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Recovery? What Recovery? Or: Obamanomics 101


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Steel On Target
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Wed Mar 13, 2013 8:24 pm

Tobyhanna Army Depot to lay off 418 (Pennsylvania)

http://citizensvoice.com/news/tobyhanna-army-depot-to-lay-off-418-1.1456789

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Reports: Batavia's Portola Packaging Inc. to Lay Off 76 Workers (Illinois)

http://batavia.patch.com/articles/batavia-s-portola-packaging-inc-to-lay-off-76- workers

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Baxter To Lay Off 400 Workers In Puerto Rico

http://www.manufacturing.net/news/2013/03/baxter-to-lay-off-400-workers-in-puert o-rico

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Pitney Bowes Inc. to cut 137 jobs at Plainfield plant (Indiana)

http://www.theindychannel.com/news/local-news/pitney-bowes-inc-to-cut-137-jobs-a t-plainfield-plant

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The bulk of the roughly 70 cuts will hit Rosetta Stone's office in Harrisonburg, Va., which went through a round of layoffs last year, according to a company spokesman. Rosetta Stone now houses 361 of its about 1,500-person global workforce there. The company employs 186 in Arlington's Rosslyn area. (Pennsylvania)

http://www.bizjournals.com/washington/blog/techflash/2013/03/rosetta-stone-layof fs-mostly-skip.html

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TROY (WXYZ) - Hundreds of employees at Entertainment in Troy were unexpectedly told the company was bankrupt and they had to leave immediately.

“I just was told that the company was closing and packed my stuff and leave…say my goodbyes and go,” said former worker Melanie Grinnell.

Grinnell is one of about 400 who worked for the company that made coupon books. (Michigan)

http://www.wxyz.com/dpp/news/region/oakland_county/hundreds-told-they-were-no-lo nger-employed-at-company

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Twin Rivers board OKs preliminary layoffs for 101 employees (California)

http://www.sacbee.com/2013/03/12/5258050/twin-rivers-board-oks-preliminary.html

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The Idaho National Laboratory laid off 101 employees Tuesday and additional cuts are anticipated.

Factoring in this week's layoffs, the INL has cut about 7 percent of its work force in recent months, mostly via attrition and voluntary departures.

INL officials said that 114 employees voluntarily left their jobs and nearly 60 additional positions were eliminated when employees left and were not replaced this year.

http://www.idahostatejournal.com/news/local/article_20663152-8b90-11e2-bbe3-001a 4bcf887a.html

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Continental Maritime to lay off 185 workers (San Diego)

http://www.utsandiego.com/news/2013/mar/12/Sequestration-Navy-HII-continentalmar itime/

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Owner closing Williams Lumber after 130 years in business (Michigan)

http://www.abc57.com/news/business/Owner-closing-Williams-Lumber-after-130-years -in-business-197159191.html

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Suntech closing Goodyear solar plant, laying of 43 amid tariff battle (Phoenix)

http://www.bizjournals.com/phoenix/news/2013/03/12/suntech-closing-goodyear-sola r-plant.html

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Bath & Body Works store in Fingerlakes Mall is closed

http://auburnpub.com/news/local/bath-body-works-store-in-fingerlakes-mall-is-clo sed/article_7a1fe249-2baa-5f2a-b67b-b3a1feba4713.html?comment_form=true

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Plant shuts down newsprint production, cuts 150 jobs (Tennessee)

http://www.wrcbtv.com/story/21586313/plant-shuts-down-newsprint-production-cuts- 150-jobs

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Rosslyn ABC Store Closing Next Month (Virginia)

http://www.arlnow.com/2013/03/13/rosslyn-abc-store-closing-next-month/

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Europe/International

Multiple sources who have worked with the company said that Vostu laid off about 100 people and is now down to somewhere between 50 and 70 employees. Vostu has not replied to multiple requests for comment. (South America)

http://techcrunch.com/2013/03/11/vostu-layoffs/

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Daimler is said to plan more than 1,000 job cuts

http://www.marketwatch.com/story/daimler-is-said-to-plan-more-than-1000-job-cuts -2013-03-13?reflink=MW_news_stmp

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Renault to Cut Jobs, Keep Factories Open
Renault signed a deal with unions to cut 7,500 jobs and increase working hours in exchange for a pledge to avoid factory closures.

http://www.industryweek.com/labor-employment-policy/renault-cut-jobs-keep-factor ies-open

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Lloyds accused of shedding permanent posts to take on agency workers as it axes 550 more jobs

http://www.thisismoney.co.uk/money/news/article-2292722/Lloyds-axes-550-jobs-ban k-workforce-continues-shrink.html?ito=feeds-newsxml

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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Wed Mar 13, 2013 8:49 pm

Teaneck Outlet Store Closing
Patch.com-Mar 12, 2013
The Pace Outlet store in Teaneck Road's T-State shopping plaza is closing after less than a year in town. Pace opened last summer, offering discount items ...

