Yep.
House vote is..Friday I believe.
-Seth
i guess the question comes to how many companies would go under if this doesnt go thru. im not one for bailing out anyone who got into problems themselves. but at the same time if hundreds of business go out of business because of this, that means thousands or possibly millions of th so called middle class now no longer having a place of employment. if the banks are going under, companies keep their money in banks, so now their gone under. could be a very large domino effect. im just throwing that out there since im not sure really how far the bailout is needed. but it could be a possibility. everyone says its easy to just say screw the rich guys, but last time i checked the rich guys were the ones that sign my check every week.
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sndsgood wrote:i guess the question comes to how many companies would go under if this doesnt go thru. im not one for bailing out anyone who got into problems themselves. but at the same time if hundreds of business go out of business because of this, that means thousands or possibly millions of th so called middle class now no longer having a place of employment. if the banks are going under, companies keep their money in banks, so now their gone under. could be a very large domino effect. im just throwing that out there since im not sure really how far the bailout is needed. but it could be a possibility. everyone says its easy to just say screw the rich guys, but last time i checked the rich guys were the ones that sign my check every week.
It's not just that. Many businesses use credit to make their purchases for the materials to produce their product. If they can't get the materials they can't make a product and then there's no profit and the company folds.
Just 1 coil of steel we sell costs upwards of $20k to purchase. We usually take the order, manufacture and ship the coil then take payment when the coil is delivered and completes the inspections for chemistry, strength, surface quality etc. We are having to be very careful about who we extend our "credit" to. Many businesses that we've been doing businesses with for years are in trouble financially and becoming less and less able to pay their debts. I wouldn't like to get stiffed for a $20K bill.
Even the company I work for which is not by any means in the financial services industry, controls the fate of many of our customers who cannot afford to put up cash before the delivery of the product. Many are angered because we're requiring extra safety measures to ensure that we're paid for our products.
FYI, the steel industry is very slow right now, it's slower than I've ever seen. We're running about half speed while many other of our plants are running 3 or 4 days a week (usually run 24/7) and a couple are taking multiple week shutdowns. If we're slowing, that means many projects are slowing and many other industries that we supply are slowing. It's across all of our market segments also: sheet, plate, structural, wire mesh, trusses, fasteners, beams, rebar.
This is not going away quickly.
