:: NEWS
07/30/2014
07/29/2014
07/28/2014
07/27/2014
finance
France Says Boosting Use of Euro Is Issue of Global Balance - French Finance Minister Michel Sapin said euro area governments need to look at ways of bolstering the use of the euro in international transactions as a matter of “global balance.”The remarks come a week after Paris-based bank BNP Paribas (BNP) SA was slapped with a $8.97 billion fine by U.S. authorities for transactions carried out in dollars in countries facing American sanctions. The fine spurred debate in France about the right of the U.S. in extending its regulatory reach beyond its borders.
From Nony
finance
Wall Street: 98 Risk of Crash This Year - Earlier this year, a select group of Wall Street Insiders were surveyed, and the results were ominous. These financial experts and fund managers predicted a 98% chance a stock market crash will happen in the next six months.
From Nony
finance
Hacker is Released from Prison, Starts Hedge Fund Called TRO LLC, Appears on CNBC - CNBC just got very surreal. I have been following the release from prison of well known hacker and troll “Weev” for several weeks now. What has really captured my attention is his effort to get the world’s smartest hackers to find vulnerabilities in companies, short the shit out of them, and then release the vulnerability to the public. He plans on using a hedge fund naturally called TRO LLC to achieve this goal.
From Nony
|| 04/06/2014 ||
finance
Whistleblower - Informant Award - The IRS Whistleblower Office pays money to people who blow the whistle on persons who fail to pay the tax that they owe. If the IRS uses information provided by the whistleblower, it can award the whistleblower up to 30 percent of the additional tax, penalty and other amounts it collects.
From Anawaram
|| 02/06/2014 ||
finance
FDIC: Failed Bank List - This list includes banks which have failed since October 1, 2000. To search for banks that failed prior to those on this page, visit this link: Failures and Assistance Transactions
From Nony
finance
Can India do away with income tax? - Opinion : "In plain-speak, the new proposed tax system would be more equitable than the existing one, without compromising on the revenue side."
From Supreeth
finance
How and why Bitcoin will plummet in price - let me outline one possible scenario in which the value of Bitcoin (and other cryptocurrencies) would fall apart. For purposes of argument, let’s say that a year from now Bitcoin is priced at $500. Then you want some Bitcoin, let’s say to buy some drugs. And you find someone willing to sell you Bitcoin for about $500. But then the QuitCoin company comes along, with its algorithm, offering to sell you QuitCoin for $400. Will you ever accept such an offer? Well, QuitCoin is “cheaper,” but of course it may buy you less on the other side of the transaction as well. The QuitCoin merchants realize this, and so they have built deflationary pressures into the algorithm, so you expect QuitCoin to rise in value over time, enough to make you want to hold it. So you buy some newly minted QuitCoin for $400, and its price springs up pretty quickly, at which point you buy the drugs with it. (Note that the cryptocurrency creators will, for reasons of profit maximization, exempt themselves from upfront mining costs and thus reap initial seigniorage, which will be some fraction of the total new value they create, and make a market by sharing some of that seigniorage with early adopters.)
From Nony
finance
How 1 Man Made His Father $396,000 With Biblical Investing - Most people know Sean Hyman from his regular appearances on Fox Business, CNBC, and Bloomberg Television, but what they don’t know is that Sean is a former pastor, and that his secret to investing is woven within the Bible.In fact, Sean explains that there is actually a “Biblical Money Code.”Sean says it is this Biblical Money Code that helped him turn his father’s $40,000 retirement account into $396,000. Sean also credits this code for helping him go from making a mere $15,000 a year to now giving away up to $50,000 a year.
From Nony
finance
World's first Bitcoin ATM goes live in Vancouver Tuesday - Business - CBC News - What's believed to be the first Bitcoin ATM in the world is expected to go live Tuesday in Vancouver, operated by Nevada-based Robocoin and Vancouver's Bitcoiniacs.
From Nony
finance
If You Could Make More Money On Welfare Instead Of Working, Would You Do It? - People on welfare are actually better off than minimum wage workers in 35 U.S. states. And in 13 states, those on welfare actually do better than those making $15 an hour. According to the Cato Institute, someone in the state of New York that goes on welfare can bring home more in money and benefits than an entry-level school teacher makes in an entire year...
From Roddy
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finance
New York City Comptroller's Office: Legalizing Marijuana in NYC Would Yield $431 Million Annually in Savings and Revenue | NORML Blog, Marijuana Law Reform - The regulation and taxation of marijuana for New York City residents age 21 and over would yield an estimated $431 million in annual savings and revenue, according to a report released this week by the New York City Comptroller’s Office. The mission of the Comptroller’s Office is to ensure the financial health of New York City by advising the Mayor, the City Council, and the public of the City’s financial condition.
From Anawaram
finance
Big Lie: America Doesn't Have #1 Richest Middle-Class in the World...We're Ranke - America is the richest country on Earth. We have the most millionaires, the most billionaires—and a increasingly poor "middle class."
From Popper
finance
|| 04/25/2013 ||
finance
finance
Fort Bragg cancels 4th of July event | abc11.com - Fort Bragg has canceled its annual Independence Day celebration.Officials said they had to cancel this year's Fourth of July event due to the huge federal budget cuts also known as sequestration. The military says it's also reducing services in many other areas.
From Nony
finance
Forbes' Billionaires World Map - Forbes - For the 27th annual Forbes billionaires list, our team of reporters spent months tracking down the wealthiest people around the globe. Ultimately, we found 1,426 billionaires who are together worth a total of $5.4 trillion — a record sum.
From Nony
finance
Software glitch to delay 600,000 U.S. tax refunds - IRS | Reuters - Tax refunds for about 600,000 taxpayers claiming an education credit will be delayed, the Internal Revenue Service said on Wednesday, citing a software glitch at some tax-preparation companies, including industry leader H
From Anawaram
finance
Why Gold Could Hit $2,000 Next Year - Spot gold has made a rather unspectacular start to 2013. The precious metal has retreated 4.7% since the start of the year to $1,580 per ounce, as improved market sentiment has driven capital flows into riskier assets and away from safe havens. Despite the price fall, Bank of America expects bubbly central-bank activity to push gold higher again -- the bank expects the metal to surpass $1,750 per ounce as the year progresses, before finally pushing through $2,000 to fresh new peaks in 2014.
From Popper
finance
finance
How Paul Krugman broke a Wikipedia page on economics - Salon.com - There’s a lockdown on the Wikipedia page for Austrian economics and wouldn’t you know it, one or way or another, it all seems to be Paul Krugman’s fault.Broadly speaking, Austrian economics, for those who have not yet had the pleasure of being introduced, are characterized by an extreme distrust of state intervention in markets, a distaste for statistical modeling and a general confidence that markets, left to their own devices, will avoid booms and busts and nasty things like inflation. From a political perspective, Austrian economics tends to lurk to the right of even such conservative icons as Milton Friedman.For more detail, you can go, of course, to the Wikipedia page for Austrian economics. But until at least Feb. 28, if you do so, you will find that the page “is currently protected from editing.” An “edit war” has been raging behind the scenes. Two factions were repeatedly deleting and replacing a section of text that had to do with a description of a critique of Austrian economics made by economist Paul Krugman.
From X Isle
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Fiscal trouble ahead for most future retirees - For the first time since the New Deal, a majority of Americans are headed toward a retirement in which they will be financially worse off than their parents, jeopardizing a long era of improved living standards for the nation’s elderly, according to a growing consensus of new research.
From Popper
finance
Paying Off $26,500 in Debt in Less Than 2 Years - A couple of months ago, I finished paying off $26,500 in debt -- most of it student loans. It took less than two years to save up that cash. During that time I became a pro bargain shopper, tested my limits with expiring foods and briefly resorted to using food stamps. Like most 20-somethings, I thought I'd be saddled with debt well into my 30's and possibly 40's, just like my parents. But here I was, just 25 years old, and debt-free.
From Popper
finance
How the Richest 400 People in America Got So Rich - Not the "job creators".

--Popper
In 1992, the 400th richest person in America made $24 million. In 2007, the 400th richest person in America made $138 million (or $87 million, inflation-adjusted).
From Popper
|| 11/09/2012 ||
finance
Rolling Jubilee - We buy debt for pennies on the dollar, but instead of collecting it, we abolish it. We cannot buy specific individuals' debt - instead, we help liberate debtors at random through a campaign of mutual support, good will, and collective refusal.

