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Economic Apocalypse In USA, Day 2

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posted on Nov, 6 2008 @ 10:53 AM
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I just heard on CNN to expect a job loss rate of 200,000 per month!!




posted on Nov, 6 2008 @ 10:55 AM
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Originally posted by all2human
I just heard on CNN to expect a job loss rate of 200,000 per month!!


That's about 2.5 million jobs by 2010.

hmmm.... I get the feeling it will be far worse than that.



posted on Nov, 6 2008 @ 11:09 AM
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Allan Chernoff, CNN Senior Correspondent wants to tell us, that there is coming new troubles...



As you cringe over your mutual fund statements, you may be thinking, "This can't possibly get any worse!" Think again.


Yeah, thats the right echo of Economical Apocalypse Now!

The trouble with mutual funds
The pain continues this winter as equity funds start distributing taxable capital gains payments. Ouch.



Even if the stock market treads water through the end of the year, mutual funds can still inflict financial pain. That's because your funds likely have an end-of-the-year gift waiting for you: a taxable capital gains distribution.

It's bad enough that fund returns have been awful this year, most worse than even the S&P 500's abysmal 33% loss, according to Morningstar. Now we have to brace for a second whammy.


money.cnn.com...

"Ouch?"
"I think you nice looking man soon know what real "Ouch" feel like..."

EDIT:

Thu 6 Nov 2008 | 12:09 EST
DJIA 8,835.01 -304.26

3 hours, 300 points...

[edit on 6-11-2008 by JanusFIN]



posted on Nov, 6 2008 @ 11:10 AM
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Looks like the market's already laying waste to auto stocks . . .

GM is down about 15 percent on the day so far, and they'll be announcing results tomorrow along with another round of hack-n-slash.

Ford is down about 10 percent since the opening bell, based on their announcement of results tomorrow and the fact that over the past few months, five of their top executives have taken the high jump for greener pastures.

Overall, the DOW is down over 300 points for the day.

Tomorrow is going to be real ugly as the election giddiness continues to wane and the dull reality of no quick fix sets in.



posted on Nov, 6 2008 @ 11:20 AM
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Yes, the stock market is tanking, and there's nothing we can do about it.

How long ago was it that W.Buffett said to BUY NOW? As I recall the word went out to " BUY NOW the time is right", and people responded. Looks like "those in the know " know how to take our money. They are just taking it, for now...then comes the next call to "BUY NOW, get yours while the gettin's good".

Only, I AIN'T BUYING IT!!! I think everyone should liquidate everything and let it all fall. It will hurt a lot more down the road.



posted on Nov, 6 2008 @ 11:25 AM
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Dear Diary,

This just hurts us, who have just started to feel how is to live without jobs, homes, food, without Christmas... Like CNN guy said today, I will really say it too. "Ouch!"

And why?

Bank of America Says Merrill Brokers Can Quit Without Penalty



Nov. 6 (Bloomberg) -- Bank of America Corp. offered a concession to the 15,500 brokers it will inherit from Merrill Lynch & Co., saying it will adopt an industry practice that allows them to quit without facing legal action.

The move, disclosed in a memo to employees yesterday, is Bank of America's second attempt in two weeks to stem defections from a unit that Chief Executive Officer Kenneth Lewis has called Merrill's ``crown jewel.'' Lewis on Oct. 24 said brokers who stayed will qualify for a bonus of as much as 100 percent of their annual revenue.

www.bloomberg.com...


Those who caused this Apocalypse, are now free to go without penalty!

In second day of the storm!!!



posted on Nov, 6 2008 @ 11:39 AM
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Apocalypse is in rage... 3.5 hours, 350 points down, does it goes to 400 in 4 hours. Doesnt this storm take any breaks at all?

Thu 6 Nov 2008 | 12:30 EST
DJIA 8,780.14 -359.13

I think about vacation, Las Vegas, where money still rules and ecnomics roll in warm night and wuth beutifull womans at casinos... No!


