corpoRATe welfare bailout yet another failure of trickle down theory
*** DOW DEATH SPIRAL™ ***
|Trade Time:||3:59PM ET|
|Day’s Range:||8335.30 – 9027.84|
|52wk Range:||7,773.71 – 13,990.70|
DIVE, DIVE, DIVE!
Well Cricketeers, trickle down FAILS AGAIN! This from time:
Crrrunch! Is Your Favorite Company About to Go Bust?
By Stephen Gandel
October 22, 2008
For hundreds of U.S. companies, the federal bailout may be too little, too late. Bankers, lawyers and credit analysts say the government’s plan to invest billions into the nation’s banks is doing little to ease the credit crunch for U.S. businesses. The result, they say, is that many companies now struggling to get financing may soon be out of business. “In the past few weeks, lending has been getting tighter, not looser,” says Larry Flick, a partner at law firm Blank Rome, which helps companies get financing. “All the moves the government is making to end the credit crisis may have a trickle-down effect, but I am not seeing it yet.”
In a report released Tuesday, ratings agency Standard & Poor’s says there are 140 large U.S. companies in danger of not being able to pay their bills in the next few months, up nearly twofold from the beginning of this year. Among the troubled firms on the agency’s list are such household names as clothing retailer Eddie Bauer, amusement park operator Six Flags and pizza chain Sbarro. Also on the list are doughnut baker Krispy Kreme and mobile technology titan Palm, as well as a number of the nation’s largest airlines, including JetBlue and the corporate parents of United and American.
“We are seeing companies across a wide variety of sectors that are struggling,” says Sam Rovit, who heads up Bain Corporate Renewal, the optimistically named restructuring division of Bain Capital. If the credit squeeze doesn’t loosen up quickly, he expects a “tidal wave of bankruptcies among large companies.”
SONOFABUSH! Not only are the thieving corpoRATeers looting the US treasury so they can continue to live high on the hog, but the “rescue” is failing to shore up a host of other companies, many of whom provide the exciting minimum wage jobs many of YOU have been holding to feed yourself! The only thing “trickling down” from this corpoRATe welfare bailout is bankruptcy and job loss! This from cnnmoney:
Mass layoffs highest since 9/11
Government report says job cuts of 50 or more up significantly last month.
By Emily Maltby,
October 22, 2008
NEW YORK (CNNMoney.com) — The number of layoff announcements involving at least 50 workers rose in September to the highest level since the Sept. 11 terrorist attacks seven years ago, the government said Wednesday.
There were 2,269 mass layoff actions, up 497 from August, according to statistics released by the Labor Department. That was the most mass layoffs since the 2,407 in September 2001.
“At large firms, basically what I see is an across-the-board, shotgun approach,” said Paul Sarvadi, chairman and CEO of human resources outsourcing firm Administaff in Houston. “If they anticipate revenues going down, then they see how much they need to cut to reach operating targets, and equate that cost to a number of people.”
Overall, the number of initial claims for unemployment benefits related to mass layoffs rose by 61,726 to 235,681. That was the highest level since September 2005, after Hurricane Katrina devastated the Gulf Coast, resulting in 297,544 claims.
What do obamessiah and the reverend mcPain have to say about all this? NOT A DAMNED THING! BOTH feckless appaRATchiks VOTED TO PASS THIS FAILURE OF A corpoRATe welfare bailout! So long as the ethically challenged co-joined twins of the apocalypse called mcbama and their thieving pig rich corpoRATe friends get to continue to live high on the hog, the hell with the rest of us!
DAGNABIT! If YOU attend a mcbama campaign rally, please ask when we’re gonna see:
CRIMINAL PROSECUTION OF THE corpoRATe THIEVES!
Click that link to see what need be done, then support and vote NADER for REAL CHANGE!
The Telepathic Crickets™ on the ClapSotronics editorial board and I are stunned that YOU have yet to start screaming for corpoRATe criminal prosecutions!
Make sure YOU WATCH THESE VIDEOS!
The scientifically impossible I do right away
The spiritually miraculous takes a bit longer
~ by ClapSo on October 23, 2008.
Posted in Activism, Bank Failures, Budget, Change, clapso, co-joined twins of the apocalypse, corpoRATe media, corpoRATe welfare, CorpoRATeer, corpoRATion, Crash, credit crisis, Cricketeers, DAGNABIT, democrats, deregulation, Dow, DOW DEATH SPIRAL™, economic disaster, economics, ELECTION, ethically challenged, feckless appaRATchiks, government bailouts, LEMON SOCIALISM, Libertarian Party, mcbama, mccain, mcPain, Mortgage, Mortgage Crisis, MSM, Nader!, nobama, obama, obamessiah, Politics, Pork barrel spending, progressives, republicans, reverend mcPain, SONOFABUSH, Stock market, Stocks, Telepathic Crickets, Thieves, Wall street, washingtOOn, WTF, YOU!
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