Bankruptcies : It's going to get ugly

mimo2005 · 10-21-2008, 08:23 PM

General Motors to close Janesville, Wis., SUV plant in December, earlier than expected

Yahoo firing 1,500 workers; 3Q profit falls 64 pct

Industrial Carriers Inc files bankruptcy

Pacific Lifestyle Homes files for bankruptcy

Shipper Industrial Carriers Files for Bankruptcy

Channel 51 owner files for bankruptcy

Mother's Cookies abruptly shut down

Department store chain Mervyns LLC will announce Friday that it is filing for chapter 7 bankruptcy protection

Greater Ohio Ethanol Files Chapter 11
News/Talk 1150 WIMA

Bankruptcies in Colorado up 40 percent
Bankruptcies in Colorado up 40 percent : Money & Markets : The Rocky Mountain News

Hospitals see string of bankruptcies in recent weeks
Hospitals see string of bankruptcies in recent weeks - FierceHealthFinance - Health Finance, Healthcare Finance

Financial meltdown shows up in NJ jobless data
New Jersey loses 3,900 jobs in September

Chicago is going to put non-essential city workers on a 6 day holiday without pay.

States that Can't Pay for Themselves
http://finance.yahoo.com/loans/artic...tates-That-Can

...and so it begins. Get ready and I wish you ALL good luck , and i need it too.

mommabear · 10-22-2008, 04:20 AM

wow.

**Drew1369** · 10-22-2008, 04:50 AM

dang... wonder were all that stupid bailout money went too

yustr · 10-22-2008, 07:28 AM

Relax. What's the big deal? After all its small businesses that are the engine of this economy. Just listen to either candidate.

**SABL** · 10-22-2008, 09:50 AM

Wait til it trickles down to the little guy. No job= no income.... it will get worse. What happens at the top?? NOTHING!! The officers of these companies will just shrug it off... they don't care...they make big bucks regardless of outcome. The ones who will pay the most will be the working class... they have always been expected to pay the price for the extravagant lifestyles of the corporate execs.

Bottom line is, I am disappointed in the salaries that the execs of large corporations receive just because they think they deserve it. How much is too much? I can not fathom having an income as large as most execs.... I would have to do some serious wasting of financial resources to dispose of that much money!!

**sobeit** · 10-22-2008, 01:49 PM

Quote:

Originally Posted by Drew1369

dang... wonder were all that stupid bailout money went too

to all the big companies so they can pay their ceos big bucks and so they can gobble up smaller financially strapped companies at a fire sale discount.

mimo2005 · 10-22-2008, 02:56 PM

Quote:

Originally Posted by Drew1369

dang... wonder were all that stupid bailout money went too

We borrowed too much .......(Thanks to bush and his conservative policies )

4 ways to solve this problem:

grow out of the debt
inflate the debt away
default on the debt
socialize the debt

THE CURE IS PAIN and lots of it.How to position for Cat 5 Financial Hurrican?

RedScott · 10-22-2008, 06:32 PM

You forgot option 5:

Stop spending.

mimo2005 · 10-22-2008, 08:10 PM

Quote:

Originally Posted by RedScott

You forgot option 5:

Stop spending.

You can't spend what you don't have....

Watch Europe's indications late tonight. If they go into sinking mode get your helmet out and buckle up .

mimo2005 · 10-22-2008, 08:14 PM

Quote:

Originally Posted by RedScott

You forgot option 5:

Stop spending.

yes , You can't fix a drinking problem with more booze.The problem is that on a GLOBAL basis the system is flooded with too much debt for the capital formation capacity that exists. You can only correct this imbalance by removing the liqudidity and forcing that excess debt to default.

bonyolddoc · 10-22-2008, 08:25 PM

Quote:

Originally Posted by mimo2005

yes , You can't fix a drinking problem with more booze.The problem is that on a GLOBAL basis the system is flooded with too much debt for the capital formation capacity that exists. You can only correct this imbalance by removing the liqudidity and forcing that excess debt to default.

Huh?

mimo2005 · 10-22-2008, 09:10 PM

Quote:

Originally Posted by bonyolddoc

Huh?

This has been going on since the 1980s, which is why every crisis has been more severe since the 87 crash and has "required" more outrageous interventions to "fix".

mimo2005 · 10-22-2008, 09:47 PM

Hard times have some flirting with survivalism
Economic angst has Americans stockpiling 'beans, bullets and Band-Aids’
Link full story:
http://www.msnbc.msn.com/id/27244465/

HEY , Bry !
Is this our christmas shopping this year under Mister bush ?*

* if we make it to dec. 25 without a systemic collapse .

