https://twitter.com/MSNBC/status/1311102365756522503
Hillary Clinton on Pres. Trump: "You can only lie so many times. You can only try to avoid responsibility so many times. When, finally, people are going to be looking at each other and saying, 'You know we've seen this before and we're not buying it this time.'"
NYC Hammered By 40% Bankruptcy Surge, Braces For Next Wave
While Wall Street panic buys stocks again, on hopes Washington can pass the next round of much-needed economic stimulus, the broader commercial real estate market continues to implode and nowhere more so than the epicenter in New York City, where nearly 6,000 business closures, has resulted in a 40% eruption in bankruptcy filings across business districts of all five boroughs this year, reported Bloomberg.
Al Togut, a bankruptcy lawyer who has handled insolvencies for small firms to mega-corporations, said, "by late fall, there will be an avalanche of bankruptcies … When the cold weather comes, that's when we'll start to see a surge in bankruptcies in New York City."
The coming wave of business closings, as explained in "Old Man Winter To Plunge Restaurants Into Further Chaos," is set to crush eateries and other small businesses in NYC ahead of the holiday season.
"It's a crisis, and we need to act—our economy can't recover without saving small businesses," said NYC Comptroller Scott Stringer, a candidate in next year's mayoral election.
"When they close, we don't just lose our beloved Main Street businesses. We lose jobs, tax revenue and the economic backbone of our city," Stringer said.
The Partnership for New York City, a nonprofit membership organization of NYC's top businesses, warned the virus pandemic could permanently close a third of the 230,000 businesses across all five boroughs.
Bankruptcy filings in the region have skyrocketed since the middle of March, when the state of New York reported its first deaths from Covid-19 and Governor Andrew Cuomo closed all nonessential businesses. There were 610 filings in the Southern and Eastern Districts of New York from March 16 to Sept. 27, according to court records. That's a 40 percent jump from the same period in 2019 and the most by far for any year since the financial crisis. The districts include some nearby counties.
Almost 6,000 New York City businesses closed from March 1 to Sept. 11, according to Yelp, the website of user reviews. Over 4,000 of those closed permanently.
The carnage has been demoralizing after decades in which the city fought back from the brink of bankruptcy, the scourges of crack cocaine and violent crime, terrorist attacks and recession. The pandemic hit as the city had achieved record high employment and low crime. - Bloomberg
https://www.zerohedge.com/economics/nyc-hammered-40-bankruptcy-surge-braces-next-wave