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Keyword: economiccrisis

Brevity: Headers | « Text »
  • Alleged Bin Laden Contact in Iraq Gov't

    08/11/2005 11:03:21 PM PDT · by Leroy S. Mort · 15 replies · 1,412+ views
    AP ^ | Aug 12, 2005
    WASHINGTON (AP) - An American accused in court papers of having ties to Osama bin Laden is now working for the Iraqi government's Foreign Ministry, U.S. officials and a former CIA counterterrorism chief say. Iraqi-born Tarik A. Hamdi was the ``American contact'' for one of bin Laden's front organizations and gave a satellite telephone battery to a bin Laden aide in Afghanistan for a phone used by the terrorist leader, according to an affidavit from Customs Agent David Kane.The affidavit was unsealed this week in U.S. District Court in Alexandria, Va., along with a federal indictment charging Hamdi with lying...
  • Shorting the American Economy

    12/05/2015 9:20:38 AM PST · by Kaslin · 14 replies ^ | December 5, 2015 | Steve Forbes
    Wealthy individuals including Tom Steyer and others are driving an effort to effectively "short sell" the American economy by attacking oil, natural gas and coal producers while touting the benefits of "green" energy resources that are still unreliable or are contributing minuscule amounts of power to our nation’s energy demands. For those who are unfamiliar with investing, "shorting" a stock means that an investor who thinks a stock will go down in price will borrow shares of that stock from a brokerage firm and then sell those shares. If that stock does indeed go down, the speculator can buy it...
  • Once-thriving Puerto Rico mountain town finds itself at economic abyss amid population flight

    09/21/2015 8:04:37 AM PDT · by george76 · 44 replies
    ap ^ | September 18, 2015
    LARES, Puerto Rico Ismael Rodriguez looked out on a nearly empty plaza from the clothing store he opened in 1960, now hemmed in by padlocked businesses in this mountain town in northwestern Puerto Rico... experiencing the deepest malaise of just about any community on this island in the depths of an economic crisis. "I have seen the destruction of a town," Rodriguez, 67, said as he gestured toward the plaza. "Look at all the shuttered stores." Lares has become emblematic of the economic stagnation that is overwhelming Puerto Rico, and those who live here believe it is a warning...
  • Greek Prime Minister Tsipras Screws The Pooch

    06/28/2015 6:08:54 AM PDT · by Kaslin · 54 replies, Reuters PHOTO ^ | June 28, 2015 | Mark Nuckols
    <p>Greek Prime Minister Alexis Tsipras and his party Syriza have just screwed the pooch, and royally so. Tsipras has just done something so colossally idiotic and childish that perhaps Greece deserves its impending economic collapse for having elected someone so incredibly stupid. Greeks have suffered six years of chronic recession and endless rounds of debt negotiations, but this will all seem like a walk in the park compared to the poverty and civil chaos about the engulf their country.</p>
  • ECB Unscheduled Conference Today; Emergency Eurozone Meeting Monday;

    06/20/2015 8:21:24 AM PDT · by Kaslin · 6 replies ^ | June 19, 2015 | Mike Shedlock
    The mad dash and perhaps last dash for euros in Greece is on. Some will undoubtedly be frozen out as soon as the ECB halts emergency liquidity assistance (ELA) to Greek Banks. Emergence Meeting Monday, Unscheduled ECB Conference Call Today There's an Emergency Meeting of Eurozone Leader on Monday to discuss Greece, but the ECB may very well act in advance. Once ELA is removed, Greece will soon be forced to issue capital controls. Greek banks have continued to suffer withdrawals amid concerns that Athens and its creditors will fail to strike a deal to avoid a debt default. The...
  • Billionaires Secretly Met in Aspen to Defeat Bush

    10/19/2004 2:07:29 PM PDT · by jstolarczyk · 52 replies · 1,871+ views ^ | 19 October 2004 | Carl Limbacher and Staff
    Tuesday, Oct. 19, 2004 1:09 p.m. EDT Billionaires Secretly Met in Aspen to Defeat Bush In the days following the Democratic National Convention in Boston this past August, several billionaire Democratic activists secretly met at the famed Aspen Institute in Colorado. The purpose of their clandestine meeting was "to use their fortunes to engineer the defeat of President George W. Bush," The New Yorker magazine reports in its most recent edition. Details of the meeting remain sketchy, but the magazine described the Aspen conference this way: "Five billionaires joined half a dozen liberal leaders in a lengthy conversation about the...
  • These 2 Charts Show Why The Economic Crisis Is Far From Over

