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alstry (36.17)

Everything Going Bankrupt????

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December 18, 2008 – Comments (13)

AUTOS

Bush won't leave auto 'catastrophe' for ObamaOrderly bankruptcy of car makers on the table, White House says

I guess that is better than a disorderly bankruptcy.

CITIES

RIO VISTA, Calif. -- California may soon have more bankrupt towns on its hands.

The city of Vallejo, Calif., gained national attention earlier this year by filing for Chapter 9 bankruptcy protection. Now, two neighbors are fighting to avoid the same fate, as the state's economic crisis spreads.

Isleton and Rio Vista, small towns roughly 50 miles northeast of San Francisco, say they have begun consulting with bankruptcy lawyers as they draw up plans to deal with their mounting budget crises. The towns' leaders say they hope to avoid bankruptcy, but concede the move may eventually be their only option.

"We're strapped for cash and by the end of March or early April we may not have enough money to pay for payroll," says Hector De La Rosa, Rio Vista's city manager.

http://online.wsj.com/article/SB122954346309915189.html

In fairness to the inflation/deflation deliberations.........rampant bankruptcies occur in either environment......however, in hyperinflation.......especially a hyperinflationary depression.....practically everything goes bankrupt.....including you and me.

13 Comments – Post Your Own

#1) On December 18, 2008 at 6:19 PM, zygnoda (27.35) wrote:

I saw this posted elsewhere and wanted to share it..

December 5, 1929 
“The Government’s business is in sound condition.” 
– Andrew W. Mellon, Secretary of the Treasury 
 
Very Prosperous Year Is Forecast 
– The World, December 15, 1929 
 
June 29, 1930 
“The worst is over without a doubt.” 
– James J. Davis, Secretary of Labor. 
 
August 29, 1930 
“American labor may now look to the future with confidence.” 
– James J. Davis, Secretary of Labor. 
 
September 12, 1930 
“We have hit bottom and are on the upswing.” 
– James J. Davis, Secretary of Labor. 
 
October 16, 1930 
“Looking to the future I see in the further acceleration of science continuous jobs for our workers. Science will cure unemployment.” 
– Charles M. Schwab. 
 
November 1930 
“I see no reason why 1931 should not be an extremely good year.” 
– Alfred P. Sloan, Jr., General Motors Co. 
 
June 9, 1931 
“The depression has ended.” 
– Dr. Julius Klein, Assistant Secretary of Commerce. 
 
August 12, 1931 
“Henry Ford has shut down his Detroit automobile factories almost completely. At least 75,000 men have been thrown out of work.” 
– The Nation. 
 

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#2) On December 18, 2008 at 6:30 PM, alstry (36.17) wrote:

Zyg,

I am blogging like a mad man providing direct evidence of a catastrophe....I am not sure how long it will take before  the evidence  finally sinks into these Fools.  But if my guess is right,  it will not be too much longer.

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#3) On December 18, 2008 at 6:48 PM, Mary953 (74.27) wrote:

Alstry,

Your blogging has reached us.  If you get few responses, the reason is clear.  When you are stuck on the track and can see no way to move out of the way, what can you say as the train barrels toward you?  There is the morbid fascination of watching it speed ever faster, but you honestly do not know WHAT TO DO!

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#4) On December 18, 2008 at 6:48 PM, Mary953 (74.27) wrote:

Alstry,

Your blogging has reached us.  If you get few responses, the reason is clear.  When you are stuck on the track and can see no way to move out of the way, what can you say as the train barrels toward you?  There is the morbid fascination of watching it speed ever faster, but you honestly do not know WHAT TO DO!

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#5) On December 18, 2008 at 7:14 PM, kstarich (31.05) wrote:

Alstry,

I have been reading your blogs for about a month.  Thank you for all the great links.  You do great at getting the information across.

You have to be careful though that constantly looking at dire news can affect your happiness.  I think that is why some fools don't want to collaborate.

THere is so much falling apart at once,  however I don't think the international bankers are completely in control and it is possible for there to be a huge twist in the end.  This could be the biggest David and Golliath story ever! 

Since you are so good at getting the story PLEASE start looking for the story of how this money sceme is going to fall apart and benefit the hard working people of the world.

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#6) On December 18, 2008 at 7:19 PM, abitare (93.16) wrote:

Tommorrow is options expiration, I expect these corrupt morons to come out and announce a rescue or some other wealth distribution crap.

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#7) On December 18, 2008 at 8:23 PM, nuf2bdangrus (< 20) wrote:

I covered all my shorts today, they weren't behaving well even as the market rolled over.  On the good side, I've been buying debtt, and it popped a bit, wish I hit the move in HYG

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#8) On December 19, 2008 at 12:22 AM, BigFatBEAR (29.25) wrote:

Don't chase it up, nuf. It'll be back down soon.

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#9) On December 19, 2008 at 12:46 AM, DaretothREdux (41.27) wrote:

BigFatBEAR,

i have to agree...we will see another correction to even lower this month just like prior months. where is my proof you ask? all the talking heads are saying "we could be recovering and we wont test those lows again"...need I say more

Alstry,

Keep up the hard fight man! With me you are simply preaching to the choir, and if anyone wants a smile along with all this gloom feel free to read my blogs (almost always satire).

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#10) On December 19, 2008 at 1:17 AM, BeachExec (22.58) wrote:

Do you folks ever get out? Everything is most assuredly not going bankrupt. I fly on full airplanes to meetings that still conduct actual and real business. The kind where businesses are buying stuff from other businesses because they are in business. And will continue to be in business. I eat at full restaurants. I drive on roads that have too much traffic. Things are bad, yes. Things may very well get worse. But everything is not going bankrupt and the "focus on everything negative" will not serve you well over time. Supply and demand will find equilibrium. Opportunity abounds. The human race is not done for. The world is not ending.

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#11) On December 19, 2008 at 1:57 AM, alstry (36.17) wrote:

What I find amazing is that people equate my documenting the shut down of our economy with the end of the world.  I am not sure where people get that impression unless it is from their subconscious.

I have children, I think the future will be very bright for them....and had I lived in 1929 I am sure I would have felt the same way.....simply based on that is the way I feel now and I think the factors in place lead us to much bigger distress.

Is it the end of the world....I don't think so and I certainly hope not.....is our economy shutting down.  If the closing down of every auto factory in America is evidence...than yes.  If the closing of thousands of retail stores is evidence....then yes.

Is this process likely to accellerate and get worse if the same policy directives remain in place.....absolutely....but the end of the world???  for all of our sakes let's hope not.

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#12) On December 19, 2008 at 1:58 AM, zygnoda (27.35) wrote:

The human race is not done for. The world is not ending.

Shoot I guess I'm going to lose that bet then...

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#13) On December 19, 2008 at 3:02 AM, DemonDoug (62.81) wrote:

al, i would like your prediction for california.  it appears as tho the entire state is heading for BK. Not enough money to make it thru february.  If I understand correctly, CA going BK would be the biggest BK in the history of the world... just trying to imagine what that will be like.

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