Downtown Helly Hansen store closing this spring (Montana...thought this was an impossibility there now because of the oil sands boom? Rolling Eyes )
The Bozeman Daily Chronicle-Mar 11, 2013
Bozeman's Helly Hansen store will close its doors this spring after a nine-year run downtown. Owner Jon Davis said the closure was brought on by the ...

Purse Rack closing surprises consignors
Lansing State Journal-Mar 12, 2013
But Adam found herself stunned by the store's closing at the end of the year. ... “It never occurred to me that they would just close up shop without notice,” said ...

Beachner Grain closing local store
Osawatomie Graphic-10 hours ago
Beachner Grain Inc. will be closing its retail seed, feed and livestock supply store at 306 Sixth St. at the close of business Friday. Parsons-based Beachner CEO ...

Anchor Uniform closing up shop
Fairmont Sentinel-18 hours ago
FAIRMONT - Business had been good until last year, according to Ken Harris, owner of Anchor Uniforms in Fairmont. Located on Downtown Plaza, the store ...

Haggen to close its Federal Way store
Bellingham Herald-by Dave Gallagher-1 hour ago
The company announced in January that it was closing its Lacey store. In 2010 and 2011 it closed five stores in Washington and Oregon. The company will have ...

AT&T closing franchise stores in 4 SD cities
Black Hills Pioneer-Mar 12, 2013
SPEARFISH (AP) — AT&T is closing franchise cellphone and service stores in the South Dakota cities of Custer, Spearfish, Belle Fourche and Buffalo. Company ...

West L.A. Pavilions Closes
Patch.com-Mar 12, 2013
To the dismay of its Brentwood patrons, the Pavilions grocery store at 11750 Wilshire Blvd. in nearby West L.A. closed. “We have performance standards ...


Last Zellers in Windsor closes its doors (Canada)
Windsor Star (blog)-1 hour ago
“I'm very sad Zellers is closing,” she said as she stood in the parking lot of Tecumseh Mall on Wednesday afternoon. The last items and fixtures in the store, ...

Gott's Store is 24-7 no more (Maine)
Fenceviewer-8 hours ago
The closing confounded some customers. Some even called Southwest Harbor police, asking for an explanation into the suspicious nature of the darkened store ...

Edgemere's Shallow Creek Cafe to Close March 22
Patch.com-5 hours ago
... we must announce that Shallow Creek will be closing permanently on Friday, ... remianing time the store is open, and they welcome the community's support ...

New Lisbon's only grocery to close for lack of business (Wisconsin)
Juneau County Star-Times-Mar 12, 2013
McGuire said the store's staff, which numbered nearly 50 at its peak, is down to fewer than 10. He said he had not yet decided on a closing date but that the ...

Brentwood Village Market & Wine Shop Holding Liquidation Sale
Patch.com-10 hours ago
The Brentwood Village Market & Wine Shop at 11725 Barrington Court is holding a liquidation sale until March 31 and then closing its doors, according to its ...

Herb David Guitar Studio closing after 50 years in downtown Ann ...
AnnArbor.com-Mar 12, 2013
The store at 302 E. Liberty St., which has sold and repaired a wide range of string instruments for over half a century, will close on March 31. "Herb is retiring," ...

Lynn pharmacy closes after 28 years; blames industry changes
Daily Item-Mar 12, 2013
Ball said he has been thinking about closing Crown Drug for two years and said a ... Ball packed up his drug store located at the corner of Lewis and Atlantic ...

Great Smoky Mountains National Park Closing Some Campgrounds ...
National Parks Traveler-15 hours ago
Facilities to remain closed in 2013 include the Look Rock Campground and Picnic Area .... The Cades Cove Campground Store has been open since March 2.

