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Goldman wasn't the only contributor to the systemic risk that nearly toppled the global financial markets, but it was the key contributor to the systemic risk posed by AIG's near bankruptcy. When it came to the credit derivatives,
"There are families not eating at the end of the month,” said the chief marketing officer at Wal-Mart, and “literally lining up at midnight” at Wal-Mart stores waiting to buy food when paychecks or government checks land in their accounts.
Every part of the sector – from multifamily apartment buildings to retail shopping centers, suburban office buildings, industrial facilities, and hotels – has accumulated a huge amount of defaulted or nonperforming paper. It’s an impossible, swaying
When the financial system blows up and credit is sucked down a capital-hole, the economy goes into a downward spiral. Businesses slash inventory and lay off workers, workers have to cut back on spending and credit. That creates less demand for produc
In this dark firmament, however, one bright star shines. The sole state to actually gain jobs is an unlikely candidate for the distinction: North Dakota. North Dakota is also one of only two states expected to meet their budgets in 2010. (The other i
A broad U.S. stocks rally sent the Dow industrials to a 13-month high on Monday, after the Group of 20 pledged to keep aid flowing to the world economy, strengthening investors' desire for risk. The agreement by G20 finance ministers and central
Governments are running breathtaking deficits…and accumulating alarming debts. Japan has a national debt of nearly 200% of its GDP. Where did that debt come from? It came from 20 years of trying to buy its way out of a slump with borrowed money.
"If statistics went back so far, the measure would almost certainly be at its highest level since the Great Depression," reporter David Leonhardt wrote in Friday's edition of The New York Times.
Today's release of the October jobs report showed the loss of another 190,000 jobs had pushed the official unemployment rate to 10.2%, only the second time since the Great Depression that unemployment was quoted in double digits
If I offered to give you $1.00 for very 90 cents you gave me in return, you would buy as many dollars from me as you could. The Fed operates the same way.
Freddie Mac's losses narrowed to $6.3 billion in the third quarter, but the government-controlled mortgage finance company didn't need a federal cash infusion. The McLean, Va.-based company has received about $51 billion since it was seized by federa
Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans. The Federal Deposit Insurance Corp. to
Join Charles Goyette for a number of important interviews about the coming currency crisis! The market price of both gold and oil confirm the dollar crisis. Now learn how a monetary crisis unfolds and how to protect yourself and your family from it
Central banks with trillions of dollars in reserves that are already stepping up euro and yen purchases will likely continue doing so in coming years, driven by worries over the stability of the greenback. A record U.S. budget gap and the rise of dyn
What’s the best way to get through a debt crisis? Straight through was our advice last week. For at least a thousand years, the business cycle went round and round without help from central bankers or economists. It is only since these geniuses have
The Cayman offering — one of perhaps dozens made through the British territory — occurred as Goldman began to ditch the subprime mortgage business before the U.S. housing market collapsed under an avalanche of homeowner defaults.
Warren Buffett's Berkshire Hathaway Inc will pay $26 billion to buy out railroad Burlington Northern Santa Fe Corp in what the billionaire investor called a bet on the U.S. economy. The deal, Buffett's biggest-ever acquisition, marks new interest
Goldman Sachs is proposing to buy millions of dollars in assets from struggling mortgage finance giant Fannie Mae, an offer a recent Treasury Department analysis found would not be advantageous for taxpayers, people familiar with the matter said.
The idea that the government of a major advanced country would default on its debt -- that is, tell lenders that it won't repay them all they're owed -- was, until recently, a preposterous proposition. Governments of rich countries are borrowing so m
White House economic adviser Lawrence Summers will lead a high-level meeting on Monday to discuss the state of the economy, job creation and ways to achieve sustainable growth and would include Cabinet officials from Treasury Secretary Timothy Geithn
CIT's move will wipe out current holders of its common and preferred stock. That means the US government(TAXPAYERS) will likely lose the $2.3 billion it sunk into CIT last year in return for preferred shares to prop up the ailing company.
DETROIT -- Chrysler Group LLC confirmed Saturday about 23,000 hourly workers will receive buyout offers as the auto maker continues trimming jobs amid planned plant closures and falling product demand.
All Hail Halloween - Jim Rogers and Marc Faber Agree - Don't Be a Vaccine Victim - Let the Greenback Prove Itself . We must break the Fed's stranglehold, says Ron Paul.
The housing market is so bad you can't even give away homes these days. Officials in suburban Barrington put three homes up for a sale at just a dollar a piece - a dollar! - and didn't get a single bidder. A dollar!
U.S. authorities seized nine failed banks on Friday, the most in a single day since the financial crisis began and the latest stark sign that substantial parts of the nation's banking industry are being crippled by bad loans. The move brought the
Government doesn’t “create” jobs, nor does it “save” them. It doesn’t perform miracles. Rather, it performs stage magic. It makes things — things like money and jobs — disappear.
The basic definition of a disaster, as defined by a country is the inability of the police, social service, medical and government to protect the citizens of the nation, county, city or neighborhood. This means that none of the above have
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U.S. stocks tumbled the most since July after declines in personal spending and consumer confidence and the threat of a CIT Group Inc. bankruptcy raised concern over the durability of the economic recovery. The dollar and Treasuries gained, while com
The White House promised that new figures showing progress in President Barack Obama's economic recovery plan will be more accurate as it aggressively defended an earlier faulty count that overstated by thousands the jobs created or saved so far.
