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Global Economic Crisis

A resource forum for those interested in buying, selling, or developing a business; for questions about retirement plans; investing and basically any aspect of acquiring, keeping and increasing one's personal stash of filthy lucre.

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Re: Circuit City files Chp 11 bankruptcy

Postby MaPoSquid » 01 Dec 2008, 01:09

Mother Theresa wrote:You don't get it. It's not a store, it's the whole tech industry. This is far worse than the bursting of the tech bubble in 1999-2000. And it's not just the tech industry. The whole world is sinking into major recession, with layoffs of 10% then another 10% then another 10% of the workforce, rising unemployment, a total halt to discretionary spending, and a large percent of all businesses closing their doors for good. None of us has ever seen anything remotely like what is only beginning to hit us. I hate to be an alarmist, but I think most of us, including myself, have read the news over and over but still have trouble grasping how severe this crisis is.

Told ya so. :D
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Re: Circuit City files Chp 11 bankruptcy

Postby MaPoSquid » 01 Dec 2008, 01:18

Namahottie wrote:I believe by 2010 we'll see a nice upswing. And it will be interesting to study which companies and why, were able to sustain,even grow, themselves during the economic crisis.

But I'm not too happy with O's cabinet picks. Let's see where their interests lie....

I was, very briefly, hopeful when the rumors went out that Obama was going to pick Volcker for SecTreas. Instead, he picked another shitweasel in the Paulson model.

We're f*cked. Game over, man. Game over.

"Hoping for spare change."
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Re: Circuit City files Chp 11 bankruptcy

Postby Namahottie » 01 Dec 2008, 04:19

MaPoSquid wrote:
Namahottie wrote:I believe by 2010 we'll see a nice upswing. And it will be interesting to study which companies and why, were able to sustain,even grow, themselves during the economic crisis.

But I'm not too happy with O's cabinet picks. Let's see where their interests lie....

I was, very briefly, hopeful when the rumors went out that Obama was going to pick Volcker for SecTreas. Instead, he picked another shitweasel in the Paulson model.

We're f*cked. Game over, man. Game over.

"Hoping for spare change."


I was talking to a relative about this and he said the same. He related the whole thing to this parallel processing idea that is a common term among physiologists. (He's one). So, anyway, the bottom line of the conversation was, America's days of living high off the hog is over,we have to learn how to live in a global economy and O's administration will probably be asking, well they are, asking Americans to reduce their living standards. Therefore if the gov asks us to do it, then they should do it.
@michellemalkin Just so we're perfectly fucking clear here: You're a crazy fucking shitwad. Enjoy your night. Read more at @MayorEmanuel
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Re: Circuit City files Chp 11 bankruptcy

Postby Mother Theresa » 22 Dec 2008, 13:02

What me worry?

Hon Hai Group (鴻海集團) chairman Terry Gou (郭台銘) said yesterday the economic downturn was three times worse than expected. . .

Gou’s remark came amid mounting speculation that the world’s largest contract maker of electronics, along with its wireless networking equipment affiliate Cybertan Technology Inc (建漢科技), will both trim between 10 percent and 15 percent of their workforces.

The report said Hon Hai’s Hong Kong-traded unit Foxconn International Holdings Ltd’s (富士康國際) planned to axe 1,500 staff at its Hungarian plant, and reduce its workforce at its Chinese operations by 5 percent, or between 30,000 and 40,000 people. . .

Shares of Hon Hai have plunged 64.78 percent so far this year

http://www.taipeitimes.com/News/worldbi ... 2003431627

Taiwan's Hon Hai group plans to reduce its global workforce by 3-5 percent as the economic slowdown worsens more than expected, the group's chairman said on Friday.

"The worst has not come yet," Terry Gou, chairman of Hon Hai (2317.TW), Taiwan's top electronics parts maker, told reporters

http://uk.reuters.com/article/governmen ... 6120081219

In other news, Polaroid just filed bankruptcy . . . again.

Polaroid, the company that created the instant camera just after the Second World War, yesterday filed for bankruptcy protection for the second time in less than a decade.

The company, which now makes digital cameras, printers and photo frames, said that it had filed for Chapter 11 bankruptcy protection after admitting that a continuing fraud investigation into its parent had damaged its own credibility.

http://business.timesonline.co.uk/tol/b ... 372117.ece

Too bad. Seems like their management must have really screwed up badly over the decades. Their basic product (instant photos) seems so cool, even in this modern, digital age, that it's hard not to imagine that under better leadership (product development and marketing) they SHOULD have been a great success. Hush Puppies came back. Why not Polaroid?
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Re: Circuit City files Chp 11 bankruptcy

Postby Rascal » 22 Dec 2008, 13:50

Mother Theresa wrote:Too bad. Seems like their management must have really screwed up badly over the decades. Their basic product (instant photos) seems so cool, even in this modern, digital age, that it's hard not to imagine that under better leadership (product development and marketing) they SHOULD have been a great success. Hush Puppies came back. Why not Polaroid?

I don't think that instant printed photos have that much appeal, at least not to the masses and now with the digital cameras around; those are a kind of instant, too, not on paper but on a screen, and you can easily share them via email and websites.
Used to have a Polaroid long before digital cameras become available and I recall that the film wasn't cheap, so replaced it with a compact camera and later moved on to a SLR (recently DSLR).

