Stocks: Market Crash Looming

[Sarge]

You might want to bet only part of the farm. Illinois, NY and NJ might be right up there with them.

Another great article. It hurts my brain cells to read it but, if he is right, we get closer every day.

http://www.zerohedge.com/article/mo...the+survival+rate+for+everyone+drops+to+zero)

Too bad it isn't Reggie in the White House.

North Korea sunk a South Korean ship. Half of the sailors died. Do ya just think they are going to let that one go?

Just waiting to see what sets off the super nova explosion. Just getting closer every day. BO snubbed Israel PM.

 

[HOLLYWOOD]

Washington Post reports Economists (Keynesian Obama Shills) Unemployment up .3 % in Maryland and Virgina ... Due To Snowstorms! But in Government District of Columbia, Unemployment dropped from 12% to 11.9%. So I presume the Snowstorm didn't hit Washington D.C.? I have NEVER heard such lame excuses being used to mask the issues.

http://www.washingtonpost.com/wp-dyn/content/article/2010/03/26/AR2010032604587.html

Virginia's jobless rate rose to 7.2 percent from 6.9 percent, and Maryland's rose to 7.7 percent from 7.5 percent, according to the U.S. Bureau of Labor Statistics. The District's unemployment rate, meanwhile, dropped to 11.9 percent from 12 percent.

 

[newbitech]

Can someone explain to me why the term "laid off" is being used to describe every person that is FIRED from their jobs now?

My understanding is that "laid off" means a temporary (and usually set length of time in advance) loss of work but not the loss of the job itself. Like a seasonal shutdown at a factory or a temporary cash flow problem that will be resolved in a few weeks.

Aren't all of these people being FIRED? There's no temporary nature to these job cuts. These people are permanently losing their jobs, therefore they are being fired, shit-canned, cut loose, terminated, etc.

I'll take this one. Cause if you say you are "fired" on your unemployment app, then you get a second look and it delays your benefits. Trust me on this, its a meme caused by unemployment applications. If you are "laid off" it implies that it wasn't your fault. If you say you were "fired" it means you screwed up.

 

[Sarge]

"Officials in New York have failed to agree on a bailout plan for the New York City Off-Track Betting Corp., which issued layoff notices Friday to its 1,300 workers as it prepares to close down April 11."

This is going to have a much bigger impact than just the 1,300 out of jobs.

"DeKalb committee moves to cut 427 school jobs, nixes tax hike."

Chicago. "CPS to lay off 280 employees." School job cuts.

"East St. Louis school district announces it will lay off 250 workers."

 

[wgadget]

Oh, and I reported earlier that the Cobb County schools were $100 million in the red. There was a little miscalculation...The true figure is $137 million...Whoopsie.

 

[Uncle Emanuel Watkins]

I think that lately the difference between fired and laid off, is that fired now usually means terminated FOR CAUSE, and laid off is generally terminated without cause or a reduction in force.

Terminated for cause usually does not have access to unemployment benefits. "Laid off" people do.

If terminated for cause is reason not to receive unemployment, then why are union employees upon entering ushered off to the side to recieve them, no questions asked? Personally, I was raised not to take their money.

 

[HOLLYWOOD]

300 Gone in February and now, More to follow... and still projected to lose another $13 million o the next 3 months.

What's pathetic... the Feds already bailed them out for $10's of Millions, and now they are still running deficits for FY2010 and even worst in FY2011 starting July 1st.

The comments are great... layoff the workers and cut service, but maintain the management and give pay increases.


Sacramento Transit watchers weigh in on 30% cut to Regional Transit System

Sacramento Regional Transit – which delivers thousands of people to work, school, doctors' offices and elsewhere daily – faces one of the bleakest moments in its 37-year history.
Amid fiscal crisis in a down economy, the region's largest transit agency will lay off up to 30 percent of its work force in the next few months and is contemplating cutting up to one-third of its service.


