Recession fears send global shares tumbling
• business.timesonline.co.ukInterest rate cuts, designed to bolster investor confidence, failed to stop world stock markets from sliding today as the prospect of recession hung over Europe and the US.
Contents Pages by Subject
Economy - Economics USA
International Forecaster November 2008 (#1) - Gold, Silver, Economy + More
• Bob Chapman, The International ForecasterThree good reasons why gold is not performing as it should: First reason: manipulation. Second reason: rampant manipulation. Third Reason: incessant, nonstop, unabated, fiendish manipulation.
Las Vegas Sands Plunges on Default, Bankruptcy Risk
• Bloomberg.comLas Vegas Sands' rush to raise capital ``points to the deterioration of fundamentals, not just for the company, the fundamentals of Las Vegas,'' said Dennis Farrell, a debt analyst with Wachovia
California: Schwarzenegger Calls for Tax Increases, Budget Cuts
• CalculatedRisk.blogspot.comGov. Arnold Schwarzenegger unveiled a plan today for a steep sales tax increase, new levies on alcoholic drinks and the oil industry, and deep cuts in services to wipe out a budget shortfall that is expected to swell to more than $24 billion by the m
Honeywell Aerospace Layoffs!
• Broc Lee the BlogYep, 420+ Phoenix residents will soon be in the unemployment line as their jobs have been shipped overseas to Indonesia and Malaysia starting late this year. (Honeywell is having company wide meeting TODAY!)
Meredith Whitney on Banking - "Wells Fargo $20 Per Share"
• MrMortgage.ml-implode.comMeredith Whitney spoke to Maria from the trading floor. She was sharp as usual, talking about the banks. She gave her predictions for the future of the financials and was especially poignant on Wells Fargo, predicting $20 per share.
Collapse of US auto sales points to deep recession
• www.wsws.orgSales of new vehicles in the US plummeted in October as consumers—hit by growing unemployment, falling income and tighter credit—sharply reduced purchases of cars and trucks. Sales fell by a staggering 31.9 percent last month over the previous year i
Robert Shiller: "Worst Times Ahead"
• CalculatedRisk.blogspot.com"This is not a run of the mill recession that we are in. This is a crisis of confidence that we haven't seen since the Great Depression.
Stocks plunge on Obama presidency
• APA case of post-election nerves sent stocks plunging Wednesday as investors, again anxious about a recession, began questioning what impact a Barack Obama presidency will have on business and the overall economy. Dow Jones dropped 486 points and the m
Private sector cuts 157,000 jobs in October
• Reuters.comU.S. private employers cut a larger-than-expected 157,000 jobs in October and the labor market will worsen in the months ahead, according to a report on wednesday by a private employment service.
General Motors "Time Is Very Short" for U.S. aid
• Bloomberg.com``The consequences of a collapse by GM or all three would be very severe,'' he said. ``The impact would be widespread,'' with jobs lost by the companies and their suppliers.
Peter Schiff: What President Obama means for the economy
• HousingDoom.comHere’s Peter Schiff yesterday on what he feels what having Obama as president means for the economy:
The Moral Hazard of Regulation<br>by Ron Paul
Powell GammillSince the bailout bill passed, I have been frequently disturbed to hear "experts" wrongly blaming the free market for our recent economic problems and calling for more regulation. In fact, further regulation can only make things worse.
Jim Rogers Says Markets May Go `A Lot Further Down'
• Bloomberg.com
Main Stream Media: Unrelenting Bullishness
• Michael Shedlock / MishMarketWatch, the Wall Street Journal, Hussman, MSNBC, and Barron's are all bullish on the stock market. That is pretty amazing optimism in the face of the collapse we have seen. Is such optimism warranted?
All is Well in The Stepford Stock Market Thanks To The Plunge Protection Team
• WebofDebt.com“[T]he market is being told loud and clear that Washington will not allow the country’s financial institutions to bear the consequences of their behavior. This may well be Bush’s most creative innovation: no-risk capitalism. . . .
Election Day on LewRockwell.com
Ernest Hancock"Fed Chairmen I've Known (and Fought)" Podcast of Ron Paul's talk at the Mises Institute. - "The Moral Hazard of Regulation" Ron Paul on how it really works. - "Why Ron Paul Didn't Win" But can. Article by Mi
Gov't to borrow a record $550B in current quarter (that's three months!)
• APThe government will borrow a record $550 billion in the current quarter as it scrambles to fund the huge rescue programs being put in place to deal [or steal] with the worst financial crisis in seven decades.
Worst Month Since WWII: GM U.S. October Sales Crash 45.1 Percent
• CalculatedRisk.blogspot.comThe WSJ in a headline quoted GM executive Mark LaNeve as saying October was "probably worst industry sales month in the post-WWII era."
Ford: Auto sales fall 30 percent in October
• CalculatedRisk.blogspot.comFord Motor Co. ... said its U.S. sales fell 30 percent in October, the 23rd decline in the past 24 months. And Ford is probably in the best shape of the U.S. automakers.
Circuit City Announces Closure of 155 Stores
• CalculatedRisk.blogspot.comDue in part to its deteriorating liquidity position and the continued weak macroeconomic environment, the company has decided to take certain restructuring actions immediately, including closing 155 domestic segment stores...
More from the Front Lines of the Financial Crisis
Stephen LendmanThe worst is yet to come.
Bill Fleckenstein: The Economic Crisis is Still Taking Batting Practice
• moneycentral.msn.comTo return to baseball metaphors: As I said earlier, I believe the credit crisis is probably in the eighth inning. The economic crisis is still taking batting practice. As far as the funding crisis goes, I don't think folks even realize that game
MISH: Pension Time Bomb Explodes In US and Canada
• Global Economic AnalysisThe ticking time bomb of over-promised, underfunded public pension plans has finally exploded. 40% of pension plans are underfunded and that assumes future returns of 8% annually. Good luck with that. Now think how bad things will be if the S&P drops
Byways and Tribal Capitalism
• LondonBanker.blogspot.comWhether a Neolithic tribe, a Celtic settlement, the mighty Roman Empire or the Soviet Union, history proves that a tendency to excess expropriation by the state undermines any incentive to investment and surplus production.
Ron Paul on Alan Greenspan
Ernest Hancock10/23/2008 Fox & 10/24/2008 CNN
Coming Soon: Congress Is Back With ‘Stimulus-2′
• PrisonPlanet.comWith recession a reality not a perception and consumer confidence at a record low—the package may be bigger and broader. But that doesn’t mean it will be any wiser or more likely to leave a lasting impression on the nation’s economy or psyche of cons
Specter of Deflation Lurks as Global Demand Drops
• NY TimesThe new worry is that in the worst case, the end of inflation may be the beginning of something malevolent: consumers and businesses worldwide lose the wherewithal to buy, sending prices down. [EVERYBODY PANIC!]
Evidence of a recession piles higher with new data
• APEvidence of a recession piled ever higher Friday, with new figures showing Americans are spending less and gloomy about the economy, while the government signaled it won't buy stock in the financing arms of auto companies to prop them up.
Washington Post Q3 Profits Drop 86 Percent
• WiredThe Washington Post Co. reported a massive 86 percent decline in third quarter earnings today compared to last year.
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