These days, 24-year-old Delonta Spriggs spends much of his time cooped up in his mother's one-bedroom apartment in Southwest Washington, the TV blaring soap operas hour after hour, trying to stay out of the streets and out of trouble, held captive by
Total loan balances fell by $210.4 billion, or 3%, in the third quarter, the biggest decline since data collection began in 1984. The FDIC said its fund to backstop >b>deposits fell into negative territory for just the second time in its history,
As the number of problem U.S. banks swells to the hundreds, the Federal Deposit Insurance Corporation is increasingly hard-pressed to fill in the gaps where institutions have put depositor's funds at risk. Unfortunately, a dire prediction made by
[The] shadow economy amounts to nearly 8 percent of gross domestic product (GDP) – in the ballpark of $1 trillion. That’s bigger than the GDP of Turkey or Australia.
The economy grew at a 2.8 percent pace last quarter, as the recovery got off to a slower start than first thought. The Commerce Department's new reading on gross domestic product wasn't as energetic as the 3.5 percent growth rate for the July-Sept
Whatever else may be going on, there’s a real bull market in gold. It’s a bull market that began ten years ago. If you’d bought stocks then, you’d have about what you have now…less inflation. If you’d bought gold…you have about 4 times what you had t
The United States government is financing its more than trillion-dollar-a-year borrowing with i.o.u.’s on terms that seem too good to be true. But that happy situation, aided by ultralow interest rates, may not last much longer.
The most accurate dollar forecasters predict the world’s reserve currency will continue sliding even when the Federal Reserve begins to raise interest rates, which policy makers say is an “extended period” away. Standard Chartered Plc, Aletti Gest
People will pay for perceived value (video).
Decide How (Not If) the Government Will Default - by Gary North / The Fed Takes a Blow - From Ron 'Mohammed Ali' Paul / Secession From Obamerica / Geithner Wants a Chinese Currency Float / Detailed Advice From a Precious Metals Pro (Charles Goyette)
Germany’s new finance minister has echoed Chinese warnings about the growing threat of fresh global asset price bubbles, fuelled by low US interest rates and a weak dollar.
New York Times Bestselling author Charles Goyette will speak and sign copies of his new book... and... you can also have your likeness drawn in the book and signed by Pulitzer Prize Winning Editorial Cartoonist Steve Benson!
3 major credit ratings agencies gave mortgage-backed securities unjustifiably high ratings in return for lucrative fees, losing at least $457 million for 5 Ohio public employee pension and retirement funds, the state's AG alleged in a lawsuit.
Refineries from New Mexico to New Jersey are under severe economic pressure because of falling demand for fuel, with a number of facilities shutting down in recent months. Valero Energy Corp., which shuttered a major refinery over the summer, said
“It’s a horribly complicated system, and most people didn’t pay attention,” Mr. McDermott said of the need for quick Congressional renewal.
The government watchdog overseeing economic stimulus spending said Thursday that, in its rush to take credit for saving hundreds of thousands of jobs, the Obama administration was overly confident in its job-counting and did not acknowledge significa
Gold Hits All Time Highs While Dollar Continues to Slide! For the ancient Greeks it was the three fates that spun the destiny of life, measuring and finally cutting it short. Now, highlighted by events of the past few days, the unmistakable hands
The newspapers are a-buzz with stories of Obama’s trip to China. The Financial Times tells us what “he should have said.” According to the FT, the American president should have told the Chinese that he wasn’t going to put the US into depression just
A stronger dollar and more discouraging signs of a subdued economic recovery triggered a broad sell-off in stocks. Major indexes tumbled more than 1.5 percent Thursday, including the Dow Jones industrials, which fell about 160 points. Energy an
A gauge of future economic activity and a report on unemployment benefits signaled the recovery likely will remain weak in the coming months. The index of leading economic indicators rose less in October than analysts had expected.
Nearly 35 years after taxpayers spent $55.7 million building the Pontiac Silverdome and a year after a $20 million sale fell through, city officials have sold the arena once called the most desirable property in Oakland County. The price: $583,000.
“I have always depended on the kindness of strangers,” said Blanche DuBois, in the final words of the play A Streetcar Named Desire. Well, don’t we all.
The coroner’s report left no doubt as to the cause of death: toxic loans. That was the conclusion of a financial autopsy that federal officials performed on Haven Trust Bank, a small bank in Duluth, Ga., that collapsed last December.
Dr. Orly Taitz joins Ernest and FreedomsPhoenix Senior Editor, Powell Gammill. Dr. Taitz is a delegate at the Continental Congress 2009 also - Orly Taitz' lawsuit,... Obama trial has been set for Jan. 26, 2010 - Then Powell & Ernest, Gov't Budgets.
"The trickle-down effect of the housing number is going to be amazing. It's likely that more construction crews will get cut after this, and the supplier who supply those crews will be hurt as well. This is not good news at all." A separate report fr
Arizona could get out of its budget jam more quickly if state legislators would act more like statesmen and less like political partisans, a group of politicians, lobbyists and policy makers concluded Tuesday. It's the latest in a series of calls
The mortgage measure is the latest effort by the bankers to keep from being stuck with properties that are worth less than they loaned to homeowners. Arizona is an "anti-deficiency'' state. Homeowners who end up owning more than the property is wo
Less than four months after California leaders stitched together a patchwork budget, a projected deficit of nearly $21 billion already looms over Sacramento, according to a report to be released today by the chief budget analyst. The new figure --
[pass healthcare, bailouts, expand war....] President Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying if government debt were to pile up too much, it could lead to a double-dip recession.
The Oxford-trained mathematician is going global with his message to fellow math geeks who permeate big banks and hedge funds everywhere -- the people he believes drove the financial world to the brink of collapse last year.