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  1. #2401
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    74,684

    Re: Economic News/Discussion

    ^^Id like to think the extended warrantees survive. Ill check but I assume they are mainly 3rd party arrangements that may be left intact.

    I noticed...see the OT thread that the Canadian version of the company will survive as well.

  2. #2402
    Joined
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    8,072

    Re: Economic News/Discussion

    Quote Originally Posted by jimzinsocal View Post
    ^^Id like to think the extended warrantees survive. Ill check but I assume they are mainly 3rd party arrangements that may be left intact.

    I noticed...see the OT thread that the Canadian version of the company will survive as well.
    Found the answer...

    http://www.circuitcity.com/closed.html
    Circuit City would like to thank all of the customers who have shopped with us over the past 60 years. Unfortunately, we announced on January 16, 2009, that we are going out of business.
    Please check back later for updates about the status of our website. In the meantime, we hope the information below will help answer most of your questions.
    What's going on at Circuit City?

    • Due to challenges to our business and the continued bleak economic environment, Circuit City is going out of business and the company's assets will be liquidated to pay off creditors.
    • The process was extremely difficult and we were left with no other choice but to liquidate. Circuit City had a proud heritage of serving the public for 60 years and we deeply regret the impact this decision will have on our associates, our customers and the communities where we have operated stores and other facilities.
    • We had hoped to be able to emerge from Chapter 11 bankruptcy protection as a stronger, more competitive company and we made significant progress during the reorganization to improve our business. Unfortunately, the economic climate is so poor that we have no choice other than liquidation.
    • Liquidators will start arriving in our 567 stores across the U.S. over the weekend, and closing sales will start as early as Saturday, January 17. Closing sales will run as long as it takes to sell existing inventory, but are expected to wrap up by the end of March. When the liquidation sales are completed, the stores will be closed.
    • At the company's corporate offices in Richmond, Virginia, a small staff will remain on duty during the completion of the liquidation process; most associates will be relieved of their duties immediately.
    • Consistent with federal labor laws, Circuit City associates are receiving 60-days notice of the termination of their employment. Those who stay on to help with the liquidation, of course, will receive pay and benefits. Those who are dismissed earlier will be receiving pay and benefits for the 60-day period beginning January 16, 2009.
    • Associates at our company headquarters will be asked to come back on Monday, January 19, to find out more about their status and to retrieve their personal belongings.
    Are you also shutting down your operations in Canada?

    • No, our Canadian operations will continue. They are not affected by the liquidation of Circuit City's U.S. operations. The Canadian operations employ approximately 3,000 associates.
    How many people are losing their jobs as a result of this action?

    • Circuit City employs approximately 34,000 associates in the U.S.
    Can you provide some background on Circuit City?

    • Founded in 1949 as the Wards Company, Circuit City is headquartered in Richmond, Virginia. At the time of the liquidation announcement (January 16, 2009), the company operated 567 stores in 153 media markets in the U.S. and approximately 765 retail stores and dealer outlets in Canada.
    • For a timeline history of the company, go to http://investor.circuitcity.com, and click on Company Information.
    Will Circuit City stores continue to accept Circuit City gift cards?

    • Yes, customers holding Circuit City gift cards may redeem them at full value at our stores during the liquidation sales. Once the stores are closed and the company is out of business, the gift cards will have no value.
    Are Circuit City's extended warranties affected by the liquidation?

    • No. Circuit City Advantage Protection Plans® (extended warranties) have been backed by third-party independent companies for more than 15 years and as a result, are not impacted by Circuit City's closing.
    • Currently, all Circuit City Advantage Protection Plans are fully backed by the Assurant Solutions companies. Assurant Solutions operates as Federal Warranty Service Corporation, Sureway, Inc., and United Service Protection, Inc. Assurant Solutions is part of Assurant, Inc. (NYSE: AIZ), and its extended service contacts are backed by an Assurant insurance subsidiary rated A "Excellent" by A.M. Best Co.
    When will the liquidation sales begin?

    • Liquidation sales begin as early as Saturday, January 17, 2009, and will last as long as it takes to sell through the merchandise at each of the stores. We expect the sales to wrap up by the end of March 2009.
    How much will merchandise be marked down, and can customers negotiate prices for the merchandise?

    • There will be clearance pricing, but specific discounts are not being announced. All sale prices are at the discretion of the liquidator. Prices are non-negotiable and all adjustments must be approved by the liquidator's on-site managers.
    What payment types will be accepted at the liquidation stores?

