America Finally Wakes Up To It’s Economic Crisis

General — Wed, 23 Jul 2008 16:47:07 +0000

It took a lot to get America’s head out of it’s behind, mostly due to the politician and media lies. However, now Americans know that the economic ship is sinking. We were told it was ok when all Manufacturing went abroad and hundreds of thousands lost their jobs. We were told it was ok to be a Service Industry economy. Now that even those jobs are going overseas and our assets being gobbled up by the devaluating dollar. While "Rome burns" the phony left right paradigm keeps shoveling it to the public….

The Week that America Woke Up to the Economic Crisis

Last week, for the first time, the average American woke up to the fact that our economy is in trouble.

Despite Bernanke and Paulson’s pep talks, despite the happy talk by the talking heads, despite the cooked earnings reports desperately being put out by the banks and others, last week people still got – on a gut level – that the economy is in mortal danger.

The failure of IndyMac and the fact that Freddie and Fannie are on the ropes are what finally woke people up. The cracks in our financial system have become so big that the crew trying to maintain the facade simply can’t paint over them any more.

Everyone I talk with – from the construction manager, to the baker, to the lawyer, to the doctor – are now all are in a holding pattern . . . They’re all just waiting to see what happens with the economy.

None of them are making big purchases, or starting new ventures, or jumping into new investments. All of them know that there are big problems with the U.S. economy, but are hoping that it turns around.

So what? Who cares what the people I’m talking to are doing?

Because the same thing is happening all over the U.S. That means that the economy is quickly freezing up. And that means a depress . . . er, a very severe recession.

And everyone you’re talking with is saying the same thing, right? (That’s probably why you’re reading this . . . you already know its true from your own experience).

As Reuters puts it:

"The nightmare scenario for U.S. economic authorities is here: confidence in their ability to rescue the country from a housing-led financial panic is now at its lowest level since the crisis began.

This means losses for investors, already totaling nearly half a trillion dollars, could mount even further over the next few months, with implications for business investment and the overall health of the economy.

***

Saturated with bad news, investors appear to have thrown in the towel. As they do this, the risks that both consumers and businesses will face further retrenchment at the same time is growing."

Last week was a huge turning point, when the average American could no longer be tricked by the fast-talking ponzi scheme salesmen. Last week was the week that America woke up to the economic crisis we’ve been facing for a long time.

On a positive note, everyone I speak with now finally understands that the war in Iraq is a large part of why our economy is sinking like a stone. And see this

Once they get that, the pressure to get us out of Iraq will become very strong. Hopefully, the economic crash will help wake people up in other areas as well.

Canary in a Coal Mine – Hundreds of Stores Closing = UNEMPLOYMENT

General — Tue, 24 Jun 2008 17:57:59 +0000

Is there arny doubt that the those in the Federal Reserve and the Treasury Department are completely lying to America when they say there is not even a recession? How can Bush continue the lie of a "good economy" in the face of all this madness. The answer is Bread and Circuses. The people are asleep at the wheel and must wake up to this insanity before it is too late. Stagflation and or Depression is here. Brother can you spare a Hundred Dollars?

Store Closings: Symptoms of A Depressed Economy

by Donald H.

June 07, 2008 07:04 AM EDT

1. Ann Taylor closing 117 stores nationwide A company spokeswoman said the company hasn't revealed which stores will be shuttered. It will let the stores that will close this fiscal year know over the next month.

2. Eddie Bauer to close more stores - Eddie Bauer has already closed 27 shops in the first quarter and plans to close up to two more outlet stores by the end of the year.

3. Cache closing stores - Women's retailer Cache announced that it is closing 20 to 23 stores this year.

4. Lane Bryant, Fashion Bug, Catherines closing 150 stores nationwide The owner of retailers Lane Bryant , Fashion Bug , Catherines Plus Sizes will close about 150 underperforming stores this year. The company hasn't provided a list of specific store closures and can't say when it will offer that info, spokeswoman Brooke Perry said today.

5. Talbots, J. Jill closing stores - About a month ago, Talbots announced that it will be shuttering all 78 of its kids and men's stores. Now the company says it will close another 22 underperforming stores.

The 22 stores will be a mix of Talbots women's and J. Jill, another chain it owns. The closures will occur this fiscal year, according to a company press release.

6. Gap Inc. closing 85 stores - In addition to its namesake chain, Gap also owns Old Navy and Banana Republic. The company said the closures - all planned for fiscal 2008 - will be weighted toward the Gap brand.

