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alstry (36.49)

Sure Senator, The Economy Is Just Fine

Recs

6

August 28, 2008 – Comments (7)

Municipalities contemplating bankruptcy. 

House prices falling at the fastest rate in history. 

Trillions of dollars of debt suspect of defaulting.

Corporate earnings evaporating.

Trailing PE of the Dow is nil.

FDIC running out of money at the beginning of the bank failure cycle.

States closing courthouses.

Airlines going bankrupt and cutting capacity.

Auto Dealers and Manufacturers struggling and losing tens of billions in one quarter.

Individual and corporate bankruptcies skyrocketing.

Retailers going bankrupt and/or closing thousands of stores.

Elderly can't make ends meet even with fully paid house.

Restaurants shutting down around the country.

Foreclosures highest in history.

Commercial vacancies exploding.

Hotel revenues shrinking with over 600K new units being finished.

Casinos going bankrupt.

Housing Developments becoming ghost towns.

Unemployment increasing.

Builders shutting down accross the nation.

 

And things are getting worse AFTER a huge stimulous check putting America into MORE debt.  Senator, what would a weak economy look like?

 

7 Comments – Post Your Own

#1) On August 28, 2008 at 8:17 AM, alstry (36.49) wrote:

The survey found one third of workers said they often don't have enough money to make ends meet.

About one-third of respondents say the amount they owe on credit cards exceeds their retirement savings; another 3 percent say their credit card debt would cancel out their retirement account, according to the random survey of 1,000 people, 587 of whom are in the labor force.

http://biz.yahoo.com/ap/080828/worker_survey.html

Imagine what things will be like in a few months as more and more companies are slated to cut back workforces and food and fuel prices remain high?

Senator.....any thoughts on how we should deal with this issue affecting America now......or should we just focus on your perceptions and visions for the future?

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#2) On August 28, 2008 at 8:49 AM, alstry (36.49) wrote:

Yes Senator, we can sleep well,  things are great in the Western World

Toyota Cuts 2009 Sales Forecast, Reduces European Production Toyota Motor Corp., the world's second-largest carmaker, lowered its forecast for auto sales growth in 2009 to 2.1 percent and said it will cut production in Europe as record fuel prices damp demand.

 U.K. House Prices Drop Most Since 1990, Retail Index Plunges U.K. house prices declined at the fastest annual pace in almost two decades and an index of retail sales plunged to a 25-year low in August as Britain's economy edged closer to a recession.

Spain May Suffer From ECB Loan Curbs as Economy Cools (Update1) Spain's economy, brought to the brink of a recession by surging global credit costs, may find money even harder to come by when the European Central Bank tightens its lending practices.

Sears Holdings Profit Falls After Sales Decline (Update1) Sears Holdings Corp., the biggest U.S. department-store company, reported second-quarter profit that fell more than analysts estimated after shoppers trimmed spending on appliances and clothing.

Swiss Life Drops Most in 5 Years on Targets, MLP Plan (Update1) Swiss Life Holding, Switzerland's biggest life insurer, fell the most in more than five years in Swiss trading after saying it will miss 2008 profit targets and reiterating its interest in Germany's MLP AG.

Natixis Reports Second-Quarter Loss on Writedowns (Update2) Natixis SA, the French bank seeking 3.7 billion euros ($5.5 billion) in new capital, reported a second-quarter loss that exceeded analysts' estimates on writedowns tied to struggling U.S. bond insurers.

UCB Cuts 2,000 Jobs to Spur Profit; Shares Decline (Update1) UCB SA, the Belgian drugmaker that bought Schwarz Pharma AG, is cutting 2,000 jobs, or 17 percent of its workforce, in an effort to spur profit growth.

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#3) On August 28, 2008 at 9:04 AM, alstry (36.49) wrote:

Senator,

Why is America Shutting Down???

Builders are shutting down.

Banks are shutting down.

Municipalities are shutting down.

Retailers are shutting down.

Airlines are shutting down.

Housing communities are shutting down.

Mortgage companies are shutting down.

Trucking companies shutting down.

Schools shutting down.

Senator, why are these issues not being addressed.....is the economy fine???

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#4) On August 28, 2008 at 10:18 AM, LordZ wrote:

Alstry what are we suppose to do ?

If you have idiot citizens and consumers who spend more than they can afford, does the government have an obligation, I don't have any debts, I have assets, I have discipline, I don't have an addiction to wasting money or spending spending spending regardless of the costs.

The government itself cannot budget or manage itself.

Let them shut down, let them fail, whats the point in you constantly mentioning these fools ?

At least at some point in your thousand blogs, offer some solution or suggestion, so that we may see how unintelligent or smart you really are ?

Even a parrot can copy and repeat the words of someone who talks, you remind me of some doom and gloom parrot chipperly repeating words of doom and gloom passer bys.

But I guess that is your charm.

If only some cat could come by and show you some real doom and gloom.

 

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#5) On August 28, 2008 at 10:25 AM, alstry (36.49) wrote:

The point is America is shutting down.

You say you have assets and no debt...what if your assets' value evaporates?

What if few of your neighbors are capable of paying taxes....will you be a patriot and give all of your assets to the government to keep things going?

When something shuts down, something new generally opens....are you prepared for the grand opening?

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#6) On August 28, 2008 at 10:48 AM, lquadland10 (< 20) wrote:

United States of the World. We are selling Buildings, Roads, Bridges,Coal,Money,Gold,Copper,Cities,States,The entire country. The only thing we can't sell are the banks because the world knows how corrupt they are and also c,gs,fan and fred and what not. What will happen when the banks and hedge funds go under? Stock market drops. If they are leveraged 20 or 50 to one then we will have a 0 or Minus 2,000  S & P. Who is still insane enough to trade on margin. The call will come in. Compared to Gold the Stock Market has declined since we were taken off the Gold standard. The illusion is it went up. No it didn't just the debt.   Welcome to the NEW WORLD ORDER. Fun ain't it?

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#7) On August 28, 2008 at 12:32 PM, garyc27 (< 20) wrote:

Alstry,There is a long overlooked fundamental value missing from the people of this country: Personal Accountability and Responsibility!  When the collective we expect government to "take care of us" we incur a long and arduous debt that never gets paid, bigger government and higher taxes are the result.

In its infinite wisdom in 1996 the US Congress decided that we have the constitutional right to individual home ownership.  Thus Congress pressured the banks to ease credit applications and loan criteria so that more of us could “enjoy” individual home ownership.  More houses were built, more credit extended and more money was spent.  Article after article deplored the appalling individual savings rate meanwhile consumers consumed and added more credit cards and home equity loans to feed the consumption frenzy.  Now the party is over, the consumer is tapped out and the pied piper of free flowing loans wants to be repaid and repaid at real interest rates not the Alan Greenspan bargain basement rates.  Let’s not ask the Senator and other Wizards of Washington to absolve us of our greed and stupidity, let’s just take a look in the mirror.

 

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