Bankers' worst nightmare is the unemployment rate climbing toward 10%, a level at which credit losses could balloon unpredictably because of high defaults among people with previously strong credit histories.
"Certainly starting a war with China on the issue of the currency is very, very dangerous," he said. "The US is relying on the kindness of strangers -- Russia, China, the Gulf States … to finance a huge, and growing, twin current accou
That was the opinion of economist Nouriel Roubini, of RGE Monitor, who was one of the first people to predict the housing crisis, speaking to "Squawk Box Europe" this morning.
The war is on between inflationists and deflationists. If decency and civility do not prevail, I have a more common sense approach to this argument. Open challenge to both Mish and Mr. Schiff the younger.
While Schiff was indeed correct about the US imploding, most of the praise heaped on Schiff is simply unwarranted since he failed where it matters most: not protecting his client's assets.
It was the second straight monthly decline and the lowest confidence reading since the private research firm began tracking the data in 1967.
Ron Paul reports that Congress is poised to open the money faucet to spill truckloads of worthless cash. Whatever your net worth, it will be severely depleted. Do you want to know what Congress intends to buy with our last few dollars? I don't
CNN's Kiran Chetry talks to Rep. Ron Paul about how he would fix the U.S. economic mess.
We must completely abolish the central bank. Money itself must be wholly untied from the state. It must be restored as a private good, privately produced for private markets. Government must have no role at all in monetary affairs. - F.A. Hayek
Facing a $42 billion budget deficit, State Controller John Chiang told the Sacramento Bee he has already borrowed $21.5 billion to try to cover the state's checks, but by Feb. 1, there will be no more options left but to simply stop paying some o
In Phoenix, house prices have declined more than 42.5% from the peak. At the other end of the spectrum, prices in Charlotte and Dallas are only off about 6% to 8% from the peak.
Now, more than 18 months into the biggest financial upheaval in the last 80 years, those bank executives that still have jobs are preparing to swallow large doses of regulatory medicine to help cure a crisis they are accused of causing.
The same executives who were at the controls as the banking system nearly collapsed are the ones the government is counting on to help save it. Even top executives whose banks made such risky loans they imperiled the economy have been spared
Nicholas Cosmo, head of Agape World Inc on New York's Long Island, was said to provide commercial bridge loans, but was instead operating a traditional Ponzi scheme in which early investors are paid with the money of new clients
Dividends are being cut at the fastest pace in at least 50 years, and many of the reductions are coming from U.S. companies investors have been relying on to provide income during the recession.
Fannie Mae said yesterday that it expects to request up to $16 billion from the Treasury Department, marking the first time the federally run mortgage giant will tap the government's largesse. Freddie Mac has already received
As Congress prepares legislation to pump more than $800 billion into the economy, governments in the Washington DC region are lining up for their share: dollars that could mobilize stalled projects as well as plug other budgetary holes.
The recession is killing jobs at an alarming pace, with tens of thousands of new layoffs announced Monday by some of the biggest names in American business _ Pfizer, Caterpillar and Home Depot.
SCHOOL = Mandatory Youth Indoctrination Compound [Ed] Education groups are pushing state lawmakers to consider suspending Arizona's popular tax credit for donations toward public-school extracurricular activities and private-school tuition to ave
As before, a sense of urgency and impending doom is being used to extract mountains of money from Congress with minimal debate. So much for change. .... There a many red flags that I have found in this bill.
Caterpillar, Inc. announced they'd eliminate 20,500 jobs Monday morning.
The wealthy have decided they know who America's poor downtrodden masses are. They see them in the mirror every day.
Most congressional Democrats say the quickest way to save homeowners is to let them declare bankruptcy and allow judges to dictate new mortgage terms. Except the lenders do not want to get dragged into bankruptcy court by millions of overextended bor
President Obama's ban on earmarks in the $825 billion economic stimulus bill doesn't mean interest groups, lobbyists and lawmakers won't be able to funnel money to pet projects. They're just working around it - and making the process
About 2,500 U.S. auto dealers may close in 2009, or more than 10 percent of the nation's car and light-truck retailers, consulting firm Grant Thornton LLP wrote in a report Jan. 21.
"The economics don't make sense," she says. "There's still a tsunami of expected foreclosures, and that has to abate before there's a recovery." Credit Suisse forecasted in December that, over the next four years, 8.1
[Known financial genius] Pelosi told ABC's "This Week" that "some increased investment" might be needed beyond the $700 billion approved last year under the Troubled Asset Relief Program to stabilize the nation's banks
U.S. companies are reducing dividends at the fastest rate in half a century, squeezing investors who depend on the payouts more than ever to boost returns.
California's unemployment rate jumped to 9.3 percent in December, capping a tumultuous year of massive job losses and a housing slump that has struck most of the country.