Stocks: Market Crash Looming

I hope people can talk them out of that.

Letting the Department of Community pet projects manage the Arts will not end good.
 
H,

Thank you. Did you see this?

"Saint Vincent Catholic Medical Centers, operator of a hospital in New York’s Greenwich Village for 160 years, filed for bankruptcy court protection, listing more than $1 billion in debt." They owe the PBGC 180M towards retirement benefits that will never likely get paid to PBGC. That is going to hurt PBGC big time as they were already running behind. Can make little on investments and now a big hit.

Yeah... what a sad site... but here's the biggest FASCIST deal of them all! I hate this; Lying Thieving, Conspiring, Corrupt, Racketeering, Propaganda Machine knows as GE - General Electric/NBC/CNBC/MSNBC/etc etc... well, almost. I still hate those fuckers that control it all... Goldman Sachs and JP Morgan Chase Bear Stearns WaMu!

http://www.streetinsider.com/Earnin...oan+Loss+Provisions+Down+Sharply/5536095.html

GE%20Logo.jpg
large_nbc_logo.jpg


The most egregious example is General Electric ( GE - news - people ). Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam.

In fact, it recorded a tax benefit of $1.1 billion.
Avoiding taxes is nothing new for General Electric, parking Billions overseas.

In 2008 its effective tax rate was 5.3%; in 2007 it was 15%.


HOW the HELL do you receive almost a $100 BILLION in Taxpayer backing (especially GE Capital) pay no taxes... receive $1.1 BILLION from the IRS/US government, yet your sales decline 5% for Q1 2010?

GE CEO Jefferey Immelt and Barack Obama FASCIST agreement. Jefferey is on Barry's Economic Advisory Council of the White House. Fascist corporations are rewarded well for their liberal party push with the NBC/GE's MSM outlets and it Propaganda Pundits pushing the regime's indoctrination.

[h1]General Electric (GE) Q1 EPS Beat, But Sales Fall Short; Loan Loss Provisions Down Sharply[/h1]


General Electric Co. (NYSE: GE) said Friday that weakness in its lending unit and big industrial divisions caused the company’s first-quarter earnings to fall by almost a third, but the results did surpass the analyst expectations as the company sees encouraging signs of economic recovery.

The conglomerate reported first-quarter earnings of $1.9 billion or 17 cents per share, down from $2.74 billion or 26 cents per share in the same quarter last year.

Excluding one-time items, GE earned $2.4 billion or 21 cents per share, 5 cents better than the market consensus of 16 cents per share.

Revenue for the company dropped 5 percent to $36.6 billion, slightly missing the analyst estimate of $37.10 billion. Total company orders fell 8 percent to $17.1 billion, while its total backlog remained steady at $174 billion.
GE: 7,000 tax returns, $0 U.S. tax bill

By Annalyn Censky, staff reporterApril 16, 2010: 11:52 AM ET


NEW YORK (CNNMoney.com) -- General Electric filed more than 7,000 income tax returns in hundreds of global jurisdictions last year, but when push came to shove, the company owed the U.S. government a whopping bill of $0.
How'd it pull off that trick? By losing lots of money.


Tax bills for 5 corporate giants
The 2009 income tax bills for America's biggest companies ranged from $0 to $15 billion. Here's why. View photos




GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.
That left GE (GE, Fortune 500) with no U.S. profit left for Uncle Sam to tax. Corporations typically face a 35% federal income tax on their earnings.

Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a "tax benefit" of $1.1 billion back into its reported earnings.


