The other problem with commercial loans is that many companies were operating in a highly leveraged manner which wasn't sustainable in a more rational environment. On top of that, there was a lot of leveraged buy-outs that left companies up to their nose or even underwater with debt that could only be paid back in a perfect economic environment.

I have a friend who owns a small business and is in the process of losing it. His lawyer said the defaults on small businesses is the next be wave that is starting to build.

 

The FEDs are full of crap, there will be no noticable recovery at the end of this year or the start of 2010, in my opinion. Alt-A home loans (which are as many as subprime and have a bigger dollar value) begin their resets at the end of 2009 and builds through 2010. Small businesses have just started their defaults and commercial loans go into the crapper later this year.

 

(Chart of Alt-A resets - http://www.calculatedriskblog.com/2007/10/imf-mortgage-reset-chart.html)

 

I think Bernanke's comments this week about the 'negative feed back loop' was a nice way of saying, the ship is still sinking.

 

This is far from being over. :drunk:

I have a friend who owns a small business and is in the process of losing it. His lawyer said the defaults on small businesses is the next be wave that is starting to build.

 

The FEDs are full of crap, there will be no noticable recovery at the end of this year or the start of 2010, in my opinion. Alt-A home loans (which are as many as subprime and have a bigger dollar value) begin their resets at the end of 2009 and builds through 2010. Small businesses have just started their defaults and commercial loans go into the crapper later this year.

 

(Chart of Alt-A resets - http://www.calculatedriskblog.com/2007/10/imf-mortgage-reset-chart.html)

 

I think Bernanke's comments this week about the 'negative feed back loop' was a nice way of saying, the ship is still sinking.

 

This is far from being over. :drunk:

 

I totally agree.  Mid to late 2011 is when we expect to see the worse.

I have a friend who owns a small business and is in the process of losing it. His lawyer said the defaults on small businesses is the next be wave that is starting to build.

 

The FEDs are full of crap, there will be no noticable recovery at the end of this year or the start of 2010, in my opinion. Alt-A home loans (which are as many as subprime and have a bigger dollar value) begin their resets at the end of 2009 and builds through 2010. Small businesses have just started their defaults and commercial loans go into the crapper later this year.

 

(Chart of Alt-A resets - http://www.calculatedriskblog.com/2007/10/imf-mortgage-reset-chart.html)

 

I think Bernanke's comments this week about the 'negative feed back loop' was a nice way of saying, the ship is still sinking.

 

This is far from being over. :drunk:

 

I agree. Alt-A is next. It is a tsunami that is going to hit us while we're already down. It seems like right now most people are trying to ignore that problem.

I'm having trouble distinguishing (in the today's stats that is) between subprime, alt-a, Negative Amortization, and even prime to some extent.

 

A lot of homeowners with neg amortization mortgages have already hit their loan limits, triggering the reset early.  And a lot of alt-a, NegAm, and even prime borrowers are walking away from their mortgages as they tire of paying a high monthly cost for a bad investment.

 

So the result appears to be a big mix of everything, thrown in together.  Those reset charts are nice, but I think at this point we're just going to see a very, very high plateau of failures with the mix between the sources (subprime, prime, alt-a, neg amort, etc) changing slightly each month.

I'm having trouble distinguishing (in the today's stats that is) between subprime, alt-a, Negative Amortization, and even prime to some extent.

 

A lot of homeowners with neg amortization mortgages have already hit their loan limits, triggering the reset early. And a lot of alt-a, NegAm, and even prime borrowers are walking away from their mortgages as they tire of paying a high monthly cost for a bad investment.

 

So the result appears to be a big mix of everything, thrown in together. Those reset charts are nice, but I think at this point we're just going to see a very, very high plateau of failures with the mix between the sources (subprime, prime, alt-a, neg amort, etc) changing slightly each month.

 

I agree that we are seeing issues in all catagories. But, I do think we will see a spike with alt-A in 2010 (give or take a few quarters). There are many homeowners with these loans still hanging on hoping for something. It will not be until their reset hits that they run for the exit in another big wave like subprime has done.

gavster wrote:

"I agree. Alt-A is next. It is a tsunami that is going to hit us while we're already down. It seems like right now most people are trying to ignore that problem."

 

Sorry, I never get the posting of posts correct.