Chapter Ends for Two Independent Bookstores
Northeastern and Central Pennsylvania News, Weather & Sports from WNEP-TV-Mar 12, 2013
EDWARDSVILLE — Two more independent bookstores have fallen victim to e-books. Book Swap in Edwardsville and its sister store in Scranton are closing at ...

Ironton's Sonic Drive-In closes its doors
Daily Journal Online-Mar 12, 2013
Once the store's closing was confirmed Sunday by management on the restaurant's Facebook page, posters quickly began assessing blame for its failure.

Family Owned White Lake Grocery Going Out of Business
Patch.com-Mar 11, 2013
The signs in front of the business read, "Sale," and "Store Closing, We Give Up." 61-year-old Ron Hibbs, owner of the grocery store, said he cannot compete with ...

ESCONDIDO DMV CLOSING IN MAY, FORCING CUSTOMERS TO ...
U-T San Diego-13 hours ago
But other merchants said they didn't have a strong opinion on the closure. Bill Straloh, manager of a Glidden paint store in the same plaza, said he gets almost ...

New Aspen retailers pull out of downtown locations
Aspen Business Journal-22 hours ago
Both retailers, who have stores in other locations, were probably thinking they ... being reflected in the semi-annual retail "shuffle" of stores opening, closing, ...

More than 500 Bloomfield teachers protest plans for massive layoffs
The Star-Ledger - NJ.com-6 hours ago
BLOOMFIELD — More than 500 teachers attended the Bloomfield board of education meeting Tuesday night to protest the district's plan to layoff nearly 100 ...

Fire union to consider ratifying plan to avert layoffs in Milpitas
Milpitas Post-3 hours ago
-Delay the proposed layoffs of four firefighters until the council's March 19 meeting to allow Local 1699 membership time to ratify the plan. The layoffs were ...

St. John's nurses get reassignments or severance packages, not ...
Ventura County Star-2 hours ago
The majority of the 36 nurses and other health care workers targeted for layoffs at St. John's hospitals in Oxnard and Camarillo have new positions or accepted ...


Birmingham school board approves school closings, layoffs
al.com (blog)-Mar 12, 2013
Along with those school closings come 71 layoffs of school employees, also approved by the board tonight, with Wyne dissenting. It includes the elimination of ...


Post-holiday layoffs lead to spike in Staten Island's unemployment rate
SILive.com-Mar 12, 2013
JOB.jpg Staten Island's unemployment remained steady in January compared to January of 2012, though post-holiday layoffs created a spike since December.

Simi Valley teachers will face furloughs but no layoffs
Ventura County Star-15 hours ago
The Simi Valley Unified School District and teachers union reached an agreement Tuesday that prevents layoffs and imposes up to seven teacher furlough days ...

Layoffs at Valley News as Owners Shut Down All Pennysavers
Oswego Daily News-Mar 11, 2013
Fulton's Valley News suffered layoffs but will remain open as the company that owns the newspaper shut down all of its other weekly publications Monday.

42 Fontana teachers will receive layoff notices
San Bernardino Sun-20 hours ago
The FUSD, like other districts across the state, faces a March 15 deadline to notify teachers of potential layoffs, Olsen-Binks said. "We have no recourse. We are ...

Archer & Greiner lays off 14 lawyers, 27 staff members
ABA Journal-Mar 12, 2013
Archer & Greiner gave layoff notices last week to 14 attorneys and 27 staff members, the New Jersey ... He called the layoffs “the most difficult thing I have done.

Green Mountain Coffee cuts jobs in Canada, California
BurlingtonFreePress.com-2 hours ago
It will also trim 36 positions in its Toronto and Montreal facilities, a move it called seasonal layoffs. The combined layoffs total less than 2 percent of its North ...

Spirit lays off employees in Tulsa, offers early retirement package
Kansas.com-1 hour ago
Spirit did not release the number of layoffs, but it was a “small number,” said Spirit ... The reduction in work force through the layoffs and retirement incentives is ...

Circuit Clerk offices to close to public on Wednesdays
Demopolis Times-4 hours ago
Here in Marengo County, we have lost one Court Specialist due to the layoffs and another has retired. We only have three Court Specialists working in the office ...

Resolute Forest layoff to impact 150
Cleveland Daily Banner-8 hours ago
The layoffs are permanent, although some hourly employees will retain recall rights. Severance will be provided to affected employees according to the local ...

