Stocks: Market Crash Looming

[Sarge]

"Abercrombie & Fitch will close about 100 poorly performing stores in the next three years."

More empty store space on the way.

NJ. "CMX, formerly called Schoor DePalma Inc., will lay off all of its 196 employees at its Manalapan headquarters by May 11. If they can't find financing they might have to close the rest of the operation.

MO. "New Breed Logistics plans to shut down its distribution center in Clayton in early May, a move that will put 86 people out of work."

 

[YumYum]

One thing of importance. The Fed is meeting this Tuesday to decide on upping the interest rates.

 

[Che]

One thing of importance. The Fed is meeting this Tuesday to decide on upping the interest rates.

based on ur speculation, how much do u think they'll hike?

 

[Pants]

teachers

Just read another story that with the higher unemployment rate more parents are Homeschooling than ever before. Keep in mind when a child is homeschooled, in most cases the school's funding for that child is immediately cut off. In my district the funding is roughly $6,900 funded by property taxes, and about $4300 in federal and state money. My district receives about $11,200 per student per school year. If even 5% drop out and are homeschooled.. that can be a big chunk of change districts don't want to deal with right now.

I think if the child goes to private school, the school still gets some funding.. but not nearly the full amount. I suppose those numbers will vary from district to district and state to state.

Thank for for that find.

I think we will see a bunch more jobs lost by the end of May. Most districts are dealing with budgets right now. They have to warn the teachers before school is out for the summer.

Belvidere School District 100 Talks Job Cuts in Wisconsin. Looking at their budget right now. I am seeing 4 schools closing in Indiana and libraries being closed in CA.

 

[tekkierich]

"Abercrombie & Fitch will close about 100 poorly performing stores in the next three years."

More empty store space on the way.

Good... I can smell those things about 5 stores away. I recently was walking around one of those Towne Center type out door malls, and found myself near a A & F. My nose spotted it first, even outside.

 

[Sarge]

I am hearing a .25 basis rate hike.

Pants right you are. That then causes more downward spiral.

Tulsa end of this month. "Zeledyne produces last glass at plant
Some 210 workers are being laid off, but 320 others will make automotive products." No they are job cuts not lay offs.

 

[Sarge]

Never ending. Look what they want to raise taxes on. Soda, booze and everything else before long.

http://www.azcentral.com/arizonarep...0/03/14/20100314biz-insider0314alltucker.html

How about not letting kids getting all their parents money and then stick us for nursing home care. All our parents paid out of their savings. Yet ended up with room mates getting the same care for next to nothing. One room mate would even say proudly the son had all her expensive jewelry and money. They were in the jewelry business for years and scamming the rest of us.

Parents were paying full boat. We pay for our own nursing home coverage. I am tired of getting stuck for all the free loaders that give their kids the money and stick us for their 5/6K a month nursing care.

 

[ChooseLiberty]

Michael Lewis and Michael Burry interviewed on 60 minutes.

http://www.cbsnews.com/stories/2010/03/12/60minutes/main6292458.shtml

http://www.vanityfair.com/business/features/2010/04/wall-street-excerpt-201004?printable=true

 

[Sarge]

March and April are likely to be a blood bath.

Toledo. "310 workers will be getting layoff notices today."

Flint. "Officials plan to lay off 57 police officers."

CA Honda plant closing end of month.

Waiting on Illinois. It will be big.

 

[Sarge]

NJ to report tomorrow on their 29B budget cuts.

Let's see part is extend and pretend by not putting 3B into the pension system. What about the next time? Just plan on school teacher cuts.

VA. My, My, more extend and pretend by not putting money into the pension system. More school teachers cuts on the way. Predicting thousands of job cuts.

http://www.virginiabusiness.com/ind...ludes-economic-development-priorities/203627/

Guess what you are going to get to pay more for everything.

"About $100 million fees for state services are part of the budget." Can all say tax increase?

Will the rest of the States please check in.

 

[Sarge]

OH SNAP!

I do hope the teachers are breaking pencils that they paid for themselves.

http://www.legislativegazette.com/A...ing_to_restore_14_billion_in_budget_cuts.html

The sound on a national level, of pencils breaking, could make us all deaf before this is over.