"This is the first time in at least decades that GE has reported negative U.S. pretax income and it reflects the worst economy since the Great Depression," Anne Eisele, GE's director of financial communications, said via e-mail.
But what about the $10.8 billion profit overseas? GE is "indefinitely" deferring income tax payments on those profits, Eisele said.
It may seem like accounting magic, but it's completely legit.
GE isn't the only "Top 5" company on this year's Fortune 500 list that owed no income taxes. Bank of America (BAC, Fortune 500), which suffered major losses in 2009, included a tax benefit of $1.9 billion in its annual profit.
"That's one way of escaping taxes," said Scott Hodge, president of the Tax Foundation. "Companies get to deduct their losses, so if there's no earnings, then they pay no income tax."
But GE isn't exactly escaping all tax-related pain: The company paid almost $23 billion in taxes to governments around the world from 2000 to 2009, Eisele said.
Plus, paying the accountants to crank out 7,000 tax returns can't be cheap.
And then there's all the lawyers needed to defend those returns. GE filed tax paperwork in more than 250 jurisdictions around the world last year. "We are under examination or engaged in tax litigation in many of these jurisdictions," the company dryly notes in its annual report.
GE may not owe the IRS, but it still has to file -- and its filings are epic.
In 2006, as the IRS ramped up its corporate e-filing program, the tax agency actually issued a celebratory press release when it processed GE's tax return. On paper, the return -- the nation's largest -- would have totaled a massive 24,000 pages. But instead, the IRS was able to upload the 237 MB document in under an hour.
Reading it, though, is apparently taking a bit longer. The IRS is currently auditing GE's tax returns for 2003-2007.
 
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Stocks: Market Crash Looming

Friday, April 16, 2010, 9:52am MDT

I highlighted the key points and some BullShit double speak nonsense.

Colorado jobless rate hits 7.9 percent Climbs 2/10ths of a percent
http://www.bizjournals.com/denver/stories/2010/04/12/daily57.html


Colorado’s unemployment rate climbed by two-tenths of a percentage point to 7.9 percent as employers shed 1,600 jobs during March, the state reported Friday.
“While results for March are mixed, the Colorado job market continues to stabilize,” said Donald Mares, executive director of the Colorado Department of Labor and Employment.

“Improving conditions are encouraging Coloradans to return to the labor force, contributing to the increase in the unemployment rate.”

The Department of Labor and Employment reported the elimination of 1,600 jobs over a month’s time brought Colorado’s nonfarm wage and salary jobs down to 2.2 million.
The civilian labor force — which includes those old enough to work but aren’t institutionalized -— increased by 8,400 to 2.65 million in March.


The number of Coloradans unsuccessfully looking for a job rose by 6,700 to 209,800.

The federal Bureau of Labor Statistics reported the national employment rate remained at 9.7 percent for the third consecutive month. Of the 24 states with higher month-over-month jobless rates, the bureau deemed four to have statistically significant increases. Those states were Colorado, Montana, Nebraska and Virginia, all at two-tenths of a percentage point.


Of Colorado’s 11 major industry sectors, only three added jobs since February.

The financial activities sector grew by 200 jobs. Professional and business Services added 1,600 positions.


The government sector grew by 2,300 people, which was tied to increased hiring for the 2010 Census.




This below says it all over the past 2 months in Colorado!
Colorado Department of Labor and Employment articles from
Denver Business Journal


Colorado jobless rate HITS 7.9 percent

...market continues to stabilize,â said Donald Mares, executive director of the Colorado Department of Labor and Employment. âImproving conditions are encouraging Coloradans to return...
April 16, 2010

Colorado's unemployment rate RISES to 7.7%

...we put 2009 behind us," said Donald Mares, executive director of the Colorado Department of Labor and Employment (CDLE), in a statement. Colorado's unemployment...
by Renee McGaw on March 26, 2010

Colorado unemployment UP slightly, to 7.4%

...Coloradoâs unemployment rate rose fractionally in January, to 7.4 percent, the Colorado Department of Labor and Employment reported Wednesday. The latest jobless rate was...
by Mark Harden on March 10, 2010

 
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This is really going to end well when they foreclose on all the houses that are behind.

Highest quarter ever.

http://www.newjerseynewsroom.com/ec...ise-to-highest-quarterly-total-weve-ever-seen

H,

Wait until the census workers are let go. We are loosing ground even with them employed. What will the explanation then be with no Holidays to blame the bad report on?

Ugly coming up fast.

There are going to be a bunch of people living in tents before this is over. That is if they buy a tent before they reduce their credit card limit.

Wait, I forgot, April Treasury Tax receipts. Heading down from there on when all the State budgets are done and the jobs cut.
 
