East Coast Economic Update March 13, 2009, Part 2

[vention4wh]

Exactly! Your business is to make a living, not a lifestyle. I've never been cool or popular so I never had any desire to buy a status car or home. During the massive bubble and consumer excesses of the last 10 years, I've just kept plodding along, living a frugal lifestyle and scowling in disgust at the idiots who were bankrupting themselves. Now my only debt is 25 thousand on my condo. Once that's paid, I'll be free! Imagine it! No house payment, no car payment, no CC payments, no nothing!

[dave777blaster]

The Rich Know what is coming and are rolling up Main street .

Soon only Desolation Row

Depression 10 years and harsh.

they have taken everything away.

[pcurri1]

Perhaps if the Fortunoff family didn't sell out in 03 they could have saved the company during these tough times. They sold it to a hedge fund company that had zero retail experience and doesn't have any allegiance to the Fortunoff name. A solid family name for 82 yrs has been tarnished (funny since they sold a ton of silver) with the recent gift card scandal (no longer honoring as soon a store closure announced - attorney general stepping in, re-acceptance for 1 week only, March 9th, too late)

[mellydad]

work, prosper and survive. A democracy only would survive if men acted like men, ethically and morally. Keep eroding the basics in the name of liberalism and greed, and soon we'll all happily be say hiel to someone to fix this mess.

[PinePowerLI]

Well I still see lots of luxury SUV's out there. The rich aren't spending as much in retail but instead they are spending it on huge SUV's and fancy McMansions.

[thirstybullet]

Hey Kittenkattan,

did your batteries survive the freeze? Did you capacity test them?

[Raycheetah]

Not something I expect to hear (yet) in the MSM, since now King Zero's administration has declared that the sun is coming out and things aren't so bad. And the markets appear to want to believe it.

Too bad for them there's a rude awakening coming. Meanwhile, those of us who are paying attention continue to prepare.

=^[.]^=

[Michigansnowpony]

That goes along with a little news clip I saw the other day where they profiled stores on, I think it was Rodeo Dr(???) saying business was down. When the ultra-wealthy tighten their purse strings, it's rather unsettling to say the least, isn't it?

[Travinyle1]

Great local report man. Thanks for posting

[joel1923]

Thanks for the update!

[lizadfuel]

Small business owners like you are the backbone of America! Keep up the good work!

[Kittenkattan]

From Your mouth to HaShem's Ear!

[mellydad]

Let them eat Pasta, like I have been doing for the last year. The same condition is happening out on Long Island.

[Kittenkattan]

Let them eat Ramin noodles. That will teach them!

That is what I have been eating this winter.

[PinePowerLI]

I wouldn't say the rich are suffering enough. They are still driving those huge luxury tanks, I see loads of Hummers, Escalades, QX56,etc everyday. When they give up those tanks and start driving sensible cars is when I believe the rich will have suffered enough.

[mellydad]

I dont want anyone to suffer. I lost my job at a bank 1 year ago due to the subprime mess during a custody fight and also trying to get my wife here from Asia. And lost everything in the process. My comment was that, hey, I have never been through something like this and sent over 5000 resumes out and cant get a part time job. I wish I were driving a Hummer, my car is 12 yrs old, my 401 k is wiped out, and now Im a charity case due to bad timing. I want everyone including myself to be able to

[wrinkles1931]

Well......even the really wealthy seem to be leveraged to the point of being so debt heavy, they can't stand a downturn of this magnitude. Thats proving to be a huge factor across the spectrum, and for sure, one of the main reasons so many business's are going so quickly..

[stshell]

great report.. i liked your point at the end

[Peridolin]

lol

Is that your cat?

[elgringote3]

weird, I have been trying to leave a comment and its not showing. I had a link to the BK filing of Fortunoff's which filed on Feb 5

[stshell]

yea u cant put a link inside your comment unless you change it up a bit

[elgringote3]

thanks, I forgot about that

[evcrawfish]

i am sorry that the hoity toities are low on their trust funds, but i'm glad that they can feel some of our pain.

[Kittenkattan]

All I can say is Amen to that!

Peace.

John.

[evcrawfish]

oh yeah and i'm glad you are still making a living, very good.

and

Shabbot Shalom

[AR15Truther]

Macy's to cut 7000 jobs, The fall of Rome!