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Maybe there is a credit crunch?

john250

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The local coal burning generating station has a $460 million project putting in sulfur scrubbers and and an 875 foot stack. It has been fascinating to watch that stack go up.
Now, they are putting the project on hold. For at least 18 months. The stated reason is that borrowing to complete the project is too difficult.
I'm not sure I'm buying the official explanation. If a utility can't borrow money, who can? They say they borrow as they go along, about $100 million at a pop.
It all seems quite odd to me, but they've got 740 construction workers down there who are soon to be unemployed.
 

bigbull338

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sounds like they are using the credit crunch as an excuse not to finish the project.
 

Brandonm22

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Toyota shut down their construction of a new pickup plant in Mississippi. They are going to finish the building; but they are not going to start the factory inside of it. The plant was too open in 2010 but it is on hold indefinitely. There was a big mall project on my road to open next year. They were going to build a theatre, a Target, a Publix, a Bed Bath and Beyond, a Best Buy, an Academy Outdoors, restaurants, etc and it was all to be open in 2010. Now the developers aren't answering our city's phone calls. The city shut down a big trailerpark over this and ~a hundred people moved.
 

Jogeephus

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I don't understand big credit like this cause it is way over my head. But the paper industry is suffering from something similar. Long time customers want the paper and the mills want to sell it to them but they can't get the financing to buy it so they are shutting down some operations or cutting back considerably.
 

kenny thomas

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Jogee, something is different in the papermills here. Demand has never been better for pulpwood or prices higher. Hardwood pulpwood that is. Good thing too because logs are worth less than 20 years ago.
Can't give pine away.
 

Jogeephus

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kenny thomas":308fcbwg said:
Jogee, something is different in the papermills here. Demand has never been better for pulpwood or prices higher. Hardwood pulpwood that is. Good thing too because logs are worth less than 20 years ago.
Can't give pine away.

They are screaming for hardwood pulp here as well but pine is slowing down considerably. I have a friend in Ala that moves 120 loads a week he is now on quota at 5 per week. Some mills here are taking down time.
 

Jim62

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I'm just about convinced that a lot of folks in high places are using the current financial situation as an excuse for, and to cover up, many things. Seems strange that the companies that seem most affected are those that are paying their executives the biggest bucks. Maybe with wealth comes stoopid ??
 

Bluestem

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All this credit crunch talk had me a little concerned. I have had an unsecured line of credit for years. I was wondering if I still had it. Usually use it for emergencies etc. Anyway went down to the bank and made a draw. Gave me the money, no questions asked. Even raised my limit. Interest rate even went down, around 7%. Maybe these companies need to start acting like they are going to pay there bills.
 

Frankie

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I just saw that Toyota is not going to build that mfg plant in Mississippi. They posted their first loss ever since they've been reporting those figures publically. On the bright side, I see CD rates are up a bit.
 

Ryder

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dun":3294t5dl said:
If you want to get your blood boiling read this:
http://news.yahoo.com/s/ap/20081222/ap_ ... PYdHR34T0D

So,
They got themselves and the whole economy in a mess because they couldn't run their business and there was no oversight. :(

Now they are handed a bunch of money which they can't manage because they don't even know where it went, and still no oversight. :mad:

And they want more money-- and will get it????? :stop:
 

Limomike

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And just think... that is only HALF of the bailout money. Never know where the other half might go.
 

Alice

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I just read that, and wrote to my Senators and Representative about it expressing my disappointment and anger, before I logged on here. Everybody else!!! Please, do the same!!!!!

Alice
 

TexasBred

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Writing your congressman won't help...writing him off the ballot next time will. :!: :!: :!:
 

KenB

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It looks like the bail out money went to pass the losses from greedy bankers to the tax payers.
I doubt it was ever intended to help the economy.
 

Ryder

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KenB":1w8l66kc said:
It looks like the bail out money went to pass the losses from greedy bankers to the tax payers.
I doubt it was ever intended to help the economy.
They want to help the economy because they are running scared. But they don't know how to do it.
So they are grasping at straws.
INMHO
 

skyline

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See my new RR quote below. I think it sums this situation up fairly well....

Did you hear that Congress is about to get a nice little raise for themselves? Makes a lot of sense right now, doesn't it? Most of the companies that I talk to have hiring freezes and salary freezes and the wizards in Washington are getting raises. :mad: There's something else you can write to your Congressman about. I think I heard they had 30 cosponsors on a bill to forgo the raises and the couldn't get it to the floor for a vote.
 

Brandonm22

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Ryder":uvqy5cwq said:
KenB":uvqy5cwq said:
It looks like the bail out money went to pass the losses from greedy bankers to the tax payers.
I doubt it was ever intended to help the economy.
They want to help the economy because they are running scared. But they don't know how to do it.
So they are grasping at straws.
INMHO


Bush didn't want 2008 to be 1929 so they threw $3 trillion at it so most of the banks and the automakers could survive to 2009. Now the question is: "2008 was BAD, will 2009 be worse and if so how much worse???"
 

Ryder

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Brandonm22":33jj061e said:
Ryder":33jj061e said:
KenB":33jj061e said:
It looks like the bail out money went to pass the losses from greedy bankers to the tax payers.
I doubt it was ever intended to help the economy.
They want to help the economy because they are running scared. But they don't know how to do it.
So they are grasping at straws.
INMHO


Bush didn't want 2008 to be 1929 so they threw $3 trillion at it so most of the banks and the automakers could survive to 2009. Now the question is: "2008 was BAD, will 2009 be worse and if so how much worse???"
I can't answer as to how much and I think the stock market will have a short to intermediate term rally. But I will say that I have not heard the fat lady singing.
 

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