What Happened in 9.09
Unemployment approached record highs
Bankruptcies approached record highs
Foreclosures approachhed record highs
Revenues suffered massive contractions
Tax Receipts suffered record declines
Commercial Real Estate suffered record declines
Commercial vacancies skyrocketed
And the stock market kept going up up up.......and the outlook for future hiring????
Nearly half the nation's 25 biggest retail chains expect to hire fewer holiday workers this season than they did last year, another sign that retailers aren't counting on recession-strained shoppers to relax the tight grip on their pocketbooks this year.
About 40% of stores surveyed across a broad swath of retailing, including consumer-electronic chain Best Buy Inc., teen-retailer American Eagle Outfitters Inc., and luxury-goods seller Saks Inc., told the Hay Group, a human resources consulting firm, that they expect to hire between 5% and 25% fewer temporary workers this year than last, when the recession forced many retailers to trim
If anyone can provide insight how we will pay off $30 trillion of NON federal debt with only a few trillion in savings and collapsing revenues and incomes with tightening credit conditions.......Alstry is all ears.
Remember, that $30 trillion of NON federal debt requires massive spending by massive numbers to be serviced....and now America is saving and sales are evaporating as evidenced by Catapiller and Potash and many other businesses.