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alstry (35.02)

Is Everything Bankrupt?

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November 13, 2009 – Comments (6)

The government-chartered company that insures the pensions of one in seven Americans said Friday that its deficit this year nearly doubled to $22 billion.

That's an improvement over the Pension Benefit Guaranty Corp.'s midyear record deficit of $33.5 billion, which spiked as auto makers and other companies faltered and caused the insurance fund's liabilities to spike.

Yet experts and officials say the long-term picture is grim. They say that without major changes, such as higher insurance premiums and less risky investments, the fund eventually will require a taxpayer bailout.

"We could face much higher deficits in the future," PBGC acting director Vincent Snowbarger said in a statement. "We won't fail to meet our obligations to retirees, but ultimately we will need a long-term solution."

http://finance.yahoo.com/news/Deficit-doubles-for-apf-1247185065.html?x=0&sec=topStories&pos=4&asset=&ccode=

Hmmmm.  Massive Loans Defaulting.  Businesses Shutting Down...Tax Receipts Evaporating.  Incomes Shrinking.   Will there be many taxpayers left?????

And now States comtemplating Bankruptcy.....some even thinking of returning to territory status????

State Finance Directors Warn of More Trouble Ahead

"I looked as hard as I could at how states could declare bankruptcy," said Michael Genest, director of the California Department of Finance who is stepping down at the end of the year. "I literally looked at the federal constitution to see if there was a way for states to return to territory status."

Don't forget, the recession is over........and the Titanic couldn't sink.

For those of you that think that this is not as bad as The Great Depression......from an accounting and legal standpoint......this is soooooooo much worse, once the fraud is revealed.

6 Comments – Post Your Own

#1) On November 13, 2009 at 6:40 PM, alstry (35.02) wrote:

It can be your duty to offer up your children when your Government declares war.....what is your duty if your nation is broke?

In WW2 our nation had very little debt going into the conflict and niether did our population.....and after the war our national income exploded.

In the current situation, my guess is turn in everything you have, including your gold...otherwise everything you have is worthless anyway.

When few have money to pay taxes....government must take a lot from the few which will likely not be enough anyway.

Soon we will have to confront this issue....or the issue will inevitably confront us one way or another.

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#2) On November 13, 2009 at 6:53 PM, Recover22kplan (40.12) wrote:

So....... Dow 5000 isn't off the table, right ?

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#3) On November 13, 2009 at 7:04 PM, jddubya (60.66) wrote:

#2 - LOL

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#4) On November 13, 2009 at 7:05 PM, alstry (35.02) wrote:

At this point, NOTHING is off the table.

It is mathematically impossible for us to collectively service $50 Trillion dollars of debt....much of which is private.

The bankers loaned out money that didn't exist nor was it adaquately collateralized....by trying to collect on the debt, it will cause defaults and counterparty defaults until eventually most of the nation simply goes bankrupt.

The joke is we are bailing out  the bankers so they can shut down the nation by enforcing contracts that are impossible to perform on a collective basis.

Soon, so much of America, including its citizens, businesses, and governments will be broke, such that the few remaining will simply not be financially strong enough to support the nation.

R-G Financial Group - 100

Indiana State Workers - 33

Lennox Hearth Products Inc - 71

Kane County's Information Technology Department - Layoff Talks

Spokane County - Issues Layoffs Notices

Corsicana True Value - 23

Colombian County Board of Developmental Disabilities - 4 or 5

Virginia Commonwealth University - 91

Chicago - About 700 Layoffs expected as Companies close/Streamline

First Data - 250

Layoffs Sting Big Pharma

Wyoming Schools - 57 Layoffs Possible

Update: AOL - Up to 1,000 more Layoffs could be Coming

CNN - Lays off Web Newscast Staff ?

Colorado Springs - 73 Transit Workers

San Luis Obispo County Libraries - Layoffs Notices

The New York Times News Service - 25 Layoffs Next Year

Update: Hawaii - 650 Layoffs

The Hudson's Bay Company Closing Distribution Center

The Bailey Country Store

Contract Journal ( International ) Closing after 130 Years

Update: Riverside Inn Closing Dec 12

Downtown Dayton Office Tower Closing

West Jersey Processing and Distribution Center May be Closing

Update: Continental Closing Jetplex Industrial Park

Baker Oil Tools in Yorktown

Salida Gambles Store Closing?

Pacific Seafood in Fresno

Sykes Enterprises Inc Closing - 336 Job Cuts

Greer's Food Tiger on Florida Street

* links from dailyjobcuts.com

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#5) On November 13, 2009 at 7:13 PM, alstry (35.02) wrote:

IF WE CONTINUE DOWN THIS POLICY OF ZOMBULATION.....SOON MUCH OF AMERICA WILL LOOK LIKE DETROIT.

The eighth-largest office building in downtown Dayton is closing its doors. The former KeyBank Building, located at 32 N. Main Street, will cease operation as an office building, keeping only its retail tenants open.

All of the building’s office tenants must move out by the end of the first quarter. The building’s owners — Investors Warranty of America Inc., a subsidiary of life insurance giant, Aegon Group — said closing the 14-story office tower makes financial sense.

The building is only a fifth full and it’s not economically feasible to operate the entire building for so few tenants, said Tom Schefter, senior vice president of Cedar Rapids, Iowa-based Aegon USA Realty Advisors. “It will be less expensive to close the building down,” Schefter said.

He declined to disclose how much the owners will save as a result of closing the building.

The 218,000-square-foot building will continue to be listed as having space available, but Schefter said it would take a large user occupying multiple floors to re-open the office space. But, he said that type of deal doesn’t exist today.

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#6) On November 13, 2009 at 8:22 PM, alstry (35.02) wrote:

FOR YOU FOOLS THAT THINKS CHINA WILL BAIL US OUT...

Politico reports that Jim Chanos is a big China Bear:

But there’s a growing group of market professionals who see a different picture altogether. These self-styled China bears take the less popular view: that the much-vaunted Chinese economic miracle is nothing but a paper dragon. In fact, they argue that the Chinese have dangerously overheated their economy, building malls, luxury stores and infrastructure for which there is almost no demand, and that the entire system is teetering toward collapse.

A Chinese collapse, of course, would have profound effects on the United States, limiting China’s ability to buy U.S. debt and provoking unknown political changes inside the Chinese regime.

The China bears could be dismissed as a bunch of cranks and grumps except for one member of the group: hedge fund investor Jim Chanos.

YOU KNOW...THAT IDIOT THAT THOUGHT ENRON WAS A PONZI SCHEME.

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