PDA

View Full Version : CIT Files Bankruptcy; U.S. Unlikely to Recoup Money


fallout2600
November 1st, 2009, 06:30 PM
http://www.bloomberg.com/apps/news?pid=20601087&sid=aGR8yTH2eLwY&pos=1

We just got screwed on 2.3B as taxpayers....Thanks Turbo Tax Tim for bailing out your buddies instead of letting them fail...

Anyone want to buy some worthless commercial real estate...any takers? Dubai? China? India? We got a bunch of skyscrapers you can put on lay-away!!!


Then, Japan and Aust think the recovery is a hoax...oh wait, it is!

http://www.bloomberg.com/apps/news?pid=20601087&sid=aVFSuWyJsAfs&pos=3


Yen raises to 3 week high against the dollar:

http://www.bloomberg.com/apps/news?pid=20601087&sid=a84lUiU0Bcmc&pos=3


This week should be interesting....
Bob Haller
November 2nd, 2009, 06:54 AM
this the begining of our second economic dump.

look back at the wild stock market gyrations before the original dump....... note its happening again.........

and the credit card companies jacking up rates fees etc to get them in before the new law takes effect in february put a few more nails in big retail, and its connected industries.

expect a very bad holiday season and a BIG jump in unemployment with several large retailers either going bankrupt or disappearing completely.......

unemployment will top 15% more stimulus bills being written as we speak.

government knows its depression time
fallout2600
November 2nd, 2009, 07:43 AM
Bob, looks like Sears may be one of those big retailers to potentially go under:

http://www.businessinsider.com/desperate-sears-started-black-friday-today-2009-10
Bob Haller
November 2nd, 2009, 08:11 AM
yeah sears k mart are in bad shape,

sears merchandise will live on as craftsman. kenmore etc

sears death will leave a tremendous retail vacancy rate nationwide
msmith198025
November 2nd, 2009, 08:58 AM
This is huge. More to come.
Bob Haller
November 2nd, 2009, 09:19 AM
yep its depression time:(
fallout2600
November 2nd, 2009, 09:26 AM
Gold up $21.00 right now....
DodgerKing
November 2nd, 2009, 06:13 PM
Gold up $21.00 right now....
I've been meaning to buy gold over the last few years but kept thinking it is going to level off and it cannot possibly go much higher. I guess I was wrong. Perhaps I should buy some now? My luck it will level off.
Skyhi
November 2nd, 2009, 09:09 PM
I've been meaning to buy gold over the last few years but kept thinking it is going to level off and it cannot possibly go much higher. I guess I was wrong. Perhaps I should buy some now? My luck it will level off.
I'd stay away. It's a bubble that will have big losers when it pops.
fallout2600
November 3rd, 2009, 06:04 AM
I'd stay away. It's a bubble that will have big losers when it pops.

Maybe/Maybe not, the bubble is the US dollar, and gold is simply following the moves of the dollar, the dollar weakens gold goes up. It looks the same as what was going on when oil started to make that big climb. The only difference here is that gold may eventually decouple itself from the dollar and if that happens, the dollar sinks alone and you would be glad to have precious metals.
Bob Haller
November 3rd, 2009, 06:58 AM
the credit card companies decision to hike rates, hike fees, and lessen available credit even for people with perfect credit..........

well it just makes a bad situation worse, and will lead to a poor holiday season with more retailer failures, and thus more mall bankruptcies, and lender failures/.

plus with cash for clunkers and
first time home buyer deals ending:(

all very very bad.

despite government attempts to make things look rosy, its all smoke and mirrors.
fallout2600
November 3rd, 2009, 07:35 AM
despite government attempts to make things look rosy, its all smoke and mirrors.

I couldn't agree more!
fallout2600
November 3rd, 2009, 10:04 AM
Gold up $24.00 today...crazy...
markh
November 3rd, 2009, 01:48 PM
I'm not all that sure I care if Sears goes down. Citibank, BTW, issues Sears cards and Sears Master Cards. I had one and they jacked the rates to 25% for no reason so I paid it off. It's not because of me they're going down.:) To top that off, Lands End claimed their headquarters was being valued too high and got a judge to believe them and my property taxes will go up as a result. There's no way they'd accept $25 million for what they have there. Well, maybe now they'd take whatever they can get.

http://www.madison.com/wsj/topstories/459681


Lands’ End has asked for a refund of $524,000 from its 2005 payment and $734,000 from 2006. It also wants interest on the money and is challenging the assessments from 2007 and 2008.

"It comes as a blow," said Diane Messer, superintendent of the Dodgeville School District. "It’s disconcerting but we have to keep in mind that Lands’ End as we knew it is not Lands’ End any longer. The Sears culture has had its impact."
Bear Paws
November 3rd, 2009, 01:58 PM
Maybe/Maybe not, the bubble is the US dollar, and gold is simply following the moves of the dollar, the dollar weakens gold goes up. It looks the same as what was going on when oil started to make that big climb. The only difference here is that gold may eventually decouple itself from the dollar and if that happens, the dollar sinks alone and you would be glad to have precious metals.
YUP:thumbup: