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08-09-2024, 07:28 PM
#1

We're In A Silent Depression. Another Major Company Just Filed For Bankruptcy (srs)

We switched to using this company earlier this year for smaller sized boxes and all our bags for shipping since it was cheaper. Our big boxes and heavier product goes fed ex.

Got a call this morning saying today is the last day for pickup and the company is filing for bankruptcy and liquidating its assets. This company is a multibillion dollar revenue company lmao. Apparently though all these job losses like intel dropping 15k lay offs recently, another 11k or so layoffs here, and tons of other companies filing for bankruptcy means the economy is booming because the news says inflation isn't so bad and the Biden jobs market is amazing!

Nothing to see here folks! Remember when Yellow Trucking went out of business last year too along with 30k jobs?

https://www.supplychaindive.com/news...ruptcy/723815/
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08-09-2024, 07:31 PM
#2
Unemployment numbers are always sus cause it doesn't count people not looking for work. I know quite a few people who stopped looking for work and are basically on a sabbatical right now. They won't be considered unemployed
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08-09-2024, 07:36 PM
#3
Been saying it for 6 months I completely agree. But it's being hidden and lied about since it's close to the election
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08-09-2024, 07:44 PM
#4
yeah it sucks. I was about to take the plunge and get a mortgage, too. Oh well…

Originally Posted By SaviorSelfJT⏩
Unemployment numbers are always sus cause it doesn't count people not looking for work. I know quite a few people who stopped looking for work and are basically on a sabbatical right now. They won't be considered unemployed
one of my neighbors (single mom, btw) just recently got a new job since being laid off back in 2020 due to covid. I have no idea how they are doing it, but a lot of them are doing it, so it must be easier than we all think.
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08-09-2024, 07:46 PM
#5
Originally Posted By DolphinPilot⏩
yeah it sucks. I was about to take the plunge and get a mortgage, too. Oh well…



one of my neighbors (single mom, btw) just recently got a new job since being laid off back in 2020 due to covid. I have no idea how they are doing it, but a lot of them are doing it, so it must be easier than we all think.
Single mom - maybe she's getting a lot of government assistance?
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08-09-2024, 07:47 PM
#6
A lot of logistics companies thought the boom period in 2021 would last forever. They overleveraged and overexpanded. There's not much to see here.
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08-09-2024, 07:50 PM
#7
And yet, I still see many people shopping during work hours. Wednesday went to costco around 10:00 right when it open, whole god damn line of people from all walks of life and ages.

Like what the fuk? It is during school and work hours.

What in the flying fuk is going on? People are still eating out, still bunch of people leasing out expensive cars. Houses are apparently being bought at outrageous prices.

Da fuk is going on here.

Pretty much most retail stores around me are closing out and even god damn walgreens are shutting down stores near me. Next will be CVS and rite aid. Going to be a literal ghost town within the next year.
Ea
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08-09-2024, 07:52 PM
#8
Originally Posted By SaviorSelfJT⏩
Single mom - maybe she's getting a lot of government assistance?
I'm not sure. She bought a new car a few years ago (maybe 1 year before covid hit) and well, these apartments are pretty expensive to boot. I just see her standing around the parking lot most of the time smoking cigarettes
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08-09-2024, 08:10 PM
#9
This is a result of going from ZIRP to high interest rates and holding them for 2.5 years. Any companies surviving on refinincing their debt at cheaper rates(but not actually growing as a company) is going out of business.

This is a good thing, and in my opinion they should keep rates high for another couple years. Yes, this directly hurts my work, but it will be a great thing for the US and its future. It will return American life to normalcy.

Clown World is a ZIRP phenomenon. It cannot survive in an environment where people have to actually pull their own weight. This is why you notice Clown World slowly going away. In fact, if Trump beats Kamala we can safely say it will disappear.
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08-09-2024, 08:13 PM
#10
Originally Posted By LuigiMiami631⏩
And yet, I still see many people shopping during work hours. Wednesday went to costco around 10:00 right when it open, whole god damn line of people from all walks of life and ages.

Like what the fuk? It is during school and work hours.

What in the flying fuk is going on? People are still eating out, still bunch of people leasing out expensive cars. Houses are apparently being bought at outrageous prices.

Da fuk is going on here.

Pretty much most retail stores around me are closing out and even god damn walgreens are shutting down stores near me. Next will be CVS and rite aid. Going to be a literal ghost town within the next year.
You gotta remember, there are more old people currently than at any point in the past. As well as there are still many people working from home still. And plenty of unemployed people who still have cash savings.

The job market isn't that bad yet, but it's rapidly deteriorating. However, rates dropped big last week so there will probably be a period of improvement for the next couple months.
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08-09-2024, 08:32 PM
#11
Yep and Cisco having another massive layoff after an earlier one this year.

COL out of control, worst job market since 2008, and if you walk around many store fronts you'll see tons of "for lease" and "store closing signs".

But they are keeping it under wraps to get Kumala in.
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08-09-2024, 08:36 PM
#12
Yea you guys are seeing what I'm seeing too. Also, look at how much HELOCs are growing. People are living on credit cards, using HELOCs and must be using retirement money or something. The amount of vacations my friends and acquaintances have been going on makes zero financial sense. These are people with kids, car payments, mortgages, and complain about the economy, yet are dropping probably 5k+ 2-3 times already this summer on vacations? How do people get so many weeks off from work too?

I mean I have 80k in savings or so that I could realistically liquidate quickly. No debt. I'm not making enough to even think about going on some of these vacations people are flippantly going on. I feel behind financially getting mogged by apparently everyone around me. They must be deep into debt though or living paycheck to paycheck because I know what they do for a living and it doesn't add up.





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08-09-2024, 08:39 PM
#13
Originally Posted By 6gorillion⏩
Yep and Cisco having another massive layoff after an earlier one this year.

COL out of control, worst job market since 2008, and if you walk around many store front you'll see tons of "for lease" and "store closing signs".

But they are keeping it under wraps to get Kumala in.
Yea my mom is in corporate property management and for large buildings. One of her tenants just fukking yeeted out overnight with 2 years left on their lease, and are going to court over it. They filed for bankruptcy and the request is to at least recoup 47k per month for the remaining lease payments from the company (they had like 80k a month lease payments). It's a mess. It was a pretty large national medical/pharmaceutical company.

I keep hearing all these businesses filing for bankruptcy, people getting let go, massive layoffs, and yet the news industrial complex has made it seem like we are in amazing economic times lmao. They've created a new matrix inside the matricx.
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08-09-2024, 08:48 PM
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Originally Posted By DeadlyStriker⏩
Yea my mom is in corporate property management and for large buildings. One of her tenants just fukking yeeted out overnight with 2 years left on their lease, and are going to court over it. They filed for bankruptcy and the request is to at least recoup 47k per month for the remaining lease payments from the company (they had like 80k a month lease payments). It's a mess. It was a pretty large national medical/pharmaceutical company.

I keep hearing all these businesses filing for bankruptcy, people getting let go, massive layoffs, and yet the news industrial complex has made it seem like we are in amazing economic times lmao. They've created a new matrix inside the matricx.
This is pretty normal. People got addicted to the tightest job market in half a century during 2020-2021 and they're using that as their baseline. Surprise! Normally people don't get 20% raises each year and no-interview 6-figure remote jobs working for big tech straight out of college.

It's not massive layoffs either. It's just them realizing they way over-hired for no reason 3 years ago.
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08-09-2024, 08:54 PM
#15
Originally Posted By JackyChin⏩
This is pretty normal. People got addicted to the tightest job market in half a century during 2020-2021 and they're using that as their baseline. Surprise! Normally people don't get 20% raises each year and no-interview 6-figure remote jobs working for big tech straight out of college.

It's not massive layoffs either. It's just them realizing they way over-hired for no reason 3 years ago.
lol
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08-09-2024, 08:55 PM
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