Somehow I can't get my head around this ....
From Nony
finance
Stock certificates feared damaged by Sandy - The Buzz - Investment and Stock Market News - Trillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage from Superstorm Sandy.
From Nony
finance
US Credit Rating Cut by Egan-Jones ... Again - US  Business News - CNBC - Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality.
From X Isle
finance
Fed risks political fallout from QE3 - FT.com - Mitt Romney, the Republican candidate, duly opened fire on Friday after the Fed began an open-ended third round of quantitative easing (QE3), under which it will buy $40bn of mortgage-backed securities a month.In some of the most aggressive comments he has made on the Fed, Mr Romney said QE3 was nothing but a “sugar high”, and would fail to get the economy moving
From X Isle
finance
finance
Robot trading loses firm $440 million in 45 minutes - The dangers of high-speed, computerised stock trading - which have in the past caused inexplicable "flash crashes" in the markets - have now been visited big-time upon one of the companies in the vanguard of wielding the technology.
From Popper
finance
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Wave of Volatile Trading Unsettles U.S. Markets - NYTimes.com - An automated stock-trading program accidentally flooded the market with millions of trades Wednesday morning, spreading turmoil across Wall Street and drawing renewed attention to the fragility and instability of the nation’s stock markets. While the markets quickly recovered, it was the latest black eye for the financial markets and suggests that regulators have not been able to curb the market disruptions that have led to frequent halts in trading and wild swings in shares.
From X Isle
finance
Latest Market Glitch Shows 'Trading Out of Control' - US Business News - CNBC - Wednesday morning's stock snafu had a familiar ring to it — mysterious volume in trades that simply could not have been made by a human comes surging out of nowhere, causing brief but acute market mayhem. By now, many players on trading floors have gotten used to the disruptions that can come from the highly automated new world of high-frequency trading.
From X Isle
finance
Bad Day for BATS%u2014and for High-Frequency Trading - US Business News - CNBC - It was a bad day to be BATS. Its trading platform experienced a blunder on Apple—the highest-profile company in the world—and forced BAT to withdraw its IPO on the stock's first day of trading.Both the ramifications of the BATS exchange blunders weren't entirely clear on Friday, but the headline-grabbing events certainly can't have helped the company's image—or that of high frequency trading.
From X Isle
finance
NYSE to Cancel Trades in 6 Stocks Affected by Glitch - US  Business News - CNBC - The New York Stock Exchange announced plans on Wednesday to cancel trades in six stocks that were affected by trading glitches stemming from Knight Capital Group's market-making unit earlier in the day. Electronic trading firm Knight Capital Group said Wednesday that a "technology issue'' in its market-making unit had affected the routing of shares of about 150 stocks to the New York Stock Exchange, where abnormal volatility roiled the markets in early trading
From X Isle
finance
Retailers Ready To Force Consumers To Pay 'Swipe Fee' For Using Credit Cards « CBS New York - That’s right, major retailers — from supermarkets to drug stores — may soon be charging you more if you choose to pay for an item with a credit card, instead of paying with cash.
From X Isle
finance
20 Signs That All Point To The Exact Same Thing %u2013 Can You Guess What That Is? - The U.S. economy is in a massive amount of trouble. There aren't enough jobs. There isn't enough money to go around. Business activity is slowing down again. Household wealth has been falling. Food prices have been rising. Many state and local governments all over the country are flat broke and are drowning in debt. The federal government has been rolling up unprecedented amounts of debt in an attempt to keep things going, but everyone knows that kind of borrowing is simply unsustainable. So where do we go from here? We consume far more than we produce and we use debt to make up the difference. 40 years ago the total amount of debt in America (government, business and consumer) was less than 2 trillion dollars. Today it is nearly 55 trillion dollars. How in the world did we let the total amount of debt in the United States grow more than 27 times larger over the past 40 years? Our economic system is fundamentally broken, but most Americans don't realize it yet because times are still relatively good.
From X Isle
finance
UK economy contracts by a shock 0.7pc - Telegraph - The figures from the Office for National Statistics are much worse than forecasts for a 0.2pc contraction.It marks the third successive quarter of contraction, leaving Britain in its longest double-dip recession in more than 50 years. The economy shrank by 0.3pc in the first quarter of the year, following a 0.4pc contraction in the final quarter of 2011.
From X Isle
finance
US Economy Going from Bad to Worse: Roubini %u2014  Business News - CNBC - A robust and self-sustaining U.S. recovery is not on the cards, and we should now expect below trend growth for many years to come, according to Nouriel Roubini, the economist famed for his bearish views. Roubini, best-known for calling the 2008 economic crisis, outlined five reasons the bulls have been wrong and argued that an American economic cold will lead the rest of the world to catch pneumonia in a post on the Project Syndicate website.
From X Isle
finance
US 10-Year Yields Sink to Record Low on Spain - US Business News - CNBC - U.S. 10-year Treasuries rallied in Asian trading on Monday, sending yields to historic lows, as heightened fears about Spain's ability to stave off a sovereign bailout prompted investors to seek out safe-haven fixed income assets.
From X Isle
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How Close Are We to New Great Depression? - Business News - CNBC - The risk of a new depression — a sustained, severe recession — has struck fear into the heart of markets and driven monetary policy in developed economies since the current financial crisis began. “When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there’s a very real danger that we will collapse into a new Great Depression,” he argued.
From X Isle
finance
Market Savior? Stocks Might Be 50% Lower Without Fed - CNBC - A report from the Federal Reserve Bank of New York suggests that the bulk of equity returns for more than a decade are due to actions by the US central bank. Theoretically, the S&P 500 [.SPX 1334.76 --- UNCH ] would be more than 50 percent lower—at the 600 level—if the bullish price action preceding Fed announcements was excluded, the study showed.
From X Isle
finance
In 2009, Americans paid lowest tax rates in 30 years to federal government - The Washington Post - Americans paid the lowest tax rates in 30 years to the federal government in 2009, in part because of tax cuts President Obama sought to combat the Great Recession, congressional budget analysts said Tuesday.
From X Isle
finance
Faber: '100% Chance' of Global Recession - Investors need to prepare for a global recession.That’s the takeaway from one well-respected economist after his recent appearance on CNBC’s Fast Money Halftime Report.According to Marc Faber, the author of the Gloom, Boom, and Doom Report, a global recession is all but a certainty later this year or in early 2013.When he was asked what sort of odds he put on a global recession happening, the economist famous for his ominous predictions quickly answered:“100%.”
From X Isle
finance
Saving Money By Converting to Christianity - The Phnom Penh Post reports on a Cambodian village that's converting to Christianity for economic reasons:
From Nony
finance
finance
Hedge Fund Operator's Wife Has 1200 Pairs of Shoes - Wall Street mogul sues ex-wife for share of world-famous 1,200-strong designer shoe collection (which he claims she hid in a SECRET ROOM)
From Arizona
finance
New Tax York and ConnectiTax Steal Most of Your Money - Life in the Blue States.
From Arizona
finance
|| 06/08/2012 ||
finance
Either Way -
From Popper
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U.S. Millionaires Told Go Away as Tax Evasion Rule Looms - Bloomberg - Go away, American millionaires.That’s what some of the world’s largest wealth-management firms are saying ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC Holdings Plc (HSBA), Deutsche Bank AG, Bank of Singapore Ltd. and DBS Group Holdings Ltd. (DBS) all say they have turned away business.
From Nony
|| 05/08/2012 ||
finance
The New Ideal Retirement Age: 67 - The new American norm: Work until you drop.

--Popper
The age the typical worker expects to retire is no longer 65. For the first time this year, Americans expect to retire at an average age of 67, up from 66 in 2011, according to a recent Gallup poll of 1,016 adults. The average expected retirement age and been gradually increasing over the past seventeen years from age 60 in 1995 to 64 in 2005.
From Popper
:. LOGOS
|| 04/27/2012 ||
finance
LOGOS -
From Nony
|| 04/21/2012 ||
finance
Time to Cut Back on Apple? - Investors got a scare on Monday when Apple, AAPL -2.46% among the best-performing stocks of 2012, tumbled 4.2%, capping a five-day stretch during which it lost 8.8%. The stock continued its slide later in the week, finishing Friday down 10% from its all-time high.
From Guest_2012
finance
11 Things You Might Not Know About Income Tax - Mental Floss - Every American's least favorite day of the year is just around the corner. In commiseration, here are some things you might not know about the income tax.
From X Isle
|| 04/13/2012 ||
finance
10 Things I Hate About Tax Day - Everybody hates Tax Day, which comes this year on April 17. And so do I. But not for the usual reasons.This is the time of year when everyone seems to scream about just how much the federal government is costing us all. Weirdly enough, that's not one of the things that really gets me. It's the things that apparently no one else -- at least no one else in the media -- seems to notice.Am I crazy? Am I alone? Maybe. You tell me.
From X Isle
finance
How America Spends Money: 100 Years in the Life of the Family Budget - Derek Thompson - Business - The Atlantic - This is our story today: It is a story about how spending on food and clothing went from half the family budget in 1900 to less than a fifth in 2000.It is a story about how a nation that feels poor got so rich. Here's the big picture in one chart showing the share of family spending per category over the 20th century. The big story is that spending on food and clothes has fallen massively while spending on housing and services has gone up.
From X Isle
finance
Is There a Fiscal Crisis in the United States? - There are two competing narratives about the federal government budget in the political mainstream today. The first is that we are, or soon will be, in crisis, because of runaway government spending. To avoid this crisis, we should cut spending by a great deal and as soon as possible.The second view is that all talk of a fiscal crisis is essentially a hoax; we have a jobs crisis, and we should spend as much as necessary to get us out of the deep recession. From this perspective, we should fix the budget once the economy is back on an even keel.
From X Isle
finance
Federal Reserve tones down talk of more stimulus - Yahoo! Finance - WASHINGTON (Reuters) - Federal Reserve policymakers have backed away from the need for another round of monetary stimulus as the U.S. economy gradually improves.Minutes of the central bank's meeting published on Tuesday showed only two of the policy-setting Federal Open Market Committee's 10 voting members saw the case for additional monetary stimulus.
From X Isle
finance
In pictures: India's spending and growth story - Here's some stats on Indian economy..
From Guest_2012
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Fed Stress Tests Worst Case Assumption - The Fed just announced that the latest round of bank stress tests will come out Thursday at 4:30 PM ET.As a reminder, this is the doom scenario banks will be stress tested against:The supervisory stress scenario for CCAR 2012, which was designed in November 2011, depicts a severe recession in the United States, including a peak unemployment rate of 13 percent, a 50 percent drop in equity prices, and a 21 percent decline in housing prices. The supervisory stress scenario is not the Federal Reserve's forecast for the economy, but was designed to represent an outcome that, while unlikely, may occur if the U.S economy were to experience a deep recession at the same time that economic activity in other major economies contracted significantly.
From X Isle
finance
Fed Unveils Doomsday Scenario for Banks - US Business News - CNBC - he Federal Reserve [cnbc explains] released its "worst-case scenario" bank stress test criteria Monday and said it will release full results Thursday at 4:30 p.m. ET.The Fed will look at how the nation's 19 largest banks would survive a world with a 13 percent jobless rate, a 50-percent drop in stocks, a 21-percent decline in housing prices and a significant contraction of other major world economies.The Fed conducts the tests on banks every year, but this is the first time since 2009 that it will release its results to the public. In 2009 the Fed found billions in insufficient funds on bank balance sheets.The tests are designed to make sure banks have enough cash and cash-like securities to withstand catastrophic losses in a financial crisis.The Fed wants banks to be strong enough to keep lending money to Americans and businesses.The Fed can stop banks from paying stock dividends or buying back their own stock if they fail the test.
From X Isle
finance
Hackers shut down Tel Aviv Stock Exchange, El Al websites - Haaretz Daily Newspaper | Israel News - Hack comes in the wake of series of cyber attacks over the past two weeks, and only a day after Hamas calls for harsher hacking attempts against Israel.
From Nony
finance
India's billionaires frustrated, want to shift base overseas - Several Indian billionaires say they are frustrated enough to want to shift base overseas and run their increasingly transnational business empires from cities like London and Singapore. "I'm sick and tired of what's happening here. I don't want to live in this country anymore," said one of India's biggest barons. The reasons are mainly two-fold: the policy paralysis brought on by a politically weak and scam-struck government, compounded by obstructionist competitive politics; and the climate of fear that has spread because of the raids on and arrests of businessmen. They have a third, more specific grouse (not that it's new): the time and hassle it takes to get environmental clearance and acquire land.
From Guest_9
|| 11/19/2011 ||
finance
INTRODUCING - THE LECTRO!! - As the world financial markets watch as the Plunge Protection Team shovels US taxpayer dollars into the flames of reality, propping up the stock markets in a gravity-defying display (I would bet on gravity to win), it is becoming obvious to all that the debt-based currency system of the private central banks, while quite profitable for the bankers, is a dismal failure for civilization as a whole.
From Nony
finance
Wall Street Wankers - An Irishman Abroad - An Irishman abroad's view of the Wall Street Shenanigans. Wall Street Wankers, the sequel to Irish Wanking Bankers.
From Popper
|| 10/23/2011 ||
finance
Beware the Long Tail - Economic models of risk don’t add up, cadre of researchers caution
From Guest_9
finance
Middle-class income fell in the last decade - It's official. The first decade of the 21st century will go down in the history books as a step back for the American middle class. But the data also gave the first glimpse of what happened to middle-class incomes in the first decade of the millennium. While the earnings of middle-income Americans have barely budged since the mid 1970s, the new data showed that from 2000 to 2010, they actually regressed.
From Popper
finance
Allah.com for sale for an amazing price of US $21,000,000 - Though to be fair to the seller, the domain Allah.com would be bundled with www.MOSQUE.com
From Nony
finance
All US Mint Numismatic Gold Coins Suspended - This morning the US Mint has suspended sales of all remaining numismatic gold coin offerings. The move comes as the market price of gold has jump another $35 to nearly $1,890 per ounce. Prior to the suspension, products were priced based on an average gold price in the $1,750 to $1,799.99 range.
From Nony
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Wallstreet Betting $4.8 billion on U.S. debt default - With its winners and losers, Wall Street is often likened to a big casino for obvious reasons. And even when it comes to a possible U.S. default next week, at least a few financial players are looking to cash in on such a bleak turn of events.A small camp of investors are betting that the U.S. government will default on its debt, and they're putting $4.8 billion of their chips on the table.
From Nony
finance
U.S. Downgraded to 'Near Junk' by Weiss - TheStreet - Weiss Ratings on Friday downgraded its rating for United States sovereign debt to a "C-minus," or just one notch above a junk rating.