    09/30/2014 6:34:45 AM PDT · by blam · 1 replies
    BI ^ | 9-30-2014 | Tomas Hirst
    Tomas Hirst September 30, 2014The hot debate in financial circles at the moment is exactly when the Fed (and/or the Bank of England) will start raising rates as the economic recovery picks up steam. However, the authors of the Geneva Report suggest talk of the crisis being over is seriously premature. Six years on from the financial crisis, people were expecting a global economy less reliant on debt financing and gradually moving back toward trend growth. According to Luigi Buttiglione, Philip Lane, Lucrezia Reichlin, and Vincent Reinhart, we instead have global debt-to-GDP breaking new highs and a permanent decline in...
  • Don't Believe What Obama Tells You About His Economy or That He Has The Terrorists

    12/04/2013 1:00:37 PM PST · by Kaslin · 10 replies ^ | December 4, 2013 | Donald Lambro
    As President Obama approaches the end of his fifth year in office, he's nearing the time for his annual report card. It isn't a pretty picture. Americans are giving him failing grades, as polls show his job approval scores plunging to the lowest level in his presidency. Only 41 percent approve of his performance in office, while 52 percent now disapprove of the overall job he's been doing. There are plenty of reasons for Obama's dismal marks: from his foreign policy blunders, a troubling decline in our national security defenses, to a still high unemployment economy that remains sub-par and...
  • Drilling Below the Surface of Obama's Dreadfully Weak Economic Numbers

    11/13/2013 9:05:23 AM PST · by Kaslin · 13 replies ^ | November 13, 2013 | Donald Lambro
    Barack Obama's presidency is falling apart, as a growing number of Americans now realize his promises of prosperity and jobs were bogus and his health care law a fabric of lies. A president who promised hope and change has given us despair and a failed,1930s agenda, as a once-mighty economy continues to limp toward the end of its fifth year in "recovery" -- yet with no full, lasting recovery in sight. Twelve months ago, a majority of voters handed him a second term. This week, the Gallup Poll reported that a 54 percent majority disapprove of the job he's doing...
  • The Wages of Presidential Deception

    10/31/2013 4:41:39 AM PDT · by Kaslin · 2 replies ^ | October 31, 2013 | Victor Davis Hanson
    By 1968, President Lyndon Baines Johnson was finally done in by his "credibility gap" -- the growing abyss between what he said about, and what was actually happening inside, Vietnam. "Modified limited hangout" and "inoperative" were infamous euphemisms that Nixon administration officials used to mask lies about the Watergate scandal. After a while, few believed any of the initial Reagan administration disavowals that it was not trading "arms for hostages" in the Iran-Contra scandal. George H.W. Bush thundered during his campaign to "read my lips: no new taxes," only to agree later to raise them. Bill Clinton's infamous assertion that...
  • Global Inflation Wave. Economists about economic crisis and Emperor Constantine's solution.

    05/21/2012 7:17:20 AM PDT · by se99tp
    Christian Concepts Daily ^ | May 21st, 2012 | Dr Norman Bailey
    Confronted by multiple challenges in the wake of the global financial and economic crisis and having exhausted more traditional central bank levers which left interest rates at near zero, governments adopted a series of policies almost as a matter of course. Whether termed credit easing, quantitative easing or twisting, these policies all have one thing in common they increase the money supply... Further complicating the book keeping, some central banks, most significantly the U.S. Federal Reserve, are maintaining the policy of directly monetizing the federal debt. To be clear, debt monetization is not a result of the 2008-2009 crisis;...
  • Increasingly in Europe, Suicides by Economic Crisis

    04/14/2012 10:37:55 AM PDT · by lbryce · 12 replies
    New York Times ^ | April 14, 2012 | ELISABETTA POVOLEDO and DOREEN CARVAJAL
    On New Years Eve, Antonio Tamiozzo, 53, hanged himself in the warehouse of his construction business near Vicenza, after several debtors did not pay what they owed him. Three weeks earlier, Giovanni Schiavon, 59, a contractor, shot himself in the head at the headquarters of his debt-ridden construction company on the outskirts of Padua. As he faced the bleak prospect of ordering Christmas layoffs at his family firm of two generations, he wrote a last message: Sorry, I cannot take it anymore. The economic downturn that has shaken Europe for the last three years has also swept away the foundations...
  • Barack Obama on economic crisis: 'We didn't know how bad it was'

