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alstry (36.32)

More and more of America shutting down

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September 29, 2008 – Comments (0)

Bill Heard Enterprises Inc., one of the largest Chevrolet dealers in the U.S., filed for Chapter 11 bankruptcy protection in a Decatur, Ala., court after shutting down last week amid a prolonged downturn in the U.S. auto industry.

Mr. Heard ran 14 Chevy dealerships and dubbed himself "Mr. Big Volume" because of the high amount of sales his stores were responsible for. About 3,200 people were put out of work when the dealerships closed their doors Wednesday.

Think about the cost to the economy....

$2+ Billion per year in sales......at least $100 million in sales taxes

$150 million in lost income + lost income taxes.

More vacant commercial space.

This is happening all over America every day.  We have been documenting this for over six months as your leaders kept telling you everything was fine.......

these guys are not shutting down because of the current "crisis"....they are shutting down because their customers don't have enough money to buy things......

now the employees of this company will not beable to buy things.....causing even more distress in the economy as defaults trigger more defaults.....

There is a solution....but giving much of the nations money to a few bankers ain't it.  Time to restructure....right now!!!!!!!

How much of American Business was built on a pile of debt and fraud.....here is a potential $2 Billion dollar example for you......

Embattled Twin Cities businessman Tom Petters resigned Monday as chairman and chief executive of Petters Group Worldwide in the wake of a federal criminal investigation into allegations of investor fraud.

Sun Country Airlines employees learned today that their paychecks will be cut in half on Oct. 7 because the airline is suffering from a cash squeeze and will not be asking embattled owner Tom Petters for financial help.

You know my feelings about public homebuilders......just wait until they tell you what the real value of the assets are and how much they and the analysts have been BSing you as they dumped shares over the past couple years.....

This will be a sad time for America and American business.....let's hope we can eventually learn from it in the future.....

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