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Economy - Economics USA

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AP

Jarred by new jobless alarms, Congress raced to approve legislation Thursday to keep unemployment checks flowing through the December holidays and into the new year for a million or more laid-off Americans whose benefits are running out.

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Market-Ticker.denninger.net

The credit market is telling you that we are headed for an S&P 500 trading at three hundred and a DOW at under three thousand. That we are headed for unemployment north of 20% on the U6 (broad) measure, and GDP contraction of 20%...

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Ap

[and you thought it was over] Democratic leaders in Congress sidetracked legislation to bail out the auto industry today and demanded the Big Three develop a plan assuring the money would make them economically viable. As a result, the fate of hundre

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CBS / Declan McCullagh

Bailing out companies that lose money on every vehicle they manufacture and cannot adapt to changing market conditions is not merely necessary in today's economic climate -- it's the American way.

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CalculatedRisk.blogspot.com

This chart gives you a sense of how far the market has fallen and how far it could fall. Click on the chart to enlarge.

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NY Times

Stung by outsize investment losses, some of the nation’s biggest companies are pushing Congress to roll back rules requiring them to put more money into their pension funds, just 2 years after Bush signed a law meant to strengthen the pension system.

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AP

Wall Street hit levels not seen since 2003 on Wednesday, with the Dow Jones industrial average plunging below the 8,000 mark amid a dour economic outlook from the Federal Reserve and worries over the fate of Detroit's three automakers.

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LAtimes.com

Prices were dragged down by the large number of foreclosed homes on the market. For the first time since the slump began, repossessed properties in October accounted for more than half of residences sold.

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CalculatedRisk.blogspot.com

Total housing starts were at 791 thousand (SAAR) in October, the lowest level since the Census Bureau began tracking housing starts in 1959.

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NY Times

The terms of the government ’s investment in the American International Group were released last week. After reading these terms, I have a multiple-choice question.

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Market-Ticker.denninger.net

This - sovereign debt denominated in other than your native currency - is how a nation winds up like Weimar Germany - or Argentina! We must not issue bonds denominated in foreign currency - period.

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MrMortgage.ml-implode.com

Unlike Subprime loans that were more localized to specific regions of the bubble states or lower priced areas, Alt-A loans cut across all socio-economic boundaries and can be found littering some of the most affluent areas in the nation.

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CalculatedRisk.blogspot.com

U.S. home builders have never been as anguished about their industry as they were in early November, with their monthly market index gauge plunging five points to a record low 9, the National Association of Home Builders reported Tuesday. "We ar

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