Minister of Truth
Practically Perfect
Tee hee.
Consumer Spending Stalls in January
- Thread starter uscitizen
- Start date
Tee hee.
uscitizen
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Topspin
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usged I am contemplating retiring at 50 in 2 years.
Your accomplishments are great, but they prove my point how good our economy is. Its all political gamesmanship by the party out of power to talk it down. The fact that you finished high school decadesz before the first pc and can still make serious coin is a positive.
Historically speaking 5 percent unemployment is great and nearly 70 percent owning homes is great. Those owning more than 5 years have huge gains and that is the majority.
Your accomplishments are great, but they prove my point how good our economy is. Its all political gamesmanship by the party out of power to talk it down. The fact that you finished high school decadesz before the first pc and can still make serious coin is a positive.
Historically speaking 5 percent unemployment is great and nearly 70 percent owning homes is great. Those owning more than 5 years have huge gains and that is the majority.
uscitizen
Villified User
The Federal Reserve's rescue has failed
By Ambrose Evans-Pritchard, International Business Editor
Last Updated: 12:43pm GMT 03/03/2008
The verdict is in. The Fed's emergency rate cuts in January have failed to halt the downward spiral towards a full-blown debt deflation. Much more drastic action will be needed.
Yields on two-year US Treasuries plummeted to 1.63pc on Friday in a flight to safety, foretelling financial winter.
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The debt markets are freezing ever deeper, a full eight months into the crunch. Contagion is spreading into the safest pockets of the US credit universe.
It is hard to imagine a more plain-vanilla outfit than the Port Authority of New York and New Jersey, which manages bridges, bus terminals, and airports.
The authority is a public body, backed by the two states. Yet it had to pay 20pc rates in February after the near closure of the $330bn (£166m) "term-auction" market. It had originally expected to pay 4.3pc, but that was aeons ago in financial time.
"I never thought I would see anything like this in my life," said James Steele, an HSBC economist in New York.
No sane mortal needs to know what term-auction means, except that it too became a tool of the US credit alchemists. Banks briefly used the market as laboratory for conjuring long-term loans at Alan Greenspan's giveaway short-term rates. It has come unstuck. Next in line is the $45trillion derivatives market for credit default swaps (CDS).
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/03/ccview103.xml
By Ambrose Evans-Pritchard, International Business Editor
Last Updated: 12:43pm GMT 03/03/2008
The verdict is in. The Fed's emergency rate cuts in January have failed to halt the downward spiral towards a full-blown debt deflation. Much more drastic action will be needed.
Yields on two-year US Treasuries plummeted to 1.63pc on Friday in a flight to safety, foretelling financial winter.
advertisement
The debt markets are freezing ever deeper, a full eight months into the crunch. Contagion is spreading into the safest pockets of the US credit universe.
It is hard to imagine a more plain-vanilla outfit than the Port Authority of New York and New Jersey, which manages bridges, bus terminals, and airports.
The authority is a public body, backed by the two states. Yet it had to pay 20pc rates in February after the near closure of the $330bn (£166m) "term-auction" market. It had originally expected to pay 4.3pc, but that was aeons ago in financial time.
"I never thought I would see anything like this in my life," said James Steele, an HSBC economist in New York.
No sane mortal needs to know what term-auction means, except that it too became a tool of the US credit alchemists. Banks briefly used the market as laboratory for conjuring long-term loans at Alan Greenspan's giveaway short-term rates. It has come unstuck. Next in line is the $45trillion derivatives market for credit default swaps (CDS).
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/03/ccview103.xml
uscitizen
Villified User
Bankruptcy Makes Gift Cards Worthless
Mar 3, 5:33 PM (ET)
By ANNE D'INNOCENZIO
NEW YORK (AP) - You know that Sharper Image gift card you got for Christmas? Right now, it's worthless. And other gift cards in your wallet could lose their value, too.
As more retailers file for bankruptcy or go out of business, more than $75 million in gift cards are at risk of becoming worthless pieces of plastic this year.
