What are the REAL conditions like????
More than 400 of the 2,000 largest malls in the U.S. have closed in the past two years.
The last new major mall in the U.S. opened in 2006, and only one big mall is scheduled to open this year—the troubled Xanadu mega-mall in Rutherford, N.J.
With some 150,000 retail stores projected to fail in the U.S. this year, more mall closings are imminent.
Hmmmmmmmmmmm. We already have 20% unemployment/underemployment in a number of states....what do you think unemployment will be like after 150K retailers shut down????
As I warned you...fewer and fewer are paying taxes....so government is left with fewer and fewer to levy and collect taxes from.....you may find the following an interesting read....WARNING...not for those with a weak heart.....
In addition to taxes evaporating....commercial construction is stopping midstream all over the country.....
Construction of the Park Avenue West tower in downtown Portland has stopped, with the project frozen three floors below ground. [Oregon]
"Everybody is building these big buildings, and they're empty. It is sad. I live in a ghost town."[Washington D.C.]
Take a stroll down the Vegas strip, or Arizona, or Florida, or California or or or or or or......
So let's sum things up.....20% of our shopping malls have closed in the last couple years, car sales are down 50% in the last couple years, new home sales are down 70% in the last couple years, real unemployment is currently above 20% in a number of states and millions more likely to be released as business slows and others shut down completely, commercial construction is coming to a grinding halt across the nation, office vacancies are skyrocketing, debt defaults are in the stratosphere, foreclosures keep rising and rising, hotel occupancy keeps falling, tax revenues evaporating and bankruptcies exploding........
Maybe this is a bottom.......for now??????
Is the only way out of this mess a good honest to goodness war unless we restructure debt soon???????
Special Thanks to CalRisk and Mish's blog for the article compilation.