed 20,000 temporary state employees and slashed the pay of 200,000 more workers in the latest twist to a budget standoff. “ [more]
August 01, 2008 –
We were supposed to lose 70K jobs and have an unemployment rate of 5.6%. [more]
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