Monday, February 9, 2009

Bad economic times for certain stores

2009 is going to be a bad year for stores and retailers. Linens and things and Circuit city have both gone down. Many lay offs occurring. Housing companies like Beazer Homes has tremendous lay offs. They have shut down the site in Maryland and closing departments. In New Jersey, the accounting and fiance department is already down to its last few people. Beazer Homes is a housing company that is doing the worst. They laid off 500 employees nationwide in January 16, 2009.
More and more employees are claiming their unemployment benefits and State unemployment benefits. New Jersey is considering giving those benefits as a loan. States like Michigan and Rhode Island have the highest unemployment rates. They've reached double digits. Our national unemployment rate is 7.5%.
Wall Street wasted the bailout money. President Obama calls it Shameful. They are going to bring out the artillery. That's a metaphor for the government's stepping in because unemployment funds are about to go bankrupt.
I predict that 2009 might be a downfall for Beazer Homes. By 2011, Beazer Homes might close many sites. New Jersey office is definitely one of those sites. The office is basically empty.
Construction is slowing in the housing industry. Not many buying new homes because of the bad economy. This is close to being the highest unemployment rate since the 1920s. We need another big government funded project like Hoover Dam back in the 1920 to get the economy back on track.
I've been watching the stocks and its not doing good. The majority of the stocks are going down.