    12/13/2011 5:24:27 PM PST · by ColdOne · 62 replies
    Politico44 ^ | 12/13/11 | JENNIFER EPSTEIN
    President Barack Obama said Tuesday he wishes he knew the full extent of the economic crisis when he took office, if only so he could have let Americans know just how tough the coming years would be. "I think we understood that it was bad, but we didnt know how bad it was, Obama said in an interview with KIRO in Seattle. "I think I could have prepared the American people for how bad this was going to be, had we had a sense of that." Obamas comments came as he sat down with a string of local TV reporters...
  • Chinese economy nearly bankrupt? Inflation rate is 16 percent?

    11/17/2011 11:18:30 AM PST · by se99tp · 10 replies
    The Extra News ^ | 11/17/2011 | Extra News
    (...)Until recently only Chinese dissidents and some economists criticized the Politburo policy, which can be compared to printing money: building cities for no one and the sale of land. This time Chinese professor of finance, the television host, Larry Lang confirmed that Chinese economy is almost bankrupt: -the real public debt is US $ 5.68 trillion -the real inflation rate is 16 percent
  • From the files of Terror Inc

    08/16/2004 3:02:51 PM PDT · by Calpernia · 571 replies · 7,393+ views ^ | August 14, 2004 | Alan Cullison
    The September11 terror attacks in the US were staged to overcome disunity in al-Qa'ida, confidential computer records reveal. Alan Cullison reports on what happened after his laptop was wrecked while he was covering the combat in Afghanistan IN the autumn of 2001, I was one of scores of journalists who ventured into northern Afghanistan to write about the US-assisted war against the Taliban. After losing use of my computer in an accident, I scrawled stories by candlelight with a ballpoint pen and read dispatches to my editors at The Wall Street Journal over a satellite phone. When the Taliban's defences...
  • Ron Paul Warns of 'Cataclysmic' Economic Crisis

    01/06/2011 4:24:19 PM PST · by Signalman · 26 replies
    Newsmax ^ | 1/5/2011 | David A. Patten
    Former presidential candidate Rep. Ron Paul warned Wednesday that even if Republicans fulfill their pledge to slash $100 billion in federal spending, the United States still only has a one in 10 chance to avert an economic catastrophe. It hardly does anything, Paul said of the $100 billion cut, which would roll back federal spending to 2008 levels. The government itself is so out of control, Rep. Paul told Fox News host Neil Cavuto, that I dont think anybody realizes how bad it is, and how little control we have which is bumping up against its $14.3 trillion limit. Economists...
  • The Crisis of the Middle (The decline in marriage amplifies Middle Americas economic woes)

    12/10/2010 7:39:16 AM PST · by SeekAndFind · 11 replies
    National Review ^ | 12/10/2010 | Rich Lowry
    The unemployment rate for people with a college degree or higher is 5 percent. If that were the rate for everyone, itd be the 1990s again. But college graduates are only 30 percent of the country. For the rest of the population, the jobs picture is grimmer. For people without a high-school degree, the unemployment rate is more than 15 percent. If that were the rate for everyone, itd be the 1930s again. The unemployment rates are part of a growing divergence between the fortunes of the college educated and the rest of the country, including proverbial Middle America. In...
  • The Crisis: When the Cards Fall

    07/14/2010 11:06:26 AM PDT · by ChrisBoundsTX · 9 replies · 1+ views
    Liberty Juice ^ | 07/14/2010 | Chris Bounds
    As have many Americans, I have been shouting loudly about the ticking time bomb that is looming in the economy. In past articles The Crisis and A House of Cards I detailed how excessive debt and spending by the federal government are threatening the economy and ultimately American way of life. Still it seems nobody in charge is listening in Washington. While I remain confident that the ingenuity of the American people will always prosper over time, I cannot help but to brace for the trouble that must come before that kind of prosperity can return again. The economic situation...
  • EU Leaders Confident Greece Bailout Will Succeed