Read more: http://www.sacbee.com/2010/03/27/2636956/transit-watchers-weigh-in-on-rt.html#ixzz0jP5M4Vd9


http://www.sacbee.com/2010/03/27/2636956/transit-watchers-weigh-in-on-rt.html

The mentality that thinks public transit is a "civil rights issue" is exactly the kind of mentality (used loosely here) that creates this kind of mess.Popular Comment
I think somebody should take a real good look at how RT is really spending it's money. They raise our ticket prices, cut our service, yet still manage to promise their VERY abundant management staff higher salaries. You want to make money, sell your services and cut back on expensive overhead, not cut your services and keep all your expensive execs on the payroll. If they were worth a damn, you wouldn't be where you are now. Kinda like the Humpty Dumpty scenario. All Mike Wiley's horses and All Mike Wiley's Men, couldn't put RT back together again... no matter how many there are or how much you pay them. -- TheBigCat

Projected $13 million budget deficit for the remainder of FY 2010. These factors combined with the loss of one-time federal stimulus funding have also contributed to a projected $25 million deficit for FY 2011
http://iportal.sacrt.com/WebApps/Onlinechat/QASession.aspx?SessionID=30


Feb 12, 2010 6:25 am US/Pacific
[h2]Regional Transit To Issue Layoff Notices [/h2]
http://cbs13.com/local/regional.transit.layoffs.2.1490263.html
For the first time in more than 25 years, employees at Sacramento's Regional Transit are bracing for layoffs.

Up to 300 workers could be receiving pink slips as early as today in an effort to cut RT's $36 million deficit. Officials say this is a last resort decision after they already cut routes and raised rates.

"Clearly we're affecting our employees' lives, and it's something we don't want to do," said RT General Manager Mike Wiley. "Unfortunately we've been put into a situation where we have no choice."

Administrative staff will be the first get layoff notices, followed by drivers, mechanics, and other staff.

The last layoffs at Regional Transit were in the early 1980's

​

 

[Uncle Emanuel Watkins]

Hee hee

I'll take this one. Cause if you say you are "fired" on your unemployment app, then you get a second look and it delays your benefits. Trust me on this, its a meme caused by unemployment applications. If you are "laid off" it implies that it wasn't your fault. If you say you were "fired" it means you screwed up.

See, some of us are fired because we are human while others of us aren't. This happens because it is no longer just good enough to show up every day and on time with this being something unnatural that the uncomely can learn to do. But no! What is desired today is that sparkle in the eye, that natural winning attitude that blisters with a smile, that gung-ho, energetic person with the magnetic personality who can sell an empty box of goods to the gullible all for the sake of those fortunate few who don't ever have to show up every day and on time.

 

[kpitcher]

I'll take this one. Cause if you say you are "fired" on your unemployment app, then you get a second look and it delays your benefits. Trust me on this, its a meme caused by unemployment applications. If you are "laid off" it implies that it wasn't your fault. If you say you were "fired" it means you screwed up.

From my experience it doesn't matter the reason, the person will get unemployment. Had one employee quit and move out of the state. They were able to draw because coming to work wasn't possible anymore. Appealing didn't help. Even had a job opening if they were to show up, that still didn't matter.

 

[dwdollar]

See, some of us are fired because we are human while others of us aren't. This happens because it is no longer just good enough to show up every day and on time with this being something unnatural that the uncomely can learn to do. But no! What is desired today is that sparkle in the eye, that natural winning attitude that blisters with a smile, that gung-ho, energetic person with the magnetic personality who can sell an empty box of goods to the gullible all for the sake of those fortunate few who don't ever have to show up every day and on time.

Ain't that the truth. Working hard and being punctual are no longer the desired traits. You have to be soulless and willing to do whatever it takes to get the sale. If you're not knocking your competition down then you're not aggressive enough and it's your fault for being too nice. IMO, these are all characteristics of a system feeding on itself. Like a pack of freaking wolves tracking down the last consumer and fighting over who gets their last few cents. The age of consumerism is coming to an end and not soon enough.



...

 

[Sarge]

Wow, Just Wow.

http://www.wkowtv.com/Global/story.asp?S=12197019

Wisconsin in a world of hurt.

