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alstry (35.71)

NO ONE WANTS TO ADMIT IT!!!!! 9.09

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August 31, 2009 – Comments (10)

IT IS NOW HERE....

"Because our city faces one of the worst financial, educational and social crises of the past century, the time for pseudo-leadership has passed. Gone must be the days of rhetoric without action, style without substance and promises with no potential. Too many elected officials have drastically failed to do so, and now we are forced to deal with the consequences and clean up the mess. Yet, no one wants to admit it.....

http://www.mlive.com/news/detroit/index.ssf/2009/08/detroits_financial_crisis_come.html

the worst financial, educational and social crises of the past century.....YET, NO ONE WANTS TO ADMIT IT!!!!!!!!!!!!!!!!!!!!!!!!!!

You think this problem is limited to Detroit, or Jefferson County, or California, or Las Vegas, or Florida.....

When few can borrow the economy as we know it in America CRASHES!!!!!!

The banks are now rapidly cutting off credit to the private economy.....what will our government do when it runs out of money?

You have been warned to prepare.....it is now here.....9.09

10 Comments – Post Your Own

#1) On August 31, 2009 at 1:09 PM, TMFMmbop (95.20) wrote:

You really consider Detroit Mayor Dave Bing -- who is trying to move his agenda -- a reputable soothsayer on the economy? Not saying it's all roses out there, but there are people with more credentials than he who don't agree with him.

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#2) On August 31, 2009 at 1:09 PM, alstry (35.71) wrote:

9.09 IS JUST THE BEGINNING....

City of Cincinnati Budget Cuts - 150 layoffs set for Sep 6?

City of Miami - Possible 67 layoffs

You think these people have families?  Pay taxes?  Are customers?  Own Homes?  You think they saw it coming?

You think we are coming out of a recession as Benny Bin Laden's buddies cut off credit and raise fees to the private economy?

If you think people are pissed about health care, imagine how mad they will be once they find out the bankers drove our nation into bankruptcy.

 

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#3) On August 31, 2009 at 1:19 PM, TMFMmbop (95.20) wrote:

Not sure 67 "possible" layoffs are going to move the economic needle in South Florida.Further, given my experiences with various municipal governments, I'll go out on a limb and say those lay-offs won't ding productivity at all.

But, hey, we can each look at our own statistics that we believe are relevant.

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#4) On August 31, 2009 at 1:23 PM, brickcityman (< 20) wrote:

alstry,  I've just penned another blog post that I hope you will give some thought to responding too....

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#5) On August 31, 2009 at 1:28 PM, alstry (35.71) wrote:

It is not Miami, or Detroit, or any one item....it is the debt across America that is defaulting....our income stream in America is evaporating which built upon an unsustainable credit creation resulting in a toxic level of debt.

Debt drove income to the private economy and government and now that credit is contracting, fewer and fewer can service debt.  First it started with sub prime and now defaults are rising parabolicly around the nation AND across every asset class.

Banks cutting off credit to the private economy is only accellerating the problem...which is already deteriorating rapidly.

You will soon realize that much of the total outstanding debt in America may default as revenues continue to decline......once you realize how important debt is to our economy......you will then understand that we will have practically no economy without debt.

No banks....no insurance companies....no real estate....no tax receipts.......very few customers to support our many businesses..

Other than that....please feel free to look whatever statistics you deem "relevant."

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#6) On August 31, 2009 at 1:42 PM, jason2713 (< 20) wrote:

Agree with you Alstry, though I'm not a doom and gloomer, I'm looking at the big picture.  Gone are the days of easy credit, and with so many with foreclosures on their credit scores, or any other kind of blemish, their chances of getting credit to purchase big ticket items are slim to none.

Local gov'ts are broke, hence the massive wave of lay offs soon to come.  Short term, gov't contracting is only making the situation worse, but in the long term, it will be better for the country (if they contract to a more healthy level - which I doubt).

This week, unemployment is going to show the true picture of what's going on.  July unemployment going down was a fluke, we are still losing massive amounts of jobs, and the under employed and discouraged workers are growing farther and farther, so the unemployment number really isn't tallying the true state of the economy.

 

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#7) On August 31, 2009 at 2:03 PM, jddubya (< 20) wrote:

LOL - I can only chuckle at some of this stuff.

But to add value, I can outline how I've prepared.  First and foremost, Alstry[nomics] has had ABSOLUTELY NOTHING to do with my preparedness - over the last 10 years I've managed to minimize my debt - it is now limited to mortgage and housing related expenses.  Even with that, my mortage is currently "even" (LTV is about even, whereas 5 years ago LTV was about 1/2, house worth twice the loan)  No vehicle debt.  Savings/401k is a little on the low side due to keeping debt down and economic conditions.  My expendible money, that is, the money I'm using to speculate on the market, the money I feel I can afford to lose is doing very well.   I've plowed this cash into the market back in November 08 and March of this year and the current value is +50%. I'm not a trader, most of the stocks are "buy and hold" in my mind.  quite a spread - from GE, to F, to SIRI, XOHO, EOPI, ACUS, WAVX, RAD, INSM, SANMD, SPSNQ, WWOZ, FNM, FRE, JMBA, HUN,  among many others.

I'm very lucky to have had the discipline to put myself in this position, my health has been good (important to the luck part of this because I currently do not have health insurance)

As I've explained to Alstry before... THERE IS NOTHING THE AVERAGE PERSON CAN DO BASED ON HIS PROJECTIONS.  ANY PREPARATION WOULD NEED TO HAVE STARTED YEARS AGO.

I'm not bragging.  Actually, my lifestyle has been much less exciting than others who've spent with credit over the years.

That said, I can say that I'm a little nervous about the current conditions, but I remain calm knowing that no matter how bad things can get, I'll still be able to help someone else in some way.

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#8) On August 31, 2009 at 2:14 PM, anticitrade (99.65) wrote:

Come on!  Be real, 9/09 wont be here until tomorrow.  Depending on where you live....

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#9) On August 31, 2009 at 3:14 PM, JerseyShoreGirl (< 20) wrote:

Very good post, jddubya  ... thanks for sharing!

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#10) On September 01, 2009 at 2:00 AM, StrongTrader (< 20) wrote:

Alstry is not doom and gloom. He is merely stating facts that people choose to ignore. Because the facts are bad news, a majority of people automatically labeled alstry as doom and gloom. People who can't take a good lookat current reality and admit that economy is deteriorating but keeps telling themselves and everyone around them we are in a bull market and nothing can go wrong. These people aren't doom and gloomers ... they are full of flower power!

Don't get me wrong. I find doom and gloomers annoying. And I know one when I see one. I don't automatically label everyone who gives out bad news doom and gloomers. I also find people who only look on the bright side equally annoying and refuse to accept reality annoying. 

This is all there is to it. Get on with reality. Stop living life in a bubble.

Sorry alstry, I had to say something. These flower powers annoy me to no ends.

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