Economic Apocalypse USA, Day 3

Originally posted by JanusFIN

Finally my message to Mods of ATS,

...but I suggest you will soon open a new forum for this economical crash to ATS.

Umm, yeah it's called the Global meltdown forum.

You should check it out.

Valid points, I think one possible reason the real damage to the economy has been held back. Is to not only allow Obama to go back on campaign pledges, but make it obvious to everyone anyone would be in over there head with what is going on. Allowing for the globalist agenda to be pushed forward and establish this New Economic Order I keep reading so much aobut.

Dear Diary,

After I read morning news and blogs i was real depressed from coming day. But there is still optimism in markets, cause Dow gave signal from 200points rising in the end of the first hour. Yesterday it was -100 per every hour of begin of the day, and this was signal that storm doesnt blow so badly in offices at wall street. But I think its only natural repairs from too fast sell offs at yesterdays storm.

And then...

I turn just back to breaking news sections of the day, and there we see no relief from todays bad news...

Sprint posts quarterly loss, customers flee

NEW YORK (Reuters) - Sprint Nextel Corp (S.N: Quote, Profile, Research, Stock Buzz), the No. 3 U.S. mobile service, on Friday posted a third-quarter loss and a 12 percent drop in revenue as customers fled to rival services.

www.reuters.com...

Ford, Chrysler burning through cash in auto slump

That news came the day after the heads of Ford, Chrysler and General Motors Corp -- once called the Big Three due to their dominance of the industry -- went to the U.S. Congress seeking $50 billion in federal aid to help them ride out the crisis.

www.reuters.com...

- Yeah! I have looking all morning to the news about Ms Pelosi and "Helping Hand" ... But nothing, no mention anywhere from this great meeting. Its still full mystery, did they any deals, or what? Does anybody know anything?

U.S. Unemployment Rate Climbs to 14-Year High of 6.5%

“The economy has entered the very deep portion of the recession and should remain there over the coming six to nine months,” said John Herrmann, president of Herrmann Forecasting LLC in Summit, New Jersey.

www.bloomberg.com...

Wholesale Inventories in U.S. Fell, Sales Slumped

``We are likely to see a more cautious building of inventories in the coming months,'' Maxwell Clarke, chief U.S. economist at IDEAglobal in New York, said before the report. ``The inventory overhang should act as a dead weight to overall output.''

www.bloomberg.com...

"Ouch."

Just quoting CNN Analytic from his headline yesterday!

EDITED:

- I had to edit this posting soon as my eyes touched this rebel-sounding headline in CNN ...

Where the travel deals are
Stop brooding over the financial crisis, and start packing. full story
edition.cnn.com...

Wooah! Thats the spirit! I also welcome you all to Thailand, King is ok in here, everything is nice, warm and calm. And cheap! (BTW... Chicks are also awesome!)

[edit on 7-11-2008 by JanusFIN]

It seems more like a dead cat bounce ( that quote taken from Urban survial ) but it looks like another black Monday in the markets.

- Ok! Here we just saw how the real distortion works...

Didnt we just see the news that "Job Report was much worst than expected?"

Yes we did, and all over the world!

(Snippet from my own post from earlier today...)

October job losses worse than feared

WASHINGTON (Reuters) - Employers cut payrolls by 240,000 in October, much more severely than expected, while September registered the biggest monthly loss in jobs in nearly seven years, according to a government report on Friday that showed labor markets were sharply deteriorating.

And look now what has happen... They have change the news, also edited orginal news in Reuters!
www.reuters.com...

World markets up despite big US jobs decline

World markets up despite big US jobs decline; investors relieved it was not worse LONDON (AP) -- Wall Street and European stock markets rose Friday despite the news that unemployment in the U.S. is running at a 14-year high, as the monthly jobs report turned out better than many investors had feared.

biz.yahoo.com...

First they said... ( Before the bell )
- Losses worse than feared
After two hour they say...
- Investors relieved it was not worse, and it was just "big" decline...

