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alstry (35.03)

The TRUTH is seeping out

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August 29, 2008 – Comments (2)

The UK is facing its worst economic crisis in 60 years, Chancellor Alistair Darling has admitted.

He told the Guardian newspaper that the economic downturn would be more "profound and long-lasting" than most people had feared.

Using strong language, Mr Darling acknowledged voters were angry with Labour's handling of the economy.

Shadow Chancellor George Osborne said Mr Darling had "let the cat out of the bag" about the state of the economy.

http://news.bbc.co.uk/2/hi/business/7589291.stm

You think UK is in worse shape than we are?????? 

They have issues but ours are much BIGGER.  I told you in the past, once you lie on the witness stand.....all testimony is suspect.  You think you have been told the truth about the state of our economy??????  You think we have 3% inflation and a growing GDP?????

Get ready for something you have never seen before!!!!!!!!  When you have about $20 TRILLION loaned to overvalued Real Estate.....and the total assets of our banks is about $13 trillion......and total deposits are only around $5 Trillion and total FDIC insurance around $42 Billion........HOUSTON......WE HAVE A VERY SERIOUS PROBLEM!!!!!!!!!!!!!!!!!!!!!!!!!

2 Comments – Post Your Own

#1) On August 29, 2008 at 11:44 PM, alstry (35.03) wrote:

LONGER AND DEEPER......we are talking about the crisis....

A West Coast furniture retailer with a long history in Yuba-Sutter announced Tuesday it plans to close after almost nine decades in business.

McMahan's Furniture said it will shut all 15 of its stores, including Yuba City, within the next few months.

McMahan's did not say how many employees are at the Yuba City store or how long it has been in business in the Mid-Valley.

Sutter County records indicate the store's location at Colusa Avenue and Stafford Way was originally constructed in 1969, and McMahan's was the occupant, said Estelle Lester of the county Assessor's Office.

The company, which has been in business for 89 years, cited a slump in the home furnishings business that has been ongoing for two years.

"McMahan's has experienced downturns before and always managed to rebound; however, this decline dating back to late 2006 has been considerably longer and deeper than anything (McMahan's) previously experienced," the company said.

http://www.appeal-democrat.com/news/mcmahan_67926___article.html/yuba_business.html

In business 89 years and now gone....leaving lots of additional vacant retail space.

Bear Stearns was profitable for OVER 89 years, including during The Great Depression, until it failed as a result of this crisis.

To date I have maintained conservatism as to what is likely ahead, for the sake of avoiding too much concern....I will remain tempered in posting.

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#2) On August 30, 2008 at 12:48 AM, alstry (35.03) wrote:

THE CRISIS is spreading into HOSPITALS!!!!!

Hawaii Medical Center Files for Bankruptcy After Loan Request

By Edvard Pettersson

Aug. 30 (Bloomberg) -- Hawaii Medical Center LLC, with 342 beds at two Honolulu hospitals, filed for bankruptcy court protection saying it wanted to avoid a shutdown after a lender refused to extend loan agreements.

CHA Hawaii LLC, which owns 54 percent of Hawaii Medical, listed debt of $50 million to $100 million in filings yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. A group of 130 Hawaii physicians own 45 percent of the hospital operator. CHA Hawaii is a unit of Wichita, Kansas-based Cardiovascular Hospitals of America LLC and filed for Chapter 11 bankruptcy with Hawaii Medical and two other affiliates.

``We faced the threat that our lenders would freeze our cash, creating a liquidity crisis that would force the hospitals to shut down,'' Dr. Danelo Canete, Hawaii Medical's chief executive officer, said in an e-mailed statement. ``We are seeking protection so that we can continue to operate and provide care to our patients.''

Canete said in the statement that Hawaii Medical faces problems similar to those of other health-care providers plus delays in implementing a turnaround plan because of a lack of cash. On Aug. 27, North Oakland Medical Centers Inc. in Pontiac, Michigan, filed for bankruptcy protection after running out of cash.

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