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This is the story we’ve been telling here at The Daily Reckoning for two years. Americans have to cut back. They are out of time and out of money. Ten years closer to retirement than they were in before the tech stock crash, Baby Boomers are not a pe
Another insult to long suffering Chicago Cubs fans.
A report last week in The Independent claiming that China, Russia and Gulf States are among nations prepared to ditch the dollar for oil trades has heightened the uncertainty surrounding the US currency's future.
Oct. 12 (Bloomberg) -- Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades.
Job separations outpaced new hires in August. The report showed that roughly 4.27 million people quit, retired or were laid off in August. The data underscore the big hurdles still facing the economy. With wages stagnant and employers still cuttin
#4 The Failure of Obama's Economic Forecasters (Many high level visitors.)#6 Matt Taibbi Reports on Naked Short Selling, and Gets Caught with His Pants Down (This post was featured at Huffington Post) #7 Goldman Sachs No Longer a Bank Holding Comp
If you hold a Discover credit card, you're in luck -- the company has decided to freeze interest-rate hikes until a new credit card consumer protection bill takes effect in February.
"The next bubble that I see developing is in the United States government bond market. It is inconceivable to me that anybody would lend money to the U.S. government for 30 years in U.S. dollars at 3 to 6 percent interest rate," he said.
Meanwhile, Americans’ per capita wealth has fallen from $172,000 in September from $212,000 two years earlier. And the UN reports that the quality of life in America has gone down too…from #5 on its list in 2000, it fell to #13 in 2007. No doubt it i
General Motors announced Friday it had finalized plans to sell control of its iconic Hummer brand to a Chinese heavy equipment maker, pending approval from the U.S. and Chinese governments. While Hummer will be controlled by two Chinese automaker
even short steps to the cost of living doubling or more inside 3 years... HYPERINFLATION is widely accepted as a period of out of control price rises, doubling the cost of living inside three years.
"It's crazy. It's really just unbelievable," said Scott Pattison, executive director of the National Association of State Budget Officers, who called the states' revenue situations "close to unprecedented."
Billionaire investor Carl Ichan gets it. He sees the volatile nature of the current markets, and the potential for a double-dip recession.
On October 6th, NewsHour with Jim Lehrer aired an episode covering the commercial real estate meltdown currently taking place in New York City. They so reasonably refer to the $3.5 trillion in outstanding commercial real estate debt as potentially th
Several bills would issue extra payments to the more than 50 million Social Security recipients, to make up for the lack of a cost-of-living increase next year. One bill would set the one-time payments at $250, matching the amount paid to Social Secu
The U.S. taxpayers' investments in smaller banks are increasingly at risk. In a sign that more banks are under great pressure from the recession, 34 financial institutions did not pay their quarterly dividends in August to the Treasury on funds ob
For months I have been warning readers to pay close attention to what has been happening behind the scenes in the financial sector of the country. My sources have issued several clear warnings concerning the volatility of the markets and the precari
It’s the biggest mystery in global finance right now: Who conducted a sneak attack on the U.S. dollar this week? It began with a thinly sourced but highly explosive report Monday in a British newspaper: Arab oil sheiks are conspiring with the Russ
One participant says its like 3 or 4 welfare offices at one time! Scuffles erupted as several thousand Detroit residents jockeyed, pushed and shoved Wednesday to get free money being offered to only 3,500 of the city's recently or soon to be homeless
Yesterday was another exciting day on Wall Street. The Dow rose 131 points…and gold shot up $25 to a new record, $1043.Investors must be pondering the future. What will the future look like? No one knows.
The U.S. government spent a record $1.4 trillion more than it collected in the fiscal year ended September 30, congressional analysts said. Bank bailouts, stimulus spending and declining tax revenues due to a deep recession led the government to post
Thousands hoping to get applications for federal help on rent and utility bills turned Cobo Center into a chaotic scene today. They came by foot, wheelchair, bicycle and car. About six left by ambulance after tensions rose and people were trampled.
Some of the world's biggest companies and U.S. market watchdogs locked horns on legislation to regulate the opaque $450 trillion private swaps market. Large companies that use derivatives to hedge their risk and federal market regulators pushe
U.S. financial advisors are due for upheaval as baby boomers, controlling $10 trillion in assets, reach retirement age and shift their investment priorities. Baby boomers will move the industry's main client goal from one from accumulation -- investi
United States is a stockholder of MERS
"Everyone is going to have to come to terms with the fact that we are going to save more in the United States," Geithner said. "If the U.S. starts saving more, that changes the whole world's economic reality," he said. Geithner said China was already
When Mish went after Schiff I guess he put himself on the firing line. Denninger has been getting hotter under the collar for a while now and now Mish is in his cross-hairs. Karl thinks we're all hard-money morons.
David Brooks might believe it's Mr. Bentham and Mr. Hume who represent the choices we face in this nation on issue after issue. I believe it's Mr. Hoover and Jim.
Banks in the U.S. "are slow" to take losses on their commercial real-estate loans being battered by slumping property values and rental payments, according to a Federal Reserve presentation to banking regulators last month.
More proof that the commercial real estate crash is coming: hotel foreclosures in California have more than tripled in the first nine months of this year,