Someone push some button. Many button, many times... Associated Press and Reuters, aint that those guys called Rothchild and Rockefeller?

- Thats why its important to focus to these news now, and just good example what they do all the time in news.

EDIT:



I am raged. Ok, maybe its not good to tell the truth, maybe its too bad to for people to know... But what the hell do you bankers expect, when there is nothing left witch will feed the country anymore?

Informations saves life, my friends in press rooms, you should understamd that. If you not give the information what is correct, people start to do wrong decissions, right? We are talking from their future, not yours, you will get your sorry payments anyway...

Huh.

I go to my lunch break now.

Fri 7 Nov 2008 | 11:39 EST
DJIA 8,799.73 +103.94

Not better, not worst in Dow.

[edit on 7-11-2008 by JanusFIN]

GM Results Are Delayed Past Schedule; Trading Halted (Update1)

By Jeff Green and Mike Ramsey

Nov. 7 (Bloomberg) -- General Motors Corp.'s release of its third-quarter financial results was delayed today past the scheduled time of 10:30 a.m. in Detroit. GM had no immediate comment.

Chief Executive Officer Rick Wagoner's 10:30 a.m. Bloomberg Television interview was moved to 12:55 p.m. New York Stock Exchange trading in GM's shares was halted at 11:04 a.m. pending news.

source

Share trading halted on GM stocks. I'll be interested to see why the delay.

Maybe a last minute deal to keep them a-float??

reply to post by airteck


Thanks from update, I have also been waiting those numbers...

Also I am still waiting news from GM and Ms Pelosi agreements from yesterday. Delay on those news have to do something with this situation...

Thanks and starred.

GM Almost Out Of Cash

General Motors shook an already embattled auto industry Friday as it reported a huge loss that was much worse than expected and warned it is in danger of running out of cash in the coming months.

The fish is rolling over onto it's back . . .

Oh... I am eating in front of the desk.

Dear Diary,

Markets have been in slight rise from morning, and nothing that reason in early starting. But now its lunch time and still Dow is in green... Why?

I think now I know why.

Fed lends another $100B to companies

NEW YORK (CNNMoney.com) -- The Federal Reserve continued its massive lending efforts to business in the past week, pumping $100 billion more into the credit stream through a new short-term funding program.

money.cnn.com...

- They are buing now their own stocks with huge debts they take!

- I just see that they have real eager to get their bonus, and options programs full filled!!! Distortions still continues... We will see huge amount of bankcrupts in coming months... I can see that.

- Doesnt anybody understand to put brakes to this crucial chain of mistakes?

Fed is the reason!

Yep, and now we see the situation in GM. "From bad to worst..."

GM burns $6.9 billion in cash, to cut costs

DETROIT (Reuters) - General Motors Corp posted a worse-than-expected $4.2 billion operating loss and burned through $6.9 billion in cash in the third quarter as the top U.S. automaker struggled with a deepening sales slump that has forced it to seek a federal bailout.

- it would cut white-collar jobs
- cut $2.5 billion in capital spending next year
www.reuters.com...

GM Says It May Not Have Enough Cash to Operate This Year

GM said it will be near its minimum threshold for operating cash for the remainder of 2008 and will be ``significantly short'' of that level by the end of June without an improvement in market conditions, a major asset sale or access to new loans or cash support. GM has said it needs at least $11 billion in cash to pay its bills each month.

www.bloomberg.com...

- They mean REAL CASH, no "Boogieman-tricks" help them anymore...

GM Finally Releases Earnings; Loss Worse Than Expected

General Motors (GM: 4.31, -0.49, -10.20%) finally released its earnings report after an unexpected delay Friday morning, showing a net loss of $2.54 billion, or $4.45 a share, in the third quarter.

www.foxbusiness.com...

- ...After an unexpected delay...

