An Amazing Year
OVER 20 MILLION Americans collected unemployment benefits.....that doesn't include the millions of independent contractors not elligible for unemployment benefits who also suffered massive income losses....about 400K per week.
20 million-plus collect unemployment checks in '09
We shuttered or scheduled to close OVER 1/4 of all of our auto dealerships.
Residential Real Estate Construction slowed to 1940s levels. Auto Sales slowed to 1960s levels.
California, AFTER slashing its budget, is not on track for OVER 20 Billion dollar deficit.
New York State ended the year broke.
Half of the state unemployment funds are broke.
Most pension funds are massively underfunded.
The FDIC ran out of money.
The FHA ran out of money.
The Pension Guaranty ran out of money.
Fannie Mae ran out of money.
The Federal Government is on track for a $2 Trillion Dollar deficit.....an amount so large no nation in the world has the funds to finance it.
The Peace Prize winning President ramped up and expanded war on additonal fronts.
Colorado became the first state since Minimum Wage was created in 1938 to LOWER its minimum wage....despite insurance, food and fuel prices rising.
Colorado's minimum wage becomes 1st in US to drop
We bailed out and gave insolvent bankers billions in bonuses while those same bankers tightened credit, raised interest rates, and foreclosed on millions of Americans
Hotel Revenues suffered the worst revenue decline since The Great Depression and last week was the worst week on record.
Hotels: Worst Year Since Great Depression
Court Systems are so backed up that the justice system is becoming ineffective. Prosecutors are warning the system may shut down due to budget cuts.
Hospitals are suffering massive revenue losses across the nation. Mayo in AZ is no longer accepting Medicare payments.
Police forces and Fire Departments are cutting staff nationwide. Same with schools and universities.
Buffett fired over 21,000 workers and his newly acquired BN is firing more workers than any other railroad company as he bets on America with Goldman Sachs doing God's work.
Transporation revenues fell double digits.
Tax receipts contracted the most in history....including sales taxes which are NOT a lagging indicator.
Commercial Real suffered the biggest drop in value in history.
Residential foreclosures increased to the most in history.
Credit card delinquencies increased as the year progressed.
40,000,000 Americans are now dependent on Food Stamps
Social Security went cash flow negative years before it was scheduled to.........
And we could go on and on and on as Benny The B tells you the recession is over.
Please note...it is not the end of the world, simply the end of the world as you know it as our system of private enterprise supporting government expenses is now officially corrupted due to an unsustainable deficit encouraged by Congress, the Treasury and Benny the B. If you were siphoning off as much money as they were, wouldn't you do the same thing until the taxpayers figured out what you were doing???????
Cash flow has reached critically low levels to our families, businesses, and government entities. How this will play out is anyone's guess as the black swans are heading towards us....
Congartulations to all and wishing a Happy New Year to my fellow Fools.