01/28/09 Observations
Recession Proof?... Last year, the gaming take in Las Vegas was down more than 6%, and the number of visitors fell 4%.
Previously thought to be recession proof: Gambling, cigarettes, booze & porn. All taking a beating.
Larry Flynt might not have been kidding after all earlier this month when he asked Washington for a $5 billion "stimulus" package for the porn industry.
Mounting losses... Yahoo reported a net loss of -$303 million vs -$206 million. AT&T reported a 23% drop in profit in Q4.
Wells Fargo reported of a net loss of $2.55 billion, down from profit of $1.36 billion in the same period a year ago.
Target plans to cut its work force by approximately 9%, which would eliminate about 1,000 jobs.
Boeing said it lost $56 million down from a profit of $1 billion in the same period a year ago.
The worlds #2 airplane manufacturer plans to cut about 4,500 positions from its commercial aircraft business and 5,500 from other parts of the company.
The bad bank... Word surfaced that the government may be moving closer to establishing a plan that will allow banks to sell their risky assets to a "bad bank."
The FDIC is expected to run the "bad bank" which would hold all the toxic loans.
The Nattering One muses... excuse me, but isn't the "bad bank" already called the Fed?
FYI, on all this "good news" the DJIA was up over 200 points; proving Barnum correct, once again.
Previously thought to be recession proof: Gambling, cigarettes, booze & porn. All taking a beating.
Larry Flynt might not have been kidding after all earlier this month when he asked Washington for a $5 billion "stimulus" package for the porn industry.
Mounting losses... Yahoo reported a net loss of -$303 million vs -$206 million. AT&T reported a 23% drop in profit in Q4.
Wells Fargo reported of a net loss of $2.55 billion, down from profit of $1.36 billion in the same period a year ago.
Target plans to cut its work force by approximately 9%, which would eliminate about 1,000 jobs.
Boeing said it lost $56 million down from a profit of $1 billion in the same period a year ago.
The worlds #2 airplane manufacturer plans to cut about 4,500 positions from its commercial aircraft business and 5,500 from other parts of the company.
The bad bank... Word surfaced that the government may be moving closer to establishing a plan that will allow banks to sell their risky assets to a "bad bank."
The FDIC is expected to run the "bad bank" which would hold all the toxic loans.
The Nattering One muses... excuse me, but isn't the "bad bank" already called the Fed?
FYI, on all this "good news" the DJIA was up over 200 points; proving Barnum correct, once again.
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