**dm01** · 10-23-2008, 03:24 AM

If an institution becomes so large that its collapse may threaten the economy of the country in which it does business and/or the economies of other countries, it is simply too large.

I would like to see all of the executives involved in the collapse of the economies rounded up and charged with treason for threatening the economic situations of their respective countries (mostly the US).

**flipper** · 10-23-2008, 08:05 AM

Just stop paying your mortgage

By Peter Schiff

Quote:

If your mortgage does become the property of Uncle Sam, the growingly popular impulse to “just walk away” should be replaced by “just stay and stop paying.” No one will throw you out. After a few months, or years, of living payment free, you will get a call from a motivated government agent eager to adjust your loan into something affordable.

To bolster your bargaining position it will help to be able to claim poverty. As a result, if you have any savings, spend it soon, before they call. Buy a bigger TV, a new wardrobe, or better yet, take a vacation. After the hardship of spending all of your refi cash, you probably deserve it. If you have any guilt just remember, Washington argues that consumer spending is the best way to stimulate the economy. Living beyond your means is a patriotic duty.

mimo2005 · 10-23-2008, 08:11 AM

Quote:

Originally Posted by dm01

If an institution becomes so large that its collapse may threaten the economy of the country in which it does business and/or the economies of other countries, it is simply too large.

I would like to see all of the executives involved in the collapse of the economies rounded up and charged with treason for threatening the economic situations of their respective countries (mostly the US).

Have you followed the iceland story ?
Their banks were bigger than their country gdp like 10 times , so the country couldn't bailed them out because of the size of the bank.

RedScott · 10-23-2008, 08:15 AM

Quote:

The problem is that on a GLOBAL basis the system is flooded with too much debt for the capital formation capacity that exists. You can only correct this imbalance by removing the liqudidity and forcing that excess debt to default.

The problem is too much debt so we have to remove the liquidity? That makes no sense. Don't you mean the problem is too much debt and not enough liquidity?

mimo2005 · 10-23-2008, 08:59 AM

Quote:

Originally Posted by RedScott

The problem is too much debt so we have to remove the liquidity? That makes no sense. Don't you mean the problem is too much debt and not enough liquidity?

When you are an alcoholic ... How do you stop drinking ?

By drinking more alcohol , or slowing the process of drinking alcohol ?

What we did is just drink more and more alcohol , everytime we tried to fix the problem.

Consumer spending is 70% of the economy. We just need to print up some money and give it out to consumers. Oh but that will stoke inflation. No worries we'll just raise interest rates. Oh no but how will people afford home loans? No worries we'll just swap unlimited amounts of mortgages for treasuries yielding 18%! But what about earnings growth. We'll eliminate all corporate taxes! Heck we'll give corporations tax rebates just for showing a profit! How will we pay for all this. Issue more treasuries!!!
(The above was a sarcastic mockery of neo-classical economics. We now return you to your regularly scheduled program)

The debt based monetary system needs to be replaced.
The point is you stop the debt suction machine that isn't contributing anything to the world other than trying to reallocate resources to what's needed.
If you removed all debt you'd actually speed that process up as the new jobs would largely be in industries focused on what people wish to pay for.
End debt, end credit and reform regulations on new credit to sane policies and just eliminate the debt.

k2skier · 10-23-2008, 12:13 PM

http://www.pbs.org/moyers/journal/09192008/watch2.html

September 19, 2008

BILL MOYERS: If you read only one book on the route to this financial meltdown, I recommend this one: BAD MONEY: RECKLESS FINANCE, FAILED POLITICS, AND THE GLOBAL CRISIS OF AMERICAN CAPITALISM. The author, Kevin Phillips, has a history of being way ahead of the curve. As a young man working for Richard Nixon, he wrote THE EMERGING REPUBLICAN MAJORITY, a book that uncannily predicted how the GOP would regain power in Washington. Kevin Phillips saw our current crisis coming a long time ago. And in one book of historical insight after another, laid out the clues he was tracking. As recently as last spring in the AMERICAN PROSPECT magazine, Phillips wrote that what he thought was about to happen would be "unusual and potentially tragic."