MS. "285 jobs gone with plant closing by the 23rd. Also, closing their CA plant. Doesn't say how many jobs lost there and when." International Filing Company.
 
LOL! IRS... New Forms for the Unemployed in the "Economic Downturn"

http://www.irs.gov/individuals/article/0,,id=219269,00.html

[h2]Tax Center to Assist Unemployed Taxpayers[/h2]
The “What Ifs” of an Economic Downturn
The Internal Revenue Service recognizes that many people may be having difficult times financially. There can be a tax impact to events such as job loss, debt forgiveness or tapping a retirement fund. If your income decreased, you may be newly eligible for certain tax credits, such as the Earned Income Tax Credit.
Publications to assist unemployed taxpayers
Publication 4128 , Tax Impact of Job Loss
Publication 4128(SP), Tax Impact of Job Loss (Spanish version)
Publication 4763, Job Related Questions During an Economic Downturn
Publication 4763(SP), Job Related Questions During an Economic Downturn (Spanish version)
 
Here we go.... UP UP UP on Unemployment! All the Socialistic, Big Gilded Government States have the highest Unemployment levels and worst economies.

http://cbs13.com/local/california.jobless.rate.2.1637330.html

Apr 16, 2010 10:41 am US/Pacific
[h2]California Jobless Rate Swells To 12.6%[/h2]
SACRAMENTO (AP) ―
californiaflag.jpg


California's unemployment rate hit a modern record of 12.6 percent in March, though it rose only a fraction over the previous month, the state Employment Development Department reported Friday.

Non-farm payroll jobs increased by 4,200 as the economy shows signs of life. It was the third consecutive month that California added jobs, gaining 32,400 jobs so far this year.

More than 2.3 million Californians remained unemployed, with 362,000 more people jobless than a year ago.

California's jobless rate grew from 12.5 percent in February after holding steady for a month. The rate was 10.6 percent in March 2009.

Howard Roth, chief economist for the state Department of Finance, said the unemployment rate appears to be at or near its peak.

It was the first time since mid-2007 that the state saw job gains for three consecutive months. The department previously had reported a job loss in February, but revised those numbers Friday based on new data.

"I think this is for real," Roth said of the economic rebound. "We're seeing it in other statistics as well, personal income, taxable sales and housing prices."

The state lost an average of 115,000 jobs a month in the first quarter of 2009, compared with gains each month this year. There was growth in five of the 11 jobs sectors in March: mining and logging, manufacturing, education, health services and hospitality.

"It's a sign that people are at least feeling there are jobs, and they can actually look for a job," said Kevin Callori, spokesman for the Employment Development Department.

The construction, information, government, financial and professional services sectors lost jobs last month.

Roth expects the state's unemployment rate to remain high through 2011 in part because more people will start looking for jobs but may not find them right away. He noted the national unemployment rate, which remained unchanged at 9.7 percent in March, was down from its peak of 10.1 percent in October.

Gov. Arnold Schwarzenegger said he is encouraged but said in a statement that the state needs to focus on training employees and giving employers incentives to hire them.

Michigan leads the nation with a 14.1 percent unemployment rate, followed by Nevada at 13.4 percent.

California was tied with Rhode Island for the third-highest jobless rate.
 
H,

Was the it is getting better before or after the auto plant closure? They are so full of it.

http://money.cnn.com/2010/04/16/news/economy/state_unemployment/

Unemployment rises in 24 States. One more State and it would read in half the States.

Budget cut jobs cuts on the way. That Iceland volcano keeps acting up, and there are going to be airline job losses. The last I heard, they don't have a volcano snuffer.

Illinois solution to the budget might be a one buck increase on a pack of cigarettes. An anti smoking group ran the poll. How would 69 percent of Independents favor that selective tax? Just hitting the news and of course all jump on the band wagon.
 
That Iceland volcano keeps acting up, and there are going to be airline job losses. The last I heard, they don't have a volcano snuffer.

It's the bankers' plot, both creating a distraction from the Goldmand Sachs suit and retaliating against those greedy Icelanders for keeping their own money.
Michigan leads the nation with a 14.1 percent unemployment rate, followed by Nevada at 13.4 percent.