Before you freak, so some research on Weiss. (although in my opinion he is hitting the nail on the head)
From Nony
finance
S&P warns on U.S. debt, 50% chance of downgrade - MarketWatch - Standard & Poor's Ratings Services said late Thursday it has placed U.S. sovereign credit ratings on watch for possible downgrade, saying the action "signals our view that, owing to the dynamics of the political debate on the debt ceiling, there is at least a one-in-two likelihood that we could lower the long-term rating on the U.S. within the next 90 days."

Don't see why they have to wait, USA virtually bankrupt anyway ... raising the debt ceiling will just allow them to print more worthless paper ...
From Nony
finance
Rising Government Debt Levels Threaten Global Economy - Bloomberg - Rising government debts pose a significant risk to economic growth and financial stability in the U.S. and Europe, economists Carmen Reinhart and Kenneth Rogoff wrote in a column for Bloomberg View.Nations historically have run into trouble when public debt exceeds 90 percent of gross domestic product, Reinhart, a senior fellow at the Peterson Institute for International Economics in Washington, and Rogoff, a Harvard University professor, said. And by their reckoning, the U.S. and some European nations have passed that threshold.
From Nony
|| 07/12/2011 ||
finance
Russian Central Bank Spurns US $ - THE Russian Central Bank will pour up to $US5 billion ($4.7bn) into the Australian dollar in a fresh wave of support for the currency, in a move to diversify its reserves and shift away from the US dollar.The first deputy chairman of the Russian central bank, Alexei Ulyukayev, said that starting from September, the bank would hold Australian dollars for up to 1 per cent of its $US528bn in reserves.
From Nony
finance
Why China's Heading for a Hard Landing, - Few countries are more important to the global economy than China. But its reputation as an unstoppable giant -- as a country with an unending supply of cheap labor and limitless capacity for growth -- masks some serious and worsening economic problems.
From Nony
finance
Why Groupon Is Poised For Collapse - Groupon is not an Internet marketing business so much as it is the equivalent of a loan sharking business. The $21,000 that the business in this example gets for running a Groupon is essentially a very, very expensive loan. They get the cash up front, but pay for it with deep discounts over time.
From cw
finance
What are the chances the U.S. economy could eventually trigger violence in our country? - Our country is bankrupt and our government refuses to do anything about it. Unemployment is stuck above 9 percent. Millions of Americans are out of work, some for a number of years now. The value of peoples' homes is sinking below the break-even line. In the most recent jobs report, more than half of the private sector jobs that were added were at McDonald's.
From cw
finance
China ratings house says US defaulting: report - A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order."In our opinion, the United States has already been defaulting," Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the only Chinese agency that gives sovereign ratings, was quoted by the Global Times saying.
From Nony
finance
The Door is About to Shut for Americans - Anyone aware of the US Government's real financial situation knows that time is running out. The Government has $15.5 trillion in admitted debts but those debts, when calculated under Generally Accepted Accounting Principles (GAAP), or 'honest accounting', is over $70 trillion. $70 trillion divided by 300 million Americans works out to $233,000 per person in US Federal Government debt and obligations. Or nearly $1 million per family of four.That does not included personal debt, state debt or municipal debt.
From Nony
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The Associated Press: 5 banks fail in Fla., Ga., Mich.; makes 39 in '11 - Regulators on Friday shut down banks in Florida, Georgia and Michigan, a total of five closures that lifted the number of U.S. bank failures this year to 39.The pace of closures has slowed, however, as the economy improves and banks work their way through piles of bad debt. By this time last year, regulators had closed 64 banks.

Dropping like flies ... and people still pretend everything is OK ...
From Nony
finance
Four times more cats cared for at rescue - A RESCUE centre is caring for four times as many cats as usual due to the credit crunch, according to its manager.
From Nony
finance
American Express offered a credit card to my 3-year-old - My daughter has a piggy bank and occasionally collects coins and adds them to her lot. Sometimes, she spills out the contents and enjoys putting each coin back in the bank through the slot at the top one at a time. But I wouldn't say she's good with money. Aside from the shape and color, she can't differentiate between the pennies, nickels, dimes and quarters. She doesn't know how many pennies are in a dollar, or even what a quarter is worth. She's only three.
From Popper
finance
1.5 million Americans filed for bankruptcy in 2010 - The number of people in the US filing for bankruptcy rose by 9 percent last year to 1.53 million, as more working families fell victim to job losses, plunging home values and unforgiving creditors.The figure was the highest since 2005 when changes in the bankruptcy laws making it more difficult and costly to file led to a sharp decline in the number of Americans seeking court protection. The recent spike in cases—despite the added costs and legal hurdles—is indicative of just how desperate large segments of the American population are despite the official claims of an economic recovery.
From Nony
|| 01/03/2011 ||
finance
Debtris US -
From Popper
|| 12/28/2010 ||
finance
The Big (Military) Taboo - We face wrenching budget cutting in the years ahead, but there’s one huge area of government spending that Democrats and Republicans alike have so far treated as sacrosanct.
From Nony
finance
Searching Sunken Treasure for Investment Gains - Spanish doubloons meant to fund wars, solid gold bars bound for Europe's royalty and bronze cannons that protected it all now sit scattered across the ocean floor from shipwrecks.But in a new investment plan by Odyssey Marine Exploration Inc., those long-ago sunken treasures could soon be part of investor portfolios. The Tampa, Fla., company, whose work has been documented on the Discovery Channel and on the pages of National Geographic, plans to allow investors a chance to purchase a share of a treasure hunt and split the spoils.
From danomil
finance
Fed looks set for new round of monetary easing - Yahoo! News - The Federal Reserve looks set to embark on a hotly debated second round of monetary easing next week, but much uncertainty surrounds the scope and pace of bond purchases by the U.S. central bank.

Quantative Easing ... aka putting more money in circulation or debasing the currency
From Nony
finance
Banks may need new bailout, warns think-tank - Business News - Taxpayers should be braced for another multi-billion bail-out of Britain’s banks, a left-leaning think tank claims today.Financial institutions face a funding shortfall next year as existing borrowing ends, forcing them to look for another £13 billion a month, or £156bn a year, the New Economics Foundation (Nef) warned in a report into the banking crisis.
From Nony
finance
Obesity rates: Fat of the lands | The Economist - ONE IN six adults in the 33 mostly rich countries of the OECD is obese (measured as a body mass index of 30 or more) according to a report published on September 23rd. The fattest countries are the United States and Mexico, where around a third of adults are obese. Britain's adults are the biggest in Europe. By contrast, Asian OECD countries Japan and South Korea are the leanest. Governments will count the eventual cost: health-care spending on an obese person is 25% more than for someone of average weight. And the problem is not confined to the rich world. In rapidly developing countries such as China, Brazil and India obesity rates, though still low, are growing fast as the dietary habits of the ever-increasing middle classes change.
From Nony
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|| 09/01/2010 ||
finance
|| 09/01/2010 ||
finance
finance
finance
RED ALERT. Hindenburg Omen Confirmed: Stock Market Collapse May Be Imminent. - REPENT AND PRAY TO THE LORD LOL ... Republicans are going to be so pleased the country is collapsing! They'll be able to blame it all on Obama
From Nony
finance
Six bank failures bring 2010 tally to 96 - Five more bank failures brought the total tally for the year to 96, according to the Federal Deposit Insurance Corp. on Friday. Commercial Bank of Alma, Mich., will assume all of the deposits of Mainstreet Savings Bank, FSB, in Hastings, Mich; and CenterState Bank of Winter Haven, Fla., will assume all of the deposits of Olde Cypress Community Bank of Clewiston, Fla. Also, NAFH National Bank of Miami will assume deposits for Miami's
From Nony
finance
Buffett: 'We’re coming back, no question in my mind' - In the interview, Buffett says “we’re on the right course” and encourages President Obama to speak with “enormous confidence” about the country’s economic future. He says that the stimulus is working and that the economy will improve in the next two or three years.
From popper
|| 07/07/2010 ||
finance
Could the Dow plunge to 1,000? - One prominent market forecaster says the U.S. is on the precipice of the worst market crash in its history — ending in a three-digit Dow. Time to sell?
From Popper
finance
|| 06/27/2010 ||
finance
Germany Takes on USA Liberals - “Where did the financial crisis begin? Which central bank conducted monetary policy that was too loose? Which country went down the wrong path of social policy by encouraging low income households to take on mortgage loans that they can never pay back? Who in the year 2000 weakened regulations limiting investment bank leverage ratios, let Lehman Brothers collapse in 2008 and thereby tipped world financial markets into chaos?” he wrote.
From NeoCon
finance
How many real estate agents and brokers does it take to sell a California home? - 5 reasons why California will face another lost decade in housing – 493,000 real estate agents and brokers for 219,000 homes listed on the MLS. 7 percent of 90+ day late loans in California have no foreclosure filed. Reason #1 – High paying finance and real estate jobs are gone Reason #2 – Too little inventory and sales for the amount of workers Reason #3 – California budget and revenues shattered Reason #4 – Shadow inventory Reason #5 – Consumer psychology and jobs
From Roddy
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finance
UAW Bankrupted California Auto Plant - Note to Union Auto Workers...McDonalds is hiring!
From NeoCon
finance
China ready to say goodbye to dollar - The head of China's Central Bank has declared that the country is ready to end pegging its currency in dollars, but said that any changes would be gradual.Zhou Xiaochuan, governor of the People's Bank of China, described the decision as a "temporary" response to the global financial crisis, but gave no timescale for any change in policy.
From Nony
finance
How Free Market Economics Saved Chile - Milton Friedman has been dead for more than three years. But his spirit was surely hovering protectively over Chile in the early morning hours of Saturday. Thanks largely to him, the country has endured a tragedy that elsewhere would have been an apocalypse.
From NeoCon
finance
China dumping U.S. Treasury securities - China defended its move to reduce its holdings of U.S. Treasury securities, saying the United States should take steps to promote confidence in U.S. dollar .Foreign Ministry spokesman Qin Gang made the comment Thursday when responding to questions on China's sale of U.S. Treasury securities last
From Nony
finance
Arizona wins dubious distinction having top forclosure rates - In absolute terms, California, Florida, Arizona and Illinois had the most foreclosure filings, accounting for more than half of the U.S. total for the year.
From Nony
finance
Arizona golf courses face tough conditions - "These people who bought into this high-end exclusive club, they're now having to play with Charlie Six-Pack," Kingsbaker said.