Apocalypse is there too!

Las Vegas Sands Plunges on Defaults, Bankruptcy Risk



Nov. 6 (Bloomberg) -- Las Vegas Sands Corp., billionaire Sheldon Adelson's casino company, plunged in New York trading after saying it may default on debt and face bankruptcy.

The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing today that it probably won't meet the requirements of some loans unless it cuts spending on development projects, boosts earnings at its Las Vegas Strip casinos and raises more capital.

www.bloomberg.com...



posted on Nov, 6 2008 @ 12:08 PM
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Day 2, .lines makes only more breaking news...

Fidelity Announces Job Cuts


NEW YORK -- Fidelity Investments said Thursday that it plans to lay off about 1,300 staff, starting later this month. The firm said that there will be a second round of layoffs in the first quarter of 2009, though details are still being finalized.

www.foxbusiness.com...

Hedge fund results seen going from bad to worse


NEW YORK (Reuters) - As brutal as September was for hedge funds, October was even worse.

www.reuters.com...

11/6/2008 12:52:27 PM
Weyerhaeuser to indefinitely close its iLevel Veneer Technologies facility in Colbert, effective immediately (WY)
rttnews.com...


SAN FRANCISCO -- Weyerhaeuser said Thursday it is indefinitely closing its iLevel Veneer Technologies facility in Colbert, Ga. immediately. The closure will affect about 105 workers at the site. "Demand for engineered wood products continues to decline due to a slowdown in the housing market.

www.foxbusiness.com...

Jobless claims higher than expected


Number of Americans filing for unemployment insurance reaches 481,000, those continuing to receive benefits at 25-year high.

money.cnn.com...

Blackstone posts loss, shares slide


Thu Nov 6, 2008 12:59pm EST / The New York-based company, one of the world's biggest private equity firms, has been hammered as the year-long financial crisis has practically shut down the credit markets. A revival in leverage is vital for the business to be able to do deals of any significant scale.

www.reuters.com...

... New hour of Economic Apocalypse USA is coming to its end, with terrible .lines comes from destruction from its blowing winds. Storm show its windspeed at Dow Jones at the end of hour...

Thu 6 Nov 2008 | 13:02 EST
DJIA 8,792.88 -346.39

Where does it ends today?


EDIT:
Thu 6 Nov 2008 | 13:17 EST
DJIA 8737.45 -401.82 -4.40

Yep, we can say 4 hours, - 400 points!!!

Seems that storm hasnt settled, Proofs Apocalypse Is Now!

[edit on 6-11-2008 by JanusFIN]



posted on Nov, 6 2008 @ 12:10 PM
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Interesting that I was looking for this to come down, but I was waiting at least for After the new president been sworn in.

Now all those that said it was nothing but liberal lies I guess reality check will be harder to swallow.

Everything has been manipulated to make it look OK for at least until the elections.

Now that is over is not longer any reason to lie.

This what America has become thanks to the fat rats running our nation.

And at the end, Why in the heck we are still bailing out with tax payer money the global elites?.

The same way that half a million people celebrated in Chicago and go the time to celebrate we need one million marching in the streets of Washington to arrest all those that had done all this harm to our nation.



posted on Nov, 6 2008 @ 12:15 PM
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don't know if we'll close -500 today or not, but watch that last hour today, especially the last 10 minutes, it's going to be a doozy. Personally I wouldn't be buying anything (even short term) till after tomorrow non farm payroll comes out. I think you're going to get some big movements right before close as traders set themselves up to ride out what is expected to a be a bad number tomorrow.

btw does anyone still have any trust in the govt numbers being reported? With all these constant revisions every following week, I certainly don't.



posted on Nov, 6 2008 @ 12:20 PM
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reply to post by worldwatcher
 


Well we for a great surprise as the government during transition will be open to scrutiny by those sharks always looking for leaks about the nations affairs.

We may be lucky enough to hear some white house leaks before Bush is gone.

