A Treasury spokeswoman said, "Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry." The Wall Street bailout fund was one of
It is now clear to me that policy makers in the West are determined to apply every available resource to underpinning failure, misallocation and executive excess. As this discourages the honest saver from parting with cash, policy makers are ensuring
Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt," said Rogers, who is now a private investor.
CNBC's Erin Burnett sat down for an exclusive interview with JPMorgan Chase CEO Jamie Dimon today, talking about a range of topics related to the financial crisis.
Crude oil prices dropped sharply Friday to $43.11 a barrel on the New York Mercantile Exchange after an automotive bailout bill failed in Washington.
KB Toys filed for bankruptcy protection for the second time in four years on Thursday, joining fellow retailers Linens ’n Things and Steve & Barry’s in seeking Chapter 11 protection amid the recession.
At the end of 2008, there are three consumer marketplaces that are experiencing record sales volumes—firearms, precious metals, and emergency storage food.
What if, the ship runs aground of it's own accord, and their orchestration simply fails due to various factors, i.e. states bailing from the union, complete lack of confidence, an economy based on metals emerges, or maybe upheavals in the militarRead Letter
The lethal combination of excess debt and deflation.
The Senate on Thursday night abandoned efforts to fashion a government rescue of the American automobile industry, as Senate Republicans refused to support a bill endorsed by the White House and Congressional Democrats.
...FreedomsPhoenix editors are working on what is likely in store for the country and the world's economy now. ...and you can help
But nobody is listening. Ron Paul says this whole bailout is a smokescreen for avoiding dealing with the real economic problems in our collapsing economy.
The final number of job cuts won’t be decided until early next year, the Charlotte, North Carolina-based company said in a statement today.
Here are a few thoughts for those that have started thinking we might be at the bottom . . . as we are now hearing from the clowns, like Kudlow, Cramer and many of the other Bobbleheads that almost appear to be intentionally misleading us into very d
Without action this year, the state could be staring at a deficit as great as $40 billion by June 2010, an administration official said. Schwarzenegger is expected to share the bad news with legislative leaders in a budget negotiating meeting today.
“We’re going to see a pretty significant storm next year,” Rick Sharga, executive vice president of marketing for Irvine, California-based RealtyTrac, said in an interview. “There are two or three clouds that suggest a pretty heavy downpour.”
By shunning government loans, Ford Motor Co.'s top executives say they hope to buff up the automaker's image and set it apart from its cash-starved Detroit competitors
The Los Angeles Times paints a colorful picture of “Caravans of cash-rich Chinese in Hummers and Lincoln Navigators weaving through American neighborhoods in recent months, looking for foreclosures and other bargain properties to buy.”
So far we've had TARP 1.0, TARP 2.0, and TARP 3.0, and I'm certain there will be a 4.0, a 5.0, and a 6.0. There has to be, because the companies cannot raise the capital they need, which means that the default provider of capital has to be th
"The U.S. labor market weakened further last week, with the number of first-time filings for state unemployment benefits jumping by 58,000 to a 26-year high of 573,000, the Labor Department reported Thursday.
The House last night approved an emergency plan to prevent the collapse of the nation's domestic automobile industry, but the measure faces serious opposition in the Senate, where Republicans are revolting against a White House-brokered deal to s
Just one week after receiving a pledge of $306 billion in support from US taxpayers, Citigroup announced the intended $10 billion acquisition of a debt-laden Spanish toll road. [Thanks stupid American taxpayers!]
The threat is so serious that "Credit Crisis Part II" looms if the government doesn't come to the aid of GM and Ford, said J.P. Morgan analyst Eric Selle...
There is probably another dozen or two states waiting in the wings. Expect to see municipal bond yields rise. And states are going to have to cut services, raise taxes, or both. That means more job losses, more foreclosures, and more bankruptcies...
"The government has gone to war, it is an economic war. And in a war the government takes a larger and larger role in the society.
A"massive effort" to convert federal buildings into more energy-efficient buildings by "replacing aging heating systems and installing efficient light bulbs." So the joke becomes: How much does it cost to change a light bulb? Seve
Zombie Economy guaranteed
Congress desperately needs the auto bailout to pass. The survival of the legislative branch depends on it.
Fallen US insurance giant American International Group owes financial firms some 10 billion dollars on speculative trades that turned sour, the Wall Street Journal reported on Wednesday.
The New York Times is considering potential asset sales and is in discussions with lenders as it prepares for one of the “most challenging years” in its history. Advertising revenue fell sharply at the paper in November.