It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by Tentickles
reply to post by Hx3_1963
I am so happy to see that most of these sources have stopped saying that everything is getting better. Finally people will realize just a tad, how bad things are.
Reno Gazette-Journal -33
Wolf Robotics -14
Peoria Unified School District -300
Bridgewater-Raynham Schools -70
Sarasota Schools -320
Gilbert AZ Schools -400
Scottsdale Schools -250
Greenheck Fan Corp. -37
MerCruiser -135 StandardAero -115
Vesuvius Steel Plant -4
NYC Mayor Calls for Cuts -7,000
Rome GA Super Kmart Store -80
Dean Health Systems -90
Russian Auto Maker GAZ -4,000
Vegas Chamber of Commerce -11
John Deere Iowa -160
Tucson Schools -605
No Severence: Farmland Workers -200
Checker Motors Closing -273
RTS Packaging Closing -50
Whirlpool Consolidates China Plants -600
Dawn Food Products Inc. -59
Baker and McKenzie Law Firm -124
Boston Mayor Proposes -565
Hampton Lumber Mills -85
City of Nampa ID -16
Raley's HQ Cutting Staff Hampton Affiliates -275
TOTAL - 15,776 est.
California Lost 42,000 Industrial Jobs
Originally posted by Seany
ATTN Lurker attack
Remember during the election, the bid O did the teary eyed visit to (believe it was a S Carolina ) a school that needed books and repairs, his pledge to better
Where wil this fit in his list of promises
Originally posted by Rockpuck
reply to post by spinkyboo
I noticed most of those jobs lost seemed to come from schools... Shows where the priorities are.. kids get dumber every year it seems, cant be surprised. We've all but sold their desks.
More at Link...
Banks Holding Up in Tests, but May Still Need Aid
For the last eight weeks, nearly 200 federal examiners have labored inside some of the nation’s biggest banks to determine how those institutions would hold up if the recession deepened.
What they are discovering may come as a relief to both the financial industry and the public: the banking industry, broadly speaking, seems to be in better shape than many people think, officials involved in the examinations say.
That is the good news. The bad news is that many of the largest American lenders, despite all those bailouts, probably need to be bailed out again, either by private investors or, more likely, the federal government. After receiving many millions, and in some cases, many billions of taxpayer dollars, banks still need more capital, these officials say.
The federal “stress tests” that the examiners are administering are the subject of fierce debate within the banking industry.
Regulators say all 19 banks undergoing the exams will pass them. Indeed, they say this is a test that a bank simply will not fail: if the examiners determine that a bank needs “exceptional assistance,” the government, that is, taxpayers, will provide it.
More at Link...
Have You Had Enough "Change"?
Harlingen, Texas, March 7, 2009: To be up front about everything, it really started with the Bush Administration seeking $700 Billion in TARP Funds to bail out a faltering financial market. A Democrat controlled Congress was happy to oblige. Bush and Company managed to pour half of that sum down the drain before time ran out on the political power clock and the Obama Team took the field.
The remaining TARP money quickly went the way of all big spenders just after the Obama Administration gained control of the public purse. We had asked for change and the new team was ready to show us the way. Not to be outdone by Bush, they quickly followed up with a $787 Billion stimulus package. Almost without taking a breath, the Democrats then gave us a $410 Billion Omnibus-spending bill, complete with about 9,000 earmarks.
The upcoming federal budget request is for more than $3.6 Trillion, but nobody can predict where it will end up with a spend-crazy Congress that is sure to salt it with more pork than can be swallowed by the American public. But, hey...the votes were counted and they said America wanted change they could believe in.
New Data Reveals Largest US Banks at Risk of Failure According to Weiss Research: JPMorgan Chase, Citibank, Wells Fargo, HSBC USA, Goldman Sachs, SunTrust, Compass, Fifth Third, and Huntington
Derivatives Losses Spreading
Apr 08, 2009 16:59 ET
JUPITER, FL--(Marketwire - April 8, 2009) - In a press conference held yesterday to review fourth quarter call report data and TheStreet.com bank ratings, Martin D. Weiss of Weiss Research, Inc. concluded that:
-- Three out of four of the nation's largest banks are at risk of failure --
JPMorgan Chase, Citibank, Wells Fargo.
