More imminently, the state is projected to run out of cash in weeks, which may require it to delay tax refunds and other payments starting Feb. 1. "The reality is that our state is incapacitated until we resolve the budget crisis," Mr. Schw
Boomers have known only inflationary or reflationary conditions for most, if not all of their conscious lives. Here is the pattern: Want, work, borrow, spend, enjoy, and worry about the bills tomorrow, as if tomorrow would never come.
Today, said it could not say exactly how many people would be required to take time off, or how much money the company would save. But it said it would require unpaid leave for most of its 31,000 employees in this country.
The selloff in Bank of America and Citigroup may just be the beginning. Analysts now are predicting that the same problems hitting those two big banks will soon spread to the entire industry.
The problem is not so much the banking system and a lack of confidence in it. They do not deserve any. Our financial system has become a shell game, an extended accounting fraud, that permeates and selectively destroys whole segments of the real econ
Societe Generale said on Thursday that the United States' economy looks likely to enter a depression and China's could implode.
U.S. foreclosure filings jumped 81 percent last year as falling house prices, tighter mortgage lending and the longest recession in a quarter century battered property owners, RealtyTrac Inc. said.
Big financial institutions have been battered by mortgages gone bad. But a tiny Michigan bank is getting attention in the industry by turning a profit on loans without even charging interest.
Ron Paul explains how we got into this mess at a House Financial Services Committee meeting. Where was Ben Bernanke?
I can understand why the FEDS want to eliminate ammunition availability, but KIDS CLOTHES, TOYS, AND BOOKS!?!
Any possible arrangement might protect Bank of America from losses on Merrill's bad assets. There would be a cap on the amount of losses the bank would have to absorb with the federal government being on the hook for the remainder ...
In an interview this afternoon with Maria Bartiromo, Meredith Whitney said the banks had underestimated the fall in housing prices, and the rise in unemployment. She also pointed out that the TARP money was going quickly.
The wave of bankruptcies that was predicted for the first 3 months of 2009 is starting to wash ashore.
EWI was alone in forecasting a deflationary collapse across nearly every asset class. Editors of The Elliott Wave Financial Forecast, were alone in not predicting a commensurate run-up in commodity prices – which inflation-fearing analysts mistakenly
Think Fannie Mae and Freddie Mac were a politicized financial disaster? Just wait until pension funds implode.
Although the Census Bureau reported that nominal retail sales decreased 10.2% year-over-year (retail and food services decreased 9.8%), real retail sales declined by 11.3% (on a YoY basis). This is the largest YoY decline since the Census Bureau star
Citigroup will combine Smith Barney with the wealth management division of long-time rival Morgan Stanley. Citigroup will own 49% of the joint venture and get a cash payment of $2.7 billion from Morgan Stanley, which can buy the rest of the joint ven
Chrysler is in talks to sell key assets to Nissan-Renault and auto supplier Magna as it rushes to restructure after taking $4 billion U.S. government loans, according to people with knowledge of the discussions.
“I can’t ever remember having to stop construction on a building, but we’ve never faced a financial crisis like this,” said Ray Dormaier, UCI’s vice chancellor of planning and budget.
WASHINGTON (AP) - The Treasury Department says the federal government already has run up a record deficit of $485.2 billion in just the first three months of the current budget year.
Keynesians act as if all problems can be patched up by a simple boost of "aggregate demand." [However], the economy's capital structure was thrown into an unsustainable condition, and it takes time for the mess to be sorted out.
As long as one operates within the conservative-liberal paradigm of the welfare-warfare state, there is no solution. Things are only going to get worse.
Net new home orders totaled 551 for the quarter, a decrease of 56.0% from 1,252 net orders in the first quarter of the prior fiscal year. ... The cancellation rate for the first quarter was 45.6%
There’s so many things ‘in the works’ I’ll simply give you the bottom line since it’s too easy to get wrapped up in details. Recall please, we thought Martial Law would be imposed by now since “ALL” the pieces were in place and Directive 51, Rex 84 a
If you started earning $27 million every day, from the day you were born, you'd have $1 trillion in your bank account around your 100th birthday. Today, it's the amount of cash in Hank Paulson's desk drawer.
Republican and Democratic Senate leaders signaled on Monday that they would support the release of the second half of the Treasury’s $700 billion financial system bailout fund, despite anger among many rank-and-file lawmakers over the Bush administra
Bush is making it sound as if it is imperative that the remaining TARP funds be released, which is justifiable only if there is some disaster in the making that needs to be averted between now and noon on January 20. The only candidate that might fit
According to many politicians, we got into debt by not spending enough, not consuming enough, and not regulating enough. Now government, a mythical white knight, is going to ride in to save the day by blanketing the economy with dollars
Also: Gold down $33 - Platinum down $30 - Crude oil at $38 a barrel - red numbers everywhere! Does someone know something?