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California is a microcosm of the entire United States. The most populace state with a GDP of $1.8 trillion, much of what happens in California does spread throughout the country. California’s employment situation is deteriorating at a breathtaking
The recession tightened its grip on U.S. businesses and consumers in February, according to economists, who are predicting the largest one-month job loss in almost 60 years.
Granted, its in one of the most economically devastated regions of the country, but still — that data point is amazing.
The banks are carrying second-lien loans at par and have hundreds of billions of dollars of them. We just bought some at 33 cents on the dollar in the market. If they turn out to be worth 33, every bank would collapse.
When this crisis started to unfold, I thought “Hmmm.” Something about this stinks, and chances are, if it smells like bulls**t it probably is. To quote Alex Jones on his radio show the other day, “It starts with investigating one lie and a whole un
Rather, the plan is to repudiate the bondholders, step by step, boiling each frog in order, hoping to minimize the fallout from foreign bondholders.
“That’s the heart of why these companies are trading where they are,” Friedman Billings Ramsey & Co. analyst Scott Valentin said in an interview. “Technically, if you mark-to- market the entire balance sheet, most of these banks are insolvent.”
While Buffett and business partner Charlie Munger can’t predict how stocks will perform in 2009, they’re certain “that the economy will be in shambles throughout 2009 - and, for that matter, probably well beyond,” he wrote.
The Obama administration pushed through a provision in the $787 billion stimulus package that gives an oversight panel headed by a White House nominee powers to ask that independent watchdogs call off their investigations.
The economy is spiraling down at an accelerating pace, threatening to undermine the Obama administration’s spending plans, which anticipate vigorous rates of growth in years to come.
The S&P 500 closed at 735 or so. The low in 1997 was 737.01.
He has hired people who are part of the problem. ...These are people [Geithner and Summers] who think the only solution is to save their friends on Wall Street rather than to save 300 million Americans.
The communists guiding the world's economies have to destroy individual initiative and its image. Among their tools are illegal property confiscation and spurious accusations of greediness. The commies need correction.
The U.S. economy shrank in the fourth quarter at a faster pace than previously estimated as consumer spending plunged, companies cut inventories and exports sank.
The budget that President Obama proposed on Thursday is nothing less than an attempt to end a three-decade era of economic policy dominated by the ideas of Ronald Reagan and his supporters.
Judge Napolitano interviews Ron Paul, Peter Schiff, Rep. Walter Jones and Glenn Beck on the economic crisis. (video parts 1 - 6 links)
EUROPE IS FATED TO BE NOTHING MORE THAN THE SOURCE OF HOUSEBOYS AND MAIDS FOR THIE CHINESE IN THE NEXT GENERATION!
Jim Rogers doesn't have much hope for the US economy. He says short stocks and divest dollars soon. Civil unrest is likely in the US. Buy commodities and farm if you can. 2/24/2009
In the week ending Feb. 21, the advance figure for seasonally adjusted initial claims was 667,000, an increase of 36,000 from the previous week's revised figure of 631,000
For 96 years Americans accepted illegal income redistribution with barely a peep, but now that wealth redistribution is in $800 billion bundles, the socialism is fully recognized. What new insights will $600 trillion bring to this awakening, retarde
A mandatory cap on the nation's greenhouse gas emissions, which President Obama embraced as central to his domestic agenda, would be designed to generate revenue for the government while addressing the world's most pressing issue.
President Obama will propose further tax increases on the affluent to help pay for his promise to make health care more accessible and affordable, calling for stricter limits on the benefits of itemized deductions taken by the wealthiest households
Washington, D.C. is not only largely escaping the recession, the D.C. metro area has become the wealthiest region in the country—a troubling development, given that the largest employer and chief industry here is government.
Harvard economic historian Niall Ferguson predicts prolonged financial hardship, even civil war, before the ‘Great Recession' ends
From Lisa Ling at KCET. Last year she did an excellent report "Foreclosure Alley". If you missed that one, it is worth watching ... This video gives you a good idea how quickly the life of a family can be ripped apart.
This second round is merely a flushing of cash into government programs and fixes little. It does not restore the collapsed credit system. Firstly, the US government must intervene to rewrite all outstanding mortgage contracts to properly release
The Conference Board’s index declined more than forecast to 25 this month, the lowest level since data began in 1967, from a January reading of 37.4, the New York-based research group said today
Here, take the keys. Make sure you don't park it too close to the other cars.
The Obama administration revamped the terms of its emergency aid to troubled financial firms, setting a course that could culminate with the government nationalizing some of the country's largest banks by taking a controlling ownership stake.
“The black swan for me would be for us to emerge out of this unscathed and return to normalcy,” Taleb said. Compared with the Great Depression, this crisis is “very different, and it requires much more drastic action.”