-- Also at risk are HSBC USA, Goldman Sachs and large regional banks,
including SunTrust Bank, Compass Bank (Alabama), Fifth Third Bank
(Michigan), Huntington Bank (Ohio) and Etrade Bank (Virginia).
-- The total number of at-risk banks and thrifts rose to 1,816 in the
fourth quarter, from 1,568 banks in the prior quarter, an increase of 16
Also in the conference, Weiss provided updated commentary on his white paper issued on March 19. Titled "Dangerous Unintended Consequences," the white paper names U.S. banks and thrifts believed to be at risk of failure, using that data to demonstrate that the U.S. government greatly underestimates the scope of the debt crisis, while overestimating its ability to effectively save troubled institutions without severe adverse consequences.
"Especially alarming," writes Dr. Weiss, "is the fourth quarter OCC data demonstrating that record bank losses are spreading to interest-rate derivatives. Until now, bank derivatives losses have been limited almost exclusively to credit defaults swaps (CDS), which represent only 7.8 percent of the notional value U.S. derivatives held by all U.S. banks. In the fourth quarter, although the CDS losses continued at a near-record pace, we also witnessed record losses in the interest-rate sector, which represents 82 percent of the derivatives market: The nation's banks lost $3.4 billion in interest-rate derivatives, or more than seven times their worst previous quarterly loss in this category."
Separately, total global losses from the debt crisis to date are estimated at close to $4 trillion, with only about one third written down so far.
"In the face of such enormous risks and losses," Dr. Weiss continues, "it's entirely unreasonable to expect the U.S. Government to rescue failing U.S. financial institutions without unacceptable damage to its own credit, credibility and borrowing power."
In his phone conference with the press yesterday, Dr. Weiss discussed the serious implications of his findings. (To listen to the audio recording, go to blogs.moneyandmarkets.com...)
He then followed up with recommendations for 54,000 investors and consumers that had registered for a Weiss online webinar. (To view the video recording, go to weiss.streamlogics.com...)
About Martin D. Weiss, Ph.D.
Martin D. Weiss, Ph.D., founder and president of Weiss Research, Inc. and a leading advocate for investor safety, is a nationally recognized expert on banking and insurance company solvency. With more than 35 years of experience, Dr. Weiss has helped empower millions of investors to make better financial decisions through his monthly Safe Money Report and daily Money and Markets.
Dr. Weiss, along with Weiss analyst Mike Larson, specifically named nearly all of the major institutions that have suffered a financial failure in this crisis. Weiss predicted the demise of Bear Stearns 102 days prior to its failure, Lehman Brothers (182 days prior), Fannie Mae (eight years prior), and Citigroup (110 days prior). Similarly, the U.S. Government Accountability Office (GAO) reported that, in the 1990s, Weiss greatly outperformed Moody's, Standard & Poor's, A.M. Best and D&P (now Fitch) in warning of future life insurance company failures. (See the Weiss forecast track at blogs.moneyandmarkets.com... and the GAO report at archive.gao.gov...)
Dr. Weiss is a New York Times best-selling author with a new book, "The Ultimate Depression Survival Guide: Protect Your Savings, Boost Your Income and Grow Wealthy Even in the Worst of Times."
For a full history of Weiss Research, Inc., please see www.moneyandmarkets.com...
Originally posted by Hx3_1963
Originally posted by Hx3_1963
And ya better keep one eye on the tickers and one on the .gov news...
Never know when they'll change the game while yer not looking...
Sorry to hear about yer confusion...none here...got out...staying out...
I don't care if I'd made a million...not worth the worry lines on my furrowed brow and sleepless nights...
Originally posted by Vitchilo
So any bets on when it's gonna collapse again? There was a crisis starting in August 07 lasting to March 08 with Bear Stern. Then people thought it was over.
Then it collapsed again in september 08... until March 08... when there was a 25% rally.
So when will it collapse again? June? August? September? Next year?
Also I don't understand how banks shares can go up when everything else is going to hell... HOW THE HELL will people pay their loans? And the derivatives??? Banks shares of the 5 biggest banks should be at 0$.
[edit on 8-4-2009 by Vitchilo]