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Economy - Economics USA

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MoneyCentral.MSM.com

If we stop attempting to bypass the creative destruction of capitalism, we will finally be able to bring about a recovery built on a solid foundation instead of the quicksand underlying the 2003-7"recovery"....

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OnlineJournal.com

In fact, real estate is quickly becoming the leper at the birthday party; everyone is staying away. That means that prices will fall -- and more rapidly than anyone imagined. The blood is in the water.

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Mike

Cash strapped consumers are increasingly turning to charge cards and home equity lines to support consumption. Some Debt Trends Are Good. This Isn’t One of Them. The trend towards treating credit card like ATMs is not going to end well for either the

News Link • Global Reported By Mike Shedlock
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CalculatedRisk.blogspot.com

The percentage of option ARMs with payments behind by at least 60 days in California is in double digits in the Inland Empire, San Diego County, Santa Barbara County, Sacramento, Salinas and Modesto....

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Mike

The Chicago Tribune is telling a story that's happening about 60 minutes from where I live, in booming Will County Illinois where miles and miles of cornfields were turned into miles and miles of houses. It had to end and so it did. Now many are

News Link • Global Reported By Mike Shedlock
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Financial Times

The US is at risk of losing its top-notch triple-A credit rating within a decade unless it takes radical action to curb soaring healthcare and social security spending, Moody's, the credit rating agency, said yesterday.

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Michael Shedlock / Mish

Furthermore, we can be 100% sure why home prices are falling: Psychology of lenders and borrowers changed dramatically and there is a mammoth supply of housing relative to demand.

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AFP

"The low purchase price suggests to us that Bank of America is being paid for taking risk in a deteriorating mortgage environment and that losses in Countrywide's mortgage book may be greater than we estimated," investment bank Morgan S

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AP

Gold futures rose above $900 an ounce for the first time Friday, as high oil prices, a weak dollar and fears of a U.S. recession led uneasy investors to keep buying the precious metal. An ounce of gold for February delivery on the New York Mercantile

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Mike

For the Fed to admit the problems it did on Thursday is a further admission that things are going to get worse. It's risky to apply messages to any stock market action, but perhaps that is the message behind "the finger". Euphoria over

News Link • Global Reported By Mike Shedlock
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AsiaTimes.com

"... and his whole captive form folded in the flag of Ahab, went down with his ship". He may not be dismasted by the Islamic whale, yet like his neo-conservative friends, he may spit his last breath at them.

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Michael Shedlock / Mish

M1 has not grown one dollar since the Fed first eased the discount rate last summer and the YOY pace is running at 1.4%.

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News.Yahoo.com

Goldman Sachs on Wednesday said it expects the U.S. economy to drop into recession this year, prompting the Federal Reserve to slash benchmark lending rates to 2.5 percent by the third quarter.

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Telegraph.co.uk

Mr Bush convened the so-called Plunge Protection Team for its first known meeting in the Oval Office. The black arts unit - officially the President's Working Group on Financial Markets....

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Populist Party

"Central banking is perhaps the most brilliant scam ever perpetrated, and the U.S. Federal Reserve stands as the most successful of all central banks in history. The Fed is able to transfer wealth away from the people who earned it, and into the

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Michael Shedlock / Mish

This Ponzi scheme of repetitive bubble blowing is imploding now. History shows that once confidence is lost in the Ponzi scheme by either the lenders or borrowers, it is all over. Well guess what: It's all over.

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Bloomberg.com

"I hope by the end of this year all of my assets will be out of the U.S. dollar,'' Rogers said. "The dollar is a currency that's terribly flawed and it's going to be under duress for many years to come.''

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Michael Shedlock / Mish

It's a safe bet that several of the companies above will go bankrupt or be taken into receivership. The amount of capital destroyed already has been immense.

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Yahoo News

NEW DELHI - In yet another troubling sign for the greenback, at least one of the seven wonders of the world is now off limits if you have only U.S. currency in your pocket.

News Link • Global Reported By Chip Saunders
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Reuters

More steps by Congress and the Bush administration are likely needed to stabilize the imploding U.S. housing market, a senior White House official said, as more signs of distress appear. Early last month, President George W. Bush unveiled a plan t

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www.foxnews.com/

This past December, the United States settled a trade dispute with Canada, Europe, and Japan over the recently enacted Unlawful Internet Gambling Enforcement Act. The problem is that the law carves out exemptions for some forms of gambling, such as

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