Wall Street erased an early rally and sank Monday as enthusiasm fizzled about a $586 billion Chinese stimulus package and gave way to anxiety about how U.S. companies will survive a severe pullback in spending.
DHL Express, Deutsche Post AG's overnight-delivery unit, will abandon efforts to compete with United Parcel Service Inc. and FedEx Corp. in the U.S., firing 14,900 workers and closing three-fourths of its outlets. The unit's losses, reorganiz
TREND #1: Falling Tax revenues . Every month of job losses and every company that fails results in more lost tax revenue. In 2007, the government collected $2.568 trillion from taxpayers. It will be less this year and next.
Circuit City Stores Inc., the nation's second-biggest electronics retailer, filed for bankruptcy protection on Monday but plans to stay open for business as the busy holiday shopping season approaches.
President-elect Barack Obama plans to push ahead with a middle-class tax cut soon after taking office Rahm Emanuel said Obama would not postpone a tax increase for families earning more than $250,000 a year despite the deepening economic gloom.
The financial world was fixated on Capitol Hill as Congress battled over the Bush administration's request for a $700 billion bailout of the banking industry. The Treasury Dept. issued a 5-sentence notice that attracted almost no public attention
Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
WASHINGTON (AP) - Regulators shut down Houston-based Franklin Bank and Security Pacific Bank in Los Angeles on Friday, bringing the number of failures of federally insured banks this year to 19.
Sprint Nextel sealed 125 retail locations and will fire 4,000 employees. Wilson’s the Leather Experts plans to shut 158 stores. Bombay Company will close all 384 U.S.-based stores. Bankrupt KB Toys will close 356 stores. Whew!
Billionaire Warren Buffett's Berkshire Hathaway Inc. posted a fourth straight profit drop, the longest streak of quarterly declines in more than a decade, as hurricanes hurt returns at insurance operations and investments lost value.
The post-panic winners, even after the bailout, might be those firms — financial and otherwise — that have substantial cash reserves. A widespread consolidation of industries may be on the horizon, along with a nationalistic response...
Norm Miller, a real estate economist at the University of San Diego, says the governor's proposed foreclosure freeze isn't a good solution. He says it would just delay the inevitable correction the market needs to make if it is to recover.
Home prices are expected to reverse trend and increase 1.1% in 2009 and 5% in 2010, Yun said in his economic forecast.
The greatest area of danger here is that The Fed is in fact trying to catch not a falling knife but rather a falling piano. The idea that The Fed can prevent a debt deflation of this magnitude is pure folly, and increasing its leverage to 50:1
Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration
President-elect Barack Obama said Friday that the country is facing the greatest economic challenge of our lifetime and 'we're going to have to act swiftly to resolve it.' (Nov. 7) ('We Gotta' Do Something')
Lew Rockwell speaks at the Mises Supporters Summit
I remember when Merit Financial became the first mortgage company to make the Implode-O-Meter list in late 2006. You should really see that list now.
Payrolls shrink by 240,000 in October, 10th straight month of cuts. Unemployment soars to 6.5%
Looking into the first two quarters of 2009, even with its planned actions, the company's estimated liquidity will fall significantly short of that amount unless economic and automotive industry conditions significantly improve...
"There’s a significant amount of investor concern in the market. I think there’s certainly potential for further devaluation in the coming quarters."
City of Milwaukee residents overwhelmingly approved a binding referendum Tuesday that calls for private employers in the city to provide paid sick leave for all their workers, a measure strongly opposed by business leaders and Mayor Tom Barrett. The
October's decline marked the 10th straight month of payroll reductions, and government revisions showed that job losses in August and September turned out to be much deeper
Ford Motor Co., with U.S. sales shredded by the worst financial crisis since the Great Depression, posted a third-quarter operating loss of $2.98 billion. The company said it used up $7.7 billion in cash and would cut more salaried jobs.
``I've never seen so many bankers, lawyers, doctors and actors'' with valuable things to pawn, he said. He pointed to an 18-carat white gold bracelet with 69 diamonds ($2,900) and an 18-carat yellow gold Rolex Yachtmaster II (``a steal
Sales at the nation’s largest retailers fell off a cliff in October, casting fresh doubt on the survival of some chains and signaling that this will probably be the weakest Christmas shopping season in decades.
Chief executives of distressed US auto companies sought a $50 billion federal bailout to survive a financial crisis blamed on a worsening economy and the "near collapse" in demand for cars. The 3 executives took back stairways and side elev
Wall Street plunged for a second day, triggered by computer gear maker Cisco Systems warning of slumping demand and retailers reporting weak sales for October. Concerns about widespread economic weakness sent the major stock indexes down more than 4
The most comprehensive report on unregulated credit-default swaps didn't disclose bets in the section of the more than $47 trillion market that helped destroy American International Group Inc.