We (are) were in a very finicky financial situation and Bush's "spending without limit's" put us over the edge, what in the hell happened to a Republican being Conservative

Republicans have held the White House for 20 out of the last 28 years, the "borrow to boost" the economy has been going on since "Reganomics", of the early 80's. If we elect another republican I bet we'll go into a serious Depression, if it can still be avoided at all now. Thanks Mr Bush, your religious views on killing all the Muslims to save the world didn't work, and wont. You better offer Saint Peter some serious stock options so he'll look the other way, or you better dress for warm weather for your after life.

http://lionsgate.com/religulous/

mimo2005 · 10-26-2008, 07:59 PM

Volvo truck sales plunge from 41,970 to just 115 - a 99.7% fall
http://www.thisismoney.co.uk/investi...moretopstories

Tens of Thousands of Australians Are Unable Access Savings After Investment Companies Suspended Withdrawals
http://business.theage.com.au/busine...1023-57gk.html

Wall Street layoffs could surpass 200,000
http://www.latimes.com/business/inve...tory?track=rss

Nyc will get hit hard ( restaurants, condos,taxis)

10-21-2008, 08:23 PM	#1 (permalink)
mimo2005 Manager, Emeritus Join Date: Oct 2004 Posts: 11,142 OS: xp	Bankruptcies : It's going to get ugly General Motors to close Janesville, Wis., SUV plant in December, earlier than expected Yahoo firing 1,500 workers; 3Q profit falls 64 pct Industrial Carriers Inc files bankruptcy Pacific Lifestyle Homes files for bankruptcy Shipper Industrial Carriers Files for Bankruptcy Channel 51 owner files for bankruptcy Mother's Cookies abruptly shut down Department store chain Mervyns LLC will announce Friday that it is filing for chapter 7 bankruptcy protection Greater Ohio Ethanol Files Chapter 11 News/Talk 1150 WIMA Bankruptcies in Colorado up 40 percent Bankruptcies in Colorado up 40 percent : Money & Markets : The Rocky Mountain News Hospitals see string of bankruptcies in recent weeks Hospitals see string of bankruptcies in recent weeks - FierceHealthFinance - Health Finance, Healthcare Finance Financial meltdown shows up in NJ jobless data New Jersey loses 3,900 jobs in September Chicago is going to put non-essential city workers on a 6 day holiday without pay. States that Can't Pay for Themselves http://finance.yahoo.com/loans/artic...tates-That-Can ...and so it begins. Get ready and I wish you ALL good luck , and i need it too. __________________ TSF has outgrown its server, again. Please help "Gutta cavat lapidem, non vi sed saepe cadendo" Last edited by mimo2005; 10-21-2008 at 08:24 PM.

10-22-2008, 04:20 AM	#2 (permalink)
mommabear Registered User Join Date: Apr 2008 Posts: 415 OS: XP Home Sp2	Re: Bankruptcies : It's going to get ugly wow. __________________ YES WE DID!

10-22-2008, 04:50 AM	#3 (permalink)
Drew1369 Moderator Relaxation Room Join Date: Jan 2007 Location: Seattle, WA, USA Posts: 3,425 OS: Win7 Ultimate	Re: Bankruptcies : It's going to get ugly dang... wonder were all that stupid bailout money went too __________________ We humans have a primal urge to kill because, thanks to natural selection, all the homo sapiens who didn't have a primal urge to kill, were themselves killed. http://obamaclock.org/

10-22-2008, 07:28 AM	#4 (permalink)
yustr Asst. Manager, The Conversation Pit Join Date: Sep 2004 Location: Connecticut shore Posts: 6,044 OS: XP Pro My System	Re: Bankruptcies : It's going to get ugly Relax. What's the big deal? After all its small businesses that are the engine of this economy. Just listen to either candidate. __________________ If there are lawyers or politicians involved, logic may be a very poor tool for reaching a conclusion.

10-22-2008, 09:50 AM	#5 (permalink)
SABL Moderator Relaxation Room Join Date: Jul 2008 Location: Galena, Ohio Posts: 1,211 OS: WinXP SP3	Re: Bankruptcies : It's going to get ugly Wait til it trickles down to the little guy. No job= no income.... it will get worse. What happens at the top?? NOTHING!! The officers of these companies will just shrug it off... they don't care...they make big bucks regardless of outcome. The ones who will pay the most will be the working class... they have always been expected to pay the price for the extravagant lifestyles of the corporate execs. Bottom line is, I am disappointed in the salaries that the execs of large corporations receive just because they think they deserve it. How much is too much? I can not fathom having an income as large as most execs.... I would have to do some serious wasting of financial resources to dispose of that much money!!

