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Economy - Economics USA

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Reuters

Fannie Mae posted a much larger-than-expected second-quarter loss and slashed its dividend more than 85% to preserve capital as home loan defaults accelerated in the bleakest U.S. housing market since the Great Depression.

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Newsday

The social calendar is still a whirl of glamorous lawn parties, wine tastings, gallery openings, beach get-togethers and gala benefits in the Hamptons, the summer playground for the millionaire Learjet Set. But down at Town Hall, the local government

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Michael Shedlock / Mish

In the Stealth Depression, food stamps and food banks have replaced soup lines. Florida, Ohio, and Michigan are already in a depression. More states will follow. Looks are deceptive. Just ask those foreclosed on, those with no job...

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Lew Rockwell

Unfortunately, the "$10 trillion" number was produced by government accounting, which among other things allows one to ignore Social Security, Medicare, and the new prescription drug benefit. This is like ignoring rent, food, and utilities

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Christian Science Monitor

The Democratic-controlled Congress and the Bush administration have presided over a surge in new federal spending obligations that may be the most enduring legacy of the 110th Congress. From new entitlements such as a GI bill for military veterans to

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NY Times

The chief executive of the mortgage giant Freddie Mac rejected internal warnings that could have protected the company from some of the financial crises now engulfing it, according to more than two dozen current and former high-ranking executives and

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The Red Carpet blog

The Federal Reserve is the central Bank of the US that was created by Congress in 1913. Since then all other banks lost the authority to print and issue their own currency. However, they still can create money literally out of thin air

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Global Research

Cash-strapped US state and city governments are likely to sell or lease more highways, bridges, airports and other assets to investors desperate for stable returns after being frazzled by the credit crisis. The trend is set to pick up speed given wor

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realestateandhousing2.blogspot.com

Depression - Totally unavoidable. Bank on it. Well . . . you won’t be able to bank on it, but you can bet on it. We are not only headed for a Depression, but a violent Depression that will be far worse than 1929.

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McClatchy News

As politicians and policymakers in Washington struggle to control the damage from the housing crisis, the banks' credit crunch, $4 a gallon gasoline, rising food prices and mounting unemployment, bad economic news is beginning to bite in their ar

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Financial TImes

The cease-and-desist orders issued in June said the four banks needed to raise more capital, expand their loss allowances and better oversee and diversify their loan portfolios. A fifth bank was cited for violating consumer protection laws.

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Wall Street Journal

Since real-estate tanked, many new planned communities across the country are half-empty, with for-sale signs outnumbering residents by a large margin. Daily life in these developments seems a bit post-cataclysmic. Unfinished houses and vacant lots s

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FDIC

First Priority Bank, Bradenton, Florida, was closed today by the Commissioner of the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. It was immediately sold to

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Reuters

In another email, an S&P manager said ratings agencies were helping to create an "even bigger monster -- the CDO (collateralized debt obligation) market. Let's hope we are all wealthy and retired by the time this house of card falters."

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NY Times

Economists construed the tepid growth in the second quarter, combined with a surge in claims for unemployment benefits, as a clear indication that the economy remains mired in the weeds of a downturn. Many said the data increased the likelihood that

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Reuters

Banks borrowed a record amount of funds from the Federal Reserve in the latest week as the year old credit crisis took a persistent toll, while the commercial paper market continued to contract, signaling tough conditions for short term borrowers.

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