More and more corporations are failing and where is the bailout money? People are lossing their jobs and families are losing their homes and children go to bed huingry–where is the help that the $700 billion was suppose to provide.
This is our economy and quite possibly its future.
— Facing pressure from vendors and consumers who aren’t spending, Circuit City Stores Inc. filed for bankruptcy protection Monday as it heads into the busy holiday season with hopes that the move will help it survive.
Under Chapter 11 protection, the nation’s second-biggest electronics retailer can keep operating while it develops a reorganization plan. Its Canadian operations also filed for similar protection.
The company also said it cut 700 more jobs at its Richmond, Va., headquarters, after announcing a week ago that it would close 20 percent of its stores and lay off thousands of workers.
Package delivery company DHL may have conquered the world, but it admitted on Nov. 10 that it couldn’t conquer the U.S. The unit of Germany’s Deutsche Post announced it will stop making express deliveries within the U.S., close all of its 18 main distribution hubs there, and lay off all but a few thousand of its remaining 13,000 U.S. workers.
General Motors shares plunged more than 30 percent Monday after an analyst forecast their price would fall to zero, saying that even if there is a government bailout of the auto giant, shareholders would not benefit
“We are lowering our target on GM equity to zero dollars,” the Deutsche Bank report said.
“Even if GM succeeds in averting a bankruptcy, we believe that the company’s future path is likely to be bankruptcy-like,” it said.
I keep asking and never get an answer–where is the bailout of Main Street? The US is spending plkenty of taxpayer money only to prop up corporations and job loss is growing, foreslosures are growing, nothing is helping “Main Street”.