Charting Stocks

Extended Stay America has become the latest casualty of the economic crisis. The operator of low to mid priced hotels filed for Chapter 11 bankruptcy protection as consumers cut back on travel leisure spending.
According to the bankruptcy filing, Extended Stay America has $7 billion in assets with $7.6 billion in debt. The company owns 680 [...]

The Federal Reserve Board announced that loan delinquencies for the 4th quarter of 2008 grew at the fastest pace since the fed started keeping records in 1985. Banks were forced to charge-off a record $48.5 billion in the quarter compared with $13.9 billion in the same period last year.
Residential real estate delinquincies rose to a [...]

Reuters is reporting that Trump Entertainment Resorts Inc. has filed for Chapter 11 bankruptcy protection.
This would be the third trip to the bankruptcy courts for Trump Entertainment, though my hunch is that this will be the last. Nine other Trump affiliated companies have also sought bankruptcy protection. Trump Plaza Associates, Trump Marina Associates and Trump [...]

Trump Entertainment Resorts in Atlantic City may be filing for bankruptcy.
Charting Stocks speculated that Trump was in trouble in this post.  In November, Trump Entertainment Resorts missed their $53.1 million interest payment due to bondholders. The company was suffering from a collapse in revenues due to the economic depression.
Trump, who owns 28% of the common [...]

GM is considering chapter 11 bankruptcy and forming  new company.
WSJ reports  “”One plan includes a Chapter 11 filing that would assemble all of GM’s viable assets, including some U.S. brands and international operations, into a new company.”
The plan would allow the new company to keep the viable assets while liquidating the undesirable assets under the [...]

Marc Faber: “In the US, we have a totally new school (of economics), and it’s called the Zimbabwe School.”

2009 will be a year of complete destruction for the US economy. 5 Million will lose their jobs. The Dow Jones Industrial average will break below 6,000. Municipalities will fail. Insurers will fail. The unemployed and foreclosed American population will take to the streets and begin rioting. The Greatest Depression is upon us.
Sound far fetched? [...]

After only a few days since his countries default, Ecuadorian President Raphael Correa has again announced that he will not make the interest payment on a second bond. Ecuador is now in default of $60 million of interest payments. Correa, an American educated Economist, has declared the debt illegal.

Ecuadorean President Rafael Correa officially announced that he will not be making the interest payments on his foreign bonds. The country has officially defaulted on its debt obligations. This is the second Ecuadorian default in ten years.
“I have given the order that interest payments not be made,” Correa said. “The country is in default.”
Correa went [...]

Gov. Arnold Schwarzenegger has revised his previous estimated budget shortfall of $11.2 billion to $14.8 billion for the fiscal year. California’s budget deficit now predicted to hit $41.8 billion within 18 months.
Schwarzenegger attributes the deficit to the collapsing economy. Sales throughout the state have plummeted as has both personal and corporate tax revenues. The governor [...]