Anyway, back to the actual topic a friend of mine working for Foxconn has told me they are also laying off, including at their mainland factories.
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Re: Global Economic Crisis (was Circuit City thread)

Postby Mother Theresa » 05 Jan 2009, 09:42

Lots of top economists don't believe the situation will turn around in 2009.

At annual meeting, economists see little chance recession will end in `09

. . . Some argue that the recession has just begun, despite the formal ruling by the business-cycle-dating committee that it began in December 2007.

Alan Blinder, a former vice chairman of the Federal Reserve, said the recession began only in mid-September when Lehman Brothers collapsed.

"We are in a horrible mess. I believe it is very young and it is going to be long and deep," he said.
Even in the first quarter of 2010, the economy will likely be weak enough to need macro stimulus, he said.

Martin Feldstein, the prominent Harvard University economist, said there was no longer any basis for believing the recovery could start in the third quarter.

"I think we'll be lucky if by this time next year we see the economy hit the bottom and start turning up," Feldstein said.

"In terms of the level of activity, the end of 2009 is going to look lower than it is today," he said.

Former Clinton economic adviser Laura Tyson said it is too speculative to predict a turnaround.

"The slide may stop, but coming out [of the downturn] will not come until later," she said. . . .

Rogoff, the former IMF chief economist, said . . . the U.S. housing-market collapse and stock-market weakness should continue until 2010. . .

The U.S. unemployment rate should spike to 12% and those elevated levels should last until 2011, he said. . .

The root of the crisis remains the financial sector, Rogoff said. "We're going to be seeing second and third bailouts of the big banks," he said. . . But Rogoff said he was worried that these programs were simply keeping the financial sector on life support and did not seem to curing the underlying problems.

The Fed programs seem to amount to "temporizing," he said.

In 2009, commercial real estate, private equity and hedge funds will suffer, he said.

http://www.marketwatch.com/news/story/a ... TNMostRead

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Re: Global Economic Crisis (was Circuit City thread)

Postby Mother Theresa » 06 Jan 2009, 06:56

Ring in the New Year!

Out with the old.

Vehicle sales in the United States tumbled more than 35 percent in December, dragging the Detroit automakers’ full-year totals down to their lowest levels in nearly half a century. . .

Sales plunged 53 percent last month at Chrysler. . . Sales fell 37 percent at Toyota, 35 percent at Honda and 32 percent at the Ford Motor Company. G.M. and Nissan reported 31 percent declines. . .

For all of 2008, Ford’s sales fell 21 percent, a difference of more than 500,000 vehicles, while G.M.’s sales were down 23 percent, a drop of nearly 900,000. The totals were the lowest f0r those companies since 1961 and 1959. . .

Plummeting demand for vehicles caused Toyota last month to project its first full-year operating loss in 70 years

http://www.nytimes.com/2009/01/06/busin ... to.html?hp

And in with the new.

Vacancy rates in office buildings exceed 10 percent in virtually every major city in the country and are rising rapidly, a sign of economic distress that could lead to yet another wave of problems for troubled lenders.

With job cuts rampant and businesses retrenching, more empty space is expected from New York to Chicago to Los Angeles in the coming year. . .

Stock analysts say commercial real estate is the next ticking time bomb for banks. . . Big banks — like Bank of America, JPMorgan Chase and Morgan Stanley — each hold tens of billions of dollars in commercial real estate securities. The banks also invested directly in properties.

http://www.nytimes.com/2009/01/05/business/05real.html
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Re: Circuit City files Chp 11 bankruptcy

Postby headhonchoII » 06 Jan 2009, 13:33

Rascal wrote:
Mother Theresa wrote:Too bad. Seems like their management must have really screwed up badly over the decades. Their basic product (instant photos) seems so cool, even in this modern, digital age, that it's hard not to imagine that under better leadership (product development and marketing) they SHOULD have been a great success. Hush Puppies came back. Why not Polaroid?

I don't think that instant printed photos have that much appeal, at least not to the masses and now with the digital cameras around; those are a kind of instant, too, not on paper but on a screen, and you can easily share them via email and websites.
Used to have a Polaroid long before digital cameras become available and I recall that the film wasn't cheap, so replaced it with a compact camera and later moved on to a SLR (recently DSLR).

Anyway, back to the actual topic a friend of mine working for Foxconn has told me they are also laying off, including at their mainland factories.


I agree Mother Theresa, Polaroid still has a great niche, it's great to be able to take pictures and give them to your friends and associates immediately. IMO they should reduce the price of the film and make everything cheaper.
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Re: Circuit City files Chp 11 bankruptcy

Postby Rascal » 06 Jan 2009, 14:32

headhonchoII wrote:I agree Mother Theresa, Polaroid still has a great niche, it's great to be able to take pictures and give them to your friends and associates immediately. IMO they should reduce the price of the film and make everything cheaper.

You don't make money / a profit by selling cheap in a niche market.
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Re: Global Economic Crisis (was Circuit City thread)

Postby headhonchoII » 06 Jan 2009, 14:43

Haha, that's funny... you make a profit when your income is more that outgoings. A niche global market is really a very large market indeed. People don't want a Polaroid to replace their digital camera, they want it for fun! If it is cheap enough many people would buy it especially females.
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