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The service sector, which often resists the grip of recession longer than other areas, accounted for more than half of the total losses, reflecting the rapid deterioration of the economy in recent months.
Gambling revenue in Las Vegas, the biggest betting center in the U.S., fell the most on record last year, causing declining sales at MGM Mirage, the owner of 10 casino resorts in the city.
To hell with reading my two articles...Read this instead. Documents the most drastic curtailment in public spending in American history.
The Obama administration is aiming to solve one of the toughest riddles at the heart of the financial crisis -- how to value the toxic assets weighing down the books of banks -- by setting up several funds to vie for these securities, sources familia
Fairly or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation’s economic crisis. So it may come as a surprise that a dozen former top Countrywide executives now stand to make millions from
The people on the other end of the line often have no legal obligation to assume the debt of a spouse, sibling or parent. But they take responsibility for it anyway.
If the secret to prosperity is simply to permit the government to spend money it doesn't have in any quantity our rulers can name on any project that pollutes their evil imaginations, why shouldn't they commission the construction of a huge f
In this short interview Michael Hudson draws comparisons between William the Conqueror and the Doomsday book with the conquest of the American economy. He states that we are being sold into a 100 years of debt slavery by Obama. Pre Magna Carta...
In the very near future, off-the-grid self-sufficiency will undoubtedly equal freedom.
General Electric is a stalwart of our financial and industrial system. A bankruptcy by GE would be catastrophic for our economy and capital markets. The follow-on damage with suppliers and customers would be even worse.
“Until we get the housing market corrected, confidence back on Wall Street and the credit flowing once again I’m afraid we’re going to be stuck”...
It was in fact, ground zero for the deepest housing delusion I have ever seen. It will make for interesting case studies for future consumer behavior research.
The damage will be evident later this month when the Federal Reserve reports on household wealth in the fourth quarter, which will pick up where the third quarter left off. At $56 trillion, it was some 12 percent below what it was during its peak in
The bond market is doing the equivalent of a death watch on several well-known companies, signaling the U.S. economy could be in for more pain as struggling firms renege on loan payments and possibly file for bankruptcy.
"The idea that you have too much debt, too much borrowing and too much consumption and you're going to solve that problem with more debt, more consumption and more borrowing? These people are nuts."
In the cult of the victim, honest dealers who fulfill contracts are criminals, and the defaulting party is the victim.
A Depression doesn't have to be Great — bread lines, rampant unemployment, a wipeout in the stock market. The economy can sink into a milder depression, the kind spelled with a lowercase "d." And it may be happening now.
This week, Congress and the administration once again showed their lack of economic understanding, as they ramped up spending to record levels. If spending was the solution, we never would have had a problem. During the last 8 years, we’ve
The Dow decreased 299.64 points, or 4.2 percent, to 6,763.29. The Standard & Poor’s 500 Index dropped 4.7 percent to 700.82, the lowest close since October 1996. Europe’s Dow Jones Stoxx 600 Index tumbled 5 percent
NEW YORK (AP) -- A relentless sell-off in the stock market Monday blew through barriers that would have been unthinkable just weeks ago, and investors warned there was no reason to believe buyers will return anytime soon.
The Dow is down more than 55% since it's all time high of over 14,000 in October of 2007, this is the largest correction since the Great Depression.
"I was one of most bearish people [but] the economy has surprised the bears on the downside," says Roubini of NYU's Stern School and RGE Monitor. "What's happening in the world now is scary."
[change] Stocks fell worldwide, sending Dow Jones below 7,000 for the first time since 1997, and Treasuries rose after Warren Buffett said the economy is in “shambles” and American International Group reported a $61.7 billion loss. Berkshire Hathaway
General Motors Corp., surviving with U.S. federal loans, needs government help worldwide to get through the worst automotive market since the end of World War II, Vice Chairman Robert Lutz said.
We either act now or suffer the consequences - the utter destruction of our middle class, a collapsed stock market with the DOW headed to 3,000 or worse and the S&P 500 headed into the 400 or lower range, unemployment topping 20% and GDP falling by 3
Citigroup may need to raise additional capital despite the U.S. government's move to bolster its capital base, said an analyst at Deutsche Bank, who sees a 2009 loss of about $4.5 billion for the company excluding any preferred share dividend pay
At least one insurer organization has raised the bigger question of whether the bailout is giving AIG an unfair advantage in the insurance market, and what impact that will have on healthier competitors in the long term. The point may be moot,
Reckless corporatism has plunged world economies toward another great depression
The mass mutiny at Grand Central Market provides a strong hint at what's coming.
And things could get worse. We now face a 1 in 3 chance that, if appropriate policies are not put in place, this ugly U-shaped recession may turn into a more virulent L-shaped near-depression or stag-deflation