    • Stores in liquidation will accept cash, Circuit City gift cards and most credit cards. Personal checks will not be accepted. All sales are final.
    Will Circuit City's price matching policy or the One Price PromiseSM apply during the liquidation sale?

    • Because the liquidation company is in charge of the sales at the closing stores, their policies are in force. So, One Price Promise does not apply during liquidation events, nor does the company's Unbeatable Price Guarantee. All sales are final.
    What about returns and refunds?

    • Customers can return products they purchased prior to January 16 for a 14-day period for exchange or refunds. All other terms of return policy are in force.
    • When closing sales begin on or around January 17, 2009, all sales will be final.
    Will delivery service be available for products purchased from liquidation stores?

    • No. Unfortunately, we will not be able to provide delivery services for products purchased from liquidation stores.
    Will Circuit City offer home theater installations during the closing sale?

    • Yes, we will continue to offer home theater installations during our closing sales.
    Will Circuit City offer PC services and repairs at liquidation stores during the closing sale?

    • Services already underway at the liquidation stores will be completed promptly, but no additional jobs will be accepted at these stores.
    Will car electronics installations be available at liquidation stores during the closing sale?

    • No new car installations will be offered.
    Will Circuit City's extended warranties still be available on products purchased from liquidation stores?

    • Yes, we're making no changes to our Circuit City Advantage Protection Plans®. Coverage is national and purchases will still be protected just as they always were.
    • Circuit City Advantage Protection Plans® have been backed by third-party independent companies for more than 15 years and as a result, are not impacted by Circuit City's bankruptcy or liquidation.
    • Currently, all Circuit City Advantage Protection Plans are fully backed by the Assurant Solutions companies. Assurant Solutions operates as Federal Warranty Service Corporation, Sureway, Inc., and United Service Protection, Inc. Assurant Solutions is part of Assurant, Inc. (NYSE: AIZ), and its extended service contacts are backed by an Assurant insurance subsidiary rated A "Excellent" by A.M. Best Co.
    What if a customer purchased products at one of the closing stores and the product needs service?

    • For products covered under the manufacturer's warranty, customers should call the manufacturer.
    • For products covered under Circuit City Advantage®, guests can call the toll-free number that is printed on the bottom of the product receipt.
    » Read the press release about Circuit City's liquidation
    » Learn more at our investor relations website

  3. #2403
    Joined
    Aug 2003
    Location
    West Richland, WA
    Posts
    6,397

    Re: Economic News/Discussion

    http://apnews.myway.com//article/200...D95OELA80.html
    Advanced Micro Devices Inc. (AMD) (AMD) plans to cut 1,100 jobs, 9 percent of its global staff, and slash the remaining employees' pay as the chip maker hopes its third round of layoffs in a year can help it get through a brutal market for computer sales.

    The Sunnyvale, Calif.-based company said Friday that 900 workers will have their positions cut. The rest of the reductions are coming from attrition and the previously announced sale of a business unit.

    The company has 15,000 workers currently, but it is spinning off its manufacturing operations, which have 3,000 employees who are not affected by Friday's announcement. So AMD's cut of 1,100 jobs amounts to 9 percent of the remaining 12,000 workers.

    The firings represent AMD's third round of major layoffs in the last year. AMD cut 600 workers just last month, and earlier in 2008 jettisoned 1,600.

    Pay for workers who survive the cuts will shrink. AMD's CEO Dirk Meyer and executive chairman Hector Ruiz, the former CEO, will see their salaries slashed by 20 percent. Vice presidents and other top management will have their pay cut 15 percent, other salaried workers will go down 10 percent, and pay for hourly workers will fall 5 percent. AMD said the pay cuts are temporary. AMD was not specific about how pay would be cut in other countries.
    I hope AMD can survive this. I would really hate to see Intel become a monopoly like Microsoft.
    Brian

  4. #2404
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    74,684

    Re: Economic News/Discussion

    Quote Originally Posted by otoc View Post
    Good good warrantees will be ok as I suspected.

  5. #2405
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    Re: Economic News/Discussion

    Ill post that link...your post at OT

  6. #2406
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    Re: Economic News/Discussion

    Quote Originally Posted by jimzinsocal View Post
    Good good warrantees will be ok as I suspected.
    Warranties and good do not belong in the same sentence (at least not the kind you pay extra for).
    Brian

  7. #2407
    Joined
    May 2002
    Location
    Twain Harte, CA
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    16,969

    Re: Economic News/Discussion

    ^^^ Well, they're good for the racketeers who underwrite 'em.

    Their creation is almost as genius as the gift card, the casino manufactured money chip and of course, the master of all let us build our business on your cash scams, "Don't leave home without it."


