I get the phones shutting off but some internet providers (ATT) require you to have a land line to get service.
Corey and Landis need to read a bit better. cell phones is old news. today,he mentioned the fact that they are shutting off customers phone and internet service because of non payments and the level at what this is happening has been increasing dramatically the past few months. that is not old news! you mean to tell me that record numbers of at7t customers cannot pay the home phone bills and internet service bills is'nt a problem? wake up!
they are shutting off phone service and internet service because no one is paying their bills,not because they are using cell phones more or switching to new technology. thats why the market sold off. if the public is having a hard time with phone bills,how are they going to hold up the economy with their spending! how will they pay their morgage.
Your thread entitled "Here Is The Reason For the Sell-Off" was a bit late for those of us that trade/scalp in real-time. Hence, my comment that it was "old" news. As for AT&T specifically, I believe that consumers only account for less than 20% of AT&T's revenue.
as a trader,i agree with you. however,no matter how you slice it,if consumers are having trouble paying their phone and internet bill,thats a problem for the economy. as a trader i can care less but looking at the economy as a whole i see trouble.
I firmly believe at this point that the economy is in full recession mode. There's a reason that consumer staples will do better than the market in the coming months and theres a reason yields are as low as they are. The big government keeps spending like a teen gone wild on spring break and the printing presses will keep printing into oblivion. Meanwhile the FED heads will keep being a day late and a dollar short because they only know how to look in the rear view and not ahead. Even then it doesn't matter because they can only do so much to solve an unsolvable problem which will be a collapsing US economy. Months from now they will admit that the US is in recession. As for AT&T there are many reasons why they might be cancelling lines. More and more people are switching to cells only like they do in Europe where everything costs you a fortune including land lines or it could be they plan on not paying their phone bills just like they plan on not paying their mortgage, credit card bills, car bills, electrical bills, etc etc...