US, world headed for 25 year depression: Jim Rickards

US, world headed for 25 year depression: Jim Rickards

“When I use the phrase 25 year depression, it sounds extreme but it’s not. We had a 30 year depression in the United States from about 1870 to 1900…The Great Depression lasted from about 1929 to 1940. The U.S. is in a depression today.” Well, it's been in the works for

Read More

Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

Read More

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

Read More

E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

Read More

US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

Read More

Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

Read More

Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

Read More

Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

Read More

Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

Read More

World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

Read More

Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

Read More

US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

Read More

Content By: The Coming Depression Editorial Staff (dates cited below)
Copyright: include link to this article on top of reproduction if you use it.
Bookmark and Share
(No Ratings Yet)
Loading ... Loading ...

dow chem spill
Reports like this are happening all across the country. Spending cuts have the final result of millions of more unemployed. They, in turn, reduce their buying because they are living off of Unemployment Insurance. Because of their lack of spending other companies are hurt and they cut employment.

The chemical industry is rather important for any economy because many sectors such as industries of consumer goods, telecommunications industry require chemicals that may be provided by the chemical industry. The case is no different in the U.S. In fact, growth in the chemical industry of the United States is crucial for the U.S. economy. For this reason, in the United States, many research and development companies in the field of chemistry have made billions of dollars are invested every year in order to invent new chemical processes and increase productivity the American chemical industry.

Be aware that the economy is still tanking. Look at Retail Sales, Durable Good Orders, Industrial Production, Initial Claims for Unemployment, and Mass Layoffs or Furloughs to see what is really happening with the economy.

Dow Chemical revenues slide; company cuts spending

(AP:MIDLAND, Mich.) Dow Chemical said Thursday that revenues slid in the third quarter and the company that makes the basic ingredients for everything from toys to cars is not counting on better conditions this year or next.

The company has sold billions in assets, cut thousands of jobs and slashed costs, and Dow saw a sharp increase in net income over the past three months as raw materials costs fell.

Andrew Liveris, Dow’s chairman and CEO, said the global economy was on a firmer footing, and described the recovery at home as “slow and tenous.”

The recovery right now, however, is being driven by sales in Asia, especially China, Dow said.

Dow Chemical Co., of Midland, Mich., says profit grew to $711 million, or 63 cents per share, compared with $428 million, or 46 cents per share a year ago. Excluding one-time benefits and losses, Dow earned 24 cents per share. Revenue fell 22 percent, to $12 billion from $15.4 billion.

Revenues from the infrastructure and coatings business slumped 22 percent compared with last year, though there are signs that the market is stabilizing. Revenues rose 7 percent over the past three months.

“The global economy is now on firmer footing, and, in our view, the United States economy is beginning a slow and tenuous recovery, with unemployment continuing to be a drag on consumer spending,” said Liveris. “Therefore, our 2009/2010 operating plans do not count on material improvements in market conditions, and we remain tightly focused on those factors we can control.”

Original article found at INO.com


Dow Chemical closes three plants in Louisiana

Dow Chemical Co. said that it will close three Louisiana plants as part of a shift away from basic chemicals toward the lucrative business of specialty chemicals.

The shuttering comes as part of a massive plan to cut costs after Dow bought rival Rohm & Haas in April for more than $16 billion, a deal that added massive amounts of debt to its balance sheet.

Dow expects to take a $700 million second-quarter charge as part of Wednesday’s announcement, but expects to cut costs by about $100 million a year.

The approximately 100 people who work at the plants will be offered jobs elsewhere, Dow said.

The plants make ethylene, a building block for basic chemicals like plastic and packaging. The basic chemicals market is heavily affected by price fluctuations in crude, and products are usually made and sold in large batches and at razor-thin profits.

Sourceed from Layoff Tracker

Related posts:

  1. Dow Drops Over 200 PointsBy: Cindy Perman Writer Stocks tumbled Thursday after a disappointing ISM report on manufacturing piled on to worries about the economic recovery. The Dow Jones Industrial Average lost 203 points, or...
  2. Consumer spending is not indicative of recovering economy“While the sources for the supposed increases in U.S. consumer spending are murky at best, the amount of consumer spending in and of itself is not a determinant of whether...
  3. Sex industry indicator of worldwide depressionThe United States Its a country known throughout the globe, in one sense, for its championing of family-values and conservative sensibilities. But the irony with the United States is its...
  4. U.S. Retail Industry Numbers: 1,131 Store Closings, 9 Chapter 11 Risks, 37 Simultaneous Openings and 284 Expansions in 2010By Barbara Farfan, About.com Guide to Retail Industry The sum total of the numbers found in the U.S. retail industry store closings, store openings, job cuts, and Chapter 11 assessments...
  5. Chinese ban on Canadian canola shocks industry“China has blackleg within their own country,” Weber added. “So it’s a red herring.” It is quite obvious now that the world’s major trading powers, China and the USA, are...
  6. US military base closures, cuts hit cities“Even if we were to return to the funding levels we’ve had in recent years, we cannot continue to sustain viable operations in all 56 armories across the state,” Bunting...

This entry was posted on Thursday, October 22nd, 2009 at 2:33 pm and is filed under North America. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Comment

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.


Under the 'fair use' rule of copyright law, an author may make limited use of another author's work without asking permission. Fair use is based on the belief that the public is entitled to freely use portions of copyrighted materials for purposes of commentary and criticism. The fair use privilege is perhaps the most significant limitation on a copyright owner's exclusive rights. "