 

So true. With everything going on the media and the general public have 'forgotten' that the housing bust is one of the main contributors to the financial meltdown. It will be another segment of the housing bust (Alt-A, etc...) that will cause another big leg down in our financial breakdown.

I actually think things may not be as bad as we think, because a lot of these goofy mortgages weren't held by actual homeowners but instead by investors and speculators, who A. should get zero help and B. have likely already been identified by the banks and probably already accounted for (whether we've been told about it or not).

 

Side note, it would be fascinating to chat with some of the auditors and accountants inside these institutions as they realize that was once capital is no longer and many of the loans will have to written off.

I actually think things may not be as bad as we think, because a lot of these goofy mortgages weren't held by actual homeowners but instead by investors and speculators, who A. should get zero help and B. have likely already been identified by the banks and probably already accounted for (whether we've been told about it or not).

 

Side note, it would be fascinating to chat with some of the auditors and accountants inside these institutions as they realize that was once capital is no longer and many of the loans will have to written off.

 

Agreed.

I actually think things may not be as bad as we think, because a lot of these goofy mortgages weren't held by actual homeowners but instead by investors and speculators, who A. should get zero help and B. have likely already been identified by the banks and probably already accounted for (whether we've been told about it or not).

 

Side note, it would be fascinating to chat with some of the auditors and accountants inside these institutions as they realize that was once capital is no longer and many of the loans will have to written off.

 

I hope you are right, but they didn't seem to do so good with the first batch (recognizing and accounting for - subprime). I still think they have not moved these projected future loses into the lost category. I'm not even convinced they have moved these future loses into their M3 junk pile yet.

Social unrest around the world. When will it strike here?

 

http://www.reuters.com/article/latestCrisis/idUSLQ87702?sp=true

Fannie Mae asking taxpayers for 15 billion more. Think theyll get it? yeah, this is getting comical.

 

http://www.cnbc.com/id/29416762

Shock will likely come in the U.S. before any real violence. I think Obama's move left will drain some of the fever swamps for awhile, but if this really does go on into 2011, well then I don't know.

I'm unfortunately guessing this summer once the Class of 2009 adds to this mess. That will instantly add about a million more unemployed people to the job market who can't repay their student loans. Sadly, it could even be higher than that. Instead of the usual two thirds of students graduating without a job, it may be up to 90% this year.

 

This is not the first time a graduating college class will face a non-existant job market.

 

I graduated from Miami in 1983 with a degree in Finance.  The economy was worse at that point than it is now.

 

There were no riots in 1983/84.  There will be no riots this time.

 

What happened back then was that graduates took menial jobs for awhile, waiting for the economy to rebound.  I had a cousin take a job working at a golf course.  Another was an auditor for his fraternity.  I did janitorial work part-time.  Others pushed brooms at K-Mart.  A few went on to grad school, but that was their plan all along.

 

Fortunately for all of us, the sharp recession of 1982/84 gave way to a nice bounce coming out of it in 1985.  At that point, most got decent, professional jobs.  And Regan reaped the benefits of an economy on the upswing in 1984 to get re-elected.

 

(note - most people I know who graduated from college during that recession have not had stellar careers.  Very few in management in organizations, etc.  We appear to be a couple of years of lost graduating classes as far as career success is concerned.)

 

This Great Recession differs from the very sever, but relatively short one of 25 years ago.  That one was precipitated by Fed Chairman Volker raising interest rates sky-high to wring out inflation.  It worked, but at the expense of my age group.  Once inflation was under control, he brought interest rates down and the economy responded with a nice expansion and job hiring.

 

What will trigger the growth this time around?  Can't lower interest rates.  I guess the government will provide the growth with massive deficits.

 

You do bring up a great point ...

 

It has always amazed me that we do not have age warfare on this country.  Why do the youth always allow the older generations to wreap all the benefits at their expense.  No one is getting salary increases at this time - except those on SS who got a 5% raise this year for not working at all.

 

I'm not saying age warfare is desirable, and I'm getting a good distance down the path to retirement myself, but the act of transfering wealth from the young struggling to set themselves up in life, raise a family, pay off student loans, etc to those who are non-productive at this point seems to me to be unsustainable.  I just don't see where young people can continue to do this.

 

So if employment stays in the dumps for 3 or 4 years, then yes, maybe there will be a revolt of the youth.

 

 

This concept hasn't done well for AIG. But, when your back is against the wall you will try just about anything.

