Friday, March 27, 2015

A NATION UNDER JUDGMENT? Businesses, Cities, Pensioners

BUSINESSES STRUGGLE: Small businesses and major corporation go bankrupt.

Deut 28: 20 -- The Lord shall send upon thee cursing, vexation, and rebuke, in all that thou settest thine hand unto for to do, until thou be destroyed, and until thou perish quickly; because of the wickedness of thy doings, whereby thou hast forsaken me.

David Wilkerson, The Vision (pg 17):

I believe we are going to witness the bankruptcies of some of this nation's major and most popular corporations, . . . Thousands of small businesses will also be forced into bankruptcies. . . . The auto industry is going to be hurt badly. (emphasis mine)

Swift decline in manufacturing jobs in the U.S. leaves only the consumer and service sectors as the primary areas of employment and production

Radio Shack files for Chapter 11 bankruptcy

Crooks with badges (cartoon)

For the 3rd of the last 4 months, Durable Goods Orders fell and missed expectations (the worst run since Lehman)

Three people have died after eating tainted Blue Bell ice cream

Kraft recalls 242,000 cases of macaroni and cheese

Retail sales plummet for 3rd month in a row

IBM to have biggest corporate lay-off in history within days; 110,000 of 430,000 to be laid off; USA to be hit the hardest

Hewlett-Packard to fire 58,000

Target agrees to pay $10 million to settle lawsuit from data breach

Target to cut several thousand jobs in effort to save costs, CNBC (not linked)

Changing Tastes Blamed for Slide at McDonald’s, New York Times (not linked)

Yellow Cab files for bankruptcy within hours of losing multi-million dollar lawsuit, Chicago Tribune (not linked)

AUTO:

US Manufacturing Output Falls For 3rd Month - Worst Since Lehman; Auto vehicles and parts production tumbled 3.0% MoM

GM ignition switch death toll increases to 74

Goldman Confirms Subprime Responsible For Collapse In Auto Sales

US Trade Deficit Worse Than Expected As Auto Exports Tumble

An increasing number of people see now as a bad time to buy a house or a car

-----------------------------------------------------------

CITIES WILL FAIL: When businesses and corporations struggle, cities are affected. When enough businesses collapse, unemployment results and people struggle to have homes and to pay taxes. As the tax base collapses, entire cities are affected, and if the tax base cannot be re-established, then cities finally reach a tipping point where they fall into bankruptcy. Detroit has reached that point.

Deut. 28: 16 -- Cursed shalt thou be in the city . . .

David Wilkerson, Racing Toward Judgment (1976), pg 75:

“. . . business has ground to a halt . . . “ (Jeremiah 14: 2 LB)

God will judge this nation with economic disasters. Critical money problems will strike large and small cities alike. State and local governments will hang over the brink of bankruptcy.

Pg 76: The Fall of New York City . . . Bankruptcy will happen!

Pg 79: The stock market will plunge again. The federal government will not be able to bail out the cities falling into bankruptcy.

Chicago: Chicago Police Paychecks Bounce

Seattle: $15 Minimum Wage: Clock is ticking for Seattle

Seattle: Seattle's April Fools Surprise; a number of neighborhood restaurants will be unable to operate after April 1st

-----------------------------------------------------------

PENSIONERS: When businesses, corporations, cities struggle and/or collapse, they are unable to meet their financial obligations, especially the promises made to those who worked for years to earn retirement benefits.

David Wilkerson, in his book, Racing Toward Judgment (1976), wrote this about pensioners, pg 77:

The entire nation will tremble with economic and social upheaval. Investors who just weeks before boasted that no end of the good times was in sight will go scurrying like drowning rats to seek shelter from the economic storm. Pensioners will suffer the most. (emphasis mine)

Pensions Earthquake: San Bernardino defaults -- after bankruptcy

Billionaire mutual fund icon claims Wall Street is stealing millions from retirement accounts of hard-working Americans

Government Admits It Can't Fully Guarantee 51% Of Insolvent Pension Plans

Military Pay And Benefits Panel To Recommend Killing 20-Year Retirement

Obama Betrayal: Effort to Snatch $10 Billion From Veterans

Illinois Pension Plans 39% Funded – Taxpayers On the Hook

The Global War on Pensioners