Zombulation Accellerating in 9.09
WHEN BANKS DON'T LEND AND CONSUMERS DON'T SPEND....PRACTICALLY ALL SHUTS DOWN
“While there have been occasional signs of optimism over the last few months, the overwhelming majority of architects are reporting that banks are extremely reluctant to provide financing for projects and that new equity requirements and conservative appraisals are making it even more difficult for developers to get loans,” said Kermit Baker, AIA chief economist. “Until the anxiety within the financial community eases, these conditions are likely to continue.”
AND CONTINUE AND CONTINUE AND CONTINUE AS THE PROCESS ACCELLERATES
Reuters reports that a record 7.58% of U.S. homeowners with mortgages were 30+ days delinquent in August, up from 7.32% in July ... and up from 4.89% in August 2008.
Reuters also notes that delinquencies are rising at "an accelerating pace".
AS ACCESS TO CREDIT, DECLINES IN INCOME AND SAVINGS DEPLETION SUCK FAMILIES DRY OF MONEY....FEW WILL HAVE MONEY TO SPEND AND MORE AND MORE BUSINESS WILL SHUT DOWN AND DECLARE BANKRUPTCY
The list of restaurant closings blamed on the sour economy grew over the weekend to include 10 T.G.I. Friday's in the Sacramento region and the Pacific Northwest.
In a related spate of closures, 70 Jack in the Box restaurants from Fresno to Redding shut their doors in midweek, only to open days later after four controlling entities sought bankruptcy protection from debtors.
Financially troubled Roseville real estate developer Abe Alizadeh is listed as president of each of those companies and has controlling interest in half of the newly closed T.G.I. Friday's restaurants, according to state records and a spokesman for Alizadeh.
The closures temporarily affected about 2,100 employees, not including people thrown out of work at the T.G.I. Friday's restaurants
AS BUSINESS CLOSE AND WORKERS GET FIRED....TAX RECEIPTS WILL CONTINUE TO EVAPORATE FORCING MORE CLOSURES AND LAYOFFS
Update: Up to 125 Prince George's County s Job Cuts
Harley Davidson - 70 Additional Layoffs?
Washington State Prisons Systems - Further Cuts Coming
Montpelier VT - Tries Last Ditch Effort to avoid 300 layoffs
McCombs School of Business - 15
Vogster Entertainment - Layoffs Coming?
Nexans France - 400
City of Fort Worth Texas - 56
Hawaii Foundation on Cultures and Arts - 10
Idaho - Budget Problems could lead to Layoffs
ALSTRY ADMITS THAT THE MARKET DID NOT TRADE WHERE EXPECTED BASED ON THE CURRENT ECONOMIC CONDITIONS AT THE END OF SUMMER....BUT 9.09 STILL HAS SOME TIME AS AMERICA SHUTS DOWN AND MILLIONS LOSE JOBS AND SUFFER MASSIVE WAGE CUTS
AS ALSTRYDOMOUS FORECASTED MONTHS AGO...EXPECT THE MEDIA TO START REPORTING HOW ANGRY AMERICA IS GETTING...THIS WEEK CNN IS RUNNING A SPECIAL TITLED....."MAD AS HELL"
Stay cool fools, the heat is just beginning to rise.