Does this mean? ( Same time at GM Head Quarters... )

"You tell them. No, You tell them... No, you tell them! No..."
"No boys! Quiet! ... Nobody tells nothing to anyone, before mr The Man has selled all his stocks!
"Then you tell them! No, then you tell them!..."
"Boys, boys, boys... Calm down! Fox just came in."

EDIT: MORE STRANGE AND SARCASTIC NEWS RELATING GM!

Medvedev hails U.S.-Russia ties at new GM plant

SHUSHARY, Russia, Nov 7 (Reuters) - Russian President Dmitry Medvedev hailed a new General Motors plant as a sign of strengthening economic relations with the United States on Friday, days after criticising U.S. foreign policy.

www.reuters.com...

- What can I say... Where is the sense of thought?

- Mr Russian President, did you know that your great partners from USA are running out of money, and soon you have take care the plant... Or was that the great idea in the beginning? But still somebody has to pay it.

[edit on 7-11-2008 by JanusFIN]

Dear Diary,

I am in crises also. Very dramatic and motion filled half day has passed, and after distortion of news, and Feds growing debt givings to itself, and finally after GM grand opening in Russia, same time than they say "we have no money"... i think next have to come something less dramatic! I was wrong...

Bush Says Economic Recovery Likely To Take Time; Some Encouraging Signs

(RTTNews) - Despite his lame-duck status, President George W. Bush pledged Friday that his administration would continue to work to combat the severe challenges facing the U.S. economy. Dismal job numbers underscored the severe impact of the credit crisis on the broader economy, as the unemployment rate in October jumped to a 14-year high.

www.rttnews.com...

SOME ENCOURAGING SIGNS!!!

Where does he live, in the moon? ... Really, is he in some dopes, stuff, you know?

"... Is there anyone who have sense at least to put a piece of scotch tape to his mouth?"

Just my 2 cents worth on the economic crisis...

1. Reform consumer credit practices ASAP, i.e. cap consumer loan interest rates at about 10% (under law, no lender could extract more) and adjust all outstanding consumer debt to that cap, including mortgages. In other words, those under the usary burdens of 25% APR on credit cards and burdensome gimmick rates on mortgages would get immediate relief. Tie that to another cap on bank-to-business lending rates. Consumers and businesses are currently being ripped off royally by the banks... it is past time for reform.

2. All retailers, especially the big auto makers, must slash prices way down to move existing inventories regardless of the fact that profit margins will be much less that what they have enjoyed during the Greenspan bubble. Sorry folks, the party really is over.

3. Auto makers... you must produce inexpensive, fuel-efficient cars. I'm not saying the USA should mimic Nazi Germany in any way, shape, or form, but the Germans did introduce the VW beetle as cheap, affordable transportation and that's what we need more of these days. Consumers cannot afford 20K cars so retool to produce 8K cars and I'm not talking about shoddy quality. You must cut your profit margins.

4. Corporations are currently top heavy with overpaid upper management,,, too many of them who are not producing enough real value for their comapnies in exchange for their bloated salaries. This madness of the "highly compensated" must be brought down to a very sensible ratio ASAP.

5. Unemployment benefits should be strengthened to guard against jobless folks descending into homelessness. Do whatever it takes... no tent cities!

6. Raise the minimum wage on a national basis and require all businesses to raise all hourly wage earners in a ratio tied to that new minimum wage. It must be a realistic, livable wage.

7. No more bailouts. If a company is mismanaged and in trouble... I'm sorry, but let it fail. I know that's going to place millions more in unemployment but
taxpayers cannot throw good money after bad and have it mismanaged by the same poor managers and in addition, the nation cannot afford hyper-inflation, which is what we are going to have if the Fed and Treasury keep pumping billions and trillions into lost causes.

8. This country must produce valuable products and services in order to get back on its feet. Outlaw offshore outsourcing (no more phone banks in India doing the work of what should be a USA company's help center, and so forth). Pass sweeping reform legislation that gives the USA an advantage in world trade even if that includes stiff tariffs on imported goods. We really need to get focused on "made in America".

