WASHINGTON — Driven by a sour economy and skittish consumers, U.S. business bankruptcies saw their sharpest quarterly rise in two years, jumping 17 percent in the second quarter of 2008, according to an analysis by McClatchy. Commercial filings for the first half of 2008 are up 45 percent from last year, as the national climate for commerce continues to deteriorate amid rising energy and food costs, mounting job losses, tighter credit and a reticence among consumers to part with discretionary income. From April through June, 15,471 U.S. businesses called it quits, according to data from Automated Access to Court Electronic Records, an Oklahoma City bankruptcy management and data company. States that saw the biggest increase in filings were Delaware, Montana, Oregon, Maryland and Connecticut, suggesting that the economic gloom is spreading beyond large population centers. It was the 10th straight quarter that business bankruptcy filings have increased. Nearly 29,000 companies filed in the first half of 2008. Another 60,000 to 90,000 others probably have closed, because roughly two to three businesses fold for every one that files for bankruptcy, said Jack Williams, resident scholar at the American Bankruptcy Institute. The vast majority of these […]
Sunday, September 7th, 2008
Commercial Bankruptcies Soar, Reflecting Widening Economic Woes
Author: TONY PUGH
Source: McClatchy Newspapers
Publication Date: Fri, Jul. 18, 2008
Link: Commercial Bankruptcies Soar, Reflecting Widening Economic Woes
Source: McClatchy Newspapers
Publication Date: Fri, Jul. 18, 2008
Link: Commercial Bankruptcies Soar, Reflecting Widening Economic Woes
Stephan: While our Presidential politics devolve down to the shallowest kind of personality contest, the real issues - and the truth - just keeps stacking up reality. The policies of the last eight years have destroyed one of the planet's strongest economies. Another four years will leave us like a Northern version of Argentina in the 80s, with a devastated middle class and corporate fascism in control of the all paths to power.