Your Questions About Debt Busting

Nancy asks…

Is the Obama stimulus program a bust?

Washington (AP) – Ten months into President Barack Obama’s first economic stimulus plan, a surge in spending on roads and bridges has had no effect on local unemployment and only barely helped the beleaguered construction industry, an Associated Press analysis has found

http://www.cnsnews.com/news/article/59529

John answers:

No. It’s effectively plunging our nation into further debt which will continue to weaken the dollar, allow other countries like China, or largest debt holder, to have a hand in things they shouldn’t in our country, reduce our standard of living and ensure we’re a second world power in the next several years.

So no, it’s a perfect success, assuming you want the nation to fail.

Joseph asks…

Airlines going bust?????????????????????????

Something ‘fishy’ is going on in my eyes… 4 airlines have gone bust in 7 days! another one went bust last night, what’s happening and what are your opinions on it?

John answers:

Obviously the first luxury to go is foreign holidays so airplanes are last thing people can afford , and I foresee, by end of this year a lot more peoples jobs will be ‘going ‘and no one will be running big cars, but buses and trains will ferry more passengers and people will take holidays in the UK to tighten their budgets, fuel to fill planes is costly and this cuts across the whole board.

Many employers are making overtime cuts and no one is buying homes ,so from builders to taxi drivers there is no money and no work .Many people face losing jobs all across the UK now we are headed for a complete nose dive in all our industries. People with savings are delving into them.

Debt agencies are flooded. It is nothing fishy. It is life in 2008 ,am afraid.

Mark asks…

Man Utd are bust. Why are they signing these cheap Angolans/Mexicans?

Why not go after Dzeko , Ibrahimovic , Ozil etc….

They go after cheaper strikers nowadays….they are bust!
They could have bought Mario Gomez , too.

It’s too bad Man Reds have a bench worth a combined total of 100 million Euros , yet do not have any good strikers other than the fat kid
They are 1.1 billion in debt because of Jew yid kid vid burger matzo king owners

John answers:

Not really a question. They’re bust and in £1.1 billion of debt, that’s why they’re buying cheap.

Lizzie asks…

Bad debt written off?

Our company directors does not agree with some of the bad debts written off into income statement, they need the supports from the requirement of accounting standard, Anyone who know which accounting standard can prove it?

John answers:

Commercial decision.

If there is a dispute amongst the Directors, with Finance Director on one side and MD on the other, vote on it – and record who voted what (since if the Company goes bust as a result, the Directors could be prosecuted/disqualified for Trading Whilst Insolvent)

The other choice is to take it to the auditors & give them the final say.

Jenny asks…

If the subprime mortgage crisis hits Scottish Football, will Rangers go bust?

Technically Davie they are still £85 million in debt. It is only Murrays loans that are reducing the debt because the big money houses won`t touch the Bears with a barge pole.
Angie I am merely providing a public service to all those misguided souls who frequent South Govan on a regular basis. Poor wee souls that they are.

John answers:

Well Raker Bhoy you ask a perfectly decent financially motivated question and all hell breaks loose. I agree with you wholely and whilst I care for Rangers not one jot, I do care about the state of Scottish football if they were to end up like Clydebank and Third Lanark before them. The latter in particular were a real footballing institution at one time, so a giant can fall if the cirrcumstances are so wrong.
Rangers are a massive club but they have a more massive debt problem and if Sir David Murray was looking for ANY kind of return on his investment then he will be loooking for a while.
I have on numerous occasions said this to be true and like yourself have been blamed for stirring trouble by some Rangers fans. The sad fact in real business terms is the world has indulged these overspending episodes in football because it appeals to the masses and as Cesar of Rome knew so well, get the people in a good mood and you can do whatever you like. It is unfortunate that Sir David set about his indulgiences at a time when the political laws of employment were going to change so dramatically. Bosman 1+2 caused catastrohic damage to the wealth of Rangers as a club and not in the £11m debt Celtic found themselvesin but an unsustainable debt which left them going cap in hand to Sir David’s own company MIM to bail them out. Rangers fans foolishly think that this debt has been wiped out but I can assure you when it comes time to pay up it will be included in the audit book.
It is a scary business portfolio and although I have been in business for 21 years I would not touch it with a bargepole. It is actually used in some business training programmes as how NOT to run your business.
In conclusion your question as to whether the subprime mortgage rules will affect football, yes most definately it will because they as the rest of us are party to business affairs and football has already had too many concessions.

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