The financial giant Bank of America says it is no longer lobbying the federal government about its unfolding bank bailout. After receiving $45 billion in bailout money, lobbying was just too unseemly.
It took a few dozen trillion dollars, but Sean Hannity finally noticed what the Republicans and Democrats have been doing.
US banks levered cash to loans at 25:1 and liabilities at 33:1 at the credit bubble peak. The long term historic average ratios are about 5-7:1, and 7-10:1 respectively.
NEW YORK – Harley-Davidson Inc. said Friday it will cut 1,100 jobs over two years, close some facilities and consolidate others as it grapples with a slowdown in motorcycle sales.
You know the last time prices were this cheap? Try August of 2002 when the median SoCal price was $278,000. By the time this is said and done California will have a lost decade similar to Japan in real estate. Think about it. If we bottom out in
Output rose eight times between 1975 and 2007. But the total volume of debt rose a staggering 20 times, more than twice as fast. The total debt-to-GDP ratio surged from 155 percent to 355 percent. Second, almost all this extra debt has come from the
Ron Paul: I Think It's Gonna Take The Collapses Of The Dollar! To Get A New Mentality
The Swedes have a simple message to the Americans: Bite the bullet and nationalize. Officials in Washington are trying to figure out how to shore up American banks that once ruled the financial world but now seem to weaken by the day, despite receivi
“People should be thinking really hard about this rather than sticking their heads in the sand,” said Edwards, a London- based strategist. “We’re just pointing out when the emperor doesn’t have any clothes on.”
Prices for food in U.S. grocery stores jumped 6.6% last year - the biggest spike since 1980 - underscoring yet again that inflation is a much bigger problem than government officials, or most economists, say it will be.
The Labor Department reported Thursday that initial jobless benefit claims rose to a seasonally adjusted 589,000 in the week ending Jan. 17, from an upwardly revised figure of 527,000 the previous week.
Single-family starts were at 398 thousand in December; also the lowest level ever recorded (since 1959). Single-family permits were at 363 thousand in November, suggesting single family starts may fall even further next month.
At least 30 banks since 2000 have escaped federal regulatory action by walking away from their federal regulators and moving under state supervision, taking advantage of a long-standing system that allows banks to choose between federal and state ove
Lew Rockwell interviews Bob Murphy
People can foresee the future only when it coincides with their own wishes, and...facts can be ignored when they are unwelcome. Political language is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity t
The $825 billion government stimulus package unveiled by congressional Democrats contains billions of dollars in government spending designed to create jobs and stimulate the economy. However, the package also contains a host of items
Stop for a minute and consider what Bush actually told us. It's a staggering thought. Who even knows what it might mean? In the United States, for example, the unemployment rate in the decade of the Great Depression never fell below 14%. In citie
Inland Empire home prices have now breached the threshold of a 50 percent decline from the peak, something that would have been unthinkable just a couple years ago when the counties of Riverside and San Berdoo were flying high.
Growing stocks of unsold cars around the world. [great photo slideshow. I get the feeling Nissan isn't going to be bringing out any new models in the near future.]
Wall Street ushered in the Barack Obama presidency with a record Inauguration Day drop on Tuesday amid fresh signs the global bank crisis was far from over.
“All the banks are going to have to recapitalize,” said Greg Woodard, portfolio strategist at Manning & Napier Advisors Inc. in Fairport, New York. “That’s not done. That’s in front of them, and we don’t want to try to get in front of that trade.”
In my work approaching State legislators, some of them are cowing down due to threats of losing federal funding for their Highways by hitching them to Real ID regulatory conditions (Yes, the exact ones you hate).
Dave Brown, a builder in Tempe, Ariz., had never missed an interest payment, but his bank shut down his projects anyway.
BofA has said it expects to eliminate as many as 35,000 jobs over the next three years as it seeks to cut annual expenses by $7 billion in response to the acquisition and the recession.
According to an estimate by the National Association of Home Builders, at least 20,000 builders — about a fifth of the total nationwide — have closed up shop in the last two years....
“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it means the U.S. banking system is effectively inso
I am not an economist, nor—unlike a half-vast majority of the hairspray headed newsies who have somehow lately, miraculously, become overnight experts on all matters economic—do I pretend to be one on TV.
President Obama has called for sacrifice and sharing. I wholeheartedly agree. However, before sharing the pain, and before working towards a solution, we must understand the problem. To date, many mistakes have been made because Congress, the Fed,
Though the 10% discounts make non-discounted premium items a little cheaper, many goods at Circuit City are more expensive than last week. The trick is to exploit the belief that great deals exist at the failed chain's closing down sale.
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.