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Say Good-Bye To 25% of America's Remaining Companies
Not that we should put much faith in what Professional Auditors say, but a terrifying new report predicts that a fourth of America's remaining publicly-traded companies may be gone by the end of the year. This means 3,600 shareholder-owned businesses are in "going concern" territory, or in serious danger of failure in the next 12 months -- and this is just based on first-quarter reports, which are already up 9% vs. 2008 "going concern" filings, so, uhm.
Note, please, that thisonlycovers companies that are publicly traded. Privately held businesses, whether massive multinationals or regional chains or the local small businesses in your dying shopping centers and strip malls, those aren't included. Even though they're failing at an astonishing rate, too.
In good news, the Dow was up 70 points today and the S&P up 1% and Apple is still selling lots of iPhones to those elitists with jobs. In bad news, Microsoft tanked and existing home sales dropped againand the only houses selling are $49,500 new tract homes that were selling for $350,000 in 2007. But in good news again, China will become the world's biggest economy in approximately 10 years, which will really take the pressure off of us here in America, as it withers and dies, in the night.