They were dealing with CDO'S. 165M poof.

Today,

"More than 11.3 million homes nationwide -- or about 24 percent -- are now worth less than the mortgages on them, researchers say."

Just getting better every day. Wait until the next round of people loosing houses when the auto plant shuts down in CA in 4 days and NASA closes down.

Oh wait, I forgot, most of the States have not finished their budget cuts. NY just did an emergency borrow so they could wait until after their Easter recess. I guess they are thinking the money is going to rise up and appear after Easter.

 

[Sarge]

"Md., Va. Feb. job losses among highest in nation."

VA is expecting 20/37K more job losses shortly. Working on their budget now.

30 more days and we should know for NY, CA, NJ, IL and a few other big states how bad it is going to get yet.

 

[angelatc]

Oh wait, I forgot, most of the States have not finished their budget cuts. NY just did an emergency borrow so they could wait until after their Easter recess. I guess they are thinking the money is going to rise up and appear after Easter.

snicker....

Honestly - CBO predicts debt to rise to 90% of GDP. http://www.washingtontimes.com/news/2010/mar/26/cbos-2020-vision-debt-will-rise-to-90-of-gdp/

 

[Sarge]

Several talking about the bonds creeping up. Once Bennie and the Inkjets loose control it is game, set, and match. Last two weeks not going well now.

http://www.ritholtz.com/blog/2010/0...ampaign=Feed:+TheBigPicture+(The+Big+Picture)

 

[Sarge]

And now that we have been raped, pillaged and plundered we are to expect things will be better in the future?

Show me people in jail from those that caused this mess, including the SEC that were criminally negligent in their duties.

http://www.cnbc.com/id/36083458

 

[s35wf]

Sarge; again thank you for all that u do

so whats your guess? when will the crash come?

 

[Sarge]

s35wf,

You are welcome.

It is hard to tell with them gaming the system to keep this market propped up.

I am looking to see the treasury tax receipts for March and April. Bonds are starting to creep up on the interest rates. We have big job losses coming in CA and FL. starting April 1st. Honda plant closing in CA and NASA shutting down. Don't forget Houston has a problem on that one along with CA and Denver workers I know that work for NASA.

Ralph's Grocery Stores in CA is talking about 700 job cuts next month in two towns.

Most of the State budgets have to be done in the next 60 days. Those budgets are going to cause more job cuts. School teachers have to be told before June 1st if they no longer have a contract.

I suspect, we are going to have a good idea by around June 10th, when the April tax receipts are disclosed.

If March and April tax receipts keep tanking it is likely to get ugly very fast. March and April is make or break it for Ben and Tim. They are already behind on the tax receipts.

With all the people out of work, the Treasury tax receipts might be taking a big hit this April over last year.

We are just about 13 days away from finding out on March tax receipts. Last year was 128,926 B. That is the number to watch and see if it drops this year. I am thinking it will. Let's see, they spend 300,000 B and take in less than half that amount. These numbers on spending are before all this health care and other mega spending they are doing.

I am seeing more and more small businesses closing each day. Are they going to deal with the health care issues. Commercial real estate resets are not going away. They over paid and all that empty office space has to be refinanced or go under.

I see half of one small town, Carefree AZ with for lease in the windows. They are not going to get leased. Are they going to keep paying the mortgage and bills?

Mind you, AZ is bad, but, it is not as rosy as many think in many more States that have yet to approve their budgets. It is coming to them and they just are now waking up to that fact yet.

Sorry this is so long but, there is way more to this than I can begin to post.

Just my thoughts, and I hope it helps.

 

[dwdollar]

What does everyone think of this March rally? Seems kind of weak to me.

 

[Revolution0918]

i think that ive made a killing in mining stocks the past 2 weeks......thats what i think

 

[Sarge]

"Mounting losses from commercial real estate loans will continue to be a problem for the U.S. and especially smaller banks, but it can be managed, Treasury Secretary Timothy Geithner said Monday."

So you really think so Timmy? Want to explain how before the fact? Thought so.