Very interesting days a..



posted on Nov, 6 2008 @ 12:35 PM
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Thank god, first good news in todays Armageddon!

Apocalypse Is Now, but we have Terminator, who will save us all!

Calif. Gov. Schwarzenegger Proposes Cuts, Tax Hikes: Report


SAN FRANCISCO -- California Gov. Arnold Schwarzenegger has proposed $4.5 billion in spending cuts and $4.4 billion in tax hikes to close the state's budget deficit, according to The Associated Press Thursday

www.foxbusiness.com...

Everything will be ok! ... ?
?

EDIT :

UPDATE 2-Calif gov urges tax on oil extraction in state


SAN FRANCISCO, Nov 6 (Reuters) - California Gov. Arnold Schwarzenegger said on Thursday that lawmakers should approve a severance tax on oil production in the state to raise revenue to help close a state budget shortfall that has swollen to $11.2 billion.


"HEY! What is he thinking... Taxing OilGiants???"

"Is that even legal anymore?
"

[edit on 6-11-2008 by JanusFIN]



posted on Nov, 6 2008 @ 12:46 PM
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reply to post by JanusFIN
 


Don't be so surprised, when Federal spending is cut the states are the ones that will be feeling the pinch.

So what the state can do to make up for the lack of funding from the Federal Government?

They have to raise local taxes, you know, property and all the goodies that comes with it.

So that is how the states will be able to survive as the entire nations struggle.

We are a Republic after all and while the states like to suck up to the Federal government when things get hard they reverse to the powers of the Republic.

Now I wonder with all the unemployment and homeless in America thanks to foreclosures how the states are going to get their tax money.

I guess there goes the what ever is left of the middle class again.



posted on Nov, 6 2008 @ 12:54 PM
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JanusFIN... you are doing great work.

Great Thread.

Keep it up... Hope to see you tomorrow as well (I'm New to ATS).



posted on Nov, 6 2008 @ 01:15 PM
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Dear Diary,

Huh, I had to take coffee break from MSM Headlines, close the window from the storm, and visit in the blogsites to get some breath...

Over 1 Trillion Dollars Worth of Credit Default Swaps Against Governments


The Depository Trust and Clearing Corporation made some information public today about Credit Default Swaps.

georgewashington2.blogspot.com...

OfficeMax posts 3Q loss on charge, sales drop


CHICAGO (AP) -- OfficeMax Inc. said Thursday it lost more than $400 million in the third quarter because of a large charge tied to the bankruptcy of Lehman Brothers and economic weakness that crimped demand for office supplies.

biz.yahoo.com...

Who’s going to Finance the rising US National Debt?


The most difficult aspect to Obama’s mission will be to inform the American Public that the Party is actually over and it’s time to pay the bill that has been steadily mounting out of control and is now a mathematically impossible amount for the country to actually ever pay back.

www.infowars.com...

The end of a subprime administration


The results were sadly predictable. The bubble world of Bush was bound to be burst. Based on fantasies, false promises, lies and bait-and-switch tactics, it was destined for foreclosure. At home and abroad, after all, it had been created using the equivalent of subprime mortgages and the result, unsurprisingly, was a dismally subprime administration.

www.atimes.com...

... House prices dive 15% in record drop
... The Long Emergency
..



After all.. Coffee didnt taste anymore, and I had to get back to MSM. Blogs were full of inside reports from Apocalyptical Storm raging. No save heaven today...

But, lets look to our weather professionals at DOW!

Thu 6 Nov 2008 | 14:08 EST
DJIA 8,788.74 -350.53

Yep! Coffee taste again! Markets are little bit up from last hours -400...

But Oops! Boys in Arabic League are still eating their rags...
BRENT CRUDE $58.20 $-3.67



posted on Nov, 6 2008 @ 01:27 PM
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So it's Obama's fault because Bush is the steward of this economy? Has been for the last 8 years and 16 of the last 18 years was a mostly Republican Majority in congress. No my friends our problems start 8 years ago, when the .COM boom went bust. THIS 2008 Mortgage collapse was obviously done by design. But who? I'm not even sure this government knows.



posted on Nov, 6 2008 @ 01:32 PM
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I can really see no reason that the stock market has fallen. All Obama has promised to do is raise taxes on higher incomes, increase corporate taxes, increase capital gains, propose national healthcare, and now they're talking about eliminating 401's.

