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alstry (35.35)

Where are we in 9.09..... who coulda thunk Alstrydomous could forecast?

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September 04, 2009 – Comments (9)

FDIC is basically out of funds.

Pension agency insuring pension plans over $30 Billion deficit.

States unemployment funds running out of money.

Personal and Corporate Bankruptcies skyrocketing.

States selling off buildings to meet operating deficits.

States shutting down services and firing employees due to evaporating funds.

Banks shutting down as over 3000 have over 300% capital exposure to CRE.

Prime Mortgages are now defaulting at a faster rate than Subprime.

Manhatten Office Building Sales down over 90%.

New Home Construction down over 80% in dollar value from peak.

Raw land development value worthless.

Auto sales down 50% from peak.

Corporate Income Tax down 67%.

Sales tax receipts imploding.

Personal income tax receipts evaporating.

CRE values crashing and thousands of office buildings vacant.

Respected economist John Williams estimates unemployment at over 20%...without including welfare recipients which did not exist during The Great Depression.

Few companies are hiring.

Wages crashing and hours getting cut.

Military building up as collective government deficit approaches $2 Trillion dollars.

Swine Flu causing students to be quarantined at colleges across America.

Who could have ever predicted that the American economy would be confronting such MASSIVE financial and structural defects by 9.09??????????????????????????????????????????????  Who coulda thunk???????????????????????????? 

And the outlook is getting much worse as banks balance sheets are being evicerated by defaulting loans, corporate revenues are continuing to evaporate as evidenced by the continued decline in hotel revpar and airline travel, millions of workers face massive wage cuts, and millions more confront the prospect of unemployment.

.....and the stock market up 50% as HFT colocated computers trade back and forth to each other and control the exchange trading now dominated by bankrupt financial companies?

"Liberty cannot be preserved without a general knowledge among the people" - John Adams

9 Comments – Post Your Own

#1) On September 04, 2009 at 9:54 PM, AdirondackFund (< 20) wrote:

Nice oped piece by Mish.  Did someone think Alstry was the only one who predicted this sh*t we are faced with?  He's not, you know.  Ride Revere Ride!  The People have been fooled.

http://2.bp.blogspot.com/_nSTO-vZpSgc/ShLjDIaR7FI/AAAAAAAAGHI/jTLtM7ms0CI/s1600-h/Two+Lost+Decades.png

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#2) On September 04, 2009 at 10:03 PM, alstry (35.35) wrote:

Ad....

Japan never had the private leverage.........it is why Alstry is a lot more cautious than Mish, Denninger, Roubini, Schiff etc....and getting more aligned with Celente.

In addition, there are some domestic and international political issues also to be considered but not appropriate for this forum.

At this point, it is not whether the plane crashes.......it is how to survive the impact.

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#3) On September 04, 2009 at 10:07 PM, alstry (35.35) wrote:

In a Ponzi World...even Buffett has NO CLUE!!!!!!

From Calculated Risk:

And a Cease & Desist for Granite Bank in North Carolina, from The Charlotte Observer: Bank of Granite under “cease and desist” order (ht Surferdude808)

Regulators have placed Bank of Granite Corp. under a so-called “cease and desist” order, the bank announced this afternoon.

But what makes this one a little unusual:

Known for being conservative and thrifty, it was once praised by Warren Buffett as one of the best-run banks in the country. Report this comment
#4) On September 04, 2009 at 10:19 PM, russiangambit (29.21) wrote:

Meanwhile ...

Sept. 4 (Bloomberg) -- Investors withdrew a net $4.95 billion from equity funds and added $5.06 billion to bond funds in the week to Sept. 2, amid concerns about the strength of a world recovery, EPFR Global said in a report.

U.S. equity funds incurred net outflows of $4.29 billion and emerging-market funds also saw withdrawals, EPFR said in an e-mailed statement. Emerging-market funds for equities in Asia excluding Japan received a net $67 million, while China funds got $200 million, the fund tracker reported.

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Gold is surging, investors are pulling money out of the US equties. The signs are too obvious not to notice. Unless one is set to delibirately ignore them. As history teaches us, ignoring a problem only makes it so much worse.

