Congressional leaders struck a deal on a bill to disburse 15 billion dollars to bail out the cash-strapped auto sector, which is to be put to a House of Representatives vote later Wednesday. Bill calls for the appointment of a "car czar".
"I think this contraction is building momentum, and I hate to say this, but I think we're in for a tough 2009," Mr. Snow said at the International Economic Forum of the Americas in Toronto.
Trend forecaster, renowned for being accurate in the past, says that America will cease to be a developed nation within 4 years, crisis will be "worse than the great depression"
The Company plans to close 112 underperforming retail stores in North America over the next three months, reducing the North American store base to 1,163. ... Additionally, 14 stores will be closed through 2009 as their leases expire...
American International Group Inc. owes Wall Street's biggest firms about $10 billion for speculative trades that have soured ... Meanwhile, from Bloomberg: AIG Says More Managers Get Retention Payouts Topping $4 Million
"The big banks are going to be on life support for at least 18 months, if not 36 months," Oppenheimer's executive director of equity research told CNBC Wednesday morning. "The big banks will not fail, but the big banks will not g
The agreement calls for the government to speed $15 billion in emergency loans to the car companies as soon as next week, and for President Bush to immediately name a car czar to oversee the bailout.
Treasuries rose, pushing the rates on the three-month bill negative for the first time, as investors gravitate toward the safety of US government debt, amid the worst financial crisis since the Great Depression. The Treasury sold $27 billion of thre
The "echo chamber", the ring of all MSM networks clanging away in unison, has come out against the working man.
Federal regulators are preparing a rescue plan to shore up the finances of some large credit unions, using billions of dollars in new government borrowings, the Wall Street Journal reported.
Industry sources say U.S. auto companies have approached a range of Chinese companies about possible asset sales, but deals would be difficult to reach because of the risks involved as both the U.S. and Chinese auto markets slow sharply.
In a research note titled "Foreclosure Update: over 8 million foreclosures expected" updated last week, Credit Suisse analysts are now forecasting 8.1 million homes will be in foreclosure by the end of 2012, representing 16% of all househol
Bank of America cut off credit to Republic Windows & Doors company last week, and workers, demanding severance pay, began staging sit-ins, effectively taking control of the building.
The US Federal Reserve said Monday it had authorized China Construction Bank, a leading Chinese state bank, to operate in the United States.
Chrysler CEO Robert Nardelli: citing vehicles that had 60, 70, 80 thousand miles on them, Senators told automakers, "you guys are making them too good, therefore we're not buying vehicles."
Noting the US budget deficit might exceed $1,000bn (€785bn) even before his campaign promises and new spending plans were taken into account, factored in, Mr Obama said: “We understand that we’ve got to provide a blood infusion to the patient right n
Standard & Poor’s recently lowered its credit rating on the Times Company below investment grade, and Moody’s Investors Service has said it was considering a similar move. Times Company stock, which has lost more than half its value this year...
Most U.S. mortgages modified by lenders to help keep struggling borrowers in their homes fell back into delinquency within six months, the chief regulator of national banks said.
According to research firm First American CoreLogic, in August 2008, 5 percent of U.S. jumbo prime mortgages -- those over $417,000 -- were behind payments 60 days or more.
The real issue from the article is just how bad things are at the high end. Resorts that commanded $2,000 per night with 100% occupancy, now can't sell the rooms for half that rate . . . and they are running at 20-40% occupancy rates.
The more money we hand over to Wall Street, the harder this Depression will be on everyone . . . and the more violent. I don't see any way to avoid a Depression. Nor do I see any way to avoid civil unrest to rival anything we might imagine.
Why is Chase evaluating their home equity lines today using a L.T.V. of 50 percent? You do realize that allowing your credit underwriting standards to swing so far to the other side is detrimental to our nation’s economic recovery, right?
The nation’s elite universities disdain honest intellectual inquiry, which is by its nature distrustful of authority, fiercely independent and often subversive. They organize learning around minutely specialized disciplines, narrow answers and rigid
About 5,000 jobs will be cut, 20 facilities permanently closed, 180 plants temporarily idled and the company’s contractor workforce will be reduced by about 6,000 worldwide, Midland, Michigan-based Dow said today in a statement.
December 5th 2008
World economies continue to deteriorate in potentially the worst ever economic crisis.
Objecting to the fact that the Government planned, as usual, to raise the money by issuing bonds which would be bought by the banking and non-banking sector -- which would then have to be paid back with money raised from taxes, and with interest adde
Got to love it when our paid, bribed and in bed crooked politicians get the rear ends handed to them. Even the CNN anchor open up a can of whop ass on the mayor!
In this one minute interview Nassim Taleb states that Nouriel Roubini is an optimist, and that this Depression will be a lot worse than the Great Depression. His greatest concern is the speed with which it will hit the U.S. banking system.
The inflationary policies now pursued by Washington may temporarily "stimulate the economy," but they also disguise and aggravate the underlying problems. We will all pay a serious price.