Looks like NeoCon will finally be able to play golf with his rich neighbors
From Nony
finance
|| 01/01/2010 ||
finance
2010 - a good year to die! - Nothing's certain except death and taxes -- but a temporary lapse in the estate tax is causing a few wealthy Americans to try to bend those rules.Starting Jan. 1, the estate tax -- which can erase nearly half of a wealthy person's estate -- goes away for a year. For families facing end-of-life decisions in the immediate future, the change is making one of life's most trying episodes only more complex.
From Nony
finance
As colleges add green majors and minors, classes fill up - College campuses are adding more and more "green majors" to their rosters, opening up a career path for those who can't hack the rigor of liberal arts. More McDonald's employees in the making.
From Roddy
finance
Holiday Advertisers Seek Coveted Dicktard Demographic - "Since Thanksgiving, the advertising industry has spent over $1 billion to influence what American dicktards, asswipes, and cock-knobs will put under their Christmas trees," Merrill Lynch retail analyst Barbour Scott said. "By the third week in December, that number is expected to quadruple, as the courting process intensifies for the gnat-like attention of these witless lamebrains."
From Roddy
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|| 12/15/2009 ||
finance
finance
Mean Street: The Lost Cause of GE and Jeff Immelt - Liberal CEO destroyed this once great company.
From NeoCon
finance
Report: 1 in 3 loan applications denied - WASHINGTON – Nearly one in three borrowers who applied for a mortgage last year was denied as lenders kept their standards tight as the mortgage crisis accelerated, the government reported Wednesday. In its annual look at mortgage practices among lending institutions, Federal Reserve said the denial rate for all home loans was about 32 percent last year — about the same as in 2007, but up from 29 percent in 2006. The denial rates for blacks and Hispanics were more than twice as high as the rate for white borrowers.
From CC
finance
Credit crunch signals end of The World - England is deserted, Australia and New Zealand have merged, and the man who bought Ireland has killed himself.
From Nony
finance
Insiders sell like there's no tomorrow - Corporate officers and directors have been selling shares at a pace last seen just before the onset of the subprime malaise two years ago.While a wave of insider selling doesn't necessarily foretell a stock market downturn, it suggests that those with the first read on business trends don't believe current stock prices are justified by economic fundamentals.
From cw
finance
Affordable housing, diversity mandates caused crisis - Banks and mortgage companies have long been under pressure from lawmakers and regulators to give loans to people with bad credit, in order to provide “affordable housing” and promote “diversity.” That played a key role in triggering the mortgage crisis, judging from a story today in the New York Times.
From CC
finance
FED CREATED GREATEST FINANCIAL CRISIS EVER - The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen. The foolish notion that unlimited amounts of money and credit, created out of thin air, can provide sustained economic growth has delivered this crisis to us. Instead of economic growth and stable prices it has given us a system of government and finance that now threatens the world financial and political institutions.
From Nony
finance
finance
Fleeing Connecticut's 2.5 Billion Dollar Tax Increase - Rell opposes the tax-hike plan, and a veto is expected soon after the detailed bill reaches her desk. Rell's budget director says the tax hikes are unacceptable to Rell, but Rell herself has not yet spoken the word "veto'' regarding the latest package.
From NeoCon
finance
States Turning to Last Resorts in Budget Crisis - In Hawaii, state employees are bracing for furloughs of three days a month over the next two years, the equivalent of a 14 percent pay cut. In Idaho, lawmakers reduced aid to public schools for the first time in recent memory, forcing pay cuts for teachers. And in California, where a $24 billion deficit for the coming fiscal year is the nation’s worst, Gov. Arnold Schwarzenegger has proposed releasing thousands of prisoners early and closing more than 200 state parks. Meanwhile, Maine is adding a tax on candy, Wisconsin on oil companies, and Kentucky on alcohol and cellphone ring tones. With state revenues in a free fall and the economy choked by the worst recession in 60 years, governors and legislatures are approving program cuts, layoffs and, to a smaller degree, tax increases that were previously unthinkable.
From danomil
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Fund management: Competitive failure | The Economist - CONOMISTS tend to think that an industry divided between hundreds of players, each with a tiny market share, should be fiercely competitive, with prices cut to the bone. But economic theory struggles to explain the bizarre world of fund management, where the market is fragmented but fees stay stubbornly high.
From danomil
finance
Face value: Godly but ambitious | The Economist - MOST practitioners of Islamic finance pride themselves on their modesty. But not Adnan Yousif, the chairman of the Union of Arab Banks, a regional club for financial firms. He has recently struck a tone more reminiscent of greed-is-good Wall Street, with a grand plan to build the biggest Islamic bank yet seen, spanning the world and providing Muslim countries with new financial services their people have barely heard of. “People never thought big here, never thought globally,” he says.Mr Yousif’s ambitions date to the founding of modern Islamic finance. During the 1970s oil boom the Gulf’s Muslim elite needed to put their new-found wealth somewhere, and American government bonds seemed the safest option. Yet Islam prohibits the charging of interest. So some sheikhs bought bonds but let their Western banks keep the interest, in the casual manner of a customer leaving change on a restaurant table. To Mr Yousif, then a young banker at American Express in his native Bahrain, this made no sense. At a time when Muslim countries had imposed an oil embargo over America’s support for Israel why, he wondered, refuse the Americans oil but give them billions of dollars?
From danomil
finance
|| 06/19/2009 ||
finance
Zakaria: A Capitalist Manifesto - No economic system ever remains unchanged, of course, and certainly not after a deep financial collapse and a broad global recession. But over the past few months, even though we've had an imperfect stimulus package, nationalized no banks and undergone no grand reinvention of capitalism, the sense of panic seems to be easing. Perhaps this is a mirage—or perhaps the measures taken by states around the world, chiefly the U.S. government, have restored normalcy. Every expert has a critique of specific policies, but over time we might see that faced with the decision to underreact or overreact, most governments chose the latter. That choice might produce new problems in due course—a topic for another essay—but it appears to have averted a systemic breakdown
From danomil
finance
Cramer: Everybody Wishes Obama Would Just Go Away - Obama is destroying business, building a Soviet dictatorship.
From NeoCon
finance
U.S. likely to lose AAA rating: Prechter | Industry Summits | Reuters - NEW YORK (Reuters) - Technical analyst Robert Prechter on Monday said he sees the United States losing its top AAA credit rating by the end of 2010, as he stuck by a deeply bearish outlook on the U.S. economy and stock market.Prechter, known for predicting the 1987 stock market crash, joins a growing coterie of market heavyweights in forecasting the United States will lose its top credit rating as the government issues trillions of dollars in debt to fund efforts to bail out the economy.
From danomil
finance
AP IMPACT: Weak security enables credit card hacks by AP: Yahoo! Tech - Every time you swipe your credit card and wait for the transaction to be approved, sensitive data including your name and account number are ferried from store to bank through computer networks, each step a potential opening for hackers. It means every time you pay with plastic, companies are gambling with your personal data. If hackers intercept your numbers, you'll spend weeks straightening your mangled credit, though you can't be held liable for unauthorized charges. Even if your transaction isn't hacked, you still lose: Merchants pass to all their customers the costs they incur from fraud.
From danomil
finance
America's Most Depressing Places #1: Detroit - Last year when the murder rate dropped in the city, the mayor joked that the reason was that "there is no one left to kill."
From NeoCon
finance
The politics of debt: Seeing red | The Economist - “PAYING for what you spend is basic common sense. Perhaps that’s why, here in Washington, it’s been so elusive,” said Barack Obama on June 9th. He was urging Congress to pass a new “pay-as-you-go” (PAYGO) plan that would oblige it to pay for new spending either by raising taxes or by cutting outlays. By following the same principles that guide “responsible families managing a budget”, he said, Americans could dig the country out of the “very deep hole” that “the reckless fiscal policies of the past have left us in”.Republicans marvel at his skill in stealing their clothes. Democrats retort that, under George Bush, Republicans left their clothes unguarded while they cavorted in a hot tub of borrowed cash. Sure, they talked about fiscal responsibility. But instead of choosing between tax cuts, wars and social spending, they chose all three—and left the bill for future generations.
From danomil
finance
Economic Scene - How the U.S. Surplus Became a Deficit - NYTimes.com - The story of today’s deficits starts in January 2001, as President Bill Clinton was leaving office. The Congressional Budget Office estimated then that the government would run an average annual surplus of more than $800 billion a year from 2009 to 2012. Today, the government is expected to run a $1.2 trillion annual deficit in those years. You can think of that roughly $2 trillion swing as coming from four broad categories: the business cycle, President George W. Bush’s policies, policies from the Bush years that are scheduled to expire but that Mr. Obama has chosen to extend, and new policies proposed by Mr. Obama.
From danomil
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How the U.S. Surplus Became a Deficit - There are two basic truths about the enormous deficits that the federal government will run in the coming years.The first is that President Obama’s agenda, ambitious as it may be, is responsible for only a sliver of the deficits, despite what many of his Republican critics are saying. The second is that Mr. Obama does not have a realistic plan for eliminating the deficit, despite what his advisers have suggested.
From danomil
|| 06/05/2009 ||
finance
The Obama Misery Index - "Now, as president, Obama has repeatedly blamed the current economic recession on President Bush, alleging his administration 'inherited an economic mess' that will take years to resolve," Corsi wrote. "However, a close look at the table below shows that the Misery Index under President Obama is increasing, as unemployment edges close to 9 percent."
From NeoCon
finance
Red State Built Saturn Bought by Roger Penske - General Motors Corp. has a tentative deal to sell its Saturn brand to former race car driver and dealership group owner Roger Penske, both companies said Friday.
From NeoCon
finance
Standardize derivatives and spread the wealth - The biggest economic reforms of the year will occur when Asia, Europe and the U.S. overhaul the way over-the-counter derivatives are traded. The leaders of the largest economies committed themselves to change last November, but some officials are already going soft.U.S. Treasury Secretary Timothy Geithner is pushing for partial reform. He asked the Senate to write legislation requiring standardized derivatives to be traded on open exchanges. Credit default swaps — derivatives that act as a form of insurance to credit bondholders — are starting to be settled on a daily basis by an independent party that requires trading partners to post capital in case of default. Already this has added greater transparency to the market. Europe and Asia are following suit.
From danomil
finance
Markets in Emerging Nations Ride Wave of Hope - MUMBAI — If investors in New York and London are seeing the green shoots of economic recovery, their counterparts in developing countries are witnessing a full-on spring.