Lucas Co. jobless rate rises
Toledo Blade-20 hours ago
Postholiday layoffs caused a 2 percentage point spike in Toledo's and Lucas County's unemployment rate in January, with the county's jobless rate hitting 9.6 ...
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sat Mar 16, 2013 2:32 pm

Credit Suisse Says 94 Jobs Will Be Cut in New York City

http://www.bloomberg.com/news/2013-03-12/credit-suisse-says-94-jobs-will-be-cut- in-new-york-city.html

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Green Mountain Coffee Roasters lays off workers in California, Canada

Green Mountain Coffee Roasters, Inc, (NASDAQ: GMCR) announced after markets closed Wednesday a workforce reduction affecting a total of 74 full-time production and production support employees in its Castroville, California, and Toronto, Ontario facilities. In addition, seasonal layoffs impact a total of 36 positions in its Toronto and Montreal, Quebec facilities. Combined, these actions affect less than 2% of GMCR's total North American employees

http://www.vermontbiz.com/news/march/green-mountain-coffee-roasters-lays-workers -california-canada

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Mashantucket - Foxwoods Resort Casino is seeking to shed 50 table-games dealers, according to the dealers' union. (Connecticut)

http://www.theday.com/article/20130313/BIZ02/303139929/1070/SPORT16

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East St. Louis To Lay Off 22 Firefighters

http://stlouis.cbslocal.com/2013/03/15/east-st-louis-to-lay-off-22-firefighters/

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Kentucky Off-Track Betting Closing Operations

http://www.lex18.com/news/kentucky-off-track-betting-closing-operations

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Bette’s Hallmark to close: Kearney store owner cites need to slow down (Missouri)

http://www.kearneycourier.com/news/article_2ca086f2-16e5-5201-b584-30b492d8a014. html

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YMCA closing 3 area locations in part of revitalization plan (Kansas City)

http://www.kctv5.com/story/21582379/ymca-closing-3-area-locations-in-part-of-rev italization-plan

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The Boston Phoenix closing is another sign that glossing up print doesn’t work miracles
The alt weekly, one of the nation’s best, announced its closure Thursday after nearly 50 years of publishing.

http://www.niemanlab.org/2013/03/the-boston-phoenix-closing-is-another-sign-that -glossing-up-print-doesnt-work-miracles/?utm_source=feedburner&utm_medium=feed&u tm_campaign=Feed%3A+NiemanJournalismLab+%28Nieman+Journalism+Lab%29

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

NORDYNE closing Poplar Bluff plant, 500 jobs impacted (Missouri?)

http://www.kfvs12.com/story/21645789/nordyne-closing-poplar-bluff-plant-500-jobs -impacted

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SARASOTA - Saks Fifth Avenue announced plans late Thursday to close its Westfield Southgate Mall store late next year, ending months of speculation about the luxury retailer's future in Sarasota.

http://www.heraldtribune.com/article/20130314/ARTICLE/130319781/-1/news?Title=Sa ks-to-close-Southgate-mall-store-later-next-year

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Salem’s Timber Truss to close; 52 employees to lose jobs

http://www.roanoke.com/news/business/1772792-12/salems-timber-truss-to-close-52- employees-to.html

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Call centers closing in Rapid City, Custer

The Custer call center employed between 30 and 40 employees, according to various estimates. For Custer, a couple dozen year-round jobs makes a difference.

http://rapidcityjournal.com/news/call-centers-closing-in-rapid-city-custer/artic le_0f7278f5-8d75-571b-98f1-a5002cdd98a0.html

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Aberdeen JCPenney Store Closing in August (Washington state)

http://kxro.wordpress.com/2013/03/14/aberdeen-jcpenney-store-closing-in-august/

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Smithfield closing Landover plant (Washington state)

The bone-in ham production facility employs 175 salaried and hourly workers. It says some of them will be offered transfers to other Smithfield Packing facilities.

http://www.bizjournals.com/washington/news/2013/03/15/smithfield-closing-landove r-plant.html?ana=e_du_pap&s=article_du&ed=2013-03-15&u=BvDAxiTJ1Sg62RV

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Oak Farms plant shutting down, laying off 170 (Louisiana)

http://www.ksla.com/story/21652442/oak-farms-plant-shutting-down-laying-off-170

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ODESSA - An oil and gas company is closing their Odessa facility meaning a number of people could be losing their jobs. (Texas)

Weir Oil and Gas tells NewsWest 9 that they are closing their manufacturing facility in Odessa.