    04/30/2010 8:49:45 PM PDT · by myknowledge · 6 replies · 380+ views
    VOA News ^ | April 30, 2010
    The head of the European Commission says he is confident an emergency aid package will keep Greece's crippling debt crisis from further threatening the financial health of other EU nations. Speaking at a press conference in Beijing Friday, Commission President Jose Manuel Barroso said measures to contain the crisis will be in place in the coming days. Officials say a bailout being discussed with the EU and International Monetary Fund will likely cost about $160 billion, and will require Greece to drastically slash its deficit by 2011. Greek Prime Minister George Papandreou told parliament Friday the cutbacks are a "patriotic...
  • Disastrous leadership

    04/24/2010 11:11:36 PM PDT · by kathsua · 10 replies · 627+ views
    The Hutchinson News ^ | 4/20/10 | GREGORY H. BONTRAGER
    Within a year the full weight of the Obama disaster has become apparent. The democratic mantra of "the stimulus saved the economy" is a lie. The "stimulus" is nothing more than years of pent-up pork barrel spending financed on a sea of barrowed Chinese cash. While schools close and unemployment lines swell, does our "new left" savior acknowledge his mistake? No, in true demagogic fashion he blames others for his failure and seeks to expand his disastrous policies with the claim "we haven't gone far enough." The health care plan is going to lower the deficit - like unemployment won't...
  • Poll: Americans See Economic Collapse as Real Possibility

    03/23/2010 5:33:02 PM PDT · by SalAOR · 30 replies · 769+ views
    Axis of Right ^ | 3/23/2010 | Ryan
    A new Fox News poll has 79% of the American people seeing an economic collapse in this country as a possibility. The sample was taken last Tuesday and Wednesday of 900 registered voters.
  • America To Obama and Dems: Leave it To Private Enterprise

    02/20/2010 11:56:49 AM PST · by Shellybenoit · 2 replies · 131+ views
    The Lid/Rasmussen ^ | 2/20/2010 | The Lid
    Government is not the solution to our problem. Government is the problem. Ronald Reagan, First Inaugural Address As the progressive administration of Barack Obama continues to push out private industry, American voters have a little message for the government officials, hands off, they can do it much better than you. The latest Rasmussen poll reports that the majority of American voters have more confidence in the economic decisions of the business community than in those of government. 51% of voters think the decisions business leaders make for their own shops do more to help the economy than decisions made by...
  • Paulson claims Russia tried to foment Fannie-Freddie crisis

    01/29/2010 4:06:54 PM PST · by lwd · 30 replies · 1,289+ views
    Financial Times ^ | Published: January 29 2010 21:06 | By Krishna Guha in Washington
    Russia proposed to China that the two nations should sell Fannie Mae and Freddie Mac bonds in 2008 to force the US government to bail out the giant mortgage-finance companies, former US Treasury secretary Hank Paulson has claimed. The allegation is in his memoir On the Brink in which he also suggests that Alistair Darling, the UK chancellor, blocked a rescue takeover of Lehman Brothers by Barclays Bank when he refused to support special treatment by UK regulators. Russian officials had made a top-level approach to the Chinese, suggesting that together they might sell big chunks of their GSE holdings...
  • Arizona's Coming Government Collapse

    12/23/2009 5:29:29 PM PST · by UnRuley1 · 202 replies · 3,894+ views
    Email from the Governor | 12/22/09 | Arizona Governor Jan Brewer
    Dear Fellow Arizonan, We face a state fiscal crisis of unparalleled dimension – one that is going to sweep over every single person in this state as well as every business and every family. That is why I held an emergency cabinet meeting yesterday morning where I outlined for our state’s elected leaders and business leaders the ills our state faces. As I told them yesterday, we ARE faced with some of the worst days in our 97-year history. We can debate how we got here, but we CANNOT remain paralyzed in our efforts to address the situation. We must...
  • Still Killing Jobs