9. Go back and analyze Ross Perot's charts and graphs and advice. The man was right. Get Ross, The Donald, and other great business minds into the inner circle of economic advisers at these White House crisis meetings.

10. Everyone needs to get out of their personal debt as quickly as possible and become net positive savers instead of debtors.

reply to post by switching yard


Something nice and good, and it came from my fellow friend in ATS.

Thanks and starred. ( Maybe first one you earned in here, when looking your points, but anyway, well earned! )

I will catch your points later, when my motions are more settled... Ok?

Still at flames...

JUST LOOK AT THIS!

We all know what usually happens when some company kick out, lets say 1000 people? Right. Shares starts to rise... But not in US? There reasons are very different, and yesterday, who remembers?

- I remember. Thats why I am sitting here with you my friends... This just came from AP:

LandAmerica, Fidelity National shares jump!

NEW YORK (AP) -- Shares of title insurers LandAmerica Financial Group Inc. and Fidelity National Financial Inc. rose sharply Friday afternoon, hours after the pair announced they would combine operations.

biz.yahoo.com...

- No surprise to me, but nothing, just no mention in the news from yesterday! ...

Thursday, November 06, 2008
Fidelity to Cut Around 1,300 Jobs

Fidelity Investments said Thursday that it would lay off around 1,300 employees later this month to reduce expenses, and will have a second set of layoffs in the first quarter next year.

www.foxbusiness.com...

NO MENTION FROM POSSIBLE COMING COMBINING, TOMORROW!

Only possible explanation to this is that Fidelity Investments, and Fidelity Finance is totally different Banker company, witch I would not right away believe. At least I would wait newspapers to tell that to me, because of the near timing of news...

- Somebody should teach to US some decent ethics of good journalism. Really, how stupid they think we are? Only after two days intensive following news headlines, I have found already two bad flip-flops...

Dear Diary,

Just came awfull feeling. After Bush said there is good signs... ( witch is just another lie ) I see that same voice is ordered to every newsroom too...

Mr Boogieman is back.

What Jobs Report? Stocks Jump

On a day when the government said the unemployment rate soared to levels unseen since 1994, the markets rose sharply as Wall Street had been bracing for even uglier numbers.

www.foxbusiness.com...

- Excuse me fox, but if stocks just fall -1000p, how +200p can be a jump?
Fri 7 Nov 2008 | 13:50 EST
DJIA 8,843.22 +147.43

And what you know, what I dont know, that those Stocks can fall down sharply before 4pm?

- I have a terrible feeling, that Mr boogieman has read my threats in here, and understands now that tone of voices has sounded too realistical...

And AP follows...

World markets recover after two-day losing streak
biz.yahoo.com...

Lets check out some facts...

[edit on 7-11-2008 by JanusFIN]

ok, now it will go down when and after Obama speaks in about 15 mintues. Just happens to happen when a politician speaks. Wait for it, wait for it. Bam'


[edit on 11/7/2008 by zman]

My News Headlines From Economic Apocalypse USA, Day 3

Here is some of these "positive" signs from today, witch Bush can also see... But can he read? Ok, lets just look if I missed something today.

Dollar falls on dour jobs report

NEW YORK (CNNMoney.com) -- The dollar fell against the euro Friday after a dismal unemployment report increased the likelihood that the Federal Reserve would cut its key interest rate to 0.5% in order to bolster the economy.

money.cnn.com...

Rates fall, but credit not yet flowing

NEW YORK (CNNMoney.com) -- Lending rates fell again Friday, but as the cost of borrowing eases, some government data suggest private lending is not expanding.

money.cnn.com...

AIG, U.S. in talks to restructure credit facility: source

NEW YORK (Reuters) - American International Group Inc is in talks with the U.S. government to restructure its credit facility, which could lead to an equity investment in the troubled insurer of several billion dollars, a source familiar with the matter said on Friday.

www.reuters.com...

