California 1 of 5 States With Worst Unemployment Rate

Flag of California

FoxBusiness.com published this deansguide article 1-11-09
The Courier News member of the Chicago Sun-Times News Group published this deansguide article 1-11-09
Post Tribune member of the Chicago Sun-Times News Group published this deansguide article 1-11-09

California has 1 of the 5 highest unemployment rates in the country according to a new report from the Associated Press Ray Henry and Christopher Rugaber. The most telling factor is that each state has something in common “a heightened exposure to the root causes of this downward spiral.”

Factors in Common:

  • Housing collapse
  • Auto Industry implosion
  • Financial Services meltdown
  • Manufacturing decline

5 Worst States by Unemployment Numbers and Symptoms:

1. Michigan: Auto industry’s near collapse and uncertainty.

2. Rhode Island: Manufacturing decline and construction stoppages

3. South Carolina: Manufacturing decline, construction losses

4. California: Housing market implosion, lender meltdown, builder losses, foreclosures

5. Oregon: Timber industry hurt by housing stall

Real Estate’s Role in California’s Economic Woes:

A very telling fact is  California’s unemployment rate of  8.4%, third highest in the nation, has been primarily due to the collapse of the real estate market. Nothing surprising in that statement but “in the year ending in November 2008, 71 percent of the nonfarm jobs lost in California were housing-related.”

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Newsflash: Monster 7.8 Earthquake Kills 9,000–Many More Feared Dead In China

Reuters.com published this deansguide article May 12, 2008

A monster 7.8 earthquake rocked central China killing an estimated 9,000 people, leaving 900 students trapped inside a school, and wreaking havoc. The quake centered in the hilly Sichuan region of China, was felt as far away as Thailand . In Beijing, according to Associated Press writer Christopher Bodeen, “80 percent of the buildings had collapsed in Sichuan province‘s Beichuan county after the quake.”

In addition, reports from state media out of China, report that a chemical plant in Shifang city had “cratered, burying hundreds of people and spilling more than 80 tons of toxic liquid ammonia from the site.”

Further reports are forth coming with the news a grim reminder of the realities faced in earthquake countries every day.

US Bankruptcy Judge Glenn Denies Okun’s “Indentured Servitude” Plea: Trustee McHale and 1031 Tax Group Victims Supported

“A bankruptcy judge has denied a bid by 1031 Tax Group owner Edward Okun to back out of his deal to sell his collection of luxury items to repay some of the $150 million owed to creditors of his failed real estate tax shelter” according to Associated Press reporter Patrick Fitzgerald in his article “1031 Tax Group Owner Ed Okun Loses Court Bid to Keep Toys.”

In deansguide’s article “Okun Attempting To Terminate Asset Transfer Agreement According To 1031 Tax Group Victim: “Indentured Servitude” Never Looked This Lucrative” Okun’s characterization of the ATA, a document he signed off on months earlier, as “Indentured Servitude” provides further evidence of this man’s motivations and utter disregard for the victims he directly effects everyday.

Consequently Okun was fighting for the necessities in life such as his four (4) cars:

1. Rolls Royce Phantom
2. Bentley Continental
3. Lamborghini Gallardo
4. Porsche 911

What will the rest of this ongoing saga bring us? Only time will tell but as it stands now it has been a long and sad trail to recovering settlement monies that will never fully be restored to their rightful owners.