Woo hoo! We're number 1! We're number one!
 
H,

Was the it is getting better before or after the auto plant closure? They are so full of it.
http://money.cnn.com/2010/04/16/news/economy/state_unemployment/[url]http://money.cnn.com/2010/04/16/news/economy/state_unemployment/[/URL]

Unemployment rises in 24 States. One more State and it would read in half the States.

Well, wait until Uncle Sugar layoffs this 1+ MILLION workers! I betcha Obozo and the Regime keep the US Census workers on a long as possible to mask this poor economy and continue to promote their FAILED policies.

http://www.citytowninfo.com/career-...ureau-to-hire-over-a-million-workers-09113001[url]http://www.citytowninfo.com/career-and-education-news/articles/census-bureau-to-hire-over-a-million-workers-09113001[/URL]

[h1]Fall 2009: US Census Bureau To Hire Over A Million Workers[/h1]
Compiled By CityTownInfo.com Staff
November 30, 2009
More than a million temporary workers will be hired by the U.S. Census Bureau for the 2010 count--a hopeful piece of good news for the nation's many unemployed workers.
The Wall Street Journal reports that most of the jobs will pay between $10-$20 an hour and will involve knocking on doors, processing data and publicizing the census. The total number of hires will depend on how many U.S. residents return their census forms.
Not surprisingly, job applicants are showing up in droves. "What we're seeing now is blowing our socks off," said Wendy Button, recruiting chief for the bureau, who was quoted by the Journal. "We're seeing a huge response to very little media."
In Michigan, which has the nation's highest unemployment rate, thousands of unemployed area residents are expected to apply. WILX reports that Jeanine Bogdan, Office Operations Supervisor for Field Operations and Recruiting, landed her job with the census bureau after being unemployed for two years.

Nigel Gault of HIS Global Insight told The New York Times that the census hiring "should probably be enough to turn employment growth positive by March."

Yet others expect that the hiring boost will only temporarily help the economy.

"Fundamentally, the impact on the economy is rather limited," said Harm Bandholz, an economist with UniCredit Group who was quoted by the Journal. "Consumer confidence may be lifted a bit by that, but there is no real hard connection between consumer confidence and consumer spending in the short term."
But for the time being, unemployed workers are jumping at the opportunity for a job--even if it is temporary. Officials are urging people to apply as well.
"In these difficult times, when so many of our residents are struggling to find work, these Census Taker positions can represent a lifeline for a few months," said Mayor Richard M. Daley of Chicago in a press release. "They might make the difference between being able to pay your bills or not."
 
Wonder why Crammer immediately jumps to refuting that he's taking payola from goldman sux?

YouTube - Jim Cramer slammed on CNBC

Erin what's her name is an idiot and former gs xerox monkey. As in, "Erin, use that degree and make me 500 copies of this term sheet by noon and we'll let you put investment banking on your resume". LOL.
 
It's down a fair amount today, minus over a hundred points for the DOW. This hasn't happened for a little while. I wonder if the index markets have finally reached their peak and are now due to come down?
 
BREAKING: Unusual price action continued today as the Dow closed down slightly above 11k on big volume. Watching for follow through next week.

Traders at the scene commented - "Hasn't poor Goldman suffered enough? First that guy stole their market manipulation software and now this?"
 
Wonder why Crammer immediately jumps to refuting that he's taking payola from goldman sux?

YouTube - Jim Cramer slammed on CNBC

Erin what's her name is an idiot and former gs xerox monkey. As in, "Erin, use that degree and make me 500 copies of this term sheet by noon and we'll let you put investment banking on your resume". LOL.


Erin Burnette... yeah the Hoe is one of Jefferey Immelt's best Pump Monkeys... just GOOGLE: ' CNBC Pump Monkeys '

She'll sleep with you if you take her Four Seasons and then after to the Waldorf or Palace. BUT, you'll have to show her your credit rating first and she doesn't associate with anyone with less than Platinum Cards.