    12/13/2009 10:24:38 PM PST · by myknowledge · 5 replies · 548+ views
    The Heritage Foundation ^ | December 10, 2009 | James Sherk
    In his economic speech yesterday, President Obama made it clear that his administration will take a step forward on job creation. Unfortunately, it's also taking three steps backward -- which all adds up to more unemployment. The good news is that Obama understands why unemployment has risen so sharply. Media coverage strongly implies that joblessness has risen because layoffs are up -- but that's only part of the equation. The number of jobs lost by firms rose 15 percent from the start of the recession to the first quarter of this year. These layoffs are real and painful for the...
  • Economic Crisis Of A Year Ago: Who's To Blame? Timeline Video

    09/14/2009 12:41:54 PM PDT · by Talkradio03 · 1 replies · 225+ views
    hotairpundit ^ | 9/14/09 | talkradio03
    Timeline video, + Here is the Drudgereport headline from exactly one year ago: Sept 14th, 2008 (Screenshot)

    08/28/2009 9:13:48 PM PDT · by UncleVanya · 19 replies · 1,885+ views
    The Shadow People (too polite a name for who they really are) have been at this intensely for decades. They are serious about enslaving us. Notice two points out of the many in this amazing treasonous letter from Ted Kennedy to Chairman Andropov of the USSR in 1983. (It is completely authentic and surfaced in London in the 1990s after KGB files came to light.) Kennedy was setting things up to undermine President Reagan. Note: (1) Kennedy's secret messenger Tunney (Kennedy's former college roommate, later a Democrat Senator from California) told the Soviets that, quote: "A few well known economists...
  • Iceland gets cold feet over paying back bailout

    07/14/2009 5:30:53 PM PDT · by FromLori · 13 replies · 489+ views
    The Icelandic government is coming under domestic pressure to renegotiate the 2.3 billion compensation it has committed to paying British savers over the collapse of Icesave and its parent bank Landsbanki. Around 300,000 UK institutions and savers were bailed out by the UK government when Icesave went down amid the collapse of the Icelandic banking system. The Treasury, however, then forced Iceland to commit to paying that money back. Now the agreement to pay the money back over 15 years is coming under question. Leading advisers to the Reykjavik government say members of Icelandic parliament are prepared to challenge the...
  • "Bon" or "Non" Apptit? (greed won't be back for another generation)

    07/03/2009 6:36:51 AM PDT · by TigerLikesRooster · 10 replies · 743+ views
    Pimco ^ | 07/01/09 | Bill Gross
    "Bon" or "Non" Apptit? Kill the umpire, the fan cried to open the 1996 baseball season in Cincinnati, and eight pitches later, the man behind the plate, John McSherry, was dead, all 320 pounds of him screaming for more and more oxygen to feed his spastic heart. Hed been killed by a billion molecules of sink-clogging, Drano-resistant cholesterol that fed on his coronary artery and sucked up his lifes blood like a vampire in the heat of the night. The next day Howard Stern had characteristically railed that the antidote was obvious. It was the same for all fat people:...
  • More cops patrolling solo in "rolling coffins" after cutbacks

    06/25/2009 4:57:21 PM PDT · by Cindy · 34 replies · 989+ views
    (AP) via POLICE ^ | June 25, 2009 | Don Babwin
    "Special coverage: Law Enforcement and the Economy" CHICAGO SNIPPET: "As hundreds of jobs in Chicago's police department go unfilled, officers who once patrolled the streets with partners are riding alone in what some cops bitterly call "rolling coffins."" SNIPPET: "This is what the nation's economic crisis looks like in law enforcement. As tax revenue shrivels, police agencies that for years were bulletproof when it came to funding are tightening their belts. Some worry that criminals will take advantage of the situation."
  • Embarassing Cash For Clunkers Legislation Approved By Senate

    06/19/2009 10:45:58 AM PDT · by FromLori · 66 replies · 2,950+ views
    If you're driving a clunky old jalopy worth less than $4,500 and you want to buy a new car in the middle of a recession, the government is willing to cut you a $4,500 check. The final "cash for clunkers" program, which was approved yesterday, is an embarassment and will likely be a total failure. Here's how it works. If you own a car worth less than $4,500 dollars, you can trade it in for a more fuel efficient auto and receive a voucher worth $3,500 or $4,500. If the car is worth more than that, it doesn't make sense...
  • Some Lawmakers Question Expanded Reach for the Fed

