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November 8th, 2008

Keeping Up With the “Recession Watch”

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The Consumerist is a favorite stop for us in our daily perusal of different financial blogs and websites. Just one of many entertaining features on The Consumerist is their “Recession Watch,” especially went it pertains to the world’s most famous chain restaurant — McDonalds. The recession has hurt a lot of businesses in different ways, McDonalds being no exception. As the credit crisis has froze lending, resulted in thousands of lost jobs, McDonalds has also been forced to tighten up policy in order to cut costs:

Recession Watch: McDonald’s Cracks Down On Sauce Scofflaws

McDonald’s: Want Water? You Will Pay For It

On a more serious note, these “tightening of restrictions” could have been just one result of Bank of America declining to increase their lending:

McDonald’s Corp., the world’s largest restaurant company, told some U.S. franchisees to seek other ways to finance store improvements after Bank of America Corp. declined to increase lending.

Store owners have exhausted financing used to pay for upgrades and equipment to make lattes and espressos, and Bank of America won’t provide more money as it works on the planned purchase of Merrill Lynch & Co., McDonald’s said in a memo that was obtained by Bloomberg News.

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One Response to “Keeping Up With the “Recession Watch””

  1. Lisa O Says: December 13th, 2008 at 12:27 am

    As time goes by, the recession worsened. The consumers, businesses and companies are also feeling the pinch. The consumers are forced to tighten their belt because of this situation. Some people are fortunate enough to be financially well off and have no need for any short term financial assistance, such as payday loans or credit repair services. The average person in the middle class, however, is not as privileged. They strive to make an acceptable income to care for their families, some having no choice but to live paycheck to paycheck. While it’s a fact of life that some are rich and financially capable in most or every area while others have to worry about the “little” things, there is another disturbing fact that is becoming more obvious by the minute. It seems that the executive class, who helped generate the recession that many of us are currently suffering from, are on the move to get even more money to award their indiscretion. Reported in a recent article published in the Wall Street Journal, Merrill Lynch CEO John Thain is out to get a $10 million bonus payment. This is after the company he was hired to run had almost completely run out of cash, and was facing bankruptcy. The situation was so desperate he had to eventually sell the company to Bank of America to keep the currency flowing. New York State Attorney General Andrew Cuomo has called it “nothing less than shocking,” and that is a fair assessment, to adequately put it. It’s rare for any of us to be rewarded for failure. In fact, most would most likely get fired. These big-time executives should be receiving the same treatment as the average person in this country. Why should they be rewarded for their help causing the global economic disaster? Greed is the last thing we need during this critical time. However, if you need help to cover a sudden cash emergency, don’t sell yourself to Bank of America. Keep in mind you still have other options you can work with such as payday loans. Click here to learn more about Payday Loans.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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