From danomil
finance
FT.com / Comment - Why Bernanke is right to be worried - When it comes to fiscal issues, the chairman is not timid about worrying about longer-term questions – and rightly so. He is explicit about the need for greater clarity on how fiscal sustainability will be restored after this period of emergency policy actions.Mr Bernanke states that ”even as we take steps to address the recession and threats to financial stability, maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance. Prompt attention to questions of fiscal sustainability is particularly critical because of the coming budgetary and economic challenges associated with the retirement of the baby-boom generation and continued increases in medical costs.”
From danomil
finance
Bernanke Warns Deficits Threaten Financial Stability (Update4) - Bloomberg.com - Federal Reserve Chairman Ben S. Bernanke said large U.S. budget deficits threaten financial stability and the government can’t continue indefinitely to borrow at the current rate to finance the shortfall. “Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth,” Bernanke said in testimony to lawmakers today. “Maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance.”
From danomil
finance
Medical bills underlie 60 percent of U.S. bankruptcies: study | U.S. | Reuters - WASHINGTON (Reuters) - Medical bills are involved in more than 60 percent of U.S. personal bankruptcies, an increase of 50 percent in just six years, U.S. researchers reported on Thursday.More than 75 percent of these bankrupt families had health insurance but still were overwhelmed by their medical debts, the team at Harvard Law School, Harvard Medical School and Ohio University reported in the American Journal of Medicine.
From danomil
finance
Home Prices Continue Downward March - WSJ.com - For the first quarter, the S&P/Case-Shiller U.S. National Home Price Index posted a 19.1% drop from a year earlier, the biggest quarterly decline for the reading's 21-year history. S&P Case-Shiller releases 10-city and 20-city indexes every month, but also releases a broader national index every quarter.
From danomil
|| 05/27/2009 ||
finance
Consumer Confidence Soars In May - Even with unemployment still rising and home prices still slumping, Americans are getting their confidence back in the economy.A widely watched barometer of confidence unexpectedly rose to the highest level since September, buoyed by an unexpected surge in the stock market, hopes that the job market might turn around and the belief that the worst of the recession is behind us.
From danomil
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|| 05/27/2009 ||
finance
- The ruble slumped the most in more than a month on Tuesday, and stocks retreated as oil dropped and Russia's economic outlook deteriorated.The ruble slid 1.3 percent to 31.40 per dollar in Moscow trading, its biggest one-day decline since April 20, ending a seven-day rally.The 30-stock MICEX Index dropped 1 percent to 1,040.90 at the close in Moscow, as Urals crude, the country's main export earner, fell from a seven-month high
From danomil
finance
Usury country: Welcome to the birthplace of payday lending - During the Gilded Age of the late nineteenth century, the race-based legal oppression of slavery was replaced with the economic bondage of sharecropping—a race-neutral system that ensnared blacks and whites alike. In his short lifetime, King helped lay waste to more legal barriers, those of racial segregation, but in the past twenty years a new, race-neutral form of economic exploitation has arisen in their place. This twenty-first-century sharecropping is called payday lending; and each indentureship under it begins, fittingly enough, with a bad check.
From danomil
finance
- Beijing is caught in 'trap' over dollar - China's official foreign exchange manager is still buying record amounts of US government bonds, despite Beijing's increasingly vocal fear of a dollar collapse, according to officials and analysts.In recent months, senior Chinese officials, including Premier Wen Jiabao, have repeatedly signalled their concern that US policies could lead to a collapse in the dollar and global inflation
From danomil
|| 05/26/2009 ||
finance
Why Do Christians Worship Greed? - Only in America can one find significant numbers of Christians who argue that unfettered capitalism represents God's Plan for human thriving. Because Americans live in a kind of perceptual bubble -- a bubble related to but not identical to financial bubbles of recent memory -- we have never seen the full extent of the devastation wrought by the "Washington consensus" on the lives of others and on the life of the planet itself. We've never seen the effects of the global sweatshop up close; we've never seen what privatized water markets look like in places like Bolivia; we've never asked whether there might be a connection between NAFTA's effects within Mexico and the urgent need of Mexicans to reach El Norte, even risking death by dehydration to get here.
From danomil
finance
Job Losses Push Safer Mortgages to Foreclosure - As job losses rise, the nation’s real estate disaster is shifting from subprime loans to prime loans issued to those with decent financial histories.
From danomil
finance
Recession Turns Malls Into Ghost Towns - Malls, those ubiquitous shopping meccas that sprang up in the 1950s, are dwindling in number, with many struggling properties reduced to largely vacant shells.
From danomil
finance
Tax and the Cayman Islands: Grey skies in the Caribbean - The taxmen circle the white beaches THE seas round the Cayman Islands may be blue, the sands white and the coral reefs a rainbow, but to the OECD, an economic group of rich countries, the Cayman Islands are grey. On May 14th the OECD ruled to keep the British colony on its list of unco-operative tax havens.
From danomil
finance
Dollar hits '09 low on rating fears; stocks dip - - The dollar fell to a 2009 low on Friday as fears intensified that the United States could lose its triple-A rating, while renewed caution about the world economy and banks prompted Asian and European stocks to slip.
From danomil
finance
Two Illinois Banks Seized, Bringing U.S. Tally This Year to 36 - Bloomberg.com - Two Illinois banks with combined assets of almost $1 billion were closed by regulators, pushing the toll of failed U.S. lenders to 36 this year amid the longest recession since the 1930s.
From danomil
finance
Deficit at U.S. Pension Agency Tops $33 Billion - The deficit at the federal agency that guarantees pensions for 44 million Americans tripled in the last six months to a record high, reaching $33.5 billion, largely as a result of surging bankruptcies among companies whose pensions it expects it will soon need to take over.
From danomil
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Credit Card Industry Aims to Profit From Sterling Payers - Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years. Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit. Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.
From danomil
finance
Goldman, Morgan Ready to Repay Bailout - Goldman Sachs (GS Quote) and Morgan Stanley (MS Quote) have formally asked the Federal Reserve for permission to repay a combined $20 billion in federal bailout money.
From danomil
finance
Democrats Declare War on Blue collar U.S. males - Liberals want white males pushed out of the economy.
From NeoCon
finance
Bill O'Reilly: Left-Wing Writers Destroyed the Newspapers - You can thank Marxist journalism schools for the destruction of this industry.
From NeoCon
finance
Watchdog Digs Into Conduct At SEC - washingtonpost.com - A Securities and Exchange Commission official attempted "to intimidate and influence" a family member's broker on multiple occasions by invoking her position, potentially violating agency rules, according to the agency's inspector general.The allegation, detailed in a report reviewed by The Washington Post, is just one of several that have raised questions about the internal conduct of SEC employees at a time when the regulator is trying to counter accusations that it failed to effectively police Wall Street.
From danomil
finance
Three trillion dollars later... - COULD there be a better time to be a bank? If you have capital and courage, the markets are packed with opportunities—as they well understand at Goldman Sachs, which is once again filling its boots with risk. Governments are endorsing high leverage and guaranteeing huge parts of the financial system, so you get to keep the profits and palm off the losses on the taxpayer. The threat of nationalisation has receded, reinvigorating the banks’ share prices. Money is cheap, deposits plentiful and borrowers desperate, so new lending promises handsome margins. Back before the crash, banks’ profits just looked big; today they might even be real.
From danomil
finance
European Commission fines Intel $1.45 billion - MarketWatch - The European Commission said Wednesday that it has fined Intel Corp. /quotes/comstock/15*!intc/quotes/nls/intc (INTC 15.13, -0.08, -0.53%) 1.06 billion euros ($1.45 billion) for violating antitrust rules by abusing its dominant market position. The Commission said Intel gave wholly or partially hidden rebates to computer manufacturers on condition that they bought all, or almost all, their CPU's from Intel. The company also made direct payments to a major retailer on condition that it only stock computers with Intel processors, the Commission said.
From Nony
finance
FT.com / Markets / On Wall Street - On Wall Street: Beware of the sucker%u2019s rally - The Bull Market Express may really be pulling out of the station, but Wall Street’s trains have a nasty tendency to derail just as passengers jostle for seats. Most recently, the S
From danomil
finance
finance
Penske Interested in Buying Saturn Brand from GM - Move everything to a Red State!
From NeoCon
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Signs That Borrow-and-Spend Policies Arent Sustainable - NYTimes.com - Debt held by the public is projected by the Congressional Budget Office to rise from 41 percent of gross domestic product in 2008 to 51 percent in 2009 and to a peak of around 54 percent in 2011 before declining again in the following years. For all of 2009, the administration probably needs to borrow about $2 trillion.
From danomil
finance
Wall Street Catches Its Breath After Big Jump - NYTimes.com - A day after a key gauge of Wall Street broke into positive territory for the year, spurred by a big jump in stock prices, investors on Tuesday paused and took a breath.
From danomil
finance
More Middle-Class New Yorkers Fall Behind on Rent and Face Eviction - NYTimes.com - A registered nurse came close to losing her $1,550-a-month apartment on the Upper East Side after being let go from two jobs in three months. A woman found herself dipping into a 401(k) to keep her $3,375 unit in Peter Cooper Village after her husband was laid off in February from his six-figure marketing job. A father of two with an M.B.A. and a law degree owed $5,400 in back rent in Stuyvesant Town after he struggled to find steady work and lent money to his wife’s family
From danomil
finance
Signs of Recovery in Sacramentos Housing Market - NYTimes.com - This city was among the first in the nation to fall victim to the real estate collapse. Now it seems to be in the earliest stages of a recovery, a hopeful sign for an economy mired in trouble and anxiety.
From danomil
|| 05/02/2009 ||
finance
Hard times on Ventura Blvd - Tough times hit the valley.
From NeoCon
finance
Treasury would own GM majority under restructuring plan - The U.S. Treasury Department would own a majority stake in General Motors Corp., have the right to appoint all of its directors and have veto power over all shareholder actions under the company's new restructuring plan unveiled today.
From cw
finance
Unemployed Phoenix Man get the Gov't to pay for Mansion - How an Unemployed Phoenix Man got the Gov't to pay for his Palm Beach Mansion... A penthouse on the French Riviera...And a multi-million dollarinvestment account.The amazing secret you can use – beginning today –revealed in the brief below...
From Nony
|| 04/22/2009 ||
finance
Worst of Recession is over ... - is it?
From Nony
finance
Rolling Stone Magazine Flees San Francisco - On his way out of town, Wenner told The Chronicle that San Francisco was "a provincial backwater."
From NeoCon
finance
US rage at Wall St hits Obama's banking plan: poll - By a huge margin of 81 percent to 16 percent, the poll said, voters believe the Obama administration should limit executive compensation at companies that receive federal bailout money.

