Isle bankruptcies increase at breakneck pace - Hawaii Business

Whether we admit it or not, those who file for bankruptcy are dragging the economy down. Guess who pays for it? The tax payers of course! The tax payers will pay one way or another. If the state goes through with the furloughs or massive layoffs, Chapter 7 bankruptcies will go through the roof here in Hawaii!

People just need to watch their budget ever more carefully these days and not turn to the furloughs or layoffs as a reason that BK are on the rise. People, much like government, needs to always monitor and maintain their budget to live within their means. When that does not happen, you will be seeing a lot more of what is currently happening. Another retailer today, Crabtree and Evelyn has filed for their BK and it is a combination of a slow economy as well as mismanagement. Things will get a little more difficult in the days ahead but that does not mean the masses will be running out of the door to get to their attorneys to file for BK. There is solution but if people believe the easy way out is BK, then that will be the road they take - but hopefully many who choose this avenue will have put in their due diligence beforehand and use BK as the ultimate last resort.

another lingle faisco

And they will only increase with governor imposed furloughs!

HOW'S THAT HOPE & CHANGE WORKING OUT FOR YOU? These bankruptcies are calamaties for so many people.Our Democrat Congress/Senate & Executive Branch have been recklessly sneaking in more theft and corruption in their legislation..they don't even allow debate,read them and then bully their way through.Its scary..one party has total control...no checks and balances.Even our esteemed Senator Inouye is under the watch of Washington Post this morning for his questionable Cental Pacific Bank influence peddling dealings over Federal bailout..I remember reading about him well, kicking out Nixon in Watergate..now maybe its his turn.HOW'S THAT HOPE & CHANGE WORKING OUT FOR YOU?

ALAN wrote:

HOW'S THAT HOPE & CHANGE WORKING OUT FOR YOU? These bankruptcies are calamaties for so many people.Our Democrat Congress/Senate & Executive Branch have been recklessly sneaking in more theft and corruption in their legislation..they don't even allow debate,read them and then bully their way through.Its scary..one party has total control...no checks and balances.Even our esteemed Senator Inouye is under the watch of Washington Post this morning for his questionable Cental Pacific Bank influence peddling dealings over Federal bailout..I remember reading about him well, kicking out Nixon in Watergate..now maybe its his turn.HOW'S THAT HOPE & CHANGE WORKING OUT FOR YOU?

Inouye brings in more money into the state then any other politician in any other state. I would say that's a good thing. After Bush and his corrupt cronies, ANY change is better.

If you can't afford something, don't buy it!!

If the state can't afford to pay people the logical decision is to cut people and get the budget back on track.

Raising taxes/fees to balance the budget isn't going to work and will make the cuts worse when they have to cut.

Hearing the truth is always hard.

Reality Check wrote:

And they will only increase with governor imposed furloughs!

Yes, we need to raise taxes on businesses to pay for the damage their doing by going out of business! Fight the power! No Furlough!

Local Boy wrote:

If you can't afford something, don't buy it!!
If the state can't afford to pay people the logical decision is to cut people and get the budget back on track.
Raising taxes/fees to balance the budget isn't going to work and will make the cuts worse when they have to cut.
Hearing the truth is always hard.

What you need is a printing press like the one Berry and me have in D.C. Solves all your problems.

http://en.wikipedia.org/wiki/FUBAR

Not the end of it...

as long as the unions rule the island with the protection from their liberal democrat puppet, small business and any other big company trying to enter the islands will continue to sink.

There is no solution and is going to get even worse with new policies Obama pass.

Oil is going to hit $80 and above by end of summer. Milk will continue to rise as dollar sinks further.

QUESTION??????????

Where is the stimulus package that was rush through congress to save jobs and create new ones?

The picture is clear the promises made is all empty rhetoric and reality is setting in and we are not at the breaking point yet. Start growing your own small garden and lock and load up cause when unemployment hits double figure then you wish you wish you had not voted for Obama.

His economic policies is sinking the economy his energy bill is causing oil price to jump up since he pass it.

But self denial for all you people who cant decearn a con artist right in front of you as main stream(american idol) media and their bias has blown a bubble that once pop will lead the nation closer into a civil war.

