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