10-22-2008, 06:32 PM	#8 (permalink)
RedScott Registered User Join Date: May 2007 Posts: 496 OS: Windows XP	Re: Bankruptcies : It's going to get ugly You forgot option 5: Stop spending.

10-22-2008, 09:47 PM	#13 (permalink)
mimo2005 Manager, Emeritus Join Date: Oct 2004 Posts: 11,142 OS: xp	Re: Bankruptcies : It's going to get ugly Hard times have some flirting with survivalism Economic angst has Americans stockpiling 'beans, bullets and Band-Aids’ Link full story: http://www.msnbc.msn.com/id/27244465/ HEY , Bry ! Is this our christmas shopping this year under Mister bush ?* * if we make it to dec. 25 without a systemic collapse . __________________ TSF has outgrown its server, again. Please help "Gutta cavat lapidem, non vi sed saepe cadendo"

10-23-2008, 03:24 AM	#14 (permalink)
dm01 Moderator: Design Join Date: Oct 2006 Location: Richmond, B.C.; Canada Posts: 1,433 OS: Windows XP [Version 5.1.2600] SP3 \| Ubuntu Jaunty Jackalope \| Windows 7 BETA My System	Re: Bankruptcies : It's going to get ugly If an institution becomes so large that its collapse may threaten the economy of the country in which it does business and/or the economies of other countries, it is simply too large. I would like to see all of the executives involved in the collapse of the economies rounded up and charged with treason for threatening the economic situations of their respective countries (mostly the US). __________________ Validate your Markup Validate your CSS Notepad++ Please use [html], [php], and [code] when posting code or markup. I do not help by Private Message or e-mail. If for some reason I have over-looked a reply to a thread that I have previously replied to, then send me a message.

10-23-2008, 12:13 PM	#19 (permalink)
k2skier Registered User Join Date: Sep 2008 Location: Oregon Posts: 313 OS: XP Home-SP3 My System	Re: Bankruptcies : It's going to get ugly http://www.pbs.org/moyers/journal/09192008/watch2.html September 19, 2008 BILL MOYERS: If you read only one book on the route to this financial meltdown, I recommend this one: BAD MONEY: RECKLESS FINANCE, FAILED POLITICS, AND THE GLOBAL CRISIS OF AMERICAN CAPITALISM. The author, Kevin Phillips, has a history of being way ahead of the curve. As a young man working for Richard Nixon, he wrote THE EMERGING REPUBLICAN MAJORITY, a book that uncannily predicted how the GOP would regain power in Washington. Kevin Phillips saw our current crisis coming a long time ago. And in one book of historical insight after another, laid out the clues he was tracking. As recently as last spring in the AMERICAN PROSPECT magazine, Phillips wrote that what he thought was about to happen would be "unusual and potentially tragic." We (are) were in a very finicky financial situation and Bush's "spending without limit's" put us over the edge, what in the hell happened to a Republican being Conservative Republicans have held the White House for 20 out of the last 28 years, the "borrow to boost" the economy has been going on since "Reganomics", of the early 80's. If we elect another republican I bet we'll go into a serious Depression, if it can still be avoided at all now. Thanks Mr Bush, your religious views on killing all the Muslims to save the world didn't work, and wont. You better offer Saint Peter some serious stock options so he'll look the other way, or you better dress for warm weather for your after life. http://lionsgate.com/religulous/

10-26-2008, 07:59 PM	#20 (permalink)
mimo2005 Manager, Emeritus Join Date: Oct 2004 Posts: 11,142 OS: xp	Re: Bankruptcies : It's going to get ugly Volvo truck sales plunge from 41,970 to just 115 - a 99.7% fall http://www.thisismoney.co.uk/investi...moretopstories Tens of Thousands of Australians Are Unable Access Savings After Investment Companies Suspended Withdrawals http://business.theage.com.au/busine...1023-57gk.html Wall Street layoffs could surpass 200,000 http://www.latimes.com/business/inve...tory?track=rss Nyc will get hit hard ( restaurants, condos,taxis) __________________ TSF has outgrown its server, again. Please help "Gutta cavat lapidem, non vi sed saepe cadendo" Last edited by mimo2005; 10-26-2008 at 08:02 PM.