YOUCH. Headlines: 263,000 "jobs lost" and unemployment rate up to 9.8%.
I have previously pointed out that we can (and should) break up the giant, insolvent banks under a number of different laws. Indeed, the government could break up the “systemically dangerous institutions” under 100-year old antitrust laws.
This is what an economic strategy of pulling it forward looks like. In August, car buyers were going nuts with a $4,500 incentive to trade clunkers in for brand new cars. Many warned, of course, that these sales would simply end up decreasing future
Six more banks have been approved to receive funding under the Troubled Asset Relief Program, according to the Treasury Department's most recent update on bailout activity
Goldman Sachs on Tuesday advised investors to shy away from banks and insurance companies that are heavily focused on commercial real estate, saying that the downturn in commercial real estate was more severe than Goldman had expected.
Legislation to triple aid to Pakistan and stem the tide of radicalism and anti-Americanism in that Asian nation cleared Congress on Wednesday and moved to President Barack Obama for his signature.
Happy New Year! But leave the hats and horns in the closet. There's nothing to celebrate. Today marks the start of the 2010 federal fiscal year. The only thing good about it is that FY'09 is finally over. Net interest paid on the Debt will amount thi
Facing a midnight deadline, the U.S. Senate Wednesday approved an emergency one-month extension of current funding levels for the federal government.
Some more observations on the stock market bubble
Stocks tumbled Thursday after a disappointing ISM report on manufacturing piled on to worries about the economic recovery.
First we have to understand that the banking system, the FDIC and the Treasury Department are essentially insolvent. If Japan and China decide to stop buying Treasury Bonds, the U.S. economy would immediately collapse. Japan is already moving in that
.S. stocks tumbled as a gauge of manufacturing unexpectedly dropped and jobless claims increased more than forecast, adding to concern the seven-month rally in equities has outpaced prospects for an economic recovery.
The Treasury Department's long-delayed initiative to purchase toxic assets from financial firms launched Wednesday, nearly a year after Congress authorized the government to tackle what once was billed as the most critical problem facing the banking
An intriguing news item this week was the announcement that Citigroup is suing Morgan Stanley for $245 million, alleging non-payment from Morgan Stanley regarding a “credit default swap” (i.e. default insurance) which Citigroup purchased from Morgan
Penske said it negotiated with another manufacturer to make Saturn cars, but that company's board of directors rejected the agreement. Penske spokesman Anthony Pordon would not identify the other manufacturer. GM had agreed to keep building the
It would be a miracle if trillions of dollars of debt could be wiped out with one stock market crash and be succeeded by a new bull market driven by another large offering of credit by the Fed. But such a central bank-engineered miracle today is i
State tax revenue in the second quarter plunged 17% from a year earlier
Let's pray there is no run on the bank soon.In an unprecedented disclosure, the FDIC has highlighted that it expects the DIF reserve ratio to be negative as of September 30. As there are a whopping 48 hours before that deadline, one can safely assume
US consumer confidence fell unexpectedly in September, suggesting Americans are not as convinced as US policymakers of an economic recovery.
Thomas Costanzo fills in for Ernest Hancock today. The guests for the show is Rob Gray from www.opencurrency.com Open Currency is voluntary system of competing currencies. Open Currency is the creators of the Von Mises silver Medallion, The Forgot
Following up on the quick mention now that I have a story to cite from Amherst:
"This Book is Truly a Must Read" - Ron Paul
U.S. banking regulators proposed on Tuesday that banks prepay three years of fees to help cover the rising cost of bank failures, now put at $100 billion through 2013. Banks would prepay $45 billion of regular quarterly assessments under the plan,
What is it that actually causes a depression? A stock market collapse? Or too much debt? How come government can appear to cure the problem sometimes – 2001-2007 – but not other times?
This gets a bit technical, but the Federal Reserve is flashing that there could be serious, I am talking major league serious, interest rate hikes down the road.
Now that taxpayers are Citigroup’s biggest shareholder, owning 36% of common stock, it is time for the company and its foundation to end its relationship with ACORN and its affiliates
Spain is sliding into a full-blown economic depression with unemployment approaching levels not seen since the Second Republic of the 1930s and little chance of recovery until well into the next decade, according to a clutch of reports over recent da
While the first $60,000 of her income would be lightly taxed, the next $60,000 would be hit with what is in effect a 79% tax rate. Given a choice between a part-time or easy job paying $60,000 and a demanding, stress-ridden job paying $120,000, Lede
This afternoon, Secretary Geithner will meet with the Financial Stability Oversight Board. Oversight Board members: Secretary of the Treasury: Timothy Geithner Chairman of the Board of Governors of the Federal Reserve System: Ben Bernanke [chai
State treasurer Dean Martin held an informal town hall meeting in Page on Saturday evening, but the news was not very cheerful as he told a small audience at City Hall that the state of Arizona is broke. Actually, it’s more than broke; it’s in debt.