The rising foreclosure counts and the unemployment forecast point to one thing: This is the time to abandon the income tax.
I.B.M. appears on the verge of acquiring Sun Microsystems, a longtime rival in the computer server and software markets, for nearly $7 billion.
Congressional Democrats overwhelmingly embraced President Obama's ambitious and expensive agenda for the nation yesterday, endorsing a $3.5 trillion spending plan that sets the stage for the president to pursue his most far-reaching priorities.
A record 32.2 million people -- one in every 10 Americans -- received food stamps at latest count---a reflection of the recession now in its 16th month. Food stamps are the major U.S. antihunger program and help poor people buy groceries.
Prime Minister Gordon Brown says leaders at the G-20 summit have agreed to give $1 trillion to the International Monetary Fund. They will enact common policies to crack down on tax havens, regulate hedge funds, and "prevent a crisis such as this
Orders to U.S. factories posted an increase in February after six straight monthly declines, providing another glimmer of hope that the economy's deep plunge may be starting to moderate. The Commerce Department said orders for manufactured produc
Enthusiastic investors are buying up stocks again, sending the Dow Jones industrials above the 8,000 mark for the first time in nearly two months. All the major indexes are soaring more than 3.5% as investors grow more optimistic the economy is on th
As you can guess, I don't share that vision. I don't think this is just a financial panic; I believe that it represents the failure of a whole model of banking, of an overgrown financial sector that did more harm than good. I don't think
When Glass - Steagall was repealed at the end of Clinton’s presidency, I wondered what the hell they were thinking. That was the one law that had prevented a repeat of the 1920 to 1929 credit bubble for seventy years. Without it, or a robust regulato
Job losses in the U.S. private sector accelerated in March, more than economists' expectations. Private employers cut jobs by a record 742,000 in March versus a 706,000 revised cut in February that was originally reported at 697,000 jobs, said AD
They often sandpaper over the names and file off the registry numbers, doing their best to render the boats, and themselves, untraceable. Then they casually ditch the vessels in the middle of busy harbors, beach them at low tide on the banks of creek
"DEPRESSION II …The Horror…coming soon to theatres near you! “It’s gone deep. It’s gotten worse,” said the President. We’ve seen so many shock and horror movies over the years. We recognize the dialog. But this is no Hollywood thriller. This is
Among the plethora of new ills plaguing the U.S. economy as it goes stumbling toward its uncertain future is a problem that, until very recently (meaning two days ago), was believed to be one reserved for the latter half of the next decade - the dwin
I'll have to say this woman has guts, and we sure could use more in Congress like her!!
Pentagon spending on the wars in Iraq and Afghanistan and to fight terrorism elsewhere has reached $US 685.7 billion ($1 trillion) since 2001, a US Government watchdog agency said.
Stocks in the U.S. and Europe rose, extending the biggest monthly rally for global equities since 2003, on speculation banks have grown more eager to lend.
President Obama heads off to the G20 meeting intending to ask the members to do a massive spending stimulus. They can't-- even if they wanted to--they are propping up the dollar. The recession would be much worse if they were not sponging up the
The House Financial Services Committee has approved a measure that would go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay
The U.S. government and the Federal Reserve have spent, lent or guaranteed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.
Lesley Stahl reports on computer viruses that propagate on the Internet and infect PCs, which enable their creators often called "cyber gangs" to learn the information they need to electronically rob bank accounts.
Stocks slumped, while Treasuries and the dollar gained, as the Obama administration warned that some banks will need more government aid and bankruptcy may be the best option for General Motors Corp. and Chrysler LLC.
World stocks hit a one-week low and government bonds rose on Monday after General Motors and Chrysler edged closer to bankruptcy as their turnaround plans were rejected and tensions rose in Europe's banking sector.
The global economic crisis will hit jobs hard, with unemployment set to reach double digits in many developing and advanced countries, the Organization for Economic Cooperation and Development (OECD) said.
U.S. Treasury Secretary Timothy Geithner said some financial institutions will need substantial government aid, while warning against any attempt to tax investors who join a federal program to buy tainted assets from banks.
Chrysler will be told today that it must complete a planned alliance with Italy’s Fiat SpA to gain access to small-car technology in exchange for giving up a 35 percent equity stake, according to a government official.
And he has taken too long to produce his plan for dealing with the trillions of dollars of toxic assets which fester on banks’ balance-sheets.
The regulator of Fannie Mae and Freddie Mac is considering giving the government-backed mortgage companies another role: helping to finance small mortgage banks.
President Barack Obama won support from top bankers for his efforts to rid financial institutions of bad debts... [Well pip-pip, jolly good and tally-ho! Can we pass the collection plate now?]
The Toxic Twins of Steve Tyler and Joe Perry ain't got nothing on the Toxic Trio of Tim Geitner, Alan Greenspan, and Ben Bernanke. Unlike Tyler and Perry, who mainly hurt themselves with their actions, the Toxic Trio is proving lethal to the hea
This article by Allan Greenspan needs no comment. The banking hole is close to two trillion dollars of which a third is plugged. The credit contraction is still ongoing and is only stalled because of no liquidity. This is well worth reading. Who is O