90 employees are being affected.

http://www.newswest9.com/story/21656476/oil-and-gas-company-closing-their-odessa -facility

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Bumpass wood chip plant closes, 40 workers lose jobs (Virginia)

http://news.fredericksburg.com/whatsinstore/2013/03/16/bumpass-wood-chip-plant-c loses-40-workers-lose-jobs/#

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Five career center locations closing in April (Missouri)

http://www.connectmidmissouri.com/news/story.aspx?id=872712

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Europe/International

Marriott International to cut ‘hundreds’ of HQ jobs

http://www.bizjournals.com/washington/news/2013/03/15/marriott-to-cut-1000-hq-jo bs.html

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Clothing-maker PVH Corp (PVH.N) estimates that it will cut between 900 and 1000 jobs and close a number of facilities related to its acquisition of the Warnaco Group Inc.

http://www.reuters.com/article/2013/03/15/us-pvh-jobs-idUSBRE92E13A20130315

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Last edited by Steel On Target on Sat Mar 16, 2013 2:33 pm; edited 1 time in total
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sat Mar 16, 2013 2:46 pm

Downtown Dayton store closing after 28 years
Dayton Daily News-Mar 14, 2013
DAYTON — Cachet G!, a clothing and jewelry store that has operated in the 100 block of East Third Street in downtown Dayton for 28 years, is closing its doors ...

Iconic downtown Flagstaff cowboy boots store to hang up its spurs
The Republic-Mar 15, 2013
FLAGSTAFF, Arizona — A downtown Flagstaff landmark will close at the end of the month, another casualty in the war between small, family-owned businesses ...

State Street store Pop Deluxe to close
Wisconsin State Journal-21 hours ago
Pop Deluxe, a gift store that for 10 years has contributed to the quirky charm of State Street, is closing. Its last day is March 31. The store will continue to sell ...

RETAIL: Ralphs to close in Moreno Valley
Press-Enterprise-Mar 14, 2013
Ralphs will close its store in Moreno Valley in May, leaving a large chunk of ... This will be the second major supermarket closing in Moreno Valley in about six ...

Comings & Goings: Clayton Block closes Absecon store
Press of Atlantic City-Mar 14, 2013
The Clayton Block store at 705 S. New Road (Route 9) in Absecon has closed. The closing leaves the Lakewood-based company with 10 other locations ...

Genuine Article to Close Front Street Storefront
Patch.com-Mar 15, 2013
Several calls were made and messages left at The Genuine Article seeking comment and information regarding the store's closing and future plans, but calls ...

Orvis closing at Faneuil Hall Marketplace
Boston Business Journal (blog)-Mar 15, 2013
High rent is forcing Orvis, the fly-fishing gear and sporting attire store, to close its Faneuil Hall Marketplace Boston location at the end of March. “Our lease is ...

Audrey's Pet Supply Prepares to Close its Doors
Patch.com-Mar 14, 2013
Please join Brittany & Brad and the rest of the Audrey's family for a store closing party on Thursday, March 21, between 5:30-8 p.m. We hope to raise our glasses, ...

Kidiniki to Close in Strawberry Village as Soon as Next Week
Patch.com-Mar 15, 2013
After 13 years in business, Kidiniki, a specialty store filled with gifts for infants and toddlers, is closing its doors in Strawberry Village. “The trickling down of the ...

Wilson Farms on Pearl Street closing doors April 3
The Daily News Online-Mar 14, 2013
BATAVIA — The Wilson Farms store at 189 Pearl St. is closing its doors as of April 3, a clerk at the store said Thursday morning. The Wilson Farms store, ...

Town fixture slated to close its doors
Nisqually Valley News-19 hours ago
“I can't believe this little store is closing,” said customer Ken Beardslee, who came to the store to stock up on household supplies. “It's been around forever.” ...

Co-Op grocery store shutdown set for April 5
NG News-Mar 14, 2013
The evening before he received a phone call from the president of the board saying that the store was closing. The closing date is tentatively set for April 5 and ...

Pot + Pantry to Close March 24
Eater SF-Mar 15, 2013
After two years selling kitchen supplies both old and new at 18th and Guerrero, Pot + Pantry has announced that they'll be closing their brick-and-mortar shop ...

