Business bankruptcies rise again in February to all time highs

[Soul Crusher]

Business bankruptcies rise again in February
Tue Mar 2, 2010 2:50pm ESTStocks 

 * An average 345 companies filed per day in February

* Combined business, personal filings jumped 13 percent

By Chelsea Emery

NEW YORK, March 2 (Reuters) - U.S. business bankruptcies rose again in last month, marking the fifth-straight February that such filings have increased, according to a bankruptcy data provider on Tuesday.

Companies from a range of industries, including video rental chain Movie Gallery Inc (MVGRQ.PK), radio network Air America and luxury ski resort developer East West Resort Development V LP LLLP, were among the 6,557 businesses that filed for relief from creditors in February, according to Automated Access to Court Electronic Records (AACER), a database of U.S. bankruptcy statistics.

"Even if the economy gets better, bankruptcy filings continue at a healthy clip for six to 18 months," said Mike Bickford, president of AACER. "And it's not at all clear as to whether we're really in a recovery."

On average, 345 businesses filed for bankruptcy each day, up from 336 last year, according to AACER.

Combined, business and personal bankruptcy filings jumped 13 percent from the same period last year.

Companies and individuals filed 6,171 bankruptcies daily, on average. That is the second-highest rate since the 2005 bankruptcy reform act took effect. Only October 2009 had a higher count with some 6,352 bankruptcies filed per day.

"The fact that we exceeded the average daily filings was telling," said Bickford. "It suggests we're going to be as least as high as last year." (Reporting by Chelsea Emery; Editing by Steve Orlofsky)

________________________ ________________________ ________________

Keep lying to yourselves that we are in recovery mode.   

[240 is Back]

i believe that.  damn everybody i know is so broke at the moment

[Soul Crusher]

i believe that.  damn everybody i know is so broke at the moment

240 - I am in the trenches in this stuff day in and day out.  I have never gotten more bankrupty filings than I have in the last two months. 

Almost every construction development project in NYC is in foreclosure or near foreclosure and everyone is getting screwed, from the banks, the contractors, suppliers, etc. 

And its getting far worse.  The stim bill only went to govt employees to keep them going thats it.

That whole shovel ready nonsense was pure lies.     

[BodyProSite]

Oh but the admin says things are getting better....

[Soul Crusher]

Oh but the admin says things are getting better....

No they are not, they are getting drastically worse. 

When i hear these morons on CNBC shill for the admn or put up smoke and mirros it is depressing to think people actually believe these lies. 

We are heading collapse and I am convinced of that.  When you look at the national debt, state debt, city and town debt, personal debt, out of control govt, I see no way out of this disaster.     

[BodyProSite]

well no there isnt a way out that is what progressives, all the way up to true communists want for america, to collapse the system, every policy that comes from washington proves it

[kcballer]

 

333 you were against the stimulus and against government intervention.  Your only idea is 'cut taxes' to increase business spending. My question to you is, how exactly is that any different than a stimulus bill?  Both are taking from the tax revenues (one from future revenue, one from lost revenue) either way someone loses.  You seem to think that somehow by having businesses with greater cash flow they will all of a sudden hire new people etc.  NOT GOING TO HAPPEN.  They will pocket the money and wait.  Wait for things to get better.  So you can cut taxes therefore cutting off government revenue when more and more people need it, or you can create a stimulus bill to keep people afloat until business and consumer confidence returns.  Which would you prefer?  Money in business accounts or your trash picked up and policeman to patrol your streets?

BTW they have cut taxes for new jobs being created in the new jobs bill. 

[Soul Crusher]

 

333 you were against the stimulus and against government intervention.  Your only idea is 'cut taxes' to increase business spending. My question to you is, how exactly is that any different than a stimulus bill?  Both are taking from the tax revenues (one from future revenue, one from lost revenue) either way someone loses.  You seem to think that somehow by having businesses with greater cash flow they will all of a sudden hire new people etc.  NOT GOING TO HAPPEN.  They will pocket the money and wait.  Wait for things to get better.  So you can cut taxes therefore cutting off government revenue when more and more people need it, or you can create a stimulus bill to keep people afloat until business and consumer confidence returns.  Which would you prefer?  Money in business accounts or your trash picked up and policeman to patrol your streets?

BTW they have cut taxes for new jobs being created in the new jobs bill. 

Its not only the fedzilla, its the local govt as well.  Where I live the average homeowner has to pay 10k in property taxes alone every year just to keep these overpaid bums employed.

Its not sustainable and the overall tax burden is destroying this nation on every level.   

[kcballer]

What you are failing to comprehend is business does not run America.  Consumers do.  60-70% of America's economy is based on consumer products.  Business can have all the tax relief it wants but they aren't going to hire anyone if there is no one to buy their goods/services.  Without money in the pockets of the people to purchase goods/services there is no business regardless of tax cuts.  (which have been proposed and passed recently anyway) On top of the stimulus and extensions for UE benefits.  

[Soul Crusher]

What you are failing to comprehend is business does not run America.  Consumers do.  60-70% of America's economy is based on consumer products.  Business can have all the tax relief it wants but they aren't going to hire anyone if there is no one to buy their goods/services.  Without money in the pockets of the people to purchase goods/services there is no business regardless of tax cuts.  (which have been proposed and passed recently anyway) On top of the stimulus and extensions for UE benefits.  

CONSUMERS NEED TAX RELIEF! 

When the average person has 50% of the their labor STOLEN by the greedy slobs and bums in the govt, that means less money to spend on private businesses. 

When the average homeowner pays 10k in taxes to fund these greedy maddoffs in govt, its less money to private business. 

Everyone needs tax relief as the overall tax burden is crippling this nation.