 

U.S. government to own up to 36% of Citi

Bank to convert preferred securities to common stock, reconstitute board

 

"NEW YORK (MarketWatch) -- Shares of Citigroup Inc. tumbled more than 30% Friday, retreating after it said the government agreed to boost its stake in the embattled company to about 36%, and as the firm reported another $10 billion in fourth-quarter losses and said it will suspend common- and preferred-stock dividends."

http://www.marketwatch.com/news/story/Government-boost-stake-Citigroup-36/story.aspx?guid=%7B325D60CB%2DF602%2D40B4%2DA746%2DFBDA4917EB50%7D

 

Oops, we were off again by just A LOT!!!!! Our bad, please forgive us for making this a quarterly and monthly habit on our stats. Carry on!!!

 

GDP revised to 6.2% rate of decline in fourth quarter

Worst quarter since 1982 as spending, investment and exports drop sharply

 

"GDP fell at a 6.2% seasonally adjusted annualized pace in the final three months of 2008, revised from the initial estimate of a 3.8% drop, the Commerce Department reported. It was the worst decline in GDP since a 6.4% decrease in the first quarter of 1982."

http://www.marketwatch.com/news/story/GDP-revised-decline-62-fourth/story.aspx?guid=%7BF68D38CA%2D2BAE%2D45B0%2DA247%2D760432E0BF1A%7D

^

 

Yes, it was a very BIG revision downward. 

 

What was interesting is that half of the downward revisions came directly from a revision in the inventory build-up.  Previously it was reported as positive, but the revised amount was substantually negative. (another big chunck of the revision was due to falling exports.)

 

So, inventory drawn-down (as opposed to the initially reported build-up) has lots of ramifictions for future economic growth predictions.  It means that businesses were not ordering back in the late summer in anticipation of a consumer shutdown.  But it also suggests that businesses will need to ramp up their ordering again to at least partially fill shelves.

 

It will be most interesting to see how many new Spring fashion items show up, and how stocked the retails shelves really are this time around.

You can see in some of the big stores here in Cbus - Target, Meijer, Sears - that they have plenty of empty space. I wonder if some of these mega-stores will actually start trying to find a way to shrink their square footage cheaply (faux-walls or set shelves as a wall) because half empty stores are depressing. Or they'll move toward more expansive set ups to push the goods rather than than pile them up on the shelves. You also tend to see a lot of big items take up a whole row (like coolers or washer fluid) that would have once had multiple items.

So the retail world is running in brown-out mode.  A solid slow down in purchasing then to stay cash positive in case any banks/auditors want to check company's books or perhaps just making it easier to make payroll.. 

 

 

Two more bank failures today. 16 on the year so far.

 

http://finance.yahoo.com/news/Regulators-close-banks-in-apf-14501762.html

I graduated from Miami in 1983 with a degree in Finance.  The economy was worse at that point than it is now.

 

There unfortunately is a big difference this time though (and there has been a big difference throughout most of the 2000's). The Class of 2009 is much larger than the class of 1983. And this economy is on par with '83. The news media has been calling it the worst since the Grea Depression for quite some time. There already aren't enough menial jobs for the people who already graduated, hence why I'm worried. A sudden addition of 1.5 million to the job market in June is not cool...

 

Something will give.

 

Thats a great point. The new graduating class is one factor I

didnt consider. And with the older generation working later in their life, and holding off for now cause their retirement accounts have gotten pummeled in the past year. And if things dont turn around by 2010, and I'm not optimistic that they will, things could get real ugly.

No, 1983 were still a Baby Boom year to graduate from college. As the last Baby Boomers graduated roughly in 86, that makes 83 not even an especially small part of the Baby Boom crowd. The 09 class is a mid-echo boom class with only some of the post-65 immigration demographics in play.

Not a good prediction:

 

Moody's predicts default rate will exceed peaks hit in Great Depression

 

A bigger proportion of non-investment grade companies will go bust in the US and overseas in the coming years than during the Great Depression, according to Moody's, one of the world's foremost experts on credit.

