SYDNEY (AP) – Thousands of travelers from Hawaii to Thailand were stranded Friday after budget airlineAir Australia ran out of money and went into voluntary administration, immediately grounding its five-jet fleet.
The Brisbane-based international and domestic airline, formerly known as Strategic Airlines, said all flights had been canceled and the airline would not be accepting new bookings because it could no longer pay its bills. Voluntary administration in Australia is similar to bankruptcy protection in the U.S., and can buy a company time [...]
by Uber Vandal
The market (DJIA) will top on Jan. 3, 2011 at roughly 11,800, and then by May, will drop about 25% to roughly 8,850.
The market will bottom in 2012, and hit another significant drop in 2017.
This is mirroring the 1927 to 1941 market.
Do not forget that in 1927, the housing market in the US also imploded, and by 1930, many municipalities were unable to pay their bond interest.
Below, are [...]
Today the Upper East Side of New York exemplifies what’s happening to the economy. On the posh Madison Avenue, the luxury high-end is doing business. Things aren’t at all what they were pre-crisis but some boutiques have been doing brisk trade. There has been little turnover and hope springs eternal.
Now step a few blocks further East where the solid citizens, the well-to-do backbone of Manhattan actually live and shop (the [...]