Apple Of Your Eye Closing In Creve Coeur; To Remain in Webster ...
Patch.com-Mar 15, 2013
Fans of Apple of Your Eye, a specialty gift shop located at 713 North New ... will be disappointed to learn that the store is closing before the end of the month.

Sassy Seconds and More Reportedly to Close in Albertville
Patch.com-7 hours ago
Followers were told date has been set for the closure could be three to five weeks, but “they are aiming for April 7.” New store hours were announced as well: ...

New Lisbon's only grocery to close for lack of business
La Crosse Tribune-Mar 14, 2013
McGuire said the store's staff, which numbered nearly 50 at its peak, is down to fewer than 10. He said he had not yet decided on a closing date but that the ...

Campaign in vain as gaming store closes
Worcester News-Mar 15, 2013
IT will be game over for a campaign to save a Worcester video games shop from closing for good this weekend. Game in CrownGate Shopping Centre will close ...

Burger's Market in Louisville closes its doors
WDRB-21 hours ago
Saturday on WDRB News in the Morning, hear more from the brothers about closing the store, and how they plan to celebrate with community members.

Torio's gym, a beacon for health and spirited talk, closes its doors
Toledo Blade-14 hours ago
But after 55 years in business, the club has closed and the building sold to the Family Video store next door. The gym will be razed, but not before a final ...

Another grocery store shuts in North End (Winnipeg)
Winnipeg Free Press-Mar 15, 2013
"There are no more close stores anymore," said Kovltchouk, who sees a lot of his neighbours on Bannerman Avenue walk to the store. "I see elderly people ...

Caterpillar layoffs continue in Peoria
Winston-Salem Journal-8 hours ago
PEORIA, Ill. — A union that represents Caterpillar Inc. workers says short-term layoffs at Peoria-area plants will continue. The layoffs started in January and were ...

MORENO VALLEY: Layoffs include employees in Co code ...
Press-Enterprise (blog)-4 hours ago
City layoffs apparently happened Thursday and included people who handled the code enforcement case of Councilman Marcelo Co, which started before he ...

Prosecutor's Office Hit With Major Layoffs
CBS Local-18 hours ago
DETROIT (WWJ) – The Wayne County Prosecutor's office has been hit with across the board layoffs and top prosecutor Kym Worthy says public safety will be ...

FRRPD layoffs start
Mercury-Register-11 hours ago
OROVILLE — Layoffs started Friday at the Feather River Recreation and Park District, and one 13-year employee calls it revenge. Shawn Brandt who worked 13 ...

Durango paper announces layoffs
Pueblo Chieftain-8 hours ago
DURANGO (AP) — Durango Herald Publisher Richard Ballantine has announced the largest round of layoffs in Ballantine Communications' history.

Southwest Colorado Newspapers Announce Layoffs
-19 hours ago
DURANGO, Colo. (AP) — The owner of four southwestern Colorado newspapers says 11 employees have been laid off and some functions will be consolidated.

Layoffs at Hemlock Semiconductor, Dow Chemical and Dow ...
The Saginaw News - MLive.com-Mar 15, 2013
JNS.HemlockSemiconductor3.JPG View full size An aerial view shows Hemlock Semiconductor in Thomas Township from the northwest. Jeff Schrier | MLive.

Post-yule layoffs hit workers in Arizona
Arizona Daily Star-Mar 15, 2013
Layoffs in retail trade and employment services, mainly temporary-help agencies, amounted to half of the losses in retail trade. But there is some good news in ...

DeSoto school board approves Pelican closure, employee layoffs for ...
Shreveport Times-Mar 14, 2013
People gather together and cry when it was voted by the DeSoto School Board to shut down Pelican All Saints High School Thursday evening. / Henrietta ...

Layoffs on the horizon for STL company, economic recovery still ...
KMOV.com-Mar 14, 2013
(KMOV.com) -- Despite things rallying on Wall Street, Thursday saw a depressing economic update for the region with the announcement of layoffs in St Louis at ...
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sun Mar 17, 2013 11:51 am

Eurozone Country: Surprise! We’re Putting at Least a 6.75% Tax on Your Bank Deposits

People with bank accounts in Cyprus were shocked Saturday to learn that as part of an agreement reached with international creditors, the government has imposed a tax on all deposits to help bail out the nation and its banks.

While the island nation may be small, it’s an international favorite for offshore banking– particularly for wealthy Russians. The tax will range from 6.75% to 9.9%, depending on how much is in the account.

