Orange County accounted for a third of the notices of default filed on million-dollar homes statewide, while one in five of California’s million-dollar abodes lost to foreclosure occurred here.
Linda Thomsen Director of Enforcement for the U.S. Securities and Exchange Commission and Andy Vollmer the SEC’s Acting General Counsel are side step questions as they are grilled by Rep. Gary Ackerman (D-NY).
Are you an economy with performance issues? If you find it hard to achieve and maintain growth, maybe Stimulis is right for you. Take Stimulis once every election cycle or whenever you’re in need of economic enhancement.
The Labor Department said the number of newly jobless workers seeking benefits rose last week to a seasonally adjusted 626,000, from the previous week's upwardly revised figure of 591,000. The latest total is far more than analysts' expectati
The U.S. economy is hemorrhaging jobs and may not stop bleeding for at least another year, even if the government acts quickly to stimulate the economy, according to reports released
Harry Markopolos, a former investment manager who tried to warn U.S. regulators about Bernard Madoff, joined lawmakers in blasting the Securities and Exchange Commission but said he was forwarding more tips to the agency.
The Senate voted to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, a victory for Republicans eager to leave their mark on a mammoth economic stimulus bill at the heart of President Obama's recovery
The Obama administration refuses to listen to economists like Nassim Taleb because that would mean turning their backs on the bankers who bought their souls!
Ford Motor Co. said U.S. sales of its domestic brands fell 39 percent in January, the 14th straight monthly decline, as the recession curbed demand in the world’s biggest auto market.
The worst U.S. housing slump since the Great Depression is deepening as foreclosures drain value from neighboring homes and make it more likely owners will walk away from properties worth less than their mortgages.
Barack Hussein Obama aka Barry Soetoro aka and so forth, is claiming that Republican governors are begging for the gang rape "economic stimulus package." Actually, governors of both parties want their share of the booty, some $176 BILLION d
The pension fund is expected to report paper losses of 103 percent on its residential investments in the fiscal year that ended June 30. It is estimated 80 percent of these investments were paid with borrowed money, which means that CalPERS will even
Real estate professionals agree that sliding markets and a ravaged economy are hurting prospective high-end buyers and sellers. And that means prices will likely decline even more before there is any recovery.
California, the eighth largest economy in the world, is broke.
I’m talking about the administration’s plans for a banking system rescue — plans shaping up as a classic exercise in “lemon socialism”: taxpayers bear the cost if things go wrong, but stockholders and executives get the benefits if things go right.
Of the 30 companies in the Dow Jones industrial index, 22 have announced job cuts since October. Unemployment is up in all 50 states, with layoffs at both high-tech companies (Microsoft) and low (Caterpillar). The December job loss in retailing is th
About $6.1 trillion of value has been lost since the housing market peaked in the second quarter of 2006 and last year’s decline was almost triple the $1.3 trillion lost in 2007, Zillow said.
Using the “too big to fail” scare tactic, the government has kept a number of terminally ill Wall Street gamblers on an expensive life-support system that is estimated to cost taxpayers $8.5 trillion, or a burden of $61,600 per tax payer.
Through Fannie Mae, Freddie Mac and the secondary mortgage market the government incentivized creative, low down-payment, more widely available mortgage products, and discouraged the market-proven lending standards of the past. The Federal Reserve ke
It is only a matter of time. And not much time. When things start to go sour, when Barack Obama is exposed as a mortal waving a sword at a tidal wave, the United States could plunge into a long period of precarious social instability.
Dallas Federal Reserve President warned against "Buy America" provisions in a proposed fiscal stimulus law and said it could lead to devastating trade protectionism. "Let me just be blunt. Protectionism is the crack cocaine of economic
That is why the pressure is on world leaders (ex-Ben Bernanke) at Davos and at a series of high level meetings in the run-up to London on 2 April not simply to talk the talk but also to walk the walk. Profound action is required, but first it is nece
State Controller John Chiang has said he will hold back the refunds for at least 30 days because the state must close a $15 billion shortfall in its current budget and needs its dwindling cash for more pressing payments, including debt service.
California is hardly alone. Wisconsin is facing its largest shortfall in history, $5.7 billion, and the Wisconsin State Journal says the state's rainy day fund only has enough cash to run operations a day and a half.
“The consensus is catching up with me, but it’s still behind,” Roubini said in an interview in Davos. “I don’t know what some people are smoking.” ‘Catastrophic’
The Japanese industrial production data and METI forecast was bad beyond all imagining. Industrial production might fall by 1/3 in the 12 months ending in January. It could fall in a mere four months between November and February by more than half th
The states’ fiscal problems are continuing into the next two years. At least 41 states have looked ahead and anticipate deficits for fiscal year 2010 and beyond. These gaps total almost $88 billion — 16 percent of budgets...
Politicians and their disgusting, fawning, sycophantic pilot fish—the media—want us all to believe that economic ups and downs are a natural phenomenon, similar to earthquakes, meteor strikes, or the weather.
Just when you think you dumped your old car.....
Fixing the budget would require a kind of joint political suicide, with Democrats agreeing to trim costly social programs and Republicans acquiescing to a major tax hike. That kind of bargain seems highly unlikely now, even for a popular new presiden