They're all pump monkey pigs at CNBC... CNBS and Jim "Crap Shoot" Kramer has always been Goldman's PR whore. Most are worthless Vets from service as GS/MS/JPM as girl Fridays.

The only thing CNBC has going for them over Fox Biz is their broadcast Ticker/Info on screen template is better than FOX's.
 
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Here we go more bad news rounding out this week:

Indiana Jobless Rate Inches UP to 9.9 pct in March

http://www.google.com/hostednews/ap/article/ALeqM5gq6L9iPO8AjpH38ffdzEnG0I4kYgD9F4CE9O0
(AP) – 4 hours ago
INDIANAPOLIS — Indiana's unemployment rate remained nearly unchanged for the sixth straight month as it increased slightly to 9.9 percent for March.
Figures released Friday by the state Department of Workforce Development show the jobless rate rose by 0.1 percentage point from February's 9.8 percent. The agency says the state's total number of jobs grew by 16,600, but that the number of those seeking jobs grew faster as about 330,000 people were unemployed in March.
Indiana's jobless rate has been just below 10 percent since October after peaking at 10.6 percent last June.

Florida Breaks Unemployment Record Rises to 12.3%
http://www.flanews.com/?p=9280
April 16th, 2010 by Whitney Ray Last month the state set a record for unemployment; this month the record was broken.


Florida’s jobless rate is now at 12.3 percent, the highest since the state began keeping unemployment records in the 1970’s.

More than a million Floridians are looking for work. Chief Economist for the Agency for Workforce Innovation Rebecca Rust says the numbers have been fluctuating slightly but it will be a while before they level off.
“This is expected when you are at the bottom of a recession that you will have some ups and downs in terms of the statistics. Usually the employment numbers should move in the same direction for about four months in a row before you can consider that a trend,” said Rust.

Kansas Jobless Rate Up Slightly in March 6.9%
http://www.nebraska.tv/Global/story.asp?S=12322288

Associated Press - April 16, 2010 5:14 AM ET
TOPEKA, Kan. (AP) - Kansas labor officials say the state's unemployment rate increased slightly in March, but they're encouraged by signs of job growth.
In a report being issued Friday, the state labor department says the Kansas jobless rate last month was 6.9 percent, up from 6.8 percent in February and 6.6 percent in March 2009.
Kansas employers added 10,200 payroll jobs in March. 7 of the 11 industry sectors reported growth, including construction, manufacturing and trade, transportation and utilities.
The report also says Kansas recorded about 21,000 new claims for unemployment benefits in March, down by roughly 500 from February.


Ohio's Unemployment Rate inched UP to 11% in March
http://www.cleveland.com/business/index.ssf/2010/04/ohios_unemployment_rate_inched_1.html

Raley's Laying Off 150 Employees

raleys.jpg


Raley's announced Friday that it is laying off 150 employees.

Grocery store chain is laying off employees from "corporate functions" in order to stay competitive in the marketplace, according to company representative Amy Davis.

Davis says the changes are difficult, but necessary.

"Last week I began our restructuring process by announcing that our Executive Committee would be reduced from 10 to 5 members," said Raley's President and CEO Michael Teel. "Additionally, I have elected to take a 50% decrease in my salary. I took these steps because I believe that organizational change must begin at the top, and that leadership should not be immune to its impact."

Cuts will be come from the following areas of the support center and district management:


  • Operations Management
  • Sales & Merchandising
  • Information Technology
  • Finance
  • Human Resources
  • Real Estate & Construction
  • Asset Protection
  • Marketing & Advertising
  • Legal & Risk Management
  • Transitioned 8 Store Districts to 6 Districts
This announcement comes the same day the state reported its March unemployment rate was nearly 13%, a record high.


SJ State University to layoff dozens of staff 76 total eliminates another 49 positons
The Associated Press
SAN JOSE, Calif.—San Jose State University is laying off dozens of staff members to help plug an $18 million budget gap. University officials announced on Thursday that 76 people will be let go. They also plan to eliminate 49 vacant positions, reduce part-time faculty and cut operating expenses.
University President Jon Whitmore called the moves "sad" but said the school had to shrink its budget.
The university, part of the California State University system, has seen state funding decline. It has reduced student enrollment and furloughed faculty and staff over the past year.
Union officials say they will make sure administrators abide by the contract as they move toward layoffs.