"If I knew this was going to happen, I would have used them right away," said Jon Tapper, a public relations executive from Boston who received two Sharper Image cards as business gifts just a few weeks ago. Their total face value is $50.
"I love gift cards, but now this makes me think twice."
(AP) A pair of unredeemable gift cards from bankrupt retailer The Sharper Image that belong to Jon...
Full Image
The Sharper Image announced late last month that it was suspending the acceptance of gift cards, at least temporarily. It urged shoppers to check the company Web site later this month for an update. That is typical of businesses that reorganize under Chapter 11 bankruptcy, which treats gift cards as a loan to the company, not as cash.
For many shoppers, it's a harsh lesson about the risks of gift cards. Consumers spent an estimated $26.3 billion in gift cards at retailers alone last holiday season, compared with $24.8 billion in 2006 and $18.48 billion in 2005, according to the National Retail Federation.
C. Britt Beemer, chairman of America's Research Group, says "you will see a lot of frustration among customers. You basically stole (money) out of the customers' pocket. They will never forgive you."
The number of retail bankruptcies or liquidations this year is expected to reach the highest levels since the 1991 recession.
http://apnews.myway.com/article/20080303/D8V67QQO0.html
Mar 3, 5:33 PM (ET)
By ANNE D'INNOCENZIO
NEW YORK (AP) - You know that Sharper Image gift card you got for Christmas? Right now, it's worthless. And other gift cards in your wallet could lose their value, too.
As more retailers file for bankruptcy or go out of business, more than $75 million in gift cards are at risk of becoming worthless pieces of plastic this year.
"If I knew this was going to happen, I would have used them right away," said Jon Tapper, a public relations executive from Boston who received two Sharper Image cards as business gifts just a few weeks ago. Their total face value is $50.
"I love gift cards, but now this makes me think twice."
(AP) A pair of unredeemable gift cards from bankrupt retailer The Sharper Image that belong to Jon...
Full Image
The Sharper Image announced late last month that it was suspending the acceptance of gift cards, at least temporarily. It urged shoppers to check the company Web site later this month for an update. That is typical of businesses that reorganize under Chapter 11 bankruptcy, which treats gift cards as a loan to the company, not as cash.
For many shoppers, it's a harsh lesson about the risks of gift cards. Consumers spent an estimated $26.3 billion in gift cards at retailers alone last holiday season, compared with $24.8 billion in 2006 and $18.48 billion in 2005, according to the National Retail Federation.
C. Britt Beemer, chairman of America's Research Group, says "you will see a lot of frustration among customers. You basically stole (money) out of the customers' pocket. They will never forgive you."
The number of retail bankruptcies or liquidations this year is expected to reach the highest levels since the 1991 recession.
http://apnews.myway.com/article/20080303/D8V67QQO0.html
uscitizen
Villified User
Automakers Suffer February Double Whammy
Monday March 3, 6:04 PM EST
DETROIT (AP) — Automakers got hit where it hurts in February, with U.S. sales of their most profitable vehicles — trucks, sport utilities and large sedans — plunging as consumers reacted to high gas prices and the possible recession. General Motors Corp. and Ford Motor Co. announced second-quarter production cuts in the face of the falling sales.
GM reported a sales decline of almost 13 percent for the month while Ford's sales slumped 7 percent, Chrysler's tumbled 14 percent and Toyota's fell 3 percent.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8v689280&date=20080303
Well the bottom falling out of the guzzler market took longer than I epected though.
Monday March 3, 6:04 PM EST
DETROIT (AP) — Automakers got hit where it hurts in February, with U.S. sales of their most profitable vehicles — trucks, sport utilities and large sedans — plunging as consumers reacted to high gas prices and the possible recession. General Motors Corp. and Ford Motor Co. announced second-quarter production cuts in the face of the falling sales.
GM reported a sales decline of almost 13 percent for the month while Ford's sales slumped 7 percent, Chrysler's tumbled 14 percent and Toyota's fell 3 percent.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8v689280&date=20080303
Well the bottom falling out of the guzzler market took longer than I epected though.
