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A better-than-expected unemployment report Friday - job losses declined to the lowest level in six months - capped a week of encouraging news, including firmer home sales, a revival in consumer spending and fresh optimism about the biggest U.S. banks
The State’s revenues continued to deteriorate in April. Total General Fund revenues were down $1.89 billion (-16%) from the latest estimates found in the 2009-10 Budget Act.
U.S. Treasury Secretary Timothy Geithner said on Friday that the Obama administration will provide "substantial support" to troubled lender GMAC, a vital provider of financing for the domestic auto industry.
I consider these job losses to be depression level totals. Admittedly conditions are not as bad as the great depression, but this is certainly no ordinary recession by any economic measure...
Fannie Mae issued a grave warning about its future saying it needs $19 billion in additional government aid as job losses grow and risky loans made during the housing boom go bad at an unnerving pace. Already got a $15 billion bailout in March, warne
Forget about the bank stress test, which is all smoke and mirrors--watch Treasuries to see what is really happening in the economy.
California is running short on cash fast—$23 billion short. According to chief legislative budget analyst Mac Taylor, the Golden State may not have enough moolah to keep it going through July...
In addition the "birth-death adjustment" was +226,000, close to double the previous month. That's the computer model that "estimates" the number of jobs that are created in the economy but unreported.
The results of the stress test are due to be released at 5:00 PM to ensure minimum news cycle impact, and the Feds have released a statement on what to expect. By this point, there's been so much leaking and throat clearing, it almost seems like
The greater their failure, the bolder they become. The more they lose, the more they take. The greater the chaos, the more control they exact. The bigger they fail, the harder we fall.
I have never ceased wondering how many people lied to get a loan that they simply could not afford. This video explains how and why the bankers used this outrageous loan qualification process.
Some investors in 401(k) retirement funds who are moving to grab their money are finding they can't.
General Motors posted a $6 billion first-quarter loss and spent $10.2 billion more cash than it took in during the first 3 months of the year as revenue plummeted by $20 billion. Talk of the company going bankrupt scared some consumers away from buyi
[whoopie again] U.S. President Barack Obama, facing criticism over huge budget deficits, will propose on Thursday shaving $17 billion from a 2010 budget that will still hover around $3.5 trillion, administration officials said.
Some of the nation's largest banks will be scrambling to demonstrate that they can raise capital after results of government stress tests leaked out, showing many need more funds. The Treasury Department will officially release results later Thur
I warned you in July of '08... I'm doing it again.
The government will not require Bank of America Corp. to raise any new capital as a result of its stress test, although the company will be required to increase its holdings of common equity, the most dependable kind of capital, by about $35 billion
For now, the "bottom" is in -- that is, the bottom of this society's ability to process reality. It may continue for a month of so, even after the "stress test" for banks is finally let out of the massage parlor with a "h
Don't fall for it folks. $34 billion in dilution is $34 billion, no matter how it is achieved. BAC's current market cap (according to Yahoo Finance) is $70 billion (as of yesterday's close), meaning that you will be diluted by about 50%
Regulators have determined that Bank of America Corp. has the largest need for new capital among the 19 biggest U.S. banks subjected to stress tests, according to people familiar with the matter.
From time to time, a few members of Congress—as many as 10, sometimes fewer—gather with Rep. Ron Paul (R-TX) to eat lunch and hear from an author or expert whose opinion he thinks is worth promoting. They take notes. They ask questions.
The effect of this as disclosed would be that the existing common shareholders would have their holdings reduced in value to one percent of their current market value. So as of 4:00 PM today, your $1.85 stock price would be... drum roll please... $0.
Here is an interesting email from "Scott" who was denied a credit card from Capital One, on the basis of "worsening economic conditions" in his area. "Scott" says he has a FICO score of 800.
CIA Director Leon Panetta has some urgent advice for President Obama: Read “Clintonomics” and use it! Panetta’s advice is no secret. He is referring to a new book just out, “Clintonomics: How Bill Clinton Reengineered the Reagan Revolution,” (AMACO
Citi's roughly $500 billion in foreign deposits are a huge impediment to putting the bank into conservatorship. It seems inconceivable that Uncle Sam would guarantee those deposits, yet failure do so could have catastrophic consequences. A run...
China, wary of the troubled US economy, has already "canceled America's credit card" by cutting down purchases of debt, a US congressman said.
U.S. auto sales in April were on the road to plunging to their lowest levels in nearly 30 years according to sales reports released on Friday, the day after Chrysler LLC filed for bankruptcy.
Local banks have been shutting down in droves as the recession has made it harder for customers and businesses to pay their loans. Nearly every Friday so far this year, at least one bank has failed. Last week, four regional banks were shuttered.
The particular topic has not been disclosed, but we suspect it relates to the words funding, closures, and stress tests.
