Wall Street pundits have declared “an end to the crisis”
Now that Michael Jackson is not on the front pages anymore
(at least for the time being until the toxicology reports are made public)…
It’s time to get back to business basics.
The name of this blog is Business Coaching.
So today it’s back to discussing business of money.
Hip Hip Hurray…
Wall Street pundits have declared “an end to the crisis.”
Goldman Sachs reported second-quarter earnings of $3.44 billion,
the largest quarterly profit in its history as a publicly traded company
JPMorgan Chase earned $2.7 billion, 36 percent more than it made
in the same quarter a year earlier.
Bank of America’s net income fell 5.5 percent from a year earlier,
but the company still managed to rake in $3.22 billion.
Citigroup said its earnings came in at $4.2 billion,
higher than many analyst expected.
But, wait a minute.
Aren’t these the same firms that were receiving billions and billions
of our tax dollars just to (supposedly) stay afloat a couple months ago?
The New York Times reported …
“While both banks [Citi and BofA] said they were again turning handsome
profits, the cheery headline figures masked a sober reality:
The results were driven by one-time gains…
bonanzas without which both banks would have lost billions.
And not all financial companies are reporting such bonanzas.
Consider the fact that CIT — a major small business lender
which was headed for bankruptcy…
(because it was not big enough to qualify to be “too big to fail”)
just barely cleared a deal to keep itself out of bankruptcy for now.
In the retail sector, Harley-Davidson…
Second-quarter profits fell 91 percent and the company is now
laying off another 1,000 employees (11 percent of its workforce).
Marriott said earnings dropped 76 percent as people traveled less,
took a staycation and purchased fewer vacation timeshares.
Don’t forget that in June:
- Abercrombie & Fitch saw sales plummet 32 percent.
- Neiman Marcus‘ results fell 20.8 percent.
- Even discounter Target’s sales dropped 6.2 percent.
The economy is still in free fall with unemployment currently at 9.5 percent
and expected to continue rising. Even the most optimistic economists
expect it will top 10 percent, and many expect it will go much higher.
- 7.2 million Americans are out of work.
- Another 18 million are underemployed.
- And those who have jobs are working fewer hours.
Consumer credit defaults are hitting historic highs.
Credit card companies and other financial institutions are chopping
available limits, canceling dormant lines of credit, and denying new loan
applications from even well-qualified candidates.
American consumers have suffered…
A collapse in wealth of at least $15 trillion since early 2007.
Americans borrowed trillions of dollars which pushed asset values higher.
Now we’re left holding a hugh junk pile of deflating assets
(commercial real estate, housing, Hummers, flat screens, etc.)
And we’re left with a gigantic Everest-sized mountain of debt
that we’ll be paying off for years, more probably decades.
We NEED to get back to an economy built on a healthy foundation.
Like our Chinese counterparts, we NEED to save more and spend less.
Too bad… It was fun while it lasted!
However, not all is doom and gloom. Google is still raking in
Billions and Billions in profit.
Many home businesses are not only surviving… BUT THRIVING!
If you’ve ever considered working from home, then now
may be the best time ever to get started.
Watch this new video by an Internet Millionaire:
“How To Get A $10,000 Monthly Income Faster
And Easier Than You Ever Thought Possible!”
This video has been recorded as the blueprint of a
Multi-Million Dollar Internet Business.
He uses this method just about every month to bring in
as much as $171,168.06 per month.
He reveals step-by-step how to build your business
and will coach you to success.
YOU definitely WANT to watch this Video!
Click below to watch the video…
(It’s near the center of the page).
http://MaverickMoneyMakersCoaching.com/
TAGS:
Abercrombie & Fitch, Bank of America, Business Coaching, CIT, Citigroup, Goldman Sachs, Google, Harley Davidson, JPMorgan Chase, Marriott, Maverick Money Makers, Michael Jackson, Neiman Marcus, New York Times, Target, Wall Street
Leave a Reply
You must be logged in to post a comment.