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While USA is heading for a crash in 2011 due to its downgrade by Standard & Poors while Thailand is perking itself well with a new Government run by Yingluck Shinawatra whose just borrowed millions to help the 300 baht a day workers salary increase???.

US Labor Department reported the loss of 533,000 jobs in November last year, the biggest loss in nearly 34 years. The number of jobs lost in the current recession, which began in December 2007, surpasses the 1.6 million jobs lost in the 2001 recession. With the economy in a recession and we are in for even more difficult times ahead. Some economists say job losses will likely deepen and continue through at least the first half of 2009 but we feel it will not end as the depression is looming and printing more money to help Banks and car manufacturers will just add to the demise of the US economy at taxpayers risk. This money should stop but we can see even GM, Ford etc will be given more money to try to turn around their industry but it will not work. The fact they will not be able to compete efficiently with what their labour, health, retirement schemes are in place. The biggest questions is how this money is spoent, and to whose advantage--definitely not the US taxpayer. All of these trouble are for helping the rich Execs noone else ina US econmy that had little foresight apart from having a ball.

President Bush signed The Unemployment Extension Act of 2008 into law Friday, lengthening the period of government assistance to Americans struggling in the shrinking job market.

This will help people whose benefits have recently expired, extending benefits by seven weeks in all states, and extending them for another 13 weeks on top of that in states with unemployment rates that have averaged 6% or higher over the most recent three months.Workers typically get 26 weeks of unemployment benefits, and it's not uncommon for the government to extend that during economic slowdowns.

The US president said the job loss numbers reflects the fact that the country is in recession, which was caused by trouble in the housing, credit and financial markets. "The most urgent issue facing the economy is the problem in the credit markets. At the moment more financial institutions are shedding workers like flies-- basically they have to as people in the USA cannot service credit cards any longer nor pay back monies they borrowed. This has put a strain on financial services but of course the big Banks have been able to borrow more monies to supprot their services.

THAILAND 2009

Caretaker Labour Minister Uraiwan Thienthong said yesterday that the country's jobless could climb into the millions next year. She said the Suvarnabhumi Airport seizure was just one of the factors forcing manufacturers to shut down operations.The minister said that 519 firms closed in recent months, laying off 44,794 workers. She said the ministry knows of about 2,000 other employers who are considering laying off more than 80,000 workers.The ministry expects an increase in the number of jobless as a result both of the internal political chaos and the global financial crisis. Uraiwan said the ministry would accelerate implementing urgent measures to solve the job crisis. It plans to propose a Bt1.53-billion budget for Cabinet approval. Pongsak Assakul, vice chairman of the Thai Chamber of Commerce, said that the chamber has asked its members who have been affected by the economic crisis to seek all possible other solutions before laying off workers. There are many possible cost reductions, she said, such as decreasing working days from six days to two shifts of four days each. He said members of the chamber who know that they have to lay off staff and those looking to recruit should get together and see if workers can be transferred.

Pongsak said the government should not use public funds to train the expected one million unemployed next year but instead use the funds to assure the financial liquidity of businesses, especially manufacturers, with low-interest loans and a search for new markets. He said that the chamber forecasts that some factories will lay off workers and delay products for delivery in January because the operators cannot bear the burden of the lack of liquidity. "Next year customers are likely to decrease orders from manufacturers, which will see operators competing furiously to keep orders by offering long-term credits to customer. Finally the operators will have to lay off workers to survive," he said.Somchai Suttikulpanich, deputy senior manager of Thai Beverage Marketing, the maker of formula energy drink Wrangyer, said that vendors have lower stock because of lack of confidence and purchasing power and the decline in customers.The workers' situation directly affects Wrangyer because workers are its target group of consumers.About 56 workers at Sribanpai, a subsidiary of Advance Agro, the Double A paper manufacturers, yesterday protested against a salary reduction. The move came after the company reduced salaries by 50 per cent and told employees not to come to work for three months, said Tawatchai Namchiengtai, eucalyptus purchasing manager of the company.

Economy in Thailand

With the new Thai government in power in 2011 its a waiting game as to what the new PM will accomplish. If Thaksin comes back & gets a pardon then all hell could break loose as the army watches. Its a time when the government will move slowly to reionforce its hold on the army and the people.

Its wake up time America. These bailouts are not helping the American people just Companies who have reaped millions in rewards and done nothing to change their strategies over the years. None of them deserve bailouts and the US government cannot run these joints??? so the underlying question is how much of thise bail out money will be spent on themselves---- most of it so watch.

2009 Obama is saying as we say the Recession was caused by the finance and banking execs who paid themselves large amounts of bonuses & salaries. These & their board of directors are the ones to blame to the financial collapse. But then in 2011 Obama can only blame is bad policies & wars that are failing--over spedning & not doing anything to the ratings companies who profited on false value ratings which caused the 2008 crash. 2011 looms to be the start of governments in the EU trying to save their economies but they will not be able to do so as it will cause social unrest.

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BANKRUPTCY UNDER CHAPTERS 7 & 11

Chapter 11 of the Bankruptcy Code means to "reorganize" the company and try to become profitable. Management continues to run the day-to-day business operations but business decisions must be approved by a bankruptcy court.

Under Chapter 7, the company stops all operations and goes completely out of business. A trustee is appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors.

The investors who take the least risk are paid first. eg secured creditors take less risk because the credit that they extend is usually backed by collateral, like a mortgage or other company assets. They know they will get paid first if the company declares bankruptcy.

Bondholders have a greater potential for recovering their losses than stockholders, because bonds represent the debt of the company and the company has agreed to pay bondholders interest and to return their principal. Stockholders own the company, and take greater risk. They could make more money if the company does well, but they could lose money if the company does poorly. The owners are last in line to be repaid if the company fails. Bankruptcy laws determine the order of payment.