The WSJ reports on a new report from First American CoreLogic that estimates 48% of homeowners with a mortgage in Nevada owe more than their homes are worth.
A merger between U.S. automakers General Motors Corp. and Chrysler is likely on hold until after next week's presidential election, as the U.S. Treasury Department said it will not provide the automakers with aid, the Detroit Free Press reported
The US economy contracted in the third quarter as panicked consumers slashed spending, data showed Thursday in the first downside leg of what analysts say could be a deep and nasty recession. (Depression???)
NEW YORK, Oct. 31 (UPI) -- Crude oil prices fell Friday morning on the New York Mercantile Exchange as economic worries spread.
Prosperity was ended not by chance but by design.
The American International Group is rapidly running through $123 billion in emergency lending provided by the Federal Reserve, raising questions about how a company claiming to be solvent in September developed such a big hole by October.
U.S. economy suffered its sharpest contraction in 7 years in the third quarter as consumers cut spending and businesses reduced investment at the onset of what may be a severe and long-lasting recession. (You mean "Depression?")
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 0.3 percent in the third quarter of 2008 ...
A broad array of businesses across the New York region have begun eliminating jobs by the thousands as the pain of the financial crisis spreads well beyond Wall Street.
Negotiators for the Treasury and Federal Deposit Insurance Corp. are nearing agreement on a plan to have the government guarantee the mortgages of millions of distressed homeowners in what would be a significant departure for the federal rescue progr
U.S. banks getting more than $163 billion from the Treasury Department for new lending are on pace to pay more than half of that sum to their shareholders, with government permission, over the next three years.
Banks may be required to offer interest rate relief for strapped homeowners. But it's unclear who will qualify and if the plan would put a dent in foreclosures
Our monetary system explained: Part 1 - Cartels Robbing the Public. Part 2 - How "Money" is Created. Part 3 - Money is Debt. Part 4 - Monetary Reform. Part 5 - Warning About the NWO.
Any more rate cuts would bring the funds rate to its lowest level since July 1958.
Following a two-day meeting that began Tuesday, the Fed announced it had cut its key interest rate by 50 basis points to 1%
In a move that has been the trademark of the market's volatility ever since Lehman Brothers' bankruptcy filing in mid-September, the Dow plunged more than 300 points in the last 12 minutes, dashing prospects for the first back-to-back
General Motors Corp., Alcoa Inc. and Caterpillar Inc. led gains in the Dow Jones Industrial Average after the Fed lowered the benchmark rate to 1 percent from 1.5 percent, matching a half-century low and in-line with the median forecast of economists
The central bank lowered its target for the federal funds rate _ which is the interest that banks charge on overnight loans _ to 1 percent. This is the second half-point reduction the federal funds rate this month.
Day by day, the dreams of hundreds of millions of people around the world are being smashed. It is a terrible thing to see from the sidelines. It is far worse to be a participant.
Now, the trendlines represented in these charts may not correspond perfectly, but if you look at them and conclude that confidence does not correlate with consumption, then I humbly suggest a trip to the optometrist.
Meanwhile, in the world of investment securities, the Securities and Exchange Commission greatly reduced the amount of their own capital investors were required to bring to the table, resulting in a huge increase in bank leveraging of speculative tra
Concluding its two-day meeting in Washington this afternoon, the agency is expected to slash a key interest rate, possibly down to 1 percent. The U.S. Treasury is this week investing directly in banks, hoping to encourage them to issue more loans.
By the time October sales (December closings) numbers come through we will likely be down more than 50% nominally and 60% in real prices - in LESS than 2 years. Amazing!
(They blew past the $2.99 by the election prediction that I made. Maybe we are in for $1.99 to make us feel better and eliminate the Alternative Energy threat.)
Memorandum dated November 4, 2008: Subject – Election Day. What Americans will decide today is either their reward or punishment tomorrow. The reward is survival against terror. The punishment is a painful economic backlash. It is a choi
The Treasury Dep't. has hired 2 big accounting firms to help keep tabs on the government's financial-industry rescue program, and once again certain basic elements of the deals are shrouded in secrecy. Pricewaterhouse, Ernst & Young
A important point missed in the discussion of unemployment figures is how they have been degraded over the years, with certain types of workers that used to be included in the labor pool now excluded from the "headline" unemployment figure
Public Enemy on the loose! After spending a weekend in jail -- without bail -- for the supposed crime of having a brown lawn, 66-year-old Joseph Prudente defiantly models the "Grandpa Gone Wild" novelty t-shirt his grandchildren bought in h
US equity markers were already having a very good day, even by the standards of recent high market volatility, where big snapbacks have become normal after sharps declines. But the very good day turned into a stunner after the announcement
This video won the Tax Foundation’s competition for best YouTube video explaining the problems with the corporate income tax. [thanks, Radley Balko]