    06/17/2009 8:50:53 PM PDT · by FromLori · 7 replies · 292+ views
    NYT ^ | 6/18/09
    o sooner had President Obama proposed a new regulatory road map for the countrys financial system on Wednesday than senior lawmakers expressed reservations about one of the plans central elements to broadly expand the reach of the Federal Reserve to regulate financial risk across the entire system. Mr. Obama said that the plan would protect consumers, impose new restraints on financial behemoths and guard against the murky practices that caused the market crisis. A culture of irresponsibility took root from Wall Street to Washington to Main Street, he said in a speech to industry executives and senior officials in...
  • Rise in rates hammers mortgage applications

    06/17/2009 4:30:40 PM PDT · by FromLori · 14 replies · 566+ views
    Yahoo ^ | 6/17/09
    U.S. mortgage applications fell for a fourth consecutive week, with overall demand plunging to its lowest level in nearly seven months, data from an industry group showed on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended June 12 decreased 15.8 percent to 514.4, the lowest since the week ended November 21, 2008. A rise in mortgage rates in recent weeks had sapped demand, particularly for home loan refinancing, but the direction of rates reversed course last week. Cameron Findlay, chief economist at based...
  • Chart Alert: Wal-Mart

    06/17/2009 3:56:35 PM PDT · by FromLori · 203 replies · 2,922+ views
    Wall St 24/7 ^ | 6/17/09
    Wal-Mart Stores Inc. (NYSE: WMT) is supposed to be the retail winner in a depression or recession as more and more consumers are forced to shop at the worlds largest retailer whether they want to or not. There is no arguing about the notion that consumers can save money if they buy at Wal-Mart. But several key issues have been happening here, and the company is at risk of having one of the worst charts of all current Dow Jones Industrial Average members.
  • Actually, Krugman Was A Huge Advocate Of The Housing Boom

    06/17/2009 3:28:08 PM PDT · by FromLori · 2 replies · 271+ views
    Forget that 2002 column. In quote after quote from that era, Krugman forcefully argued for rate cuts to stimulate housing and drive the recovery. All day Paul Krugman has been involved in a brouhaha over a 2002 column which seemed to be advocating a housing bubble to get us out of the recession. He says he wasn't calling for a bubble, just that he was just explaining Alan Greenspan was trying to do. Mark Thornton has gone through Krugman's entire archives and undermined this defense. Many of Krugman's own quotes from that era suggest that he was an aggressive advocate...
  • Ssssshhh.... Its D-D-D-D-....

    06/17/2009 3:09:58 PM PDT · by FromLori · 25 replies · 1,023+ views
    The Market Ticker ^ | 6/17/09 | Karl Denninger
    Deflation. Ten-year yields will probably drop to as low as 1.5 percent over the next two years, Mizuho Assets Takei said. The only way that happens is if The United States is gripped by a bone-crushing deflationary spiral. It can happen. It probably will happen, despite The Fed's attempts to stop it, because in fact The Fed has done all the wrong things to stop it over the last ten years, and once you try to use bubble economics to get out of another bubble you have sealed your fate. See, debt deflation cannot be avoided once you blow asset...
  • This Time Unemployment Might Be A LEADING Indicator

    06/16/2009 10:45:58 AM PDT · by FromLori · 13 replies · 838+ views
    This time it's different, say John Hussman and Ray Dalio. In a bad way. John Hussman with another provocative idea, which he attributes to Ray Dalio at Bridgewater: In typical recessions, unemployment tends to be a lagging indicator, and the employment figures themselves tend to move up and down roughly in concert with the overall economy. In the current downturn, however, the unusually high debt burden and precariousness of mortgages among households creates a dynamic that we don't usually observe. In the current cycle, as Ray Dalio of Bridgewater has correctly (in my view) pointed out, unemployment is likely to...
  • Another Vote For A Vicious Double Dip

    06/15/2009 6:47:41 PM PDT · by FromLori · 8 replies · 534+ views
    Wall St 24/7 ^ | 6/15/09
    After several weeks of conviction on the part of most economists that the current recession is a single dip which will end later this year, the advocates of a double dip recession are out in force. Most of the champions of two dips see a brief swing up in the GDP of the developed nations followed by another collapse in the first half of next year. Last week, the head of The World Bank said that there are still plenty of risks in the credit system that will keep a tight reign on available capital and that this could smother...
  • Hey BofA Shareholders! You're Paying Mozilo's Legal Fees (BAC)

