An increasingly despondent Wall Street fell for the third straight session as investors absorbed another series of dismal corporate reports and news that the government won't buy banks' soured mortgage assets after all. The Dow Jones industri
It's exciting that the world is so excited about Barack Obama. I'm excited, too. That he achieved the presidency says something good about America. But the excitement also frightens me. It reinforces the worst impulse of the media and politic
Every once in a while in the world of economics an economic indicator will suddenly go crazy. One day the charts all look normal and easy to understand. The next day it suddenly launches into an entirely different world. What a massive swing in the i
Chip giant Intel Corp cut its fourth-quarter revenue forecast by about 14% citing weak demand across the world and in all its products, indicating the economic crisis is set to hurt computer sales in the holiday season and beyond. The shock warning h
Boat manufacturers, auto dealers, heating and plumbing contractors, insurance, S&L, credit cards, bond insurers, government contractors, ...
The economy faces a slump deeper than the Great Depression and a growing deficit threatens the credit of the United States itself, former Goldman Sachs chairman John Whitehead, said at the Reuters Global Finance Summit on Wednesday.
Today’s hype was just that…a non-starter ’solution’ that ultimately turns home owners into leveraged renters because banks refuse to reduce the principal balance. Until principal is waived for good, no solution will work.
Best Buy said sales at stores open at least a year slumped 7.6% last month following a 1.3% decline in September.
The U.S. downturn will be the longest in three decades, and the drought in consumer spending may be the worst ever, according to economists surveyed by Bloomberg News.
In this Fox News interview Gerald Celente predicts a depression greater than the one suffered by Americans in the 1930s. He goes on to predict that America will soon be called The First Undeveloped Country. Please watch this video
We are likely to see a "relief rally" somewhere here into the end of the year, then a grueling 2-year+ crash much as happened in 1930-32, culminating with somewhere between a 75 and 90% loss in the major indices, essentially destroying...
An absurd circular relationship: To finance the bailout, Washington must borrow from the banks, which are the recipients of the bailout. The US administration is financing its own indebtedness.
The Federal Reserve's role in the new rescue package for American International Group looks like a important step by the nation's central bank toward buying distressed assets, something it has tried to avoid doing throughout the financial cr
Although the price tag on the Treasury Department's Troubled Asset Relief Program is $700 billion, the full amount that the government has invested in its rescue effort for struggling financial institutions appears to be closer to $2.5 trillion.
Even as the company was pleading the federal government for another $40 billion dollars in loans, AIG sent top executives to a secret gathering at a luxury resort in Phoenix last week.
Wall Street got another dose of painful reality Tuesday and sent stocks diving as investors recognized that few industries are safe from the consumer spending slump — whether they're building homes, making cars or selling coffee. The Dow Jones in
Markets have yet to ``bottom'' while bond markets will be ``terrible'' for the next decade, Rogers, chairman of Singapore- based Rogers Holdings, said at a conference in Seoul today. Economic ``problems'' may persist until 201
The crisis contributed to pushing up cancellations and drove homebuyer confidence and the company's traffic and demand to record lows, the CEO said, pointing to "accelerating fears of job losses, a large decline in consumer spending, a signi
Ailing mall owner General Growth has $900 million in debt coming due Nov. 28 on two luxury malls on the Las Vegas strip. It has another $58 million in bonds due on Dec. 1.
Downey Financial Corp (DSL.N: Quote, Profile, Research, Stock Buzz), one of the largest specialists in "option" adjustable-rate mortgages, said on Monday its survival was in doubt because it may fail to raise enough capital to satisfy its r
If the plates fall we are going to have a very serious "event" in this country in the markets and in the economy - much worse than what we've seen to date. As in 10 million jobs lost almost all at once. A depression. A new leg down i
One of my primary arguments that the foreclosure crisis has a long way to go has to do with to the massive amount of negative equity in the hardest hit, most populated ‘bubble states’. The very states that added so much to the great wealth effect.
GM also said that Delphi Corp., its former parts operation that was spun off as a separate company in 1999, may not be able to emerge from Chapter 11 bankruptcy protection.
The U.S. Postal Service faces a serious financial shortfall that is accelerating reductions in its workforce and raising the possibility of the first-ever layoffs of career employees.
NEW YORK (AP) — Fewer U.S. customers and venti-sized costs for closing poorly performing stores led to lower sales and profit in the fourth quarter at Starbucks Corp., the company said Monday.
The Federal Reserve on Monday evening granted a request by American Express to become a bank holding company, giving it access to low-cost financing from the Fed.
The G20 meeting in Brazil exposed opposing views on how to regulate financial markets and the role institutions like the International Monetary Fund should play in overseeing a new global economic order.
Okay, so by now you are angry: Really, really angry. If you are like many Americans, this year you saw your home lose as much as 50% and many portfolios are down 60%.
Deutsche Bank also cut GM to "sell" from "hold," and saw an equity value of $0 for the stock, according to a report on theflyonthewall.com. Reuters could not immediately verify the report.
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.