The xXx Gloom & Doom Report

[k0xxx]

After several PM discussions and my cluttering up of other people's threads with my Gloom and Doom ramblings, I thought that I'd start a separate thread where I, and my fellow "Doomers", can discuss our apocalyptic visions and revelations without scaring or annoying the group as a whole. As most anyone that has read my posts know, I am concerned about events in our nation and globally, and by what these events may mean to us on a personal level.

At first I had considered making this a journal, but decided that I really wanted to have discussions and get the ideas and opinions of others. I will be posting my observations on the economy here, both good and bad, and I would encourage other to do the same. This group has a wonderfully diverse range of experiences and opinions, and we can all benefit from listening to each other, so I do hope to have those that don't necessarily agree with me join in. Primarily, I will be posting information regarding the financial tsunami that I feel is coming our way, but if you have information to the contrary, I would love to hear it. If you see things improving in your area, maybe new businesses opening and hiring starting to pick up, I'd love to hear about it. I am always hoping that I am reading more into the news than is actually there because, come on, who wants to see their children left a world that is in worse shape than when we found it.

So... with all of that said, here are a few tidbits from this weeks financial news.

Shares of Wall Street banking giant Morgan Stanley fell by another 8 percent on Monday. Overall, shares of Morgan Stanley have declined by more than 50 percent since February.

Bank of America stock dropped down to $5.53 a share on Monday. Just a few years ago, it was trading for more than $50 a share.

There are reports that Goldman Sachs may actually show a loss for the third quarter of 2011.

Shares of American Airlines fell by 33 percent on Monday on rumors that the airline is about to enter bankruptcy. Amazingly, trading in the stock was stopped 7 different times on Monday. It is being reported that approximately 240 pilots for American Airlines have retired in the last two months alone. All of those pilots are retiring so that they can shield their pensions from the upcoming bankruptcy filing. Nearly the entire airline industry got hit really hard on Monday. Shares of United Continental, U.S. Airways and Delta were all down more than 10 percent.

A new Bloomberg survey has found that approximately one out of every three international investors expects a "global economic meltdown" within the next 12 months, and 70 percent of them believe that the global economy is "deteriorating".

Financial markets in Europe were rocked on Monday when it was revealed that Greece is not going to hit the deficit reduction targets set for it either this year or next year despite all of the severe austerity measures that have already been implemented. Needless to say, a lot of financial authorities in Europe were very displeased by this news. German Finance Minister Wolfgang Schaeuble is publicly declaring that Germany will not contribute any more money to the European bailout fund.

Germany has rush-ordered the printing of new D-Marks

EU preparing bank rescues amid Greece doubts

Italy downgrade deepens contagion fears over euro debt crisis

U.S. "close to faltering," Fed ready to act: Bernanke

Subject Line Edited

 

[DrakeMaiden]

I, for one, look forward to reading your updates. I will consider it my economic doom & gloom "cheat sheet" because I haven't had time to read or even listen to the news much lately. I did happen to hear the other day that Apple stock was down too.

 

[TanksHill]

I look forward to following this thread.

So have you heard the recording from the group that is threatening Wall Street on Monday?

Makes me shiver.

I think everything happening around is is our current reality and its better to know.

G

 

[SSDreamin]

I noticed you did make brief mention of it, but the most concerning thing I've seen lately is Germany's refusal to contribute to the Euro bailouts anymore. They have been the major contributor to the bailouts and I really worry what will happen if they stick with their decision. The fact that they have supposedly begun printing Deutschmark's seems to imply they are serious, and want out of the Euro system. Considering the condition of the rest of the Euro zone, that seems like a certain disaster scenario that will definitely carry over to us, due to 'our' banks being heavily invested in European banks.

I've also read that a recent survey (which I usually take with a grain of salt, since you can make them say whatever you want, based on the people you survey and how you interpret the results) indicates that 90% of Americans surveyed consider this country as a whole 'poor' and another survey said 80% of those surveyed thought we were already in another recession/in a depression.

DH has told me I need to stop reading/keeping up with the news, as I always freak out about it but I do look forward to your updates KOxxx and others opinions.

 

[BarredBuff]

Good thread idea! I personally think we will have an economic meltdown within in 12 monthes........... s

 

[Wifezilla]

I'm in!

 

[framing fowl]

I was talking with a small business owner here in town today and asked how he was doing. He said terrible. Asked why and he said he can't get quality help. He owns a high end gourmet cheese and small deli/catering company. Said for the first time in 30 years he's having to close on Sunday. I asked what the deal was with all of the unemployment shouldn't good help be easy to find? He said that he can't tell me how many times he has had people mad at him because he is actually offering a job rather than just signing that they applied for their unemployment paperwork. He said they would rather sit at home on unemployment than making money.

I asked him what he was paying and he said $9-$10 to start for sandwich makers and it goes up if you can handle cashiering responsibilities and want to learn about the cheese and do more sales stuff. I told him if my auction buying and selling doesn't work out in one month, I would be coming to see him.

He's also not the first small business owner I know to lament the lack of quality employees. I just don't get that.

 

[FarmerChick]

my own gloom

On July 1 2011 Duke Energy of Carolinas filed application with the Commission requesting authority to adjust and increase its rates for electric service in NC.

increase to produce additional overall annual NC retail revenue of approx $646,057,000 yearly.

example of rate increase based on 1000 kwh per month---old rate $95.73---new rate $113.50




honestly everyone needs to get their hands out of my wallet


-----
price increases are just friggin' annoying. I got nailed that Jan 1 our health ins. prem. are going up 50% at Tonys work.
From $70 per week to $105 per week and the 80/20 is dropping to 78/22 ugh




I don't need global worldwide troubles, I got my own local ones

 

[Farmfresh]

Just reading along and fascinated by the topic.

 

[Toulle]

I never was very good at Wall St type stuff - but I'll be watching this thread