If we take 16% as a real U6 number and compare it to the nonfarm number, we are worse off than 1930 and if you take the wider classification, we are even worse off.
The fear of job loss by 56% of Americans, combined with the fact that many believe that they are working harder than ever simply to get by, is having a significant impact on how Americans view the dream.
The delinquency rates, though, still range from 42% of current total pool balances for 2005 to 49% for 2007.
Hit by the double whammy of declining home prices and a falling stock market, U.S. households saw their net worth fall by $11.2 trillion, or 18%, to $51.5 trillion at the end of 2008, wiping out five years of gains ...
In the week ending March 7, the advance figure for seasonally adjusted initial claims was 654,000, an increase of 9,000 from the previous week's revised figure of 645,000.
That’s one more hit to an already battered high-end home market. When the supply of millionaires is down, demand for millionaire digs will be down as well.
The notional $1.14 thousand trillion (as reported by the Bank of International Settlements) only becomes real (and frightfully dangerous) if either counterparty to the derivative goes bankrupt - and if the defaulter is a major institution. The
U.S. unemployment will approach 10 percent as the country endures its worst recession since World War Two, leaving more than 13 million Americans jobless, according to a Reuters poll of economists.
Freddie Mac says it will need $30.8 billion in government aid after record losses from deterioration in its loan portfolio. Just this morning the government tapped Freddie Mac chairman John A. Koskinen to serve as an interim chief executive. Welcome
"The recent near-term [economic] indicators show little sign of improvement," Mr. Bernanke said, citing higher levels of new jobless claims since mid-January. ... Meanwhile, businesses "have apparently cut back their plans." ... *
The report details how the collapse has left the majority of those around retirement-age almost completely reliant on entitlements. The net worth of median households in the 45 to 54 age bracket has dropped by more than 45 percent since 2004, to just
Lower tax revenue and massive government spending on the bank bailout pushed the federal deficit to $765 billion in the first 5 months, well on its way to hitting the Obama administration's projection of a record annual imbalance of $1.75 trillio
[its coming] Dramatic changes in the global economy may merit restoring a federal rule aimed at preventing a massive plunge in a stock price caused by a rush of short sellers, the head of the Securities and Exchange Commission said.
[this is weird] Bernard Madoff could be facing his final hours of freedom after acknowledging that he will plead guilty to charges that he engineered one of the largest investment scams in U.S. history and was ready to face a prison sentence of up to
The U.S. unemployment rate would be 19.1%, close to the level during the Great Depression, using the methodology that prevailed 80 years ago, according to Shadowstats.com. According to the official Labor Department figures, the jobless rate jumped to
Start stacking bundles of $100 bills ($10,000 to a bundle) and see how big a TRILLION is. Arizona needs new math. Formerly our highest number was a "shload".Entered By: Found Zero
Whitney said available lines were reduced by nearly $500 billion in the fourth quarter of 2008 alone, and she estimates over $2 trillion of credit-card lines will be cut within 2009, and $2.7 trillion by the end of 2010.
America's five largest banks, which already have received $145 billion in taxpayer bailout dollars, still face potentially catastrophic losses from exotic investments if economic conditions substantially worsen, their latest financial reports sho
Obama has greatly expanded upon the gigantic Bush $700 billion bailout that Obama supported last fall with calls for trillions more in federal spending, taxes and debt. Could Obama be deliberately seeking to foment and finesse economic crises
"Confidence is gone Mr. President; the assumption in the market is now that everyone is a liar, everyone is a thief, everyone is embezzling and everyone is bankrupt."
I am calling it a floor for a very simple reason. Asset pricing is now such that it is impossible for the lender to take possession and realize significant recovery. Instead he realizes both a loss and a hit on capital. The hit on capital impacts his
More importantly, is Hillary up to the challenge? I think so and certainly hope so. There is no area of the present regime more in need of an overhaul than the area of trade liberalization and rationalization. There are hundreds of stakeholders all g
We will have to endure an 800,000 employment slide when the March data roll out, and a 1 million loss cannot be ruled out. We may have to redefine yet again what a ‘new normal’ is at that point.
Nationalize the Fed, not the banks says Representative Kucinich. Spend the money into circulation rather than borrow the money into circulation.Entered By: Tom Westbrook
“We are doing things now that are potentially very inflationary,” he said. Buffett called on Congress to unite behind President Barack Obama, comparing the economic crisis to a military conflict that needs a commander-in-chief.
Here is a mind blowing stat: Stocks have lost $11 trillion in market value since the October 2007 peak, according to Marketwatch.
Contrast the words of President Andrew Jackson who had a strong moral compass and a firm grasp of right and wrong to the words of our current President, George W. Bush. "The federal government will be authorized to purchase these assets from ban
...these various numbers are tossed around like so many doggie treats, so I thought I'd take Google Sketchup out for a test drive and try to get a sense of what exactly a trillion dollars looks like.
Between “mixed economy” and fascism lies the red market. For your sake, you should refuse to do business with red market participants.
Eddie’s chart on the Dow adjusted for CPI inflation is pretty telling: The inflation adjusted Dow is back to 1966.