  8. #2408
    Joined
    Aug 2001
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    74,684

    Re: Economic News/Discussion

    I dont agree. For a lot of reasons

    http://money.cnn.com/2009/01/16/mark...ion=2009011617

  9. #2409
    Joined
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    Posts
    74,684

    Re: Economic News/Discussion

    Dutch point[above]


    Before, the merged bank could write off only a limited amount of the losses. Removing much of the restrictions enabled the acquiring banks to make huge reductions in their tax liabilities. In some cases, the tax breaks exceeded the cost of acquiring the troubled banks. Wells Fargo & Co. (WFC), for example, made a bid to acquire Wachovia Corp. (WB), just days after the change in tax rules was issued Sept. 30. Wells Fargo paid $14.8 billion in a stock deal to buy Wachovia, but stands to reap about $20 billion in additional tax savings from the transaction, according to analyses by private tax experts.

  10. #2410
    Joined
    Sep 2001
    Location
    Colorafornia
    Age
    41
    Posts
    12,671

    Re: Economic News/Discussion

    So CC says they expect to wind down the sales by the end of March eh'? I wonder if they'll be at Newegg's current prices by then?

  11. #2411
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    74,684

    Re: Economic News/Discussion

    Last edited by jimzinsocal; 01-17-2009 at 08:39 AM.

  12. #2412
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    74,684

    Re: Economic News/Discussion

    Larry is one of the very few that recognizes the oil impact.


    The CPI Plunge Is a Great Thought [Larry Kudlow]
    Today’s consumer price index dropped for the fifth consecutive month. This is part of the unwinding of the great oil shock that was an important, if overlooked, factor in the current economic downturn.

    I noticed today that there is not much talk about the CPI amidst the hullabaloo of the government effectively nationalizing Citigroup and the Bank of America. Making these giant banks wards of the state is a terrible idea.

    But the plunge in consumer prices is a great thought. It is a tax cut of massive proportions. The drop in retail gas prices alone has been variously estimated at $350 billion in new consumer purchasing power. In fact, real average weekly earnings have now risen four straight months on the back of the CPI drop. Over the past year, this key measure is up nearly 3 percent.

    And while consumer prices are deflating, producer prices — which represent wholesale costs to business — have been deflating even faster with the plunge in energy and other commodities. Consequently, corporate profit margins are improving as costs drop faster than prices. This important development is also overlooked.

    Inflation is the cruelest tax of all. It is a prosperity killer. But the inflationary decline is the most pleasant tax cut of all, and is a key part of the recovery process.

    Although the stock market has stumbled in the new year, it too will benefit from the inflation tax cut. Remember, the capital-gains tax is un-indexed for inflation. As prices moved up towards 6 percent last summer, stocks moved down big-time. Now, however, the decline of inflation is reducing the effective tax rate on real capital gains from roughly 40 percent last summer to only 15 percent through December. This is a huge tax cut on stocks and wealth-creation. While President-elect Obama appears to be willing to leave the Bush tax cuts untouched in 2009, and perhaps 2010, the falling consumer price index is slashing the cap-gains tax rate in real terms.

    In fact, this whole process of disinflation and its tax-cut impact on the economy is vastly more stimulative to future growth than the entire $825 billion so-called stimulus package announced by the House Democrats this week. Taxes matter. So does inflation. Recovery by mid-year looks more and more likely as a result.

    And one of these days there’s gonna be a panic rally in stocks that will signal the next economic boom.
    01/16 04:01 PM

  13. #2413
    Joined
    Aug 2001
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    74,684

    Re: Economic News/Discussion

    Back to the two banks that failed and the FDIC.
    I need to do some research.
    I dont understand the specific relationship between the FDIC
    as an a accounting issue.
    Looks to me like the FDIC got tagged pretty hard
    and I need to fiddle with the numbers to see why exactly
    both banks became basically worthless and yet a chunk of assets were transferred to the new parent banks.

    National Bank's failure will cost the FDIC Deposit Insurance Fund $97.1 million while Bank of Clark County's failure will cost between $120 and $145 million, it said.
    Last edited by jimzinsocal; 01-17-2009 at 11:10 AM.

  14. #2414
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  15. #2415
    Joined
    Mar 2002
    Location
    California
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    24,157

    Re: Economic News/Discussion

    Why 'Stimulus' Will Not Work

    Having enacted a $152 billion “stimulus” bill a year ago that stimulated nothing but the national debt, Congress is about to do it again. This time the price tag will be $875 billion—or more.

    Spoiler!
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


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