Dow Ends At Lowest Close In More Than 6 Years
• Yahoo! News and Yahoo! FinanceThe blue chips broke through a psychological barrier established in November to close at their lowest level since Oct. 9, 2002, the last bear market low.
Contents Pages by Subject
Economy - Economics USA
I'm Trying to Help, America, But You're Making it Hard
Brock LorberBeing a good, patriotic American apparently means doing something with your money. No, not that, something else.
BofA, AmEx May Suffer Catastrophic Credit Card Defaults in 2009
• Bloomberg.com“There’s never been a lender of that scale in this predicament,” Robertson said in an interview. “Portfolios that have been required to sell themselves to a lender because they’ve gone underwater have been far smaller.”
Unemployment Claims: Continued Claims Almost 5 Million
• Calculatedriskblog.comIn the week ending Feb. 14, the advance figure for seasonally adjusted initial claims was 627,000, unchanged from the previous week's revised figure of 627,000.
Manhunt: Accused Financier Scammer Stanford Missing
• ABC NewsTexas financier R. Allen Stanford is accused of cheating 50,000 customers out of $8 billion dollars but despite raids of his financial empire in Houston, Memphis, and Tupelo, Miss., federal authorities say they do not know the current whereabouts of
The maestro and the meltdown
• PolticoAlan Greenspan had some explaining to do. In 2000, The Washington Post’s Bob Woodward published a biography of the chairman of the Federal Reserve Board entitled “Maestro,” with the cover image portraying Greenspan in full oracle mode: testifying
GOP governors consider turning down stimulus money
• APA handful of Republican governors are considering turning down some money from the federal stimulus package, a move opponents say puts conservative ideology ahead of the needs of constituents struggling with record foreclosures and soaring unemployme
Warren Buffett Watch: The Oracle Sells America
• TheStreet.comHe sold more than half of his 52 million shares of Johnson & Johnson and he sold it at a 20-year low relative to its yield. That doesn't sound like "Buy America." That sounds like "Sell America."
Michael Shedlock: The Nationalization Train Has Left The Station
• Michael Shedlock / MishThis is not the first time in history that banks are keeling over, and won't be the last time, especially if we have a Fed attempting to micromanage the economy. Sure, it's going to be painful, but it's only going to be painful ONCE.
Swift, Steep Downturn Crosses Globe
• Washington PostThe sell-off came despite the signing of the $787 billion stimulus package by President Obama and as auto executives faced a deadline to submit restructuring plans to the federal government after receiving billions in bailout money.
Dow Drops Almost 4%
• NY TimesWorries about the deteriorating financial situation in countries like Romania and Hungary led to a huge sell-off that began overseas and crashed ashore on Wall Street. Every sector sank, with financial stocks leading the way and energy companies fall
Recession will be worst since 1930s, Greenspan says
• ReutersFormer U.S. Federal Reserve Chairman Alan Greenspan said on Tuesday the current global recession will "surely be the longest and deepest" since the 1930s and more government rescue funds are needed to stabilize the U.S. financial system.
U.S. Accuses Texas Financial Firm of $8 Billion Fraud
• NY TimesIn Texas, Robert Allen Stanford was just another wealthy financier. But in the breezy money haven of Antigua, he was lord of an influential financial fief, decorated with a knighthood, courted by government officials and basking in the spotlight of s
GM, Chrysler to seek more govt aid, cut jobs
• APGM said it could need up to $30 billion from the Treasury Department, up from a previous estimate of $18 billion. That includes $13.4 billion previously allocated and $91. billion in new loans. The world's largest automaker said it could run out
More Cliff Diving: "Four Bad Bear Markets"
• Calculatedriskblog.comDOW off 298 points (3.8%) S&P 500 off 38 points (4.6%) NASDAQ off 64 points (about 4.1%)
Worst Is Yet to Come: Americans Standard of Living Permanently Changed
• finance.yahoo.com/An $8 trillion negative wealth effect from declining home values. A $10 trillion negative wealth effect from weakened capital markets. A $14 trillion consumer debt load amid "exploding unemployment"
Kansas suspends income tax refunds; may miss payroll
• By JOHN HANNADon't hold your breath if Kansas owes you money. Kansas suspends income tax refunds, may miss payroll.
Michael Shedlock: Sales Tax Time Bomb Explodes
• Michael Shedlock / MishStates are facing a great fiscal crisis. Combined budget gaps for the remainder of this fiscal year and state fiscal years 2010 and 2011 are estimated to total more than $350 billion.
Economy Strains Under Weight of Unsold Items
• Washington PostThe unsold cars and trucks piling up at dealerships and assembly lines as consumers cut back and auto companies scramble for federal aid are just one sign of a major problem hurting the economy and only likely to get worse. The world is suddenly a
Government pension agency braces for recession
• APThe deepening recession spells trouble for a little-known government corporation that insures the pensions of 44 million workers and retirees. The Pension Benefit Guaranty Corp. already has an $11 billion deficit that seems sure to grow larger
Clinton Says Don't Blame Him for the Economic Crisis
• TimeGiven the sweep and severity of today's global economic crisis, it would seem there's plenty of blame to go around. But Bill Clinton doesn't think any of it should fall on his shoulders.
Trump Entertainment may file bankruptcy
• ReutersTrump Entertainment Resorts Inc, Donald Trump's casino group, is expected to file Tuesday for bankruptcy, The Wall Street Journal reported. The company's board was scheduled to meet late Monday night to decide whether to authorize the fili
Schwarzenegger Prepares to Layoff 20,000
• Calculatedriskblog.comIn an apparent effort to increase pressure on lawmakers negotiating an end to California's fiscal crisis, Gov. Arnold Schwarzenegger is preparing to send pink slips to 20,000 state workers.
Meredith Whitney: Banks Will be on Life Support For 18-20 Months
• YouTube.comIn this 20 minute Bloomberg interview, Meredith Whitney talks about how a Bad Bank would affect lending, the difficulty of pricing toxic assets, and the fact that we are only half the way through the banks withdrawing liquidity from the system.
Taleb on Stock Market: "The way it's working now it's going to break"
• YouTube.comNassim Taleb is worried, he thinks that the world is irrational, doesn't learn from mistakes and is riddled with fraud. But it's what he has to say about retiree pensions that should make people sit up and take notice.
Foreclosed $1.6 Million Homes Thrashed by Former Owners
• YouTube.comJim the Realtor made this 4 minute video in Chula Vista, California.
Federal and State governments short $1.7 trillion to pay retirees' healthcare
• Rawstory.comThe shortfall needed to pay civil servants' retiree benefits -- split between the federal government and US states -- is a whopping $1.7 trillion, according to an estimate released Monday.
Toxic Plans for Toxic Assets
Stephen LendmanToxic Obama administration plans assure deeper economic crisis ahead.
Federal obligations exceed world GDP
• WorldNetDailyDoes $65.5 trillion terrify anyone yet?
Committee on Doubt and Uncertainty
• Wall Street Journal[Investors] need reassurance that our capital markets operate with a consistent set of rules. The Committee on Doubt and Uncertainty offered only the assurance that the rules will keep changing.
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