The Working Dead – IOTW Report

The Working Dead

Bloomberg

They were once America’s corporate titans. Beloved household names. Case studies in success.

But now, they’re increasingly looking like something else — zombies. And their numbers are swelling.

From Boeing Co., Carnival Corp. and Delta Air Lines Inc. to Exxon Mobil Corp. and Macy’s Inc., many of the nation’s most iconic companies aren’t earning enough to cover their interest expenses (a key criterion, as most market experts define it, for zombie status).

Almost 200 corporations have joined the ranks of so-called zombie firms since the onset of the pandemic, according to a Bloomberg analysis of financial data from 3,000 of the country’s largest publicly-traded companies. In fact, zombies now account for nearly 20% of those firms. Even more stark, they’ve added almost $1 trillion of debt to their balance sheets in the span, bringing total obligations to $1.36 trillion. That’s more than double the roughly $500 billion zombie companies owed at the peak of the financial crisis. More

10 Comments on The Working Dead

  1. This was the objective of the Globalist Elite, Libtards, and Communists that joined forces with the ChiComs to destroy our economy. Ironically, they all had the same beef. DJT was costing them to much of our money. There’s some asshole that at the very least are guilty of murder.

    28
  2. Well, and even Verizon. “Let us get rid of the landlines…”

    Are your fucking engineers so ignorant that they don’t understand the gross mass of communications is still land based? All switching and supervision is still all on earth. Every cellular telephone call still hits a T1, at some level, and goes to a 5ESS, or whatever switch it is, for routing and supervision.

    “This is digital!”, some moron said.

    D4, locally called SF, has been around since 1976.

    13
  3. Boeing misled everybody and people died.
    Carnival full of people going into high debt for vacations they can’t afford.
    Delta declared bankruptcy in 2005 as have well over 70 other airlines including Air Canada, and Pan Am etc.
    Exxon Valdez environmental disaster anyone?
    Macy’s dumped all Trump Products in 2015.

    Getting exactly what they deserve. They, like most consumers, forgot the lessons of the farmer where you live within your means and put away a bit extra in the good times for the inevitable bad times.

    15
  4. I worked for Mobil Oil Corporation for many years before the takeover/merger by Exxon. During my time at Mobil, things were fine until we got a new CEO named Lou Noto. After seeing what he was doing, I told my fellow employees that before Lou Noto was finished, there would be no Mobil Oil Corporation. They laughed and told me I was crazy. Five years later, there was no Mobil Oil Corporation. There were 430 high paying jobs at our plant and all were Mobil employees with great benefits and pay. At a meeting the plant leadership told us what the future was going to look like. About 1/3 of those jobs would survive and another 1/3 would become full time contract employees an the other 1/3 would be contract employees brought in on an as needed basis. That became a reality over the next few years. By then we had become ExxonMobil Corporation and Rex Tillerson was at the helm. All of the other oil companies did the same thing. The systematic and deliberate destruction of the middle class was under way and has been ramped up ever since. It’s what was needed to bring America to it’s knees and it’s what the Democrats have done to bring about that end. It’s hard to subjugate a population when they are prosperous and happy. Better they be dependent on the government for their every need. Rex Tillerson and others were in on this effort to eliminate the middle class and they should be dragged behind pick-up trucks down back country roads for it.

    21

Comments are closed.