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Politics : Ask Michael Burke
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To: Doug Millan who wrote (26531)3/9/1998 4:36:00 PM
From: Broken_Clock  Read Replies (1) of 132070
 
Doug-
Ain't nobody closer to Asia than us'ns in Hawaii. We are seeing layoffs like I've never seen in 25 years. We had big companies leaving the State last year. This past 2 weeks we had Bank of Hawaii(largest in the state) lay off 550 and close 25 branches, Liberty House(largest retailer-our version of Bullocks) lay off 170, Kauai sugar mill furlough 350, etc. Even the State has decreed a 10% across the board cut in State employees salaries. This has NEVER occurred in the history of this State. We are democratic in lock step...a one party deal. It was always raise taxes while increasing gov't. On top of all this...Northwest airlines cutting daily flight from Japan and downsizing remainder of flights to smaller planes. Japan touists down 20% off last years low. All time record for bankruptcies in the State(1 of 87 people!) for 1997. On top of this(!) Japan has just started to unload their real estate holdings here. It is now fairly common knowledge that the Japanese banks which "lent" the money for these land purchases in the mid 80s has had these billions in loans as NON-performing for over 10 years(read: the owners typically never made one payment in 10 years!).

Get ready mainland...tsunami coming.The above is what made the news here in the last 2 weeks only.
PK
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