Loading ...markets are relatively quiet tonight. everyone must have their positions before election. most markets are at extremes and ready for a possible reversal.
made a few calls today. most of the folks i talked to said there is a lot of money on the sideline waiting until after election (or the hedge funds to get finished off)
rno
ATLANTA (Reuters) - Circuit City Stores Inc said it would close 155 U.S. stores and was considering all options to restructure in the face of a deteriorating cash position and tighter credit terms from vendors.
The store closures will help to give the No. 2 U.S. consumer electronics chain more time to participate in the holiday shopping season, but analysts said the company could still seek bankruptcy protection in the next few months.
“I think at this point they should be able to get through December,” Anthony Chukumba, an analyst with FTN Midwest Securities, said after the closures were announced on Monday.
“We could see additional store closings and/or a Chapter 11 bankruptcy filing after the holidays,” he said.
And I suppose you wore one of those nice cute little skirts like Errol Flynn too eh HAAAAAAAAAAAAAa
I can’t post the link, so here is context copied from another site. Since I believe several concerns of voters are reflected to some extent in the mass exit from the markets, this speaks to the case well.
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Selfish Productivity
By Peter Asher
Obamas attacking Ayn Rands Selfishness is a virtue as a way to defend taxing more of higher earners income contradicts the most definitive line in Atlas Shrugged: An honest man is one who knows that he cannot consume more than he produces. He would have us believe that those who produce the most are obligated to give a dictated portion to those who produce less.
Obama then attempts to justify this confiscation by claiming it will stimulate the economy, that Every body starts spending that money —-They can buy the products and services that businesses are selling—-
And those who earned that money werent going to spend it?
Redistribution of wealth as regards spending is a zero sum game. Redistributing it downward though actually reduces spending and contacts the economy. Those that earn above $250,000 (Oh wait, Biden says $200,000: uh whoops, Richardson just said $120,000.) are the ones with the bulk of the discretionary spending power.
These higher earners keep the stock market propped up by reimbursing existing shareholders with new money. (There is no such thing as money IN the market; it must come from new stock buyers.) They create new jobs by funding or founding new enterprises. And, when they do spend it, it is most likely on the items that fuel the jobs and industries the drive economic growth.
Consider what new first and second homes and major remodels do for construction jobs, for the forest products industries and for timber sale tax revenue. The money still arrives where Obama wants it to go but by his plan all the funds he wants to redistribute would bypass the most significant economic engines of our society.
If Obama wants to lecture our society as to what it should do to make sure everybodys got a shot– we would be better served if he were to advise people to make their services more valuable; by learning more skills, by becoming more competent and by coming to work drug free and not hung-over, this would be leadership. What Obama is proposing, in the language he proposes it, appears to be an increment of dictatorship by a thousand cuts
This economy was built on a debt bubble. The facilities to produce goods and services expanded to the money supply allotted to it. Now, that debt service claims a lot of that purchasing power. The spending power to drive the economy is therefore now LESS than it would be on a no credit, spend it as you earn it, basis.
If everyone decides to curtail spending and save and/or pay debt with earnings, then there is no spending, and therefore no earnings!
If the lower fed rates were passed on to consumers as rollover loans, that would substantially reduce the debt service quotient and revitalize the economy to some extent but would it be sufficient?
Systemically, there will have to be more production for less return until we have substantially reduced our consumer debt. The challenge is to provide the liquidity and the monetary velocity to keep everyone employed without exacerbating the quantitative debt.
There is plenty of affluence to be had in the world. The more that is produced, the more there is to go around!
GoldBalloon especially… Lifesaving flying skills… on ONE wing!
assets on the cheap through one of their shell companies. I was only able to get 1 cent for my Macmin shares two weeks ago. You got a wonder if they can make it 2 for 2 and screw up New Guinea Gold
Robin Hood, eh?
MadMike served in an infantry regiment that had roots with RH and his sherwood foresters.
How can the directors of a company have the gall to issue a glossy report like this 3 days before they go (possibly) belly up?
I would like to know if the insiders and their relations have been disposing in the last month or so?
Screw the scumbags if this is the case…..the little guy gets it in the neck again.
Maya’s right…get physical.
“This is worse than a divorce, I’ve lost half my net worth and I still have a wife”
In simplistic terms in Aust. it means that the independent Administrator runs the company, not the Board, shareholders or anyone else, the Administrator has ultimate power.
The Administrator normally uses the existing people to discharge certain duties while they firstly determine what’s what with assets, liabilities and so forth.
The Admin. could decide to trade out of the difficulties or just wind the company up and distributing whatever assets are left in accordance with priory claim under Aust. Law.
Having said that the fact that the Administrator was appointed voluntarily and not forced by some creditor means there is some hope, however slim, that shareholders might salvage something?
I was involved about 20yrs ago in a similar situation with an unlisted company and it turned out okay but I hate to say it but I suspect it might have been my one lucky shot.
Macmin at 4c I had written them off in my mind and praise you know who that I had sold down but unfortunately not completely out. I suspect today there are some pretty sad tenters from the Oz get-together last weekend as they were in for “heaps”.
Hope the above helps.