 

[Sarge]

"The balance of U.S. CMBS loans in specially serviced increased to $74 billion by the end of last year from a trough of $4.4 billion at year-end 2007. Servicers continue to face an uphill battle, with over half (52%) of the unpaid principal balance of specially serviced CMBS transferred due to imminent default."

Read more: http://www.earthtimes.org/articles/show/fitch-87b-in-resolved-us,1205064.shtml#ixzz0iGQS22cd

I am sure this is just going to work out fine. Hmmmn facing an uphill battle. 74B and over half near imminent default. They are not even talking about the 100's of stores soon to be closed yet.

Oh my, I forgot about all those millions of houses the banks are trying not to foreclose on yet.

 

[Sarge]

BAE "we will be reducing our workforce in the Cincinnati area by an additional 150-200 positions."

NC. "Berry Plastics Corp. is closing its plant on Freedom Drive at a cost of 73 jobs."

 

[Sarge]

Two hours ago.

I guess I am not the only one that thinks it is going to blow shortly.

http://www.housingwire.com/2010/03/15/next-bubble-commercial-real-estate/

 

[Sarge]

Little short cans of Coke now go taller and thinner. Checked between the two as we had one small one left and the new one has half once less per can. Saving 4 ounces on a six pack. Charge the same and give less. Yep.

 

[Sarge]

"22,000 Teachers To Get Pink Slips in California." Yep, sure, it is getting better. How many of those are double income households and end up loosing their houses?

Add the Honda plant closing and you start to get an idea of what is coming.

Snowball is getting bigger gang.

"The Alabama court system is laying off more than 100 temporary employees."

"More than a dozen Los Angeles courtrooms will be shuttered when layoffs for court personnel commence next month, officials said Monday." 320 jobs gone.

 

[Sarge]

Ft. L FL. "UnitedHealth Group said this week that it plans to slash 191 jobs in its Tamarac office at 5601 Hiatus Road."

 

[Pants]

haha

Whenever they talk about Commercial Real Estate about to burst.. I keep thinking of that Mortgage Bankers Association debacle. Mortgage Bankers association bought an office building for 60 Million..Short saled for 30 million and stiffed the lenders 30 million..

http://www.bradofficer.com/mortgage-banker-association-short-sells-their-building/

he Mortgage Banker Association has completed a short sale on their office building after owning it for a very short period of time….less than 2 years.

Not a big deal, other than the fact that they represent an industry that has made it very very very difficult for struggling homeowners to complete a short sale or do loan modifications.

Funny thing about all this: the cheif executive of MBA, John Courson, was recently asked about owners walking away from homes or stopping payment after trying to do the right thing by reaching out to the mortgage bank via a loan modification or a short sale. He responded with, “What about the message they will send to their family and their kids and their friends?”.

And now they just did a Short Sale which resulted in a nearly $30 million dollar deficiency. Deficiency is the difference from the amount they owed and the amount the property sold closed for. It gets better: They also defaulted on a lease and owe more than $1million in that debacle.

I think they just sent the clear message: they understand and fully agree that sometimes you need to sell while owing more than the property is worth.

Two hours ago.

I guess I am not the only one that thinks it is going to blow shortly.

http://www.housingwire.com/2010/03/15/next-bubble-commercial-real-estate/

 

[Sarge]

I hear you.

Not looking good for school employees this am.

"Major layoffs have been announced in the Elgin School District U-46. 1000 lay offs." Might as well say job cuts.

"School authorities in Brentwood, Long Island's biggest district, announced Monday that more than 260 teachers face potential layoffs there.''

CO. "Adams 12 Five Star Schools, the state’s fifth largest district with more than 42,000 students, is cutting 188 people next school year as they grapple with a $24 million budget shortfall."

 

[Lafayette]

CO. "Adams 12 Five Star Schools, the state’s fifth largest district with more than 42,000 students, is cutting 188 people next school year as they grapple with a $24 million budget shortfall."

Cutting 188 people to make up 24 million, that would mean they are making an average of $127,000 each, could this be the reason they are so far in the hole?