The median price paid for a Southland home was $278,000 last month. That was down 2.5 percent from $285,000 for November, and down 34.6 percent from $425,000 for December a year ago. The median reached $505,000 in mid 2007.
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.
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
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
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 , who presents in his latest report the true picture of the dire unemployment
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.
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.
“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
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.
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
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