The entirety of the European banking system was routed, with share price losses ranging from 50 to 75 percent - in one day. HSBC, Barclays and RBS were all decimated as the truth has started to leak out and is no longer able to be ignored.
Eric Raymond, author of The Cathedral and the Bazaar--why open source software has been so successful, the culture of open source, what makes open source so likely to thrive, and the Hayekian nature of the open source process.
Creditors are not going to like that.
Let's move on to April 15--tax day. As another sole proprietor recently told me, "The government is in for a shock on April 15." Why? Because he and a few million other sole proprietors/small businesspeople will be reporting losses inst
As I have been pounding the table about, a credit crisis and imploding balance sheets, a housing crisis, and a massive earnings shortfall that yields a relentless stock market drop are all independently deflationary. The combined forces are massively
The new bank bailouts are not likely to work because they are run by the same people who prolonged the economic agony by throwing money at weak companies rather than allowing them to fail and encouraging the strong ones, Marc Faber, the publisher...
The last fiscal year was a banner one for the military, with all active-duty and reserve forces meeting or exceeding their recruitment goals for the first time since 2004, the year that violence in Iraq intensified drastically, Pentagon officials sai
[that's been the plan] The U.S. government's latest bank rescue, this time a multi-billion dollar lifeline handed to Bank of America, has led to more talk of what once would have been unthinkable -- European-style nationalization of major Ame
The FBI and the U.S. Securities and Exchange Commission have joined the search and investigation for Arthur Nadel, president of Scoop Management Inc, whose reported disappearance was followed 2 days later by complaints from investors who said
Buffett said Americans are in a cycle of fear, "which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We'll break out of it. It takes time."
Some analysts warn that fear may hit new extremes in a second round of the global financial crisis as the costs of government bailing outs send bond yields spiking, crippling the global economy and contributing to yet more failures of banks and compa
I have been listening to Gary Kaltbaum on 1510 AM for over the past 18 months and he has a very good record on calling the market. I hope you enjoy this 4 minute YouTube clip.
See article on Pastor Lindsey Williams from earlier today for an explanation of this article's significance.
To get the unadorned picture, we need to turn to private economists, and I reply upon the work of John Williams of Shadow Government Statistics
They also seek control of all the real estate that is worth owning. According to pastor Williams, everyone is going to be paying rent by the time this thing is over. Again he emphasized that "After years of collapse they intend to own everyth
Chiang said he had no choice but to stop making some $3.7 billion in payments in the absence of action by the governor and lawmakers to close the state's nearly $42-billion budget deficit. More than half of those payments are tax refunds.
Nobody has even taken a vote yet and already the gloves are off. Bailout Bill One and the Patriot Act were pushed just as hard. The only legislation that gets the hard sell seems to involve either stealing the taxpayer's money or their rights.
This set of short videos called Crash Course explains our predicament so well. Anyone will be able to clearly understand what's happening. You'll want to forward them to all your family and friends.
The Federal Reserve (Fed) has gone beyond playing with fire, and may have indeed set the house on fire. It’s one thing to push interest rates to near zero to stimulate the economy; it’s another to “monetize the debt” by printing money to buy governme
"The U.S. government will continue to use all of our resources to preserve the strength of our banking institutions and promote the process of repair and recovery and to manage risks," regulators said.
Electronics retailer Circuit City Stores reached an agreement with liquidators on Friday to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.
“The debtors’ restaurants primarily are located in some of the areas hardest hit by the mortgage crisis, causing consumers in those markets to cut back on discretionary spending,” Lisa Poulin, ARG’s chief restructuring officer...
“This thing is unraveling so fast Lewis may know his job is lost,” said Paul Miller, an analyst at Friedman Billings Ramsey Group Inc. in Arlington, Virginia, who has an “underperform” rating on Bank of America. The management team has “lost credibil
Two days after Obama personally lobbied for release of $350 billion in bailout funds, the Senate narrowly turned aside a bid to block the money.
Democratic leaders in the House of Representatives unveiled an $825 billion tax cut and spending bill on Thursday they hope will help President-elect Barack Obama reverse the steep decline in the U.S. economy.
President-elect Barack Obama claims his economic stimulus plan will create over 3 million jobs. How did he arrive at that number? Well, his economic team fell into a hole and figured a way out.
The hottest rumor on Wall Street today was that the government was planning to effectively nationalize Citigroup Inc. and Bank of America Corp., perhaps as early as this weekend.
This morning David Faber related a story concerning how the CEO of BofA had some type of oral agreement with Henry Paulson to use TARP funding to cover the the (full) cost of its acquisition of Merrill Lynch and Countrywide. David Faber lets loose.
Coming soon to a town square near you. Does there remain any doubt that the preparations for martial law are for real? As soon as Americans realize they’ve been shafted by TARP and there’s no legal recourse, they will move to the streets pitchforks a
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