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Time has expired. The "tension" is already plenty high. We are sitting on so many powder kegs that it's not even funny, the only question is whether or not we can diffuse the "tension" before a spark sets things alight. People are openly talking about violence and revolution in growing numbers... and it's not just the fringe elements of society. I was at an event Saturday night where business owners, doctors, lawyers, cops and judges (yes, more than one) and other professionals were talking about the dark clouds coming - to include violence in the streets and possible government collapse. All it's going to take is a spark. And if we have a leader to coalesce around after the spark ignites the first of the kegs, I'd say the third American Revolution is here and underway.
Originally posted by Hastobemoretolife
Nikkei 225 8,345.58 8:55PM ET Up 109.50 (1.33%)
NZSE 50 2,620.70 8:55PM ET Down 21.29 (0.81%)
Straits Times 1,694.97 9:16PM ET Up 21.83 (1.30%)
The Daily Progress -6
InSite Vision Inc. -17
Klockner In Gordonsville -38
Boston Globe -50
HP Corvallis -249
Essar Steel Algoma -360
St. Lukes Lutheran Care Center -14
Auto Supplier Medina Blanking Inc. -83
Misc. Layoffs From TN Companies -59
GM -1 (ok - this one creeps me out - Washington in control...?)
Balzout Nitro -7
Touch and Go Records -23
Another Law Firm -41
JP Morgan/Wash Mutual -8,500
Sun Micro -5,000? (correction - 1,500)
Mythic Entertainment -60
Elkhart Brass -15
GE Solar -86
San Francisco Chronicle -300
City of Flagstaff -40
Barton Group -15
American Eagle Pilots -75
Tulare County -18
City of Youngstown -34
TOTAL - 19,500+ approx
150,000 Stores Expected To Fail in '09
Economy’s Latest Victim: Shopping Malls Are Closing
The evidence is coming in that it is. The Week reports: Enclosed shopping centers, long the cathedrals of American consumerism, are closing their doors by the hundreds as the recession continues to clobber retail sales. Is America’s love affair with the mall over? The vital signs are not good. Even before the recession hit, consumers had developed mall fatigue, and the classic enclosed shopping mall was in decline. More than 400 of the 2,000 largest malls in the U.S. have closed in the past two years. The last new major mall in the U.S. opened in 2006, and only one big mall is scheduled to open this year—the troubled Xanadu mega-mall in Rutherford, N.J. (See below.) With some 150,000 retail stores projected to fail in the U.S. this year, more mall closings are imminent. Mall mainstays such as Mervyn’s department stores, Linens ’n Things, and KB Toys have already disappeared into bankruptcy, and mall vacancy rates topped 7 percent last year, the highest level since 2001. “It’s an absolute disaster,” says Howard Davidowitz, an investment banker specializing in retailers. “What a mall represents is discretionary spending, and discretionary spending is in a depression.”
Q-1 Layoff Summary By CNN
FIRST-QUARTER LAYOFFS: Selection Of Job Cuts By Major Companies
More Layoffs For Hamilton County
Stroock Law Firm -10%
GMAC, CIT face delay in issuing govt-backed debt - FT
March 31 (Reuters) - GMAC and CIT Group (CIT.N), which converted to bank holding companies to qualify for U.S. government funds, have been unable to issue government-backed debt as regulators have yet to approve their applications, the Financial Times reported.
Both lenders confirmed to the paper that their applications were still pending at the Federal Deposit Insurance Corporation (FDIC). The agency does not comment on specific applications.
The delay in getting FDIC approval is tightening the liquidity squeeze at both companies, hurting their ability to lend, the paper said.
GMAC, part-owned by private equity group Cerberus, and CIT converted to bank holding companies more than three months ago to access government equity infusions under the U.S. Treasury's $700 billion bailout fund and also to be able to issue cheap debt backed by the FDIC.
In a report on its website, the Financial Times said GMAC was responding to requests for extra information from the FDIC, but the agency did not indicate when it would decide to approve applications.
US Refinery Status: Lightning Shuts Motiva Port Arthur Units
DOW JONES NEWSWIRES
The following table lists unplanned and planned production outages at U.S. refineries as reported by Dow Jones Newswires. The information is compiled from both official and unofficial refining sources and doesn't purport to be a comprehensive list.
Most recently, Motiva Enterprises LLC on Mar. 25 shut several units at its Port Arthur, Texas refinery due to a lightning storm Wednesday. During the shutdown process, two of the units had small fires, according to state environmental reports.
Total Petrochemicals U.S.A. also shut key units at its Port Arthur, Texas refinery Mar. 24. The shutdowns were due to economic factors, according to people familiar with the refinery.
Valero Energy Corp. (VLO) said March 24 that a fluid catalytic cracking unit at its Corpus Christi, Texas refinery was shut, perhaps for good.
ConocoPhillips (COP) shut the reformer at its Bayway refinery in Linden, N.J. following a fire at the plant Mar. 21. The unit is expected to start at the end of the week.
Valero said its Delaware City, Del. refinery would remain shut for an additional month. The plant has been shut during work on the coker unit. The refinery was originally slated to restart in early April.
Valero Energy Corp. (VLO) on March 20 began 14 days of planned maintenanace at a hydrocracker unit at is Benecia, Calif., refinery. The unit was originally slated to be shut in February, but the work was delayed.
For more detailed information, search Dow Jones Newswires using the code N/REF.