Absolutely !!

--Popper
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Suze Orman and the New Rules of Credit Card Debt - Personal finance gurus usually treat credit card debt as the plague and urge consumers to pay it off--ASAP. But this week, Queen of Personal Finance Suze Orman announced on The Oprah Winfrey Show that the old advice is wrong. The recession has made job loss so prevalent, she says, that consumers now need to make creating an emergency fund with eight months worth of expenses their top priority.
From Popper
finance
Trillion-dollar deficits are not the answer - In the name of investment, President Obama’s budget would increase the deficit by $4.8 trillion over the next decade. He could serve us taxpayers better by carefully examining each line of spending and cutting the waste, as he promised us he would do during the campaign.
From NeoCon
finance
finance
Jim Cramer Unedited Interview Pt. 3 - Jim Cramer defends his role as a commentator on an entertainment show in this exclusive, uncensored video.
From popper
finance
finance
AIG likely won%u2019t be able to pay taxpayers back - U.S. business- msnbc.com - AIG likely won’t be able to pay taxpayers back

That's a surprise. Now that means that the business will be forced into bankruptcy, its assets sold off to pay its debt just like people, right?
From TerminalGlitch
finance
White House Adviser: AIG Deserves 'Nobel Prize For Evil' - A top White House economic adviser said in a CNN interview today that the people behind American International Group's financial products division deserve a Nobel Prize -- for evil.

This is what happens when you're "too big to fail." Screw it, let them fail. We need to take our medicine and move on.
From TerminalGlitch
finance
|| 03/12/2009 ||
finance
MSNBC Dragging GE Into the Toilet - Credit rating drops.
From NeoCon
finance
Companies Flee Obama's Taxes, Take Their Jobs With Them - The march toward Communism.....
From NeoCon
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CNBC's Cramer: Greatest Wealth Destruction by a President - Not since Comrade Lenin destroyed Russian has one man done so much damage as Obama.
From NeoCon
|| 02/25/2009 ||
finance
The Mortgage Meltdown and Race - Few White people are willing to say that the meltdown was caused largely by non-Whites who bought homes they couldn’t afford
From Magdalena
|| 02/22/2009 ||
finance
Teach the Wife How to Pole Dance - With bad times, everyone in the family has to help earn a living!
From NeoCon
finance
Paper At Last Finds Unions Hurt Business - The Minneapolis Star Tribune is often called the "Red Star" Tribune by residents of Minneapolis for its long-time, virulently left-wing outlook.
From NeoCon
|| 02/15/2009 ||
finance
Only God can save America now! - The predicted storm is coming. And it will get much worse before it gets better. Prepare now to lower your standard of living. Increase savings and get out of debt. Live on less now, so you will have more to live on later.
But there is only one way to be truly safe from a storm. And this is something else that the recent tornadoes in Oklahoma drove home—only God can offer true protection. Isn’t it better that we turn to Him now, in advance of the full force of the storm heading in this direction?
From Magdalene
finance
Federal obligations exceed world GDP - the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world. Does $65.5 trillion terrify anyone yet?
From Roddy
finance
Thousands of US weapons astray in Afghanistan: auditors - Thousands of US weapons, including assault rifles and grenade launchers, may be in Taliban or Al-Qaeda hands in Afghanistan because of lax controls, congressional auditors warned on Thursday.

How to make sure the war goes on and on and on and on ...
From Nony
finance
Where the big borrowers live - YES BLUE STATES OF COURSE! - Theres something about New England that makes people spend, spend, spend.According to data compiled from approximately 3 million consumers by credit-reporting agency Experian, New Hampshire, Connecticut and Rhode Island have the highest average overall debt in the nation. As of March, the average debt for people living in these states totaled $16,845, $15,314 and $14,643, respectively. Massachusetts, Maine and Delaware followed closely behind.
From Republican Patriot
finance
Bank of America Slides on Concern for Nationalization - Feb. 5 (Bloomberg) -- Bank of America Corp., the nation's largest bank, declined to its lowest level in New York trading since 1984 on concern regulators may seize the company after a $138 billion U.S. bailout package failed to halt the slide.
From Nonoxyl
finance
Greedy Bruce $pringsteen Cashes in on WalMart Deal - Who listens to this fake?
From NeoCon
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finance
Ohio family found dead in suspected murder-suicide - It was the second time this week that a family died in an apparent murder-suicide. On Tuesday, the bodies of Ervin Antonio Lupoe, his wife and five children were found in their Los Angeles, California, area home after Lupoe faxed a letter to a local television station explaining that he and his wife had lost their jobs and felt it was better to end their lives.

How many more?
From Nony
finance
New U.S. bank bailout could cost up to $2 trillion - U.S. government officials seeking to revamp the financial bailout have discussed spending another $1 trillion (709 billion pounds) to $2 trillion to help restore banks to health, the Wall Street Journal said, citing people familiar with the matter.

The money is disappearing faster than they can print it ...
From Nony
|| 01/30/2009 ||
finance
Dating A Banker Anonymous - Are you or someone you love dating a banker? If so, we are here to support you through these difficult times. Dating A Banker Anonymous (DABA) is a safe place where women can come together – free from the scrutiny of feminists– and share their tearful tales of how the mortgage meltdown has affected their relationships
From Nony
finance
California Liberals Force Gas Stations out of Business - Seventy-six - or 2.4 percent - indicated they will be shutting down on April 1, 2009 rather than upgrade their sites, said Dimitri Stanich, public information officer for the California Air Resources Board.
From NeoCon
|| 01/30/2009 ||
finance
ConocoPhillips posts $31.8B loss - ConocoPhillips reported a $31.8-billion US fourth-quarter loss Wednesday compared with a year-earlier profit as the oil major was hit by billions in asset writedowns and a drop in crude oil prices.
From NeoCon
|| 01/28/2009 ||
finance
Home prices fall at record pace - An index of home prices in 20 major metropolitan areas fell at a record annual pace in November, to levels not seen since 2004, according to a report released Tuesday. The S&P Case-Shiller Home Price Index, a sampling of 20 cities from across the nation, fell a record 18.2% over the 12 months ended Nov. 30. That brought the index to its lowest point since February 2004. From its peak in mid-2006, the index has plunged a whopping 25.1%.
From Popper
finance
Rank Order - Current account balance - Holy Crap !!
From Popper
finance
How affirmative action helped cause the housing crisis - Uncovering the roots of the disastrous home mortgage bubble that popped last year will keep economic historians busy for decades. Yet, one factor has so far been largely overlooked: the bipartisan social engineering crusade to drive up the rate of homeownership by handing out more mortgages to minorities. More than a negligible amount of the blame for the mortgage meltdown can be traced back to multiculturalism: government-mandated affirmative-action lending, demographic change, illegal immigration, and the mind-numbing effects of political correctness. The chickens have finally come home to roost.
From For 7111
finance
|| 01/21/2009 ||
finance
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finance
finance
finance
Zimbabwe introduces $50 billion note - Zimbabwe's central bank will introduce a $50 billion note -- enough to buy just two loaves of bread -- as a way of fighting cash shortages amid spiraling inflation.

Today Zimbabwe, tomorrow USA
From Nony
finance
TheHill.com - Fed under new scrutiny - Congressional oversight of the Federal Reserve is likely to ramp up sharply after a series of unprecedented steps by the central bank that has expanded its role into nearly every corner of the financial system.
From Nonoxyl
finance
Obama Inauguration Breaks the Bank - Liberals spending taxpayer money on themselves.
From NeoCon
|| 01/13/2009 ||
finance
Escaping Communist California - LOS ANGELES – Mike Reilly spent his lifetime chasing the California dream. This year he's going to look for it in Colorado. With a house purchase near Denver in the works, the 38-year-old engineering contractor plans to move his family 1,200 miles away from his home state's lemon groves, sunshine and beaches. For him, years of rising taxes, dead-end schools, unchecked illegal immigration and clogged traffic have robbed the Golden State of its allure.
From NeoCon
finance
How Porsche hacked the financial system and made a killing - Porsche's move took three years of careful maneuvering. It was darkly brilliant, a wealth transfer ingeniously conceived like few we've ever seen. Betting the right way, Porsche roiled the financial markets and took the hedge funds for a fortune.
From cw
finance
10 Worst Real Estate Markets for 2009 - California is really getting killed here ...

--Popper
From Popper
|| 12/27/2008 ||
finance
Why Wall Street Always Blows It - Millions have lost their houses. Millions more have lost their retirement savings. Tens of millions have had their portfolios smashed. And the carnage in the “real economy” has only just begun.What the hell happened? After decades of increasing financial sophistication, weren’t we supposed to be done with these things? Weren’t we supposed to know better?