“This is a clear-cut robbery,” Andreas Moyseos, a former electrician who is now a pensioner in Nicosia, told the New York Times. Iliana Andreadakis, a book critic, further added: “This issue doesn’t only affect the people’s deposits, but also the prospect of the Cyprus economy. The E.U. has diminished its credibility.”

And indeed, following the massive run on banks in Cyprus, many are concerned that a minor panic could spread to the rest of the Eurozone. After all, it has just set a precedent for taxing private bank accounts at exorbitant rates without warning.

http://www.theblaze.com/stories/2013/03/16/eurozone-country-surprise-were-puttin g-at-least-a-6-75-tax-on-your-bank-account/
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sun Mar 17, 2013 12:03 pm

You know damn well there are politicians over here who have/are thought of that.
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sun Mar 17, 2013 12:39 pm

With out notice. Who has that kind of power in the U.S., the Feds.?
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PostPosted: Sun Mar 17, 2013 2:27 pm

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Who has that kind of power in the U.S., the Feds.?


I suppose. If the Cypriot government could do this, why not the U.S.?

We lied down over the formation of the Federal Reserve and the income tax, so why wouldn't they?

This "The American people won't stand for it!" when it comes to this issue or that rings hollow. The majority will stand for it. The secret I suppose is for the Fed to do a little at a time and get us used to being fleeced.
Last edited by Steel On Target on Sun Mar 17, 2013 3:44 pm; edited 1 time in total
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sun Mar 17, 2013 3:19 pm

First there would have to be a restructuring of the banking system that would prevent folks from with drawing there money if the balance exceeded a certain amount, like a CD early withdraw fee.

I think the government could easily assign a tax to checking and saving account bank fees as high as $15.00 a month at present.

An across the board tax without some sort of withdraw penalty and without notice would cause folks to close accounts.

One thing for sure, were headed in the direction of an unsustainable economic future.
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sun Mar 17, 2013 3:21 pm

A poster over on Hotair made a good point that we're being taxed by the Fed through inflation anyway. He says around 10%.

But I would think that the Cypriots were already suffering from this hidden tax and now they have this direct tax upon their savings to deal with.

Sorry-kept referring to Greece-I was thinking of Greece since they're a bigger economy, but I meant to refer to Cyprus.
Last edited by Steel On Target on Sun Mar 17, 2013 3:45 pm; edited 1 time in total
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sun Mar 17, 2013 4:41 pm

President Obama's views of the U. S. Economy is nothing less then uninformed and out of touch with realities facing our nation

Our government printing currency without restraint, growing government, welfare recipients increasing, entitlements out of control and regulations on businesses or power plant development guarantees inflation will grow.

High gasoline and food prices are the most visible result of inflation, yet deeper into the maze we are experiencing no growth for the economy without the Fed.s investment.

So the interest the government pays on the debt is basically reinvested by the Feds into the market but with a twist.

The Feds. end up with millions of mortgages and treasury bonds that the government must one day buy back.

This is in addition to raising the debt ceiling.

The good news I guess is treasury bonds are not yielding 6 percent as in years past.

Actually, Americas economic plight is good for the Feds. unless the dollar goes under then its a no win solution for the Feds.

So Obama's policies resulting in a no growth economy help the Feds. in the short term but in the larger picture will be crippling, so for Obama to say the debt is sustainable for the next ten years with trillion dollar plus annual federal deficits in which the government must borrow 46 cents on every dollar or 3 cents less or so do to sequestration, and the physical cliff grand bargain resulting in less spending with increased taxes 70 percent of Americans experienced in addition to the 1 percent rich fat cats, possibly bringing borrowing down to 40 cents dependent upon which statistics you buy into, with a 3 to 5 percent increase of federal expenditures annually, totally dependent upon either a Democrat or Republican budget, is nothing less then uninformed and out of touch with realities facing our nation.

8 million folks reach retirement age every year. Every 8 seconds baby boomers turn 65 but folks are receiving social security benefits as early as 60.

In credit to President Obama though, our CIC knows how to stretch a yarn and is the King at BS, and if I was facing continued crises in order to fund the federal governments budget, short of different policies, I'd learn how to express BS as well in order not to alarm folks that America's economic future is bleak and bankruptcy is inevitable at our present course.

