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Stock markets slumped more than 2 percent this morning after several major firms released first-quarter earnings and cautioned that the recession continues to weigh on consumers.
President Barack Obama convenes his first formal Cabinet meeting Monday and will ask department and agency chiefs to look for ways over the next 90 days to cut $100 million out of the federal budget. [laugh or cry?]
A fascinating new book by George Mason University Professor, Peter Leeson--"The Invisible Hook" (a play on Adam Smith's "Invisible Hand") demonstrates how the pirates' greedy self interest resulted in internally desirable
Celente takes an in-depth look at what AIG and Goldman Sachs really are and the people behind them; explains the policies of Obama’s administration, and the moral basis for a forthcoming new American Revolution.
President Obama’s top economic advisers have determined that they can shore up the nation’s banking system without having to ask Congress for more money any time soon. Critics would consider it a back door to nationalization, since the government cou
The chief economist for California's finance department, Howard Roth, said the state's unemployment rate hasn't been this high since reaching 11.7% in January 1941. The highest level on record in California is 14.7% in October 1940, he sa
In fact, his forecasting abilities and imprisonment have made him a cult figure among conspiracy theorists. He claimed to have developed a 32,000-variable super-computer based on his economic model, with "perhaps the largest economic database i
When you understand that the BIS pulls the strings of the world’s monetary system, you then understand that they have the ability to create a financial boom or bust in a country.
With his 401(k) in ruins, our correspondent visits investment gurus, hedge fund managers, and a freakish Arizona survivalist with one question in mind: How can the ordinary investor recover?
Wall Street's stunning 6-week rally has been fed by traders looking to take advantage of quick swings in the market than investors with a long-term view, NYSE Euronext CEO Duncan Niederauer said. The rally likely is to run out of steam
CONNECTING THE DOTS
The United States and most of the world’s trading nations find themselves in a self-imposed, suicidal feedback loop. It must be changed to a sustainable one.
Henry Ford never diversified, Bill Gates didn't diversify. The way to get rich is to put your eggs in one basket, but watch that basket very carefully. And make sure you have the right basket.
U.S. foreclosure activity leaped 46 percent in March from a year earlier, hitting a record high as programs stunting the torrid pace of failing mortgages expired
The number of people receiving jobless benefits exceeded 6 million for the first time, the government reported Thursday, and housing construction unexpectedly plunged to its second-lowest level on record — fresh evidence that the recession is far fro
“If we didn't do this, literally the state shuts down,” Martin said. “It's lights out.”
Continued claims are now at 6.02 million - the all time record.
Ending months of speculation, General Growth, along with 158 of its more than 200 U.S. malls, filed for Chapter 11 protection from creditors while it tries to restructure some of its debt
Initial data for the first quarter of 2009 showed 41 states reporting that overall tax collections were down 12.8% in January and February versus the same two months in 2008, the report said.
Michelle Muccio, the self-proclaimed Rebel Economist, is hot, sexy and smart--and a rising Libertarian Star.
As the Obama administration works to complete its stress tests for gauging the health of major banks, it could confront another problem: how to pay for shoring up any weaknesses the tests reveal.
Explain to me where the money to buy bad loans came from. Explain who is going to pay the principal on this money. Explain who is going to pay the interest on the principal. Explain why the banks could not fail? Explain why we are told to spend a
Read Letter
A list of 57 transportation projects totaling $625 million has been adopted by Caltrans as the first in line to receive federal infrastructure money. The projects include: $75 million to repave 3 miles(!!!!) of rough pavement on Interstate
Yet Prof Johnson makes a stronger point than this. He argues that the refusal of powerful institutions to admit losses – aided and abetted by a government in thrall to the “money-changers” – may make it impossible to escape from the crisis.
The 18th century gave us history's most momentous advance in the social sciences. I speak here of the Scottish Enlightenment, led by David Hume and Adam Smith. These thinkers were the first fully to grasp the fact that complex and productive soci
Industrial production is down 13.3% since the recession began in December 2007, the largest percentage decline since the end of World War II. ... Factory output has fallen 15.7% during the recession, also the largest decline since 1945-1946.
The declines have continued through the beginning of this year. In the first two months of 2009, the 41 states that have reported tax revenue saw total receipts decline 12.8%, versus the same period a year ago.
White House economic adviser Christina Romer said on Tuesday that the United States will experience continued job losses and a falling gross domestic product for several more months. "We know the economy's still sick. We know we've go
Within hours, the National Guard will roll into the cities of the United States, and Americans will find themselves penniless prisoners in their own country. Anyone who protests will be arrested or shot. Law will be dispensed at the end of military r
Roll the bones...Get Busy!
Dalton and Brandon bravely tell our Leaders what they really think of being saddled with 50 trillion dollars worth of entitlements. Have your kid tell the world on a nationally televised commercial that "It's not their debt!" our Leader
"Ninety per cent of Americans revolve their credit card lines," she said. "They use it as a piggy bank." As debt gets wrung out of the system, more people will be unable to handle the payments, credit card companies and financial