Stockton sends out preliminary layoff notices to 188
STOCKTON, CA - Stockton's worsening budget outlook triggered preliminary layoff notices Thursday, city leaders confirmed.
In an email sent to city employees Wednesday, Interim City Manager Kevin O'Rourke said preliminary layoff notices for 114 full-time and 74 part-time positions were to go out Thursday. In mid-May, permanent layoff notices would be sent with an effective date of July 1.
The layoffs mean more than 10 percent of the City of Stockton's workforce could be unemployed by July as the city tries to balance a growing budget deficit.
O'Rourke attributed the need for the layoffs to Stockton's budget deficit ballooning from about $14 million to around $23 million.
"We are talking to employees and labor groups about concessions. We need that to close the gap and save employees," said Deputy City Manager Laurie Montes.

California WARN announcements
4/7/10 WORLEYPARSONS GROUP INC. MONROVIA 14
4/7/10 U.S. BANK LOS ANGELES 1
4/9/10 ARVIN SANGO, INC. MERCED 42
4/10/10 AMERICAN AIRLINES, INC LOS ANGELES 7
4/9/10 TOYOTA LOGISTICS SERVICES FREMONT 80
4/7/10 RALPHS GROCERY COMPANY RIVERSIDE 417
4/7/10 RALPHS GROCERY COMPANY LOS ANGELES 245

4/10/10 ROADLINK WORKFORCE SOLUTIONS SANTA FE SPRINGS 47
4/27/10 WARNER BROS. RECORDS BURBANK 1
4/27/10 RHINO ENTERTAINMENT COMPANY BURBANK 1
4/27/10 WARNER MUSIC INC. BURBANK 1
4/28/10 WORLEYPARSONS GROUP INC. MONROVIA 1
4/28/10 MACY'S UNION SQUARE SAN FRANCISCO 65
4/26/10 THE BOEING COMPANY WEST HILLS 6
4/25/10 EDO TEST AND SUPPORT SYSTEMS LANCASTER 40
4/26/10 ZEBRA TECHNOLOGIES CAMARILLO 75
4/27/10 RALPHS GROCERY COMPANY LOS ANGELES 229
4/27/10 RALPHS CROCERY COMPANY RIVERSIDE 418

4/23/10 THE BOEING COMPANY SEAL BEACH 89
4/16/10 AMTEX MANTECA 15
4/15/10 U.S. BANK LOS ANGELES 1
4/16/10 ARVIN SANGO, INC. MERCED 2
4/16/10 LIFESPARC HOLLISTER 1
4/16/10 BARGAIN NETWORK, INC. GOLETA 2
4/13/10 CALIFORNIA SPORTSERVICE, INC. DODGERTOWN 112
4/12/10 RHINO ENTERTAINMENT COMPANY BURBANK 1
4/13/10 PACK RYT, INC. THERMAL 125
4/15/10 LOCKHEED MARTIN - UNDERSEA SYSTEMS IRVINE 1
4/14/10 WORLEYPARSONS GROUP INC MONROVIA 8
4/16/10 NAVITOR, INC. VISALIA 9
4/23/10 THE BOEING COMPANY ANAHEIM 23
4/21/10 SONY PICTURES ENTERTAINMENT INC. CULVER CITY 228
4/23/10 THE BOEING COMPANY EL SEGUNDO 25
4/23/10 THE BOEING COMPANY LONG BEACH 61
4/23/10 THE BOEING COMPANY HUNTINGTON BEACH 36
4/16/10 VERTIS, INC. POMONA 7
4/16/10 SOLAR INTEGRATED TECHNOLOGIES, INC. COMMERCE 67
4/19/10 AT&T, GLOBAL CUSTOMER SERVICE PASADENA 2
4/20/10 SACRAMENTO REGIONAL TRANSIT DISTRICT SACRAMENTO 60
4/19/10 PRECOR, INC. VALENCIA 15
 
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