A list of 57 transportation projects totaling $625 million has been adopted by Caltrans as the first in line to receive federal infrastructure money. The projects include: $75 million to repave 3 miles(!!!!) of rough pavement on Interstate
Yet Prof Johnson makes a stronger point than this. He argues that the refusal of powerful institutions to admit losses – aided and abetted by a government in thrall to the “money-changers” – may make it impossible to escape from the crisis.
The 18th century gave us history's most momentous advance in the social sciences. I speak here of the Scottish Enlightenment, led by David Hume and Adam Smith. These thinkers were the first fully to grasp the fact that complex and productive soci
Pace offered under the listing price. The bank countered at a price higher than the listing. He offered $275,000, and the lender did not reply, instead sending the property to auction. The brochure claimed a previous high value of $718,000.
Industrial production is down 13.3% since the recession began in December 2007, the largest percentage decline since the end of World War II. ... Factory output has fallen 15.7% during the recession, also the largest decline since 1945-1946.
The declines have continued through the beginning of this year. In the first two months of 2009, the 41 states that have reported tax revenue saw total receipts decline 12.8%, versus the same period a year ago.
White House economic adviser Christina Romer said on Tuesday that the United States will experience continued job losses and a falling gross domestic product for several more months. "We know the economy's still sick. We know we've go
Within hours, the National Guard will roll into the cities of the United States, and Americans will find themselves penniless prisoners in their own country. Anyone who protests will be arrested or shot. Law will be dispensed at the end of military r
Dalton and Brandon bravely tell our Leaders what they really think of being saddled with 50 trillion dollars worth of entitlements. Have your kid tell the world on a nationally televised commercial that "It's not their debt!" our Leader
Argentine Economist Adrian Salbuchi shares his opinion on the Global Financial Crisis, describing the whole Global Financial System as one vast Ponzi Scheme. Like a pyramid, it has four sides and is a predictable model. Video.
"Ninety per cent of Americans revolve their credit card lines," she said. "They use it as a piggy bank." As debt gets wrung out of the system, more people will be unable to handle the payments, credit card companies and financial
Zimbabwe declares, “Banks, including those in the USA and the UK, are now not just talking of, but also actually implementing flexible and pragmatic central bank support programmes where these are deemed necessary in their national interests.
On a monthly basis, retail sales decreased 1.1% from February to March (seasonally adjusted), but sales are off 10.7% from March 2008 (retail and food services decreased 9.4%).
We think it is cute to use the TV to amuse our toddlers. Do you think it is any different for 75 per cent of the American public?
Merrill Lynch 'performance' bonus' totaled $3.6 billion...isn't socialism fun?
To put it in perspective, as of year end, the San Francisco bank had $481 billion of assets and shareholders equity of $45 billion. Thus if the losses forecast in the supposed downside scenario materialize, Wells is insolvent beyond any shadow of a d
The unemployment rate is at the peak level of the 1982 recession - the highest since record keeping started in 1947. The unemployment rate is increasing rapidly, and the rate of increase appears to be accelerating.
The Treasury Department is moving closer to naming Fannie Mae chief executive Herbert M. Allison Jr. to run its financial recovery program, according to people familiar with the matter. Allison, who has led Fannie Mae since the government
"The prescription of massive debt, of money printing, of releveraging the economy, is exactly what engendered the depression of 2008, and all of the remedies are the same virus that killed us," says Michael Pento, chief economists at Delta
Slightly more than 10 percent of borrowers who took out FHA loans in the first quarter of 2008 were at least two months behind within the first 10 months, according to data analyzed by the Wall Street Journal.
A similar analysis suggests that the FDIC assumptions for GDP growth and home prices are already worse than the adverse scenario – let alone the baseline scenario – for Q1 of 2009.
The Treasury Department is directing General Motors to lay the groundwork for a bankruptcy filing by a June 1 deadline, despite GM's public contention that it could still reorganize outside court, people with knowledge of the plans said during th
Mesa is joining a growing list of cities around the country that are printing their own brand of money in hard economic times. It's not legal tender, and it's not good anywhere outside of Mesa. For that matter, right now it's not even
The P/E ratio for the end of the second quarter is 1944. The losses of the 4th quarter wipe out almost all earnings for the 12 months ending June 30. But by the end of the 3rd quarter, the estimated P/E ratio has dropped to a (negative) -467. That ha
Hey Ernie: I see that the Fed's believe that they can 'stress test' the banksters, conceal such vital info from the public (http://www.freedomsphoenix.com/Find-Freedom.htm?EdNo=001&At=048448) and somehow prevent them from collapsingRead Letter
In March, the deficit widened to $192.3 billion from $48.2 billion in March 2008. Outlays rose 41% to $321.2 billion from $227 billion, while receipts dropped 28% to $129 billion from $178.8 billion.
Does the state improve our lives by more efficiently delivering certain goods and services than we could expect from unregulated market? The market’s answer to that question is an unqualified “no.”
The U.S. Treasury Department is asking banks not to mention the regulatory "stress tests" as part of their first-quarter earnings results. Many of the top 19 U.S. banks who are undergoing regulatory stress tests have already completed inter
Rumor has it that times are tough for Manhattan’s “girlfriend elite.”
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