Americans losing confidence in the Fed: survey

NEW YORK (Reuters) - Most Americans say the country's financial crisis has hurt their confidence in the Federal Reserve, according to a Reuters/University of Michigan survey released on Friday.

www.reuters.com...

Pending home sales fall, tight credit bites

WASHINGTON (Reuters) - Pending sales of existing homes fell in September, reversing the previous month's gains, as access to credit tightened, a private report showed on Friday, adding more gloom to the broader economic outlook.

Fed's Lockhart: Now not the time to be tentative

PALM BEACH, Florida (Reuters) - Forceful Federal Reserve policy measures will not quickly prevent a U.S. recession from getting worse, a top central banker said on Friday, hinting that further bold action may be needed.

www.reuters.com...

Tech sector may be next in restructuring wave

NEW YORK/SAN FRANCISCO (Reuters) - Technology companies may be the next group swept up in a restructuring wave that began on Wall Street.

www.reuters.com...

Merrill Said to Be Selling $4 Billion of Distressed Europe Debt

``The market's appetite for risk has fallen dramatically and continues to fall,'' said Michael Youngblood, a principal at Bethesda, Maryland-based hedge fund Five Bridges Advisors LLC. ``Any sizable transaction that involves multiple asset classes coming to the market at the present moment is likely to face weak demand and yield unsatisfactory results.''

www.bloomberg.com...

Analysts Cut Profit Estimates On Trust Banks

"Our expectations are for overall fee income growth to turn negative next year," they said, citing lower markets and weaker results in foreign exchange and securities lending.

www.foxbusiness.com...

Goldman Issues Sobering Economic Forecast

Amid new evidence of a darkening economic picture, Goldman Sachs (GS: 77.76, -2.96, -3.66%) now forecasts that the economy will sharply contract this quarter and in the first quarter of 2009, resulting in the highest unemployment rate in more than two decades.

Goldman Sachs believes it will only get worse.

www.foxbusiness.com...

Call the economy in recession, already

Nearly 1.2 million jobs have been lost this year. The unemployment rate is at its highest level since 1994. Retail sales were dismal last month and for automakers, October was the worst month in more than a quarter-century.

biz.yahoo.com...

Ford announces $129M 3Q loss, burns $7.7B in cash

Ford posts 3Q loss of $129M, burns through $7.7B in cash, plans 2,200 more salaried job cuts

biz.yahoo.com...



- Where did you see that "Good Sign" in here?

- And it even take long to catch all of this from MSM!

Aaahhh... Mr Bush, now I get it! It have to be this, it just came up to be the greatest headline news in Fox Business!

Obama Meets With Economic Advisers

CHICAGO--President-elect Barack Obama was meeting Friday with economic experts to discuss the first steps toward healing the damaged U.S. economy as he forms a new administration in the face of a worsening crisis.

www.foxbusiness.com...

- Yeah! "World President Obama" ...Right! Why didnt I understand it sooner...

Fri 7 Nov 2008 | 14:42 EST
DJIA 8891.64 195.85 2.25

Boys in Dow are still playing that Fox +200p song...

- In time of war, dont trust, no one.

QUOTES OF THE DAY 3.

"There is no doubt we are seeing deteriorating labor market conditions but for those expecting down 300,000 the report didn't quite measure up today." - Kevin Flanagan, fixed income strategist at Morgan Stanley's wealth management arm in Purchase, New York.

"The U.S. government's actions to help stabilize the credit markets and eventually ease the credit crunch are an essential first step to the economy's and the auto industry's recovery, but further strong action is required." - GM Chief Executive Rick Wagoner.

"There is a pretty detailed common position from Europe. We will be defending a common position, a vision ... for restructuring our financial system." - French President Nicolas Sarkozy.

"We need a global financial approach and we need some common principles and rules. I really believe we are living through a historic moment." - EU Commission President Jose Manuel Barroso.

"I'm not saying the Americans mocked us, but they made it clear they thought we were nervous and hyperactive and did not understand the new planet that they reckoned they would impose on others." - Luxembourg Prime Minister Jean-Claude Juncker.

