UPDATED: The latest numbers being reported show that weekly jobless claims are much higher than anticipated at 610,000. Additionally the March housing construction numbers plunged and are far worse than expected- new housing construction fell 10.8%.

And if that’s not bad enough, foreclosures spiked in March.

Umm… what “uptick”, Ms. Perino??

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As if we needed it…

Remember last week when Steele publically discussed how “the malls are as full as ever”?

Seems that (surprise, surprise) once again, Michael Steele has no idea what he is talking about.

Earlier today General Growth Properties, the nation’s second largest mall operator, filed for Chapter 11 bankruptcy protection.


General Growth Properties Inc. said early Thursday it had filed for bankruptcy protection after failing to convince its debt holders to give it more time to refinance its crushing debt.

The Chicago-based real estate investment trust said it filed for Chapter 11 bankruptcy protection in a New York court. Some 158 regional shopping centers under its control also filed for bankruptcy protection.

More below the fold.Lemme repeat: America’s second largest mall operator.

What does this mean- how big a deal is this? Try this on for size:

April 16 (Bloomberg) — General Growth Properties Inc. filed the biggest real estate bankruptcy in U.S. history after amassing $27 billion in debt as it became the second-largest U.S. shopping mall owner.

The mall owner will continue operating its more than 200 properties, including South Street Seaport in Manhattan and Boston’s Faneuil Hall, after it sought Chapter 11 protection in U.S. Bankruptcy Court in New York. The company listed $29.5 billion in total assets and debts of about $27.3 billion.

“While we have worked tirelessly in the past several months to address our maturing debts, the collapse of the credit markets has made it impossible for us to refinance maturing debt outside of Chapter 11,” Chief Executive Officer Adam Metz said in a statement today.

The Chicago-based company lost 81 percent of its market value in six months after saying repeatedly it may have to file for bankruptcy.  

“It was a disaster waiting to happen,” said Patrick Sumner, head of real estate securities at Henderson Global Investors in London. “They didn’t realize the market was going to get like this and that they were going to be in the front line when the guns went off.”

Gee, this GOP disconnect from the RECESSION economic situation America finds itself in and all of its layers sure does sound familiar… oh, that’s right!

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What I find interesting however, is that Former President Bush told the world repeatedly that there was no recession in our future but a “slowdown”.

So explain to me how Dana Perino (whose braincells could be counted on one hand imo), can honestly state that the man who denied the recession deserves credit for fixing it in any small measure?

No wonder the GOP is so screwed up…

Louise1

Louise1

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