 

By Edmund Conway, Economic Editor

Last Updated: 7:42PM GMT 26 Feb 2009

 

http://www.telegraph.co.uk/finance/economics/4840805/Moodys-predicts-default-rate-will-exceed-peaks-hit-in-Great-Depression.html

Here's a link for anyone interested in the reality of things to come. If you still believe Obama for whatever reason (i myself cant find a sigle f**king one), you may want to get past the fluff and his "great speeches". Bottom line is he doesnt know what hes doing or talking about. I'm 100% sure of that. What he's doing is either 1. for complete and total incompetence, or 2. completely intentional. I'm hoping that it's 1., but after listening to UK's Gordon Brown and other global elite and their insistance on a global form of currency and monetary system, it seems to be 2. He seems to be playing right into their hands. It's imperitive that you start saving your money and stocking up on food now (and physical silver and gold to protect your wealth from the mass inflation that is coming). There is no recovery in the near future. The sooner you figure this out the better off you will be.

 

http://www.trendsresearch.com/

 

 

and this economy could be on par with '83 (the news media has been calling it the worst since the Great Depression, and based on what I've seen, I believe it). Keep in mind in 1983, you didn't have 1.5 million people suddenly flood the market at graduation.

 

I'll grant you that things will get very ugly, especially for college grads.

 

This Great Recession will end up being much worse than than 1983.  We are currently early in this downturn....1983 happened to be late in that recession so there were already probably close to 1 million Ohioans out of work by the time we graduated.  The class of 2010 will probably face a similar employment roadblock.

 

As to class size, I'll add this.  Class of '83 graduated high school in 1979.  My Middletown High class of '79 was the second in size only to the class of '78.  Now, the college participation rate was a lot lower back then, but the numbers of people graduating school (high or college) into the economic recession of 1980-83 was enormous. (biggest high school class, 1978, graduated college in 1982 and didn't find many jobs either)

 

And keep in mind that the overall # of jobs were a lot smaller back then, so the graduating classes may have been a higher overall percentage of the workforce than they are today.  Maybe.  I don't have any numbers to back that up.

 

 

Assuming this is a long economic downturn, can you elaborate on your feelings that we will see revolts and riots?

 

I'm not saying you are wrong.  I think age warefare may be in America's future, but not for many, many years.  At some point the youth will revolt against the forced transfer of their wealth to those who they feel don't really need it.  But again, I'd put it at 20+ years from now, but not during this economic downturn.

 

Of course, there could be a number of other forms of revolts not age based - proptery tax revolt, wage revolt, revolt against bail-outs, etc.  I could easily see  cases of assisinations of high ranking economic policy makers, CEOs, etc as this drags on.  But again..... I don't see widespread riots and destruction.

 

John Kinsman: Nation's food system nearly broke

John Kinsman  —  2/26/2009 12:30 pm

 

As our government enacts a stimulus package and President Barack Obama announces bold initiatives to stem home mortgage foreclosures, disaster threatens family farmers and their communities.

 

The government's response to plummeting commodity prices and tightening credit markets leads to the basic question: Who will produce our food?

 

http://www.madison.com/tct/opinion/column/440669

>(note - most people I know who graduated from college during that recession have not had stellar careers.  Very few in management in organizations, etc.  We appear to be a couple of years of lost graduating classes as far as career success is concerned.)

 

My dad snuck into an entry-level job right when all that hit (he graduated from law school in 82 or 83) and didn't get laid off because he was the hardest worker there.  When I was a kid I remember how intense he was at that time because the stakes were so high.  Admittedly I haven't been putting 100% in where I'm at but when I'm sluffing off I'm still working harder than 90% of people.  A lot of that comes from being raised in that environment.   

>(note - most people I know who graduated from college during that recession have not had stellar careers.  Very few in management in organizations, etc.  We appear to be a couple of years of lost graduating classes as far as career success is concerned.)

 

My dad snuck into an entry-level job right when all that hit (he graduated from law school in 82 or 83) and didn't get laid off because he was the hardest worker there.  When I was a kid I remember how intense he was at that time because the stakes were so high.  Admittedly I haven't been putting 100% in where I'm at but when I'm sluffing off I'm still working harder than 90% of people.  A lot of that comes from being raised in that environment.   

 

Ditto.

I finally saw the recession at my retail job yesterday.  I got there a little early and went out to the food court to get a lemonade before work.  I have never seen fewer people.  There was literally no one in line at most of the food stands and very few people sitting and eating.  I was just about the only person walking to and from my store.  3 hour shift, not only did I have zero sales, but there were zero customers to wait on, all night long.  It was a long night.

Wow! Great find C-Dawg! That is an excellent analysis. I always figured if this financial mess didnt get us the baby boomers would. I didnt take into account the vast amount that have retired in the last few years. Were doomed, plain and simple. There will be no recovery, and boy, were gonna have one helluva tax bill in the next couple years, if were even working, lol. Start preparing.