If our enemies realized the truth and not that they don't, i.e., Iran, North Korea, etc., how much perceived power as a super power do you think America would have internationally?

I wounder if children and teenagers really realize they have a future with so much debt?
Last edited by Batman47 on Sun Mar 17, 2013 4:44 pm; edited 1 time in total
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Sun Mar 17, 2013 11:44 pm

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The good news I guess is treasury bonds are not yielding 6 percent as in years past.


At least with Savings Bonds in years past, average citizens could get a good return...oh, but then that would be taxed, so never mind.

In fact, you can't even buy a paper savings bond-has to all be online, so I'm not buying any though I was considering purchasing some I series bonds and putting them in my safe deposit box.

As for Treasury Bonds, it appears that we're talking bulk here. Trillions of dollars even at a low interest rate puts us into the situation where we're on the hook for hundreds of billions of dollars of interest every year.

As for gas prices, of course those are generally related directly to the price of oil which is based upon several factors:

1. If the Dollar is weaker, oil goes up because it costs more Dollars to buy a barrel. Since the Eurozone is currently experiencing an increase in financial distress, the Dollar is stronger-so we're seeing gas prices go down.

2. If the economy slows down, demand for oil decreases, so prices come down...in other words, supply and demand.

3. Speculation by oil traders.

4. Bottlenecks at refineries.

5. Price manipulation by controlling supply (see # 2 and 4 above).

I listen to Dave Ramsey just about every day. I'd say the average income of his callers is around $65,000 a year and it's amazing how badly most of them are hurting. Of course, they got themselves into massive debt. But...the thing is they were justified in a way because they felt that the economy would continue to spiral upwards and opportunity would always be there.

So from listening to this show, I can surmise that most Americans have no way to set money aside and pay off debt at any given time, but only after years of disciplined struggle/self-induced austerity. Even if they can, Mr. Ramsey and others encourage workers to invest their money-15% is his advice. I won't right now, because I think there's going to be a massive "correction" in the stock market sooner or later which will equate (once again) into massive losses for average stock holders (including those in 401Ks and mutual funds).
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Mon Mar 18, 2013 12:30 am

If I had the extra cash and not in need of buying a van to take me to Oregon next year, I'd invest in silver.

Your right about the stock market, as high gains will dwindle.

OPEC announced less demand for ther oil, so unless the U.S. begins pumping oil, or building the pipe line from Canada to Texas, gasoline prices will raise so part demand and inflation/barrel cost paid by U.S. dollars with a weakening dollar.

Most businesses and corporations are holding on to trillions so a safe deposit box or safe seems to be a safe heaven.

With lower treasury bond yields, less debt to the U.S. but as you stated less return to the consumer or business/corporation, but for the Feds., billions will be earned one day if the dollar doesn't bust.

Setting on cash is not helping the economy but such uncertainty, what else can an entity do?
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Mon Mar 18, 2013 9:41 am

Run on banks in Cyprus due to bailout tax

'This is a clear-cut robbery'

(THE AGE) — In a move that could set off new fears of contagion across the eurozone, anxious depositors drained cash from ATMs in Cyprus on Saturday, hours after European officials in Brussels required that part of a new €10 billion ($12.6 billion) bailout must be paid for directly from the bank accounts of savers.

Read more at

http://www.theage.com.au/world/atms-drained-as-bailout-tax-triggers-run-on-bank- deposits-20130317-2g8rx.html
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Re: Recovery? What Recovery? Or: Obamanomics 101
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PostPosted: Mon Mar 18, 2013 11:39 pm

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Jan. jobless rates rose in 25 states, D.C.

Unemployment rates rose in 25 states and the District of Columbia in January, but almost half the states posted rates significantly lower than the national 7.9%, the government reported Monday.

Unemployment fell in eight states and 17 states had no change from December, the Labor Department said in its monthly report on the labor market in all 50 states.

North Dakota again had the lowest rate at 3.3%.

California and Rhode Island tied for the highest unemployment rate — 9.8%. Nevada, which had the second-highest rate, was at 9.7%. Its rate dropped 2.3 percentage points, the most of any state.

Nine states reported significant increases in unemployment rates in January, the government said. Illinois and Mississippi had the largest ones — 0.4 percentage point. Illinois' rate rose to 9% and Mississippi's was 9.3%.


http://www.usatoday.com/story/money/business/2013/03/18/jan-state-unemployment/1 996189/
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