Just because you strangle the cow is no reason to expect it to quit producing milk!



posted on Nov, 6 2008 @ 01:46 PM
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Afternoon starts with more destruction in all basics of state...

Lending expands in nervous market


NEW YORK (CNNMoney.com) -- A key market for lending to major businesses and banks expanded for the second week in a row but, aside from the Federal Reserve, few others are jumping on the lending bandwagon.

money.cnn.com...

Retail sales worst in decades; holiday view cut


NEW YORK (Reuters) - Retail chains posted the worst monthly sales data in more than three decades as consumers cut spending sharply in October, stunned by a financial crisis that has derailed the U.S. economy.

www.reuters.com...

Wall St slides on economic gloom


NEW YORK (Reuters) - Stocks tumbled on Thursday with the Dow and S&P 500 down 4 percent as a disappointing outlook from Cisco Systems and bleak sales from some major retailers fueled worries of a deepening economic turndown.


Colonial Williamsburg Cuts Jobs


Colonial Williamsburg Foundation Chief Executive Colin Campbell told employees that the attraction must become smaller and leaner in a written message. Colonial Williamsburg says ticket sales, retail sales and visits to hotels and restaurants are down.

www.foxbusiness.com...

Ok, and boys in Dow are back in 400...

Thu 6 Nov 2008 | 14:33 EST
DJIA 8,738.16 -401.11



posted on Nov, 6 2008 @ 02:10 PM
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Dear Diary,

I am just a regular poor guy, and I think we regular peoples are most afraid from situation raging in economics... But this second day of Apocalypse show us very different story:

CEO confidence index plunges to record low-survey


NEW YORK, Nov 6 (Reuters) - U.S. chief executives have abruptly lost confidence in business and economic conditions and about jobs, according to a monthly index that posted its biggest-ever drop in October.

www.reuters.com...

Automakers to meet with Pelosi


NEW YORK (CNNMoney.com) -- The .s of the three leading U.S. automakers will meet with House Speaker Nancy Pelosi Thursday afternoon to discuss a possible bailout -- one day before General Motors and Ford Motor are scheduled to report sizable third-quarter losses.

money.cnn.com...

Dump General Motors From the Dow?


It’s been a long time since the Dow has been thought to be singularly “industrial,” a quaint anachronism as many of the Dow’s 30 components have little to do with manufacturing or heavy industry. The editors at the Wall Street Journal get to decide which stocks make up the Dow. It is time to dump GM from the Dow.

emac.blogs.foxbusiness.com...

EDIT:

Last hour of 2nd day just started in Dow... Seems like at least GM is still there?

Thu 6 Nov 2008 | 15:10 EST
DJIA 8707.98 -431.29 4.72

Maybe they take all the firms and stocks away from DOW witch are falling... All of them?


[edit on 6-11-2008 by JanusFIN]



posted on Nov, 6 2008 @ 02:21 PM
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Oh... Just when I started to wait that last hour will begin with some light in tunnel, CNN puts us to the middle of total destruction of the storm!

Deflation: The New Threat



"Really scared now"

The rate cuts are so severe, though, they suggest that the issue isn't the absence of fear about inflation. Rather, it's that bankers are worried that the destruction of trillions of dollars of wealth in the collapse of the housing and stock markets will stem demand for goods of all sorts, creating the kind of falling price environment not seen here since the 1930s.

Central bankers "are really scared now," says Lena Komileva, an economist at financial information broker Tullett Prebon in London. "It won't be long till deflation becomes an everyday concern."

money.cnn.com...

Where can I hide?

[edit on 6-11-2008 by JanusFIN]



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