>Ditto.

 

And you somehow find time to post here 50 times a day?!

Back to bartering.

>Ditto.

 

And you somehow find time to post here 50 times a day?!

 

I have minions!  LOL

Jeez, that is the most depressing thing that I have read in a long, long, long time. It makes a ton of sense on the macro level. I have always heard (and had my suspicions) that the boomer retirements would be disastrous but that is the first time I have every seen numbers attached.

 

I will be vomitting in my trash can now. I am sick to my stomach.

The article C-dawg posted by Daniel Arnold misses the point that the "baby boom" *only* happened in the United States.  There is spending in other parts of the world that still affects the US economy.  US producers have customers outside of this country to sell to.

The baby boom as determined by the American demographics happened mostly here, but there was essentially a rolling baby boom throughout the world that seems to have ebbed in this decade. Europe starts later and ends a bit later and then drops off the cliff. China is through its boom and due the one child policy will begin shrinking. Japan is shrinking. The Islamic world is only about 10 years past the peak of its boom. Latin America has had slower but still substantial growth. Africa was growing then got decimated by war and AIDS. India is still growing quite dramatically. SE Asia is a mixed bag, the further north you get the worse the demographics look.

 

http://www.nytimes.com/interactive/2009/03/03/us/20090303_LEONHARDT.html

 

Interesting to map to consider.

The article C-dawg posted by Daniel Arnold misses the point that the "baby boom" *only* happened in the United States.  There is spending in other parts of the world that still affects the US economy.  US producers have customers outside of this country to sell to.

 

Well then if the other country's baby boom has the similar negative effects on the economy that ours does dont you think that would compound problems even further, and they are actually worse than this guy predicts?

you know, compared to some Northern California counties parts of Ohio dont look so bad.  Clark County (Springfield) has a lower unemployment rate than Sacramento and most of its surrounding counties.

national Q4 '08 foreclosures map. if i'm reading this right ohio didn't do too bad vs the rest of the USA.

 

 

Aiming to dispel the belief that home foreclosures are a widespread national problem, researchers at the University of Virginia harvested some data and put together a study that says 62 percent of foreclosures in 2008 were in four states: California, Nevada, Florida and Arizona. And via the Times' Economix blog, we get the handy color-coded map below, which shows Nevada leading the way amongst states with high foreclosure rates. New York falls safely in the middle category of the blue states, which are the ones with foreclosure rates below the national average.

 

some interesting comments among the usual garbage:

http://curbed.com/archives/2009/03/04/nationwide_foreclosure_map_blue_states_win.php

 

also via curbed blog & the nypost -- an interesting snaphot of falling rents re a major downtown nyc retail anchor space:

 

 

Ditching a Virgin —Lois Weiss reports that developer/landlord Related has dropped the asking rent on the massive Union Square Virgin Megastore space (the store is closing in May) from $25 million to $15 million per year. Yowza. Nordstrom had a deal in place for its new cheaper Nordstrom Rack concept, but dropped out. So what may anchor the southeast corner of Union Square? Maybe a Best Buy, maybe a Forever 21 (which would move over from the Whole Foods building) or maybe, just maybe, a CVS. Hooray! [NYPost/Between the Bricks]

http://www.nypost.com/seven/03042009/business/virgin_suitors_for_union_sq__157882.htm

 

 

 

thats a pain in my @ss.  First Circuit City, now all Virgin stores are closing and it looks like Blockbuster is next.  Ugh!!

The curbed article on foreclosures is interesting considering how this is considered a minor disaster here in the Dayton area.  It must really be catastrophic in California & Nevada (which I think has more of a new home foreclosure thing vs the predatory lending foreclosure thing we are getting)

The curbed article on foreclosures is interesting considering how this is considered a minor disaster here in the Dayton area.  It must really be catastrophic in California & Nevada (which I think has more of a new home foreclosure thing vs the predatory lending foreclosure thing we are getting)

 

I feel the media blew this out of proportion in Ohio which was one of the first states to experience the problem.

 

Luxury markets are allways the last to experience a "downturn".  I expect it to get worse on the coast (specifically NYC, LA) along with continued erosion in S. Florida & the South, over the next year.

