1,562 banks will be gone in the next few years. I heard this startlingly precise number from one of the panel members at the Wall Street Journal Future of Finance Initiative conference -- a meeting which featured a keynote by Treasury Secretary Tim Geithner, as well as participation such heavy hitters as George Soros, Meredith Whitney, Robert Shiller, and Paul Volcker. Let's put that prediction in perspective. Since the fall of Bear Stearns, only 61 banks have been taken over by the FDIC. If you believe this presenter, we've only seen 1/25 of the likely banking deaths. Yikes!
“The state of California is in financial ruin,” Stumpf told those attending a statewide microfinance lenders’ conference at Stanford University. “The budget deficit in California is staggering.”
The economy sank at a 5.7 percent pace in the first quarter as the brute force of the recession carried over into this year. It was a grim first-quarter performance. It marked the second straight quarter where the economy took a huge tumble.
Under President Barack Obama’s budget plan, the federal debt is exploding. To be precise, it is rising – and will continue to rise – much faster than gross domestic product. The federal debt was equivalent to 41 per cent of GDP at the end of 2008;
Nouriel Roubini, the famously glum economist who predicted the financial crisis, said that while the recession in the US may well be over at the end of the year, another dip was still possible next year. "I still expect that economic growth in t
The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said. Prices may increase at rates “close to” Zimbabwe’s gains,
Folks, 24% is a simply breathtaking number for credit card losses, and JP Morgan is saying that is what it may see on its WaMu portfolio. Even keeling-over-and-dying Advanta is up to only 20% losses.
As much as 90 percent of so-called super senior commercial- mortgage backed bonds sold in 2007 may be affected as the ratings firm changes how it assesses the debt, New York-based S&P said today...
What's worse is that the banks are charging off (that is, disposing as worthless) a huge amount and yet even that is not slowing down the bad loan count - they're going delinquent faster than the banks are charging them off.
Continued claims are now at 6.79 million - an all time record. This is 5.1% of covered employment.
Big revenue losses mean that the U.S. budget deficit may be larger than predicted this year and in future years.
The discovery of the law of association by classical economists points the way toward social harmony, showing that the powerful and the weak have a better way to relate to each other than through exploitation.
[ah, weren't the the same economists who...?] More than 90% of economists predict the US recession will end this year, although the recovery is likely to be bumpy. Generally in line with the outlook from Fed Reserve Chairman Bernanke and his coll
Rothbard had bound together the cause of private-property capitalism with anarchist politics – What came to be known as Anarcho-Capitalism
A little more than a decade ago, Born foresaw a financial cataclysm, accurately predicting that exotic investments known as over-the-counter derivatives could play a crucial role in a crisis much like the one now convulsing America.
Here's more proof that the people who probably should have known how they were making all that housing bubble money never did—even those who personally made tens of millions off of it.
The main issue with Schiff seems to be that he hasn’t changed his tune–and it isn’t a pleasant tune to listen to. He thinks the “phony economy” of the U.S. is headed for even harder times. He believes that the crisis-fighting measures coming out of W
“A year and a half ago, this space might have leased for $150 per square foot,” Mr. Sammons said, while he has heard of recent sublets in high-end buildings in this office corridor with annual rents of as little as $40 to $50 per square foot.
With the U.S. economy in turmoil, his job as a truck driver no longer secure and his upwardly mobile life in the Dallas suburbs in jeopardy, James Odhiambo decided it was time for a change. He wanted a healthier lifestyle for his family, less anxiety
The US Treasury is facing an ordeal by fire this week as it tries to sell $100bn (£62bn) of bonds to a deeply sceptical market amid growing fears of a sovereign bond crisis in the Anglo-Saxon world.
Large numbers tend to make the estimating mathematica fit better but it does not repeal the role of human decision making over discrete events or that they communicate and can catastrophically develop schooling behavior. Over the long term, even
Major change in markets -- bonds and dollar both fall with stocks on same day -- flight to quality now means flight from dollar and treasuries. This may well be the start of the next leg of the economic collapse -- stay tuned.
...state spending cuts so deep and so painful that they could rewrite the social contract between California and its citizens. They could also force a fundamental rethinking of the proper role of government in the Golden State.
Watch the numbers spin.Entered By: Jack Gregson
General Motors, the struggling automaker, inched closer to a bankruptcy filing on Friday when the company’s largest bondholders reiterated they would reject an offer to convert their debt into G.M. stock.
"All of our discussions that we had, it's very likely that they will go into Chapter 11," said CAW President Ken Lewenza at a Toronto news conference to announce the union's tentative contract agreement with GM.
We are toying with the prospects of hyper inflation, but this clearly shows that such can be avoided the present printing of money is primarily to accommodate the deleveraging taking place in the global credit system. Thus the money is not going dire