Edit:

Fri 7 Nov 2008 | 15:02 EST
DJIA 8,838.60 +142.81

Not so rosy anymore, but 1 hour more to go...

[edit on 7-11-2008 by JanusFIN]

Dear Diary,

Bloggins of the day 3

Afternoon, waiting DOW to close for this week, went in overlooking Blog sites around, here is some pick ups from economic postings there in 3rd day of Apocalypse. Some of the posts can be from recent days. But mostly more bad news...

Philadelphia to close libraries, pools, cut jobs

PHILADELPHIA - The city will close libraries and swimming pools, suspend planned tax reductions, cut more than 800 jobs and trim salaries for some administrators in order to weather "an economic storm" that could leave the city with a $1 billion shortfall, Mayor Michael Nutter said Thursday.

www.msnbc.msn.com...

Unemployed Nation: America's Shrinking Payroll

Carol Steinbrecher is a 55-year-old mother of three who, like many Americans, has spent most of her life working hard to provide the best for her family. Massive layoffs Thousands of workers in retail, finance, shipping and just about every other field have lost their jobs in 2008 as the country grapples with recessionary forces. But today she is part of another group of Americans, one that is growing larger every day: the unemployed.

abcnews.go.com...

Just 3 ‘superbanks’ now dominate industry

Several of the nation's biggest banks have failed or been absorbed by healthier institutions, leaving three giant "superbanks" with an unprecedented concentration of market power: Bank of America, JPMorgan Chase and Wells Fargo.

www.msnbc.msn.com...

- 3 Banks and 350 million people? Is that somehow free trading economy?

Financial Meltdown Worse to Come, More Bailouts Needed!

The morning after the election I went to my favorite coffee shop in town. The sign and windows were covered up. They had just officially closed that morning due to bankruptcy. A chain of over three stores and some of their site locations were virtual money machines because they were so busy.

www.marketoracle.co.uk...

- Not so much, but some... 15 minutes to DOW closing, so... Now riding back to NY and to Breaking Headlines!

So Dow is closed, and Day 3 came to its end...

And it went just like FOX and AP promised to us about 12.00pm. How did they know this? Of course +200p wasnt any "sharp rise" like AP told us early on this day, but it gives them, and to the public relief from the truth, what we all have seen all the day 3 in headline news.

After -1000, +200 is only a fix. Its nothing.

But what we just saw? Two day Dow was on clear panic, in hurricane without shelter, but today everything went in painless mood, and just between +50 to +200, all day long...

No sign of yesterdays mood, panic or storm. But yes, devastating news pushed out from all sides from economical structures, like we saw, not one good news all day! But no sign from it in stock markets...

Do you believe this? Or do you see what I see, when markets acts without any natural sense... Again about 30 min before closing time it begun...

... ((( Boogieman! )))



So, Dow ended to these numbers:

Fri 7 Nov 2008 | 16:08 EST
DJIA 8,943.89 +248.10
Nasdaq 1,647.40 +38.70
S&P 500 920.85 +15.97

BRENT CRUDE $57.30 $-0.13
MINI GOLD $737.90 $5.50
MINI SILVER $9.98 $-0.09

To the end,

In weekend we will hear the new economical structure, presented already to EU from Russia, who are ready to move center of global economics to Moskow before the end of the year. ( Medvedevs statement from this week in state of nation speech ) Ahead of G-20 there is rumor out, that its already accepted among nations.

Monday will begin with new background for global finance markets, witch we will learn, and I think it will come in quiet in US, but NY Financial Center will be moved to Moskow before end of this year!

Ok, this will maybe save Europe and other states, but Apocalypse in US will continue. Global Crisis starts from US, and it will end there. Russia and China demands accepting their power all this week, so lets look where this leads...

Thanks from watching my threat,

New threat in Diary Of Economic Apocalypse USA will come soon!

Leaving scene, open to free speech!