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alstry (35.90)

What Happened in 9.09

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September 23, 2009 – Comments (4)

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.

4 Comments – Post Your Own

#1) On September 23, 2009 at 7:32 AM, alstry (35.90) wrote:

THE CALM BEFORE THE STORM?????

"We are going to see a spike from now to the end of the year in foreclosures as we take people out of the running" for a loan modification or other alternatives, says a Bank of America Corp. spokeswoman. Foreclosure sales had dropped to "abnormally low" levels in response to government efforts to stem foreclosures, she adds.

Now that we have unloaded a bunch of cheap houses on government subsidized first time buyers....what will home sales look like going forward???? 

We have already seen what happened to car sales in September following cash for clunkers .

9.09 has occured.....now lets see what happens with the FDIC, FHA, and Pension Guaranty out of money and massive layoffs and wage cuts ahead as business shuts down and municipalities cut way back.......

Pierce County Washington - Proposed 285 Job Cuts

Update: Genie Industries - 400

Update: Ventura County - 38 total

AT&T - 75

Alaska Railroads - 127

Monroe Company - Cozad Plant - 520 Layoffs Resulting

With 2/3 of social security recipients dependent on social security for their primary source of income......we could have serious funding problems ahead.  And we are arguing about health care "reform?"

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#2) On September 23, 2009 at 8:30 AM, alstry (35.90) wrote:

WORSE KEEPS GETTING BETTER AND BETTER in 9.09

Marriott International Inc. said Wednesday that it would take third-quarter 2009 pre-tax impairment charges of approximately $760 million associated with its timeshare segment. The charges largely relate to plans to reduce prices and development at luxury fractional and residential resorts to accelerate cash flow. Additionally, third-quarter 2009 comparable systemwide revenue per available room in North America declined by about 19% from the prior year quarter, reflecting better than anticipated leisure business.

 

At some point, as things keep getting worse......you get to zero, even if that is better than expected.

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#3) On September 23, 2009 at 9:14 AM, alstry (35.90) wrote:

EXPECT CATASTROPHIC TO BE BETTER THAN EXPECTED

The Pinellas County Commission approved a $1.7 billion spending plan that will cost hundreds of employees their jobs.

The process has been "catastrophic," said County Administrator Bob LaSala.

"There will be longer response times. There will be a lower level of service," LaSala said. "That level will still be of the quality we've been accustomed to but it'll be a lower level of service."

The $85 million slash will ripple throughout the county's government, as some agencies cut back their services. Weedon Island, Heritage Village and Brooker Creek education centers will reduce the days they are open.

Those with building permit questions will find their time on telephone hold will be longer. Same goes for those who call the utility department about a water or sewer bill.

Other agencies that will see cuts include Animal Services, and the county's communications department.

But they're not out of the red yet. The county will start $10 million dollars in debt the next fiscal year.

AS REVENUES DECLINE.....EXPECT CONDITIONS TO GET WORSE.

REMEMBER, WHEN GOVERNMENT IS OUT OF MONEY...NO MATTER HOW MUCH MONEY YOU HAVE, UNLESS WE RESTRUCTURE.....GOVERNMENT MUST GET FUNDS TO MAINTAIN SOVERIGNTY

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#4) On September 23, 2009 at 9:15 AM, jason2713 (< 20) wrote:

At this point, I'm of the opinion that this is a bubble being created because the dollar is sinking, banks are paying nothing to put money into savings, and long term treasuries are a horrible idea in an inflationary environment.

The only other thing to put your money into is the market.  People are being forced into this, or they risk losing their a$$es sitting on cash. 

I went into the market a couple days ago, easing in while selling some of my short positions (which are being pounded).  I've since made 50% of my money back, no rhyme or reason but I'm taking it.

This market will continue up as long as rates are at 0% and the printing presses are continuing to load massive amounts of money into the system.  It's a bubble being created, its not too inflated at this point, but anything in the mid to high 10,000 range, you're teetering on disaster.

One day the public is going to wake up, move their money out of the country, and be done with it.

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