This is a much grander-scale disaster than anything that happened in 1929-33. Worse, it dwarfs the abuses of debt, finance and financialization that brought down previous leading world economic powers like Britain and Holland (back when New York was
Moody's Investors Service cut its credit ratings on Berkshire Hathaway Inc from AAA, the top rating, saying the recession and investment losses at insurance operations of investor Warren Buffett's holding company reduced its ability to suppor
As part of its sweeping plan to purge banks of troublesome assets, these investments would give ordinary Americans a chance to profit from the bailouts that are being financed by their tax dollars.
Many life insurers offer consumers variable annuities that pay a guaranteed return, regardless of whether bulls or bears are running the stock market. Although the obligations require payment years off, the financial markets are in such turmoil that
Unemployment (U-6) is well on its way to 20%. These are depression conditions.
Chrysler is working around the clock to complete an alliance with Italy's Fiat that would also result in a new board for the U.S. automaker, Vice Chairman Jim Press said. Chrysler, about 80% controlled by Cerberus Capital Management, was given un
Govt. May Spend More than $4 Trillion but Economy Faces 'Prolonged Weakness.' These were the findings released in a report today by the Congressional Oversight Panel, charged with overseeing the government's Troubled Asset Relief P
CNBC's Jim Cramer has another feud on his hands. Just weeks after "The Daily Show" host Jon Stewart took Cramer to task for trying to turn finance reporting into a "game," famous bear economist Nouriel Roubini criticized Crame
There's still bad news ahead for the U.S. economy and the bear market for stocks is not over yet, according to a prominent economist who foretold much of the current turmoil. Nouriel Roubini, a professor at New York University's Stern School
In Whitney's narrative financial firms will relive the worst struggles of 2008 because housing prices in the major markets will fall much further than expected.
If the plan goes through, the new GM would be expected to assume some previous creditor debt from bankruptcy proceedings, such as secured debt, said the second source, adding that GM bondholders were likely to lose substantial value in bankruptcy.
U.S. President Barack Obama needs to convince Americans to spend now and save later in order to get the U.S. economy back on solid footing. With consumers fearful of losing their jobs and retirement nest eggs, this is no small task at home or abro
The U.S. Treasury Department plans to extend the Troubled Asset Relief Program to certain life insurers. The Treasury is expected to announce within the next several days the inclusion of life insurers that are bank
Judge Andrew Napolitano's Great new show called Freedom Watch airing every Wednesday from 2pm - 3pm EST. Regular freedom loving guests include Ron Paul, Peter Schiff, Lew Rockwell, Cody Willard, etc.
"The recovery will look like an inverted square root sign," he said. "You hit bottom and you automatically rebound some, but then you don't come out of it in a V-shaped recovery or anything like that. You settle down, step down.
Businesses and individuals form a network to print currency. Shoppers buy it at a discount — say, 95 cents for $1 value — and spend the full value at stores that accept the currency.
Whitney ultimately believes that the entire U.S. economy needs to be rebuilt from the ground up.
Last week the House passed another budget that increases federal power, raises taxes, and increases the national debt. Despite the deterioration of our economy, this is the largest budget ever passed, at $3.6 trillion.
The sad truth is that the Obama Administration has barely begun the real work of rebuilding the economy. Everything to date is simple looting, paper-hanging, and the rewriting of history.
Elizabeth Warren, chief watchdog of America's $700bn (£472bn) bank bailout plan, will this week call for the removal of top executives from Citigroup, AIG and other institutions that have received government funds in a damning report that will qu
Meredith Whitney, said in a Forbes interview that banks will continue to write down their mortgage assets as home prices decline further than lenders expected. The unemployment rate also has exceeded banks’ projections and could lead to further loan
A single bank, IndyMac, lost more money than the entire Savings and Loan Crisis," reported PBS. "The difference between now and then, explains Black, is a drastic reduction in regulation and oversight, 'We now know what happens when you
The Obama administration is engineering its new bailout initiatives in a way that it believes will allow firms benefiting from the programs to avoid restrictions imposed by Congress, including limits on lavish executive pay, according to government o
Responding to the depressed financial markets, regulators for the second time in less than a week are preparing to take steps that could have the effect of temporarily shoring up stock prices. But the process could undermine the integrity of the mark
We're doing the stimulus package, which we'll pay for forever, but we could have just . . . . stopped paying taxes instead. A trillion is a lot of money. When Penn Jillette has an opinion, it's a safe bet he won't hold back.
What lies at the root of the failure of our capital markets? How have regulators sought to remedy, counter, or gloss over the problems that have caused the current catastrophe? Watch this one hour online presentation and you will begin to understandEntered By: Mike Dugger
"Absolutely, because they are scared to death," he said. "All right? They're scared to death of a collapse. They're afraid that if they admit the truth, that many of the large banks are insolvent. They think Americans are a bun
The current rate would be even higher — 15.6% — if it included laid-off workers who have given up looking for new jobs or have had to settle for part-time work because they can't do any better. That's the highest on record for that number in
South Carolina's Republican governor will break his political logjam with the White House over stimulus funds today, his aides said, becoming the last governor in the nation to officially seek billions of dollars in federal economic recovery fund
Fannie Mae and Freddie Mac, the mortgage-financing giants the taxpayers rescued, outlined plans to pay an additional $159 million in bonuses to retain employees in 2009 and 2010, on top of the nearly $51 million already paid out last year.