7. Foot Locker to close 140 stores - In the company press release and during its conference call with analysts today, it did not specify where the future store closures - all planned in fiscal 2008 - will be. The company could not be immediately reached for comment

8. Wickes is going out o f business - Wickes Furniture is going out of business and closing all of its stores, Wickes, a 37-year-old retailer that targets middle-income customers, filed for bankruptcy protection last month.

9. Goodbye Levitz - The furniture retailer, which is going out of business. Levitz first announced it was going out of business and closing all 76 of its stores in December. The retailer dates back to 1910 when Richard Levitz opened his first furniture store in Lebanon , PA. In the 1960s, the warehouse/showroom concept brought Levitz to the forefront of the furniture industry.

The local Levitz closures will follow the shutdown of Bombay.

10. Zales, Piercing Pagoda closing stores - The owner of Zales and Piercing Pagoda previously said it plans to close 82 stores by July 31. Today, it announc ed that it is closing another 23 underperforming stores. The company said it's not providing a list of specific store closures. Of the 105 locations planned for closure, 50 are kiosks and 55 are stores.

11. Disney Store owner has the right to close 98 stores The Walt Disney Company announced it acquired about 220 Disney Stores from subsidiaries of The Children's Place Retail Stores. The exact number of stores acquired will depend on negotiations with landlords.

Those subsidiaries of Children's Place filed for bankruptcy protection in late March. Walt Disney in the news release said it has also obtained the right to close about 98 Disney Stores in the U.S. The press release didn't list those stores.

12. Home Depot store closings - ATLANTA - Nearly 7+ months after its chief executive said there were no plans to cut the number of its core retail stores, The Home Depot I nc.ann ounced Thursday that it is shuttering 15 of them amid a slumping U.S. economy and housing market. The move will affect 1,300 employees.

It is the first time the world's largest home improvement store chain has ever closed a flagship store for performance reasons. Its shares rose almost 5 percent. The Atlanta-based company said the underperforming U.S.stores being closed represent less than 1 percent of its existing stores. They will be shuttered within the next two months.

13. CompUSA clarifies details on store closings Any extended warranties purchased for products through CompUSA will be honored by a third-party provider, Assurant Solutions. Gift cards, rain checks, and rebates purchased prior to December 12 can be redeemed at any time during the final sale. For those w h o h ave a gadget currently in for service with CompUSA, the repair will be completed and the gadget will be returned to owners. http://www.news.com/8301-10784_3-9834177-7html < http://www.news.com/8301-10784_3-9834177-7.html >

14. Macy's - 9 stores -

15. Movie Gallery - 160 stores as part of reorganization plan to exit bankruptcyThe video rental company plans to close 400 of 3,500 Movie Gallery and Hollywood Video stores in addition to the 520 locations the video rental chain closed last fall.

16. Pep Boys - 33 stores

17. Sprint Nextel - 125 retail locations New Sprint Nextel CEO Dan Hesse appears to have inherited a company bleeding subscribers by the thousands, and will now officially be dropping the ax on 4,000 employees and 125 retail locations. Amid the loss of 639,000 postpaid customers in the fourth quarter, Sprint will be cutting a total of 6.7% of its work force (following the 5,000 layoffs last year) and 8% of company-owned brick-and-mortar stores, while remaining mute on other rumors that it will consolidate its headquarters in Kansas. Sprint Nextel shares are down $2.89, or nearly 25%, at the time of this writing.

18. J. C. Penney, Lowe's and Office Depot are scaling back

19. Ethan Allen Interiors: The company announced plans to close 12 of 300+ stores in an effort to cut costs.

20. Wilsons the Leather Experts - 158 stores

21. Pacific Sunwear will close its 154 Demo stores after a review of strategic alternatives for the urban-apparel brand. Seventy-four underperforming Demo stores closed last May.

22. Sharper Image: The company recently filed for bankruptcy protection and announced that 90 of its 184 stores are closing. The retailer will still operate 94 stores to pay off debts, but 90 of these stores have performed poorly and also may close.

23. Bombay Company: The company unveiled plans to close all 384 U.S.-based Bombay Company stores. The company's online storefront has discontinued operations.

24. KB Toys posted a list of 356 stores that it is closing around the United States as part of its bankruptcy reorganization. To see the list of store closings, go to the KB Toys Information web site, and click on Press Information

25. Dillard's to Close More Stores Dillard's Inc. said it will continue to focus on closing underperforming stores, reducing expenses and improving its merchandise in 2008. At the company's annual shareholder meeting, CEO William Dillard II said the company will close another six underperforming stores this year.

The War on War » Depression

America Finally Wakes Up To It’s Economic Crisis

The Week that America Woke Up to the Economic Crisis

Canary in a Coal Mine – Hundreds of Stores Closing = UNEMPLOYMENT