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#5) On September 04, 2009 at 10:19 PM, russiangambit (29.21) wrote:

Meanwhile ...

Sept. 4 (Bloomberg) -- Investors withdrew a net $4.95 billion from equity funds and added $5.06 billion to bond funds in the week to Sept. 2, amid concerns about the strength of a world recovery, EPFR Global said in a report.

U.S. equity funds incurred net outflows of $4.29 billion and emerging-market funds also saw withdrawals, EPFR said in an e-mailed statement. Emerging-market funds for equities in Asia excluding Japan received a net $67 million, while China funds got $200 million, the fund tracker reported.

----------------------------------

Gold is surging, investors are pulling money out of the US equties. The signs are too obvious not to notice. Unless one is set to delibirately ignore them. As history teaches us, ignoring a problem only makes it so much worse.

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#6) On September 05, 2009 at 1:45 AM, alstry (35.35) wrote:

When the Banks Cut Off Credit...the cutting never stops...

PEORIA —

Forty-four city positions will be eliminated under a budget plan the city's administration released late Friday, and Mayor Jim Ardis suspects roughly 30 of them could be layoffs.

Things might even get worse, Ardis said Friday, after the council learned late in the day that sales tax figures were lower for the year than originally projected.

"It's terrible news," Ardis said.

The administration's position cuts are a part of a plan to reduce the budget by $8 million as directed by the City Council last month. That equates to about $4.9 million on top of the $3.1 million in previous cuts the administration introduced on Aug. 18.

Ardis, though, said the latest sales tax information will probably force an additional $1.5 million in cuts, driving the anticipated 2010 budget deficit total to $11.5 million.

"Outside of what are some pretty significant cuts identified here, there is going to be more," Ardis said.

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#7) On September 05, 2009 at 1:47 AM, alstry (35.35) wrote:

FORCLOSURE  PANDEMIC.........

N.C. regulators are looking for new ways to help more homeowners as the foreclosure crisis spreads, hitting another unwelcome record last month.

Statewide, foreclosure filings rose 43 percent in August, compared with a year ago, according to Observer analysis of court data compiled by the state. Filings, which mark the start of foreclosures, rose above 6,500 for the first time last month.

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#8) On September 05, 2009 at 7:19 AM, JerseyShoreGirl (< 20) wrote:

Watch out for a FALSE FLAG next week ....

False Flag operations are covert operations conducted by governments, corporations, or other organizations which are designed to deceive the public in such a way that the operations appear as though they are being carried out by other entities.

... as Obama returns to Washington because according to Bloomberg.com, "Obama May Need Sense of Crisis to Revive Health-Care Overhaul"

Sept. 4 (Bloomberg) -- President Barack Obama returns to Washington next week in search of one thing that can revive his health-care overhaul: a sense of crisis.

Facing polls showing a drop in his approval, diminished support from independents, factions within his Democratic Party and a united Republican opposition, Obama must recapture the sense of urgency that led to passage of the economic rescue package in February, analysts said.

“At the moment, except for the people without insurance, we’re not in a health-care crisis,” said Stephen Wayne, a professor of government at Georgetown University in Washington. “You do need a crisis to generate movement in Congress and to help build a consensus.”

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5HawfX.Mxt8

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#9) On September 05, 2009 at 7:57 AM, JerseyShoreGirl (< 20) wrote:

MORE BANK FAILURES .. Regulators shut banks in Mo., Ill., Iowa, Ariz.Regulators shut down banks in Mo., Ill., Iowa, Ariz., making 89 US bank failures this year

So much BS is this story, glossing over the situation .. but here's one new development ...

Last week, the FDIC opened the door wider for private investors to buy failed financial institutions. The FDIC's board voted to reduce the cash that private equity funds must maintain in banks they acquire.

Private equity funds have been criticized as excessive risk-takers. But with fewer healthy banks willing to buy ailing institutions, the banking crisis has softened the FDIC's resistance to private buyers.

http://finance.yahoo.com/news/Regulators-shut-banks-in-Mo-apf-3170190421.html?x=0&sec=topStories&pos=4&asset=&ccode=

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