Every recession we have had was a cascade effect of cost cutting measures, layoffs and bankruptcies which begot more cost cutting , layoffs and bankruptcies. While each recession had its own unique flavor of the era, (stock bubble, stagflation, or real estate bubble) each had a similar effect.
I'm not saying the top will be the result of some massive number of BKs but that the top will begin with cost cutting to keep profit margins which will snowball into BKs of the more inefficient entities. IMO the real estate market is one of these entities that will get depressed, and with the natural course of the business cycle, corporations, consumers, and investment vehicles will follow. They will more than likely flatten or fall but I know that the real estate market will feel the greatest impact, and should pull the financial sector with it.
Yes the US government owns the bases and they do not control the municipalities but the legislation granted the federal government does provide them the ace up the sleeve they needed.
The House Committee on Energy and Commerce began consideration of the Energy Policy Act of 2005 during a full committee mark up on April 6, 2005. The draft legislation, which has not been numbered yet, contains a number of provisions that would pre-empt state authority. Among these provisions are the pre-emption of state authority to site electric transmission facilities (SEC. 1221. SITING OF INTERSTATE ELECTRIC TRANSMISSION FACILITIES in the Electricity Title) and the preemption of state authority in the siting of liquefied natural gas (LNG) terminals (SEC. 320. LIQUEFACTION OR GASIFICATION NATURAL GAS TERMINALS in the Oil and Gas Title). In addition, the legislation includes the full text of the Refinery Revitalization Act considered in the House last year. This act would place control over the procedures for obtaining State and Federal environmental permits for refineries in the hands of the Secretary of Energy. In addition the Secretary would control the timelines for reviewing and granting permit applications and could override a decision of EPA or State officials denying a permit. NCSL sent a letter to Congress on June 14, 2004 in opposition to the Refinery Revitalization Act and its preemption of state authority when the Act was first considered on the floor of the House without any hearings or committee action.
The Refinery Revitalization Act of 2004 was renamed the Refinery Revitalization Act of 2005 and was then attached to the ENERGY POLICY ACT OF 2005 and signed in as a bill. Federal Government trumps state and local municipalities.
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