Lock and load up both food and arms as da days are changin....lol

....and What do you expect from a guy who never ran a business of his own or hold a real job...

You took him on his words for hope and change you can believe in...but you all ignore the facts and history of a man who has no experience or for that matter ran or start or even own a company.

stimulus lover wrote:

<quoted text>
Inouye brings in more money into the state then any other politician in any other state. I would say that's a good thing. After Bush and his corrupt cronies, ANY change is better.

OK..so where do I sign up to get a share for me?HOW IS THAT HOPE & CHANGE WORKING OUT FOR YOU?

Tama Samoa wrote:

....and What do you expect from a guy who never ran a business of his own or hold a real job...
You took him on his words for hope and change you can believe in...but you all ignore the facts and history of a man who has no experience or for that matter ran or start or even own a company.

Bush, with all his business experience, did a magnificent job of cratering our economic and financial well being. At least we listened to words instead of sticking our heads in the bush.

Why?
http://www.amazon.com/Bailout-Nation-Corrupte...

Local Boy wrote:

If you can't afford something, don't buy it!!
If the state can't afford to pay people the logical decision is to cut people and get the budget back on track.
Raising taxes/fees to balance the budget isn't going to work and will make the cuts worse when they have to cut.
Hearing the truth is always hard.

AMEN!

"From the Inside Flap
"Do you find yourself wondering: How did we get here? How did the United States of America get into such a predicament whereby in one year, 2008, the financial system nearly vaporized, the stock market crashed, real estate tanked, and major corporations were being bailed out....How did our great country, a bastion of capitalism, devolve into a Bailout Nation where the gains were privatized, but the losses were socialized?"
—From the Foreword by Bill Fleckenstein

In Bailout Nation, Barry Ritholtz, author of the popular finance blog www.ritholtz.com/blog/ , deftly mixes financial history with an insider's knowledge of modern finance to reveal how we've arrived at one of the worst economic crises ever. Engaging and informative, this book clearly shows how years of trying to control the economy with easy money has finally caught up with the United States and how the government's practice of repeatedly rescuing Wall Street—as well as other industries and organizations—has come back to bite them.

Divided into five compelling parts, this timely guide opens with a brief history of bailouts, detailing their particular patterns and unintended consequences. From here, it quickly moves on to reveal the events, individuals, and institutions that have shaped our current situation. You'll see how various government interventions—in individual companies such as Lockheed during the 1970s, in specific sectors such as banking in the early 1990s, and eventually, entire markets with the rescue of stocks in 2000—opened up a Pandora's Box. You'll also discover how the misguided philosophies of many players, from Fed Chairmen and Presidents to Senators and Treasury Secretaries, promoted the massive meltdown that has engulfed our global economy.

Ritholtz leaves no stone unturned, as he breaks down how the Federal Reserve's interest-rate targeting policies as well as a condition known as moral hazard—the belief that you won't bear the full consequences of your actions—perpetuated the reckless financial risk taking that has pushed us to the brink. Ritholtz also takes some of the biggest Wall Street firms—along with their enablers, the ratings agencies—to task. Page by page, you'll learn how the repeal of certain regulations allowed banks to merge into unruly financial behemoths, while unproven investment vehicles, including collateralized debt obligations (CDOs) and credit default swaps (CDSs), wreaked havoc on both the credit and housing markets.

The United States has abandoned its capitalist roots and become a Bailout Nation. The implications of this are significant and far-reaching. If you intend on navigating today's treacherous terrain, it would be wise to understand how we got here and what you need to get ahead. Scathing, but fair, Bailout Nation puts this financial debacle in perspective—through discussions of past miscues and an exploration of solutions being proposed-and offers a voice of reason during these uncertain economic times."

...that's why.

ALAN wrote:

<quoted text>
OK..so where do I sign up to get a share for me?HOW IS THAT HOPE & CHANGE WORKING OUT FOR YOU?

GREAT actually! Retired, don't get taxed here on my pension. Buy cheap bus pass, cheap monthly golf at muni courses, free beaches and sunshine, discount meals at restaurants. Democrats done great for me!

...also
http://www.amazon.com/Rise-Fall-Mortgage-Cred...