I guess it takes more than "in God we trust" LOL
From Nony
finance
Sharia bank protected from the crunch - The UK’s sole Sharia Law-compliant bank has seen a huge surge of customers during the credit crunch, as its strict religious principles have made it a ’safe haven’. The Islamic Bank of Britain says it has seen a significant growth in non-Muslim customers taking out accounts since the financial crisis took grip of Britain.Under the strict rules of Sharia Law, the charging or paying of interest is prohibited, leaving many Islamic banks unscathed by the credit crisis - and nervy customers flocking to put their savings in safer hands.
From Sharia
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finance
Fed Rate Cuts Dull Perceived Safety of Dollar - The U.S. dollar is poised to fall against other major currencies as the Federal Reserve’s “aggressive” rate cuts make the greenback less attractive to investors, Credit Suisse Group AG said.The Fed’s “easing and very low U.S. rates will ultimately undermine the dollar across the board,” analysts Ray Farris and Daniel Katzive wrote in the report. “Perceptions of relative systemic risk” are declining, they said.
From Nony
finance
CNN Liberals Layoff Christian Employees for Christmas - Those "caring" Liberals throwing people out in the street again.
From NeoCon
finance
Bernard Madoff appointed Commissioner of Social Security Administration - Madoff, a certified-expert in ponzi schemes, has been appointed as Commissioner of the Social Security Administration.
From Roddy
|| 12/17/2008 ||
finance
Fallstreet.com - FallStreet.com was launched in January of 2000 with the mandate of providing an alternative opinion on the U.S. equity markets. Awarded the status of the web’s foremost resource during the 2000-2002 equity bear market, FallStreet.com continues to provide a clearinghouse for bearish investment information today. If history has taught us one thing it is that unprecedented asset bubbles do not go gently into the good night: we continue to believe that the U.S. stock market bubble of the late 1990s didn’t fully deflate but instead morphed into an unprecedented housing/credit bubble.
From Nony
|| 12/17/2008 ||
finance
Madoff Seeks Bail Bond Investors - Wants friends to bail him out.
From NeoCon
finance
A 50 Billion Dollar Financial Holacaust - Jewish investors burned by Madoff, who makes off with the money.
From NeoCon
|| 12/15/2008 ||
finance
Laid-Off Worker Shoots CEO - Police said Kirkpatrick was let go before Christmas.
From NeoCon
finance
Ex-Nasdaq Chair Arrested on Fraud Charge in NY - Madoff told the employees he was "finished," that he had "absolutely nothing," that "it's all just one big lie" and it was "basically, a giant Ponzi scheme," according to the complaint filed in court.
From NeoCon
finance
|| 12/02/2008 ||
finance
Recession - official - The U.S. economy entered a recession a year ago this month, the panel that dates American business expansions said today.The declaration was made by the cycle-dating committee of the National Bureau of Economic Research, a private, nonprofit group of economists based in Cambridge, Massachusetts. The last time the U.S. was in a recession was from March through November 2001, according to NBER.
From cw
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finance
APEC: Global Crisis Can be Overcome in 18 Months - LIMA, Peru (AP) — Pacific Rim nations assured the world Sunday that the global financial crisis can be quelled in 18 months, but provided few details of how they expect that to happen — or how their governments can help. The 21 economies, which represent more than half of the world's productive power, also pledged during a two-day summit not to erect new protectionist barriers for the next year, and to jump-start stalled World Trade Organization talks.
From CC
finance
Don't Get Depressed, It's Not 1929 - Why all those Great Depression analogies are wrong.
From NeoCon
finance
9th Circuit Court of Commies: Shell can't drill near Alaska - The decision is a costly setback for Shell, which had waged a vigorous campaign to expand offshore exploration in Alaska. The company recently spent $2.1 billion to acquire leases in the Chukchi Sea, after spending $84 million to buy leases in the Beaufort Sea. The company said it would review its options.
From NeoCon
finance
Universe on Verge of Collapse; God Declares Bankruptcy - "The problem", the source said, "is that the price of galaxies kept going up and up. God kept building more and more galaxies on the assumption that the price would go higher. But the bottom fell out and now we can't give these damn galaxies away".
From Roddy
finance
Chinese Automakers may buy GM and Chrysler - Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, China’s 21st Century Business Herald reports. At current market valuations (GM is worth less than Mattel) the Chinese government can afford to buy GM with petty cash. Even a hundred billion $ would barely dent China’s more than $2t in currency reserves.
From Roddy
finance
GM, Ford Executives Say No To $1 Salary In Exchange For Government Aid - WASHINGTON -(Dow Jones)- The chief executives of General Motors Corp. (GM) and Ford Motor Co. (F) said Wednesday they wouldn't accept a $1 salary in exchange for government aid to their imperiled companies, as the head of the former Chrysler Corp. did a generation ago.
From Nonoxyl
finance
Barney Fag Worries Bankruptcy Would Bust Unions - Among his concerns is that bankruptcy might "bust" the unions. You know, those organizations whose contract demands have put Detroit on the brink of extinction.
From NeoCon
finance
|| 11/17/2008 ||
finance
Our Coming Depression - Mr. Bush fails to realize that the root cause of the financial crisis is not the housing decline. The root cause is the greed of Wall Street CEOs, including his current Treasury Secretary, the failure of government to enforce existing rules to protect consumers and the greed and recklessness of Main Street USA as they attempted to borrow their way to prosperity. In the classic Washington fashion, the banker bailout bill was repackaged by Washington PR maggots into the Main Street Rescue bill. This is what constitutes progress in Washington. A three page fascist-like bill proposed by Hank Paulson grew to a 450 page goliath pork laden bill in less than one week. The bill that passed bought off every constituent in the U.S. with pork for rum producers, toy arrow makers, and film producers, while adding an additional $120 billion to the national debt. President Bush signed the bill before the ink was dry. The market immediately proceeded to decline 450 points in minutes, declaring that it will not work. Not to worry. Another bailout bill will be on its way shortly.
From Nony
finance
Liberal Thomas Friedman's World is Flat Broke - the author’s wife, Ann (née Bucksbaum), is an heir to the General Growth fortune. In the past year, the couple—who live in an 11,400-square-foot mansion in Bethesda, Maryland—have watched helplessly as General Growth stock has fallen 99 percent, from a high of $51 to a recent 35 cents a share.
From NeoCon
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Unions Destroyed the Big 3 Automakers - Contrast GM's 81.18 per hour cost with non-union Toyota, whose total hourly U.S. labor costs, with benefits, are $35 per hour. Those lower labor costs mean Toyota enjoys a cost advantage over U.S. automakers of about $1,000 per vehicle. Is it any wonder that Toyota is outselling American automakers and from plants that have been built on U.S. soil?
From NeoCon
finance
Sales Crash at All Levels of Retail - Sales at the nation's largest retailers plummeted last month, signaling the upcoming holiday season may be the weakest in decades, The New York Times reported.
From cw
finance
Suitcase Full of Money Ruins Life of Ohio Family - "If these two individuals had sat down and resolved their disputes and divided the money, the heirs would have had no knowledge of it," said attorney Gid Marcinkevicius, who represents the Dunne estate. "Because they were not able to sit down and divide it in a rational way, they both lost."
From NeoCon
|| 11/08/2008 ||
finance
Democrats Plan to Steal Your 401k - Should Sen. Barack Obama win the presidency, congressional Democrats might have stronger support for their “spreading the wealth” agenda. On Oct. 27, the American Thinker posted a video of an interview with Obama on public radio station WBEZ-FM from 2001.
From NeoCon
finance
NYC Tax Increace Will Raise Keith Olbermann's Taxes by 15% - Share the Wealth Asshole!
From NeoCon
finance
Burnett: McCain Win Might Give Stocks 'Big Pop,' - If Obama wins, I will bet anything that the marked drops dramatically because he is going to tax small and large businesses out of existence. And, will also tax everyone else too!!!I'm praying, praying and praying for McCain/Palin.
From NeoCon
finance
Obama Wants to Bankrupt the Coal Industry - Thousands will lose their jobs -thanks Barak.
From NeoCon
|| 11/03/2008 ||
finance
Circuit City closing 155 stores - Maybe under Obama will give Democrats free flat screen tv's.
From NeoCon
finance
National Debt Soars $500 Billion In Under A Month - It’s the surge you won’t hear anyone boast about. Less than four months! To put it in perspective, consider this: it took the U.S. government over four decades, from 1940 to 1982, to run up its first trillion dollars of debt. Thank you George Bush, the country's worst president! Evar!
From Roddy
|| 11/01/2008 ||
finance
Burger King Posts 2% Profit Gain - The Miami-based company said net income rose to $50 million, or 36 cents per share, from $49 million, or 35 cents per share, in the same quarter a year ago. The results missed the Street’s estimates by a penny.
From NeoCon
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More U.S. Homeowners Have Mortgage Higher Than House Is Wort - Almost 20 percent of U.S. mortgage borrowers owed more on their loans in the third quarter than their house was worth as foreclosures depressed prices and the economy weakened, according to First American CoreLogic.More than 7.5 million properties already have negative equity and another 2.1 million will follow should home prices decline another 5 percent, Santa Ana, California-based First American, a seller of economic and real estate data, said in a report today. Six states account for almost 60 percent of homes with negative equity, led by Nevada and Michigan.
From Nony
|| 10/31/2008 ||
finance
Super Rich Support Obama - According to a new survey by Prince & Associates, voters worth $1 million to $10 million are favoring Sen. John McCain, while voters worth $30 million or more are favoring Sen. Barack Obama. The survey of 493 families showed:
From NeoCon
|| 10/30/2008 ||
finance
|| 10/28/2008 ||
finance
Democrats target your 401(k) - Democrats plan to tap your private retirement plan to fund Barack Obama's many promises to expand the power and size of the federal government.
From NeoCon
finance
Dolphins Owner: Sell Now Before Obama Steals It - "He wants to double the capital gains tax, or almost double it," Huizenga said. "I'd rather give it to charity than to him."
From NeoCon
finance
US has plundered world wealth with dollar: China paper - BEIJING (Reuters) - The United States has plundered global wealth by exploiting the dollar's dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.
From CC
finance
Bankers and Brokers Flee New York City - Bankers and brokers looking to escape the financial meltdown are scrambling to relocate their families, possessions and rarified talent far from Wall Street to places such as Florida, Chicago, Milwaukee, Virginia and Asia.
From NeoCon
|| 10/26/2008 ||
finance
But Have We Learned Enough? - When Olivier Blanchard, the I.M.F.'s chief economist, was asked about the possibility of the world sinking into another Great Depression, he reassuringly replied that the chance was “nearly nil. He added, We've learned a few things in 80 years. Yes, we have. But have we learned what caused the Depression of the 1930s? Most important, have we learned enough to avoid doing the same thing again?
From cw
finance
Markets Fear Obama's Marxist Policies - Most investors know the devil is in the details - and the details of Obama's economic plans are anything but reassuring.
From NeoCon
finance
Need a job? $17,000 an hour -- no success required - Last year, Fuld earned about $45 million, according to the calculations of Equilar, an executive pay research company. That amounts to roughly $17,000 an hour to obliterate a firm. If you're willing to drive a company into the ground for less, apply by calling Lehman Brothers at (212) 526-7000.
From cw
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|| 10/22/2008 ||
finance
|| 10/17/2008 ||
finance
Bloomberg.com: Worldwide - Oct. 16 (Bloomberg) -- Crude oil fell below $70 a barrel to the lowest since June 2007 and gasoline tumbled after a U.S. government report showed stockpiles increased more than twice as much as forecast.
From CJDUSA
|| 10/12/2008 ||
finance
Nature loss 'dwarfs bank crisis' - The global economy is losing more money from the disappearance of forests than through the current banking crisis, according to an EU-commissioned study.It puts the annual cost of forest loss at between $2 trillion and $5 trillion.
From Nony
|| 10/12/2008 ||
finance
|| 10/11/2008 ||
finance
Bush Just Makes It Worse - When it comes to the current financial crisis, it's become pretty clear that an appearance by President Bush doesn't calm nerves. It rubs them raw.With global markets in a state of panic, with the world talking about the end of American capitalism, with ordinary citizens watching in despair as their savings vanish, we could all use some reassurance.
From Nony
finance
Fed gives AIG $37.8 billion loan - Oct. 8, 2008 - The insurance giant receives an additional loan after the government saved it from bankruptcy.
From Nonoxyl
finance
The End of The World As We Know It - The Long March toward the destruction of the creditworthiness of the United States of America took a Great Leap Forward today, or perhaps we should say “one small step for Paulson, one flying leap for mankind.” The Treasury announced and carried out 2 same-day surprise auctions of medium term notes totaling $20 billion. They announced 2 more auctions of similar paper for another $20 billion tomorrow. The market choked on its vomit. 5 year yields rose 22 bp on the day, and at one point were up 50 bp from the low of the day, which came right after the open when the market was digesting the meaningless worldwide central bank coordinated rate cut.
From Nony
|| 10/08/2008 ||
finance
Pakistan facing bankruptcy - Pakistan's foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy.
From Nony
|| 10/08/2008 ||
finance
Treasury to sell more debt - creating more debt to buy bad mortgages? Who would be stupid enough to buy?
From Nony
finance
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'Taxachusetts' Voters May Eliminate State Income Tax - This Marxist state has been punishing success and rewarding failure for decades.
From NeoCon
finance
Democrats Forced Fannie into Bankruptcy - Between 2005 and 2008, Fannie purchased or guaranteed at least $270 billion in loans to risky borrowers — more than three times as much as in all its earlier years combined, according to company filings and industry data.
From NeoCon
|| 10/07/2008 ||
finance
Barney Frank's Bankrupt Ideas - Democrats created the mortgage crisis by forcing banks to give loans to people who couldn't afford them. Now Obama and Biden want bankruptcy judges to bail out the same deadbeat homeowners. And once again, Barney Frank is helping.
From NeoCon
finance
U.S. bank failures almost certain to increase in next year - Here's a safe bet for uncertain times: A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion rescue plan to restore order to the financial industry.
From Nony
finance
Affordable Housing/Diversity Mandates caused Mortgage Crisis - Banks and mortgage companies have long been under pressure from lawmakers and regulators to give loans to people with bad credit, in order to provide “affordable housing” and promote “diversity.” That played a key role in triggering the mortgage crisis, judging from a story today in the New York Times.
From CC
finance
So What Happens After the Bailout? - From ClusterStock, Oct. 1, 2008: Now that the government has been terrified into rubber-stamping the bailout, what happens now? In our opinion, here's the most likely scenario:
From CC
|| 10/02/2008 ||
finance
finance
Europe demands US 'take responsibility' for financial crisis - The European Commission delivered an unusually sharp rebuke to the United States yesterday over its failure to endorse its $700 billion (Ł394 billion) rescue package for the stricken financial services industry.
From European
finance
What the financial crisis means for high-end prostitutes. - There are some people who might just benefit from the current turmoil in the financial markets. One probably won't surprise: lawyers. The other might: sex workers.
From Nony
finance
Bailout Bill Fails in House Vote Amid Defections in Both Parties - The House of Representatives delivered a stunning defeat to legislation designed to rescue the nation's troubled financial system, sweeping aside a call from President Bush to "send a strong signal" of confidence to markets at home and abroad.
From cw
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finance
Credit crunch banker leaps to his death in front of express train - Kirk Stephenson, who was married with an eight-year-old son, died in the path of a 100mph express train at Taplow railway station, Berkshire.
From NeoCon
finance
Bernanke: Federal Reserve caused Great Depression - At all times, the Federal Reserve had the power and the knowledge to have stopped that. And there were people at the time who were all the time urging them to do that. So it was, in my opinion, clearly a mistake of policy that led to the Great Depression.
From NeoCon
|| 09/27/2008 ||
finance
Business - WSJ.com - Wachovia Corp. has entered into preliminary talks with a handful of possible buyers -- the latest in a parade of banks to look for safety in the arms of a suitor amid concerns that the weak economy is pushing them deeper into peril.
From cjdusa
finance
WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History - WSJ.com - In what is by far the largest bank failure in U.S. history, federal regulators seized Washington Mutual Inc. and struck a deal to sell the bulk of its operations to J.P. Morgan Chase
From cjdusa
finance
French hold out against credit crunch - Unlike Britain, the US and many other countries, France appears to have weathered the credit crunch storm far better.
From European
|| 09/25/2008 ||
finance
Bail-out plan simplified - The plan goes like this: Treasury will pay financial institutions above-market prices for garbage assets nobody else wants. Then, through the magic of mark-to-Paulson accounting, everybody else that owns similar stuff will use those same prices, or marks, to value the trash on their own balance sheets.
Shazam! Banks and insurance companies write up the asset values on their books. They post big profits. Their capital goes up. Everyone gets fooled. And nobody knows the difference.
Except, we do. And that's why the plan probably won't work.
From Nony
|| 09/25/2008 ||
finance
Omaha Investor Bails Out New York - Red State resident comes to Goldman's rescue.
From NeoCon
finance
finance
Bush warns ‘our entire economy is in danger’ - Anyone else remember when the economy was strong and stable under the Democratic Clinton administration.

