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Economy - Economics USA

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NakedCapitalism.com

Citi's roughly $500 billion in foreign deposits are a huge impediment to putting the bank into conservatorship. It seems inconceivable that Uncle Sam would guarantee those deposits, yet failure do so could have catastrophic consequences. A run...

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Michael Shedlock / Mish

U.S. auto sales in April were on the road to plunging to their lowest levels in nearly 30 years according to sales reports released on Friday, the day after Chrysler LLC filed for bankruptcy.

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money.cnn.com/

Local banks have been shutting down in droves as the recession has made it harder for customers and businesses to pay their loans. Nearly every Friday so far this year, at least one bank has failed. Last week, four regional banks were shuttered.

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Reuters

U.S. Defense Secretary Robert Gates pressed Congress to quickly approve $83.4 billion for the wars in Iraq and Afghanistan and for aid to Pakistan. Gates told lawmakers that money used to support Pakistan, Afghanistan's neighbor which is facing a

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AP

Talks between Chrysler LLC's lenders and the Treasury Department to reduce the automaker's $6.9 billion in secured debt and keep it out of bankruptcy protection have disintegrated, a person familiar with the talks said early Thursday.

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Written By:

It may just be me. I have no money in the stock market but have watched it threw a few booms and busts. The best I can say is it lasts longer, both ways then a card game of chance. I have watched a President pour trillions into the econo

Letters to the Editor • Global
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news.Yahoo.com/s/ap/

The jobless rate jumped to 17 percent in Bend, Ore., a 9.2 percentage-point rise and the second-biggest monthly gainer. Rounding out the top three was North Carolina's Hickory-Lenoir-Morganton, which saw its unemployment rate rise to 15.4 percent

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msnbc.msn.com/

The company expects to lose 500 Hummer and Saturn dealers when those brands close or are sold, and it expects 400 dealers to close voluntarily. Another 500 would be consolidated into other dealerships, according to the dealer.

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CalculatedRiskblog.com

Residential investment (RI) has been declining for 13 consecutive quarters, and Q1 2009 was the worst quarter (in percentage terms) of the entire bust. Residential investment declined at a 38% annual rate in Q1.

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CalculatedRiskblog.com

The two-quarter contraction is the worst in more than 60 years. The big story for the first quarter was in the business sector, where firms halted new investments, and shed workers and inventories at a dizzying pace ...

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AP

Bank of America Corp. and Citigroup Inc., which have each received $45 billion in government bailout funds, have been told by regulators that "stress test" results show they may need to raise additional capital, The Wall Street Journal said

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Michael Shedlock / Mish

Under GM's latest restructuring plan, the U.S. would get at least a 50% stake in the largest Detroit auto maker. But such a major holding would turn GM into a sort of Government Motors, making the federal government the company's de facto bos

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Reuters

The deepest economic slump in decades has dampened the dreams of many U.S. college seniors. They face a hard reality upon graduation this spring: stiff competition from the growing ranks of the unemployed, from those forced out of retirement or delay

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