    06/09/2009 9:00:54 PM PDT · by FromLori · 1 replies · 223+ views
    Another thing to be po'd off at Ken Lewis about if you're a Bank of America (BAC) shareholder: You're paying for Angelo Mozilo's legal defense, as fe faces civil fraud charges from the SEC. Granted, The Tanned One had that agreement in place with Countrywide prior to the sale, and Bank of America inherited that when it bought the company. And it's also true that in Q1 Countrywide was a big contributor to Bank of America's earnings. So maybe you should be grateful! A few extra lawyer bills are a small price to pay. Although if the refi boom melts...
  • The American Financial Collapse

    05/13/2009 10:12:54 AM PDT · by SalAOR · 13 replies · 837+ views
    Axis of Right ^ | 5/13/2009 | Sal
    Early yesterday I wrote about the current crisis in the U.S. Fiscal system in the areas of unemployment and our national debt, and how they are leading indicators towards a major financial collapse. Today, there are several pieces of news that add credence to that theory. First, the April retail sales and foreclosure numbers were released today, showing far worse performance than expected and leading to market declines. Second, Social Security and Medicare are now dangerously close to being insolvent.
  • Spanish discontent as soup kitchens spring up

    05/10/2009 10:59:58 PM PDT · by bruinbirdman · 7 replies · 661+ views
    The Times ^ | 5/11/2009 | Graham Keeley in Madrid
    Hundreds of thousands of Spaniards are facing ruin as bankruptcies and unemployment rise and the economy heads for meltdown Faced with losing his home if he cannot find 6,000 (5,350) by the end of this week, Javier Martnez has resorted to desperate measures: the unemployed father-of-four is selling his own flat and throwing in another, free. The three-bedroom apartment in Tarazona, near Zaragoza in eastern Spain, is on the market for only 57,000. The former construction project manager is including a one-bedroom flat that he had been letting in an attempt to entice a buyer. I need to find the...
  • Russian army scraps new uniforms(casualty of economic crisis)

    05/04/2009 12:27:35 AM PDT · by TigerLikesRooster · 12 replies · 1,376+ views
    BBC ^ | 05/01/09 | Steven Eke
    Russian army scraps new uniforms By Steven Eke BBC Russian affairs analyst Russian soldiers rehearse for Victory Day (24 April 2009) Senator Viktor Ozerov said uniforms were not a priority for the army A plan to replace Soviet-era Russian military uniforms with ones by a leading fashion designer has been abandoned because of a lack of money. The plan to bring in the new uniforms, designed by Valentin Yudashkin, was supported by Russian PM Vladimir Putin. There is now only enough money to pay for uniforms for soldiers taking part in the forthcoming Victory Day parade. Everyone else, it seems,...
  • The postal service: You've got (no) mail

    05/03/2009 7:18:20 AM PDT · by TigerLikesRooster · 81 replies · 1,956+ views
    Economist ^ | 04/30/09
    The postal service You've got (no) mail Apr 30th 2009 | NEW YORK From The Economist print edition The postal service has been hit hard by the recession and by faster competition ENGRAVED magnificently above the columns of the main post office in Manhattan is a promise of the postal services resilience. Neither snow nor rain nor heat nor gloom of night, runs the motto, stays these couriers from the swift completion of their appointed rounds. Inclement weather is one thing, but the downturn is posing a greater challenge. Starting on May 9th, New Yorks main post office, which prides...
  • In Japan, even mobsters bite the recession bullet(blew it all at financial market)

    04/28/2009 6:10:08 AM PDT · by TigerLikesRooster · 9 replies · 579+ views
    AFP ^ | 04/20/09
    In Japan, even mobsters bite the recession bullet AFP - Monday, April 20 TOKYO (AFP) - - They made their money with sex, drugs and gambling but then invested much of it in high finance. Now Japan's yakuza have their back to the wall as the economic crisis takes aim. Just like the legitimate businesses they have muscled into, Japan's mafia are being squeezed by the steepest economic downturn in decades, and as profits have plunged, management has been thinning out the ranks. One of the victims of the downturn is Taro Hiramatsu, a heavily tattooed retired gangster in his...
  • How financial stress spreads A first comprehensive look at the current crisis