--Popper
From popper
finance
Millions spend half of income on housing - Ray is one of more than 7.5 million people — almost 15 percent of American homeowners with a mortgage — who are spending half of their income or more on housing costs, according to 2007 data released Tuesday by the U.S. Census Bureau. That is up from nearly 7.1 million the year before.

And that is data from 2007, hate to think how many now! The end of foreclosures is not near at all!
From Nony
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US dollar set to be major casualty of Hank Paulson's bailout - The dollar rally that began in July and pushed the pound’s value against the greenback significantly lower has come to an abrupt end as markets face up to the fact that the currency will have to absorb the effects of a sudden shocking increase in America’s budget deficit.When Treasury Secretary Hank Paulson announced that the world’s biggest economy was about to embark on the world’s biggest bail-out for its financial sector, the first concern economists had was about the long-term prospects for the nation’s finances and its currency.
From Nony
finance
U.S. Government Accountability Office (U.S. GAO) - The U.S. Government Accountability Office (GAO) is known as "the investigative arm of Congress" and "the congressional watchdog." GAO supports the Congress in meeting its constitutional responsibilities and helps improve the performance and accountability of the federal government for the benefit of the American people
From Nony
finance
Europeans on left and right ridicule U.S. money meltdown - It's a rare day when finance officials, leftist intellectuals and ordinary salespeople can agree on something. But the economic meltdown that wrought its wrath from Rome to Madrid to Berlin this week brought Europeans together in a harsh chorus of condemnation of the excess and disarray on Wall Street.
From cjdusa
|| 09/23/2008 ||
finance
Dow slides 373 points - Stocks slumped Monday, with the Dow losing 373 points, as investors worried about the specifics of the government's $700 billion bailout plan and rocketing oil prices - which saw its biggest one-day dollar gain ever.
From cjdusa
finance
Recent drop in crude is an illusion - oil is going to $500 - Matt Simmons is as perplexed as anyone that it has fallen to him to take on OPEC, Exxon, the Saudis, and all the other misguided defenders of conventional wisdom in the oil patch. Why should one investment banker with a penchant for research be required to point out what he regards as the obvious - that from here on out, oil supplies can't meet demand, and if we don't act soon to solve this crisis, World War III could be looming?
From cjdusa
finance
$ Falls on Concern U.S. Banks Rescue Will Strain Finance - The dollar dropped against the yen for the first time in three days on concern a U.S. government plan to buy $700 billion of soured mortgage-related assets from banks will widen the country's budget deficit.
From Nony
|| 09/22/2008 ||
finance
John McCain: Crisis Enabler - In 1982, the same year John McCain entered the Senate, a bill was put forward that would substantially deregulate the savings and loan industry. The Garn-St. Germain Depository Institutions Act was an initiative of the Reagan administration, and was largely authored by lobbyists for the S
From Nony
finance
Default by the US government is no longer unthinkable - How much more can the US taxpayer take? It sounds insane, but the liabilities being taken on by the Fed and the US Treasury are now so enormous that the government itself could default.
From Nony
finance
Pelosi, Kerry May Share Investor Pain as AIG Stakes Evaporat - The market storm that brought down Lehman Brothers Holdings Inc., American International Group Inc. and other pillars of U.S. finance may have also blown holes in the portfolios of House Speaker Nancy Pelosi, Senator John Kerry and more than 50 other members of Congress.
From cjdusa
finance
SEC bans short-selling for financials: Financial News - Yahoo! Finance - The U.S. Securities and Exchange Commission took what it called "emergency action" on Friday and temporarily banned investors from short-selling 799 financial companies.The temporary ban, aimed at helping restore falling stock prices that have shattered confidence in the financial markets, takes effect immediately.
From cjdusa
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|| 09/20/2008 ||
finance
finance
U.S. Declares Bankruptcy; China Offers Bailout - "The United States government has already taken over the banking, insurance and real estate markets", Bush said in a prepared speech. "I think it would be in our best interests to take it the next step and turn our country into a communist dictatorship led by our allies, the people of China".
From Roddy
finance
FDIC: Press Releases - PR-82-2008 9/19/2008 - Ameribank, Inc., was closed today by the Office of the Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named receiver. The FDIC entered into purchase and assumption agreements with Pioneer Community Bank, Inc., Iaeger, West Virginia, and The Citizens Savings Bank, Martins Ferry, Ohio to take over all of the deposits and certain assets of Ameribank, Inc., Northfork, West Virginia.
From Nonoxyl
finance
Radical bailout plan has a jawdropping price tag - WASHINGTON - Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jawdropping price tag — a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions.

In addition to this years previous bail-outs, US taxpayers are now into it in excess of a trillion dollars and counting.
From Nonoxyl

finance
SEC Plans to Temporarily Ban Short-Selling - The Securities and Exchange Commission says it will issue a temporary ban on short-selling CNBC has learned.

Yet another useless fiscal band-aide. So much for the "free" market.
From Nonoxyl

finance
Morgan Stanley Said to Be in Talks With China's CIC - China's state-controlled fund may buy as much as 49 percent of the New York-based investment bank, said the person, who declined to be identified because the talks aren't public and may end in no agreement. Morgan Stanley resumed its decline on the New York Stock Exchange, falling as much as 22 percent.

Um, is anyone else concerned that this deal could compromise the security of US fiscal markets?
From Nonoxyl

finance
finance
Bush says he's working hard on economic turmoil - Yahoo! News - Eager to show that he feels people's pain, President Bush told the country Thursday his administration is working feverishly to calm turmoil in the financial markets. With reports swirling of possibly imminent new government action, the president met with his treasury secretary and the head of the Federal Reserve.
From
finance
Bush: Ready to take more steps to stabilize markets - Yahoo! News - President George W. Bush on Thursday expressed concerns about the turmoil in financial markets and said his administration was prepared to go beyond the "extraordinary measures" already taken to strengthen and stabilize them.
From
finance
Russia halts trading after 17% share price fall - Russian shares suffered their steepest one-day fall in more than a decade on Tuesday, losing up to 20 per cent, as a sharp slide in oil prices and difficult money market conditions triggered a rush to sell.The heads of the Russian central bank, the finance ministry and the financial market regulator met on Tuesday night for an emergency discussion on ways to halt the crisis.
From cw