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alstry (35.03)

Breaking: Citi to cut 18,000 MORE jobs

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July 06, 2008 – Comments (1)

1:52[C] Citi to post Q2 write-downs of at least $8B: UK Times

1:52[C] Citi analysts say firm needs more new capital: UK Times

1:52[C] Citi to cut at least 18,000 jobs before '08 ends: UK Times

1:52[C] Citi equities-unit traders expect major job cuts: UK Times

1:52[C] Citi CEO Pandit set to divest $500B of assets: UK Times

Wow.....what will it take for America to wake up.

Our Airlines are shrinking, Our Auto companies are shrinking, Our Banks are shrinking, Our Construction companies are shrinking, Our Retailers are shrinking, Our Restaurants are shrinking, Our Insurers are shrinking, and now government revenues are shrinking at the fastest pace in history..........

Not only are revenues shrinking, costs for everything is exploding.....never has this happened before.

If you don't think our economy is sick yet......pretty soon it will tell you whether you like it or not.

 

1 Comments – Post Your Own

#1) On July 06, 2008 at 11:24 AM, alstry (35.03) wrote:

Saturday, July 5, 2008

Banks narrow home equity withdrawals

Borrowers scramble to find other funds as lenders cut loan amounts for home equity lines of credit.

http://www.ocregister.com/articles/loans-helocs-heloc-2085396-credit-lenders

Families turn to loans and credit cards to cover mortgage bills

July 4, 2008

More than four million households have resorted to personal loans or credit cards to cover mortgage or rent payments in the past year.

http://caps.fool.com/Blogs/ViewPost.aspx?bpid=68299&t=01006124249416869148

Now the question is what percentage of families were resorting to use credit to meet debt obligations?  This is not a judgment question, simply a mathematical one.

If a certain percentage of American families were using credit to pay obligations, and now credit is being cut off.....what kind of default rate can we expect going forward as an inevitable slowdown will likely get much slower.

 

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