    04/27/2009 5:28:45 AM PDT · by TigerLikesRooster · 3 replies · 366+ views
    VoxEu ^ | 04/27/09 | Ravi Balakrishnan Stephan Danninger Selim Elekdag Irina Tytell
    How financial stress spreads A first comprehensive look at the current crisis Ravi Balakrishnan Stephan Danninger Selim Elekdag Irina Tytell 27 April 2009 Financial stress reached unprecedented levels in 2008. This column presents a new IMF financial stress index and puts the current crisis into historical perspective. It also shows that bank-lending linkages appear to be the main driver of the transmission of stress. International financial integration brings both opportunities for growth and risks of contagion. Financial stress in advanced and emerging economies reached unprecedented levels in 2008. After an initial period of resilience, the turmoil hit emerging economies...
  • World Bank, IMF: Crisis becoming 'human calamity'

    04/26/2009 11:11:23 PM PDT · by RC one · 3 replies · 379+ views
    WASHINGTON (AFP) ^ | Sun Apr 26, 10:25 pm ET | Veronica Smith
    WASHINGTON (AFP) The IMF and World Bank have warned that the global economic crisis is turning into a "human calamity" and called on members to speed up pledged aid and give even more to help the most vulnerable. At the end of spring meetings in Washington, the two Bretton Woods institutions on Sunday told their 185 member countries that the worst global slump in generations had already driven more than 50 million people into extreme poverty. "The global economy has deteriorated dramatically ... Developing countries face especially serious consequences as the financial and economic crisis turns into a human...
  • The pension killer

    04/26/2009 5:50:51 AM PDT · by TigerLikesRooster · 1 replies · 561+ views
    Financial Post ^ | 04/23/09 | Stephen Donald
    The pension killer Posted: April 23, 2009, 10:27 PM A 1970s government policy continues to keep pension funds unprepared for economic downturns By Stephen Donald When I started my career in 1973, the economy promptly went into a recession. The S&P 500 fell 48% and took four years to get back to break-even. At the end of 1973 near the market peak, Warren Buffet said he could not find any stock bargains and returned investors their money. Companies had large deficits in their pension plans and had to start making large contributions, and that was before solvency funding! 2009 is...
  • WILD-FIRED BY THE ZOO (animals layoff by Bronx Zoo?)

    04/25/2009 5:25:55 AM PDT · by TigerLikesRooster · 17 replies · 543+ views
    NY Post ^ | 04/24/09 | SALLY GOLDENBERG
    WILD-FIRED BY THE ZOO By SALLY GOLDENBERG April 24, 2009 -- Situation wanted: Will work for hay. Layoffs in the city have spread from the piggy traders on Wall Street to the animals at the Bronx Zoo. The institution is closing four exhibits and shipping hundreds of creatures to zoos and aquariums around the country, officials told the City Council Cultural Affairs Committee yesterday.
  • Recession likely to be long, recovery slow - IMF

    04/20/2009 3:33:02 AM PDT · by TigerLikesRooster · 8 replies · 408+ views
    Reuters ^ | 04/16/09
    Recession likely to be long, recovery slow - IMF Thu Apr 16, 2009 3:50pm BST WASHINGTON, April 16 (Reuters) - The current global recession is likely to be unusually long and severe and the recovery sluggish because it sprang from a financial crisis, the International Monetary Fund said on Thursday. New IMF analysis shows recessions tied to a financial crisis, like the current one that has its roots in reckless lending for the U.S. housing market, are more difficult to shake because they are often held back by weak demand. Worse still is that today's recession combines a financial crisis...
  • Soviet relics feel the pain as Russian crisis deepens

    04/11/2009 9:54:17 PM PDT · by TigerLikesRooster · 3 replies · 547+ views
    Guardian ^ | 04/12/09 | Luke Harding
    Soviet relics feel the pain as Russian crisis deepens Luke Harding reports from Dushanbe in Tajikistan on how Moscow's recession has seen the sacking of thousands of guest workers from the central Asian republics. Now they are going home to poverty - and their governments are under threat Luke Harding The Observer, Sunday 12 April 2009 Until last month, Zafar Kasimov was working in a cement factory in St Petersburg. Now, however, he is back home from Russia and scraping a living in Tajikistan, central Asia's most hard-up nation. "My Russian boss told me there was no more work," Zafar,...