 

It amazes me how all these cities like ATL, CLT, PHX appeare to be so great on paper, yet their foreclosure and unemployment rates are worse then Ohio's major cities.  Ummmmmmmmmmmmmmm

>but there was essentially a rolling baby boom throughout the world that seems to have ebbed in this decade.

 

I was hearing predictions by a futurist that in 300 years the world population will be back to about 1-2 billion due to most of the world moving from agrarian lifestyles to educated, urban lifestyles and having fewer kids.  Germany's population trend, for example, is such that by 2100 its population will drop from 80 million to 20 million.  This means global warming, if it comes to pass, won't matter much since humans will be putting much less stress on the environment. 

There are all kinds of implications of these demographic issues . . . while it is clear earlier peak population numbers no longer look very good, no one has figured out an easy way to transition from a young to old society without all sorts of painful dislocations - esp. when we are only the second or third generation to have society provide a subsidized retirement. Part of the last bubble was clearly based on the hope that we could grow our way out of the demographic bubble and well it didn't work and now the blowback will be worse. However, the hope is that the areas that are developing with younger populations can make up some of the slack in terms of natural growth. The other issue is the whole question of migration, which is more serious in Europe and Japan if it weren't an unfriendly island, than here (though obviously some in the GOP want it to be, though the collapse in construction likely solves some of our problems).

 

To the national picture, most of Ohio is basically hit by the old-fashioned foreclosure problem, decreasing wages, lack of jobs and thus some don't end up with the economic prosperity they hoped for when they bought the house. Most of the areas that are being crushed were areas where everyone was basically incapable of paying based on any rational analysis of wages from the day they bought the house - they were massively overpriced. The reason it has spread is that so many of those mortgages were securitized and implanted in the bank balance sheets as ticking time bombs.

thats a pain in my @ss. First Circuit City, now all Virgin stores are closing and it looks like Blockbuster is next. Ugh!!

 

Blockbuster has been a joke for a long time. They are too expensive and soulless. Netflix, rental machines like Red Box and MovieStop and local used video game/DVD stores that sell DVDs for $5 have made Goldbuster obsolete.

I'd add that the sun belt still looks new - and the SW's environment means that things can stay that way longer than in the midwest and northeast - SE is more complicated. Many of these places did grow, but so much of the growth was built upon the idea of growth rather than sustainable investment (lots of home construction and its related industries) and now all that is kaboom.

thats a pain in my @ss.  First Circuit City, now all Virgin stores are closing and it looks like Blockbuster is next.  Ugh!!

 

Blockbuster has been a joke for a long time. They are too expensive and soulless. Netflix, rental machines like Red Box and MovieStop and local used video game/DVD stores that sell DVDs for $5 have made Goldbuster obsolete.

 

Don't talk to me about Red box.  ugh!  :whip:

Well, I think I found out how there going to solve the baby boom problem. Just kill em off. Not a word of this in the U.S. yet. This is f**king serious s**t. If this wasnt caught.....

 

 

Baxter: Product contained live bird flu virus

By Helen Branswell, THE CANADIAN PRESS

 

Last Updated: 27th February 2009, 3:26pm

 

The company that released contaminated flu virus material from a plant in Austria confirmed Friday that the experimental product contained live H5N1 avian flu viruses.

 

And an official of the World Health Organization’s European operation said the body is closely monitoring the investigation into the events that took place at Baxter International’s research facility in Orth-Donau, Austria.

 

“At this juncture we are confident in saying that public health and occupational risk is minimal at present,” medical officer Roberta Andraghetti said from Copenhagen, Denmark.

 

...

 

http://www.torontosun.com/news/canada/2009/02/27/8560781.html

 

 

mishandled experimental virus material? very dr. strangelove-esque. bet its the same factory where they made the zyklon b.  :-o

 

US private sector cuts 697,000 jobs

By Alan Rappeport in New York

 

Published: March 4 2009 13:59 | Last updated: March 5 2009 02:13

 

The US private sector shed 697,000 jobs in February, a survey of business employment showed on Wednesday.

 

“The nightmare continues,” said Ian Sheperdson, chief US economist at High Frequency Economics. “Every indicator tells us that employment is tanking across the economy

 

http://www.ft.com/cms/s/c93f2546-08bc-11de-b8b0-0000779fd2ac,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fc93f2546-08bc-11de-b8b0-0000779fd2ac.html&_i_referer=http%3A%2F%2Fwww.rense.com%2F