General Motors Corp. said it will cut 21,000 U.S. factory jobs by next year, phase out its storied Pontiac brand and ask the government to take more than half its stock in exchange for half of GM's government debt as part of a major restructuring
“I expect the economy will continue to decline,” with “sharp declines in employment for quite some time this year,” Summers said today on “Fox News Sunday.”
Edward I. Altman, a finance professor at New York University, says he thinks the rate will probably be in the range of 13 to 15 percent, but could go as high as 19 percent this year. If the recession continues into 2010, he fears that year could see
Yet, they indisputably are. According to a study prepared for Bloomberg by Washington Service, a research outfit, directors, officers and the like have sold $353 million worth of stock in this fading month, or 8.3 times the total bought.
Krugman: I'm in the camp that really worries about the L-shaped recession. We level off but we don't get the recovery. We hope it isn't, but it has all the markings of it. This looks like the kind of slump that has all the markings of whe
Leading the market down to find a bid or two is vastly damaging. The inventory is carried on the books as worth a certain market price. Selling a house below that price means that you write down the entire inventory. How stupid is that?
“Complexity causes fragility,” he said. “You’re no longer riding a horse—you’re flying a Concorde. A horse doesn’t explode but a Concorde can have a problem. We now have a Concorde in our hands.”
Meredith Whitney is quite worried about regional banks, saying they may struggle to pass government stress tests because of their commercial real estate investment. But it's not just regional banks she's concerned about. "I am staying aw
Ford Motor Co posted a smaller-than-expected first-quarter loss and said it was on track to at least break even in 2011 and did not expect to seek U.S. government loans, sending its shares up more than 22 percent.
The most likely buyers of Jeep would be Chinese automakers or Indian SUV/pickup maker Mahindra & Mahindra, which is planning to enter the U.S. next year with its own brand in more than 200 dealerships.
At 13 of the largest U.S. banks, bad assets increased 169 percent on average from a year ago, according to a Bloomberg analysis of first-quarter results.
NEW YORK (CNNMoney.com) -- Profits at American Express declined by more than half in the latest quarter, the company said Thursday, as spending by cardmembers slowed and credit troubles continued to mount.
In the week ending April 18, the advance figure for seasonally adjusted initial claims was 640,000, an increase of 27,000 from the previous week's revised figure of 613,000.
”Basically these people are betting the big banks will be forced into some sort of default. Now, if enough people bet that, and if the banks can’t draw on enough external support, which in their case would be from the U.S. government, then these runs
General Motors is preparing to close most U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories
Commercial real estate will decline “hard and fast,” Whitney said in a interview yesterday on Bloomberg Television. “For a lot of the regional banks that have so much commercial real estate exposure as a percentage of their core capital levels...
Hi Ernie Last night at our LD4 Republican meeting we had Jack Gregson speak. David Fitzgerald introduced him as Freedomsphoenix's economic adviser. Here is an email from an attendee. ==== MornRead Letter
In 1919 a German citizen purchased a loaf of bread for 26 pfennigs. Just four years later in November, 1923 that same loaf of bread cost the German citizen 80 billion marks. In the former Yugoslavia between October, 1993 and January, 1995 the cost
The publisher of the New York Times and the internet portal Yahoo both revealed plunging profits yesterday as the worst slump for decades in advertising spend by recession-hit US companies hit old and new media alike.
An 80-year-old West Valley resort and two Biltmore golf courses face foreclosure with an auction scheduled in July, according to a filing with the Maricopa County Recorders Office.
I think this means that for every loan modified by the GSEs during December and January, more than 22 loans became more than 60 days delinquent in the same time period.
FORT PIERCE- A South Florida county that rode high through the housing boom earlier this decade, then crashed hard when the foreclosure crisis struck, declared a state of economic emergency on Tuesday.
America's love affair with the mall is not coming back. Boomers headed into retirement dependent on the real estate bubble have now taken a massive hit on both their houses and their stock portfolios. Neither is coming back soon.
Walk into your local gun store and ask why there is an ammo shortage, and you'll hear inane speculation coupled with a conspiracy theory or two. In reality the supply chain for ammunition is relatively inelastic, and is easily overwhelmed by a su
Even with all the moratoriums, incentives to banks, and other smoke and mirrors foreclosures keep on moving up meaning more and more Americans are losing their homes. So what have all those bailouts accomplished?
"Lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale, according to numerous data sources. And foreclosures, which banks unload at fire-sale prices, are a major factor driving h
Uber-bank analyst Meredith Whitney talks about the one-time and technical factors that contributed to the recent stellar earnings by big banks during the first quarter. Meredith now expects $2.7 trillion to be removed from credit card lines...
“Although perfectly legal, this move is also perfectly delusional, because some day soon these assets will be written down to their fair value, and it won’t be pretty.” Steven Roth, professor of management at the Tuck School of Business at Dartmouth
Well-known economist Nouriel Roubini, one of the few experts to foresee the current global crisis, said Tuesday a recent "suckers rally" in stock markets would fade as the U.S. economy continues to wither and the financial system suffers un