Ah, utility companies are shutting off the power as more people cannot pay their bills.
In Pennsylvania, PPL Corp. increased shutoffs by 78% in the first three quarters of the year compared with the same period a year earlier
In Memphis, Tenn., the city-owned utility that supplies electricity, natural gas and water to residents cut off 38% more people in the first eight months of the year
and Bankruptcies pass 100k now equal to 2005.
Bear in mind that when the MNBA bill, oops I mean bankruptcy reform passed in 2005, this stopped many people from being able to get out of their debts.
If that's not enough:
U.S. auto sales plummeted in October in what General Motors Corp. called the worst month since 1945, as reduced access to loans and a weaker economy kept consumers off dealer lots.
GM said in a statement today that its sales of cars and light trucks tumbled 45 percent from a year earlier. Ford Motor Co. reported a 30 percent decline and Toyota Motor Corp. posted a 23 percent drop. Honda Motor Co.'s were down 25 percent and Nissan Motor Co.'s slid 33 percent.
``If you adjust for population growth, it's the worst sales month in the post-World War II era'' for the industry, said Mike DiGiovanni, GM's chief sales analyst, on a conference call. ``Clearly we're in a dire situation.''
Meanwhile the Treasury is borrowing more, a lot more in this quarter.
The U.S. Treasury more than tripled its planned debt sales for this quarter to help finance a 2009 budget deficit that bond dealers advising the department estimate may swell to almost $1 trillion.
Borrowing needs are expected to rise to $550 billion in the three months to Dec. 31, compared with the $142 billion predicted in July, the Treasury said in a statement in Washington. That follows a $530 billion record in the July-September quarter