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As President Obama prepares to unveil his $3.8 trillion budget for fiscal year 2011, which begins Oct. 1, the White House is projecting the current fiscal year will end with a $1.6 trillion deficit, congressional sources confirmed to Fox News.
Next year’s budget will have a nearly $1.3 trillion debt, according to those sources, dropping to [...]
The new foreclosure plague is tied more to the economy than bad mortgages. Here are 10 cities where defaults grew the fastest in 2009.
Boise, Provo, Portland OR, Green Bay WI, Brimingham Ala., Myrtle Beach, Honolulu, Roanoke, Sioux Falls, S.D., Gulfport-Biloxi, Miss.
Source/Full Story: CNNMoney.com
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January 19, 2010 — One in 7 U.S. mortgages foreclosing or delinquentA [...]
In Washington and on Main Street, politicians and voters are railing against Wall Street’s multi- million-dollar pay packages. In the financial world, most executives expect their bonuses to match or exceed last year’s, with 1 in 10 predicting their best-ever payout.
Having shaken off the biggest economic decline since the 1930s, almost three in five traders, [...]
…The government will release figures this week expected to show that the economy has awakened from its deepest slump since the 1930s and is in the early stages of a recovery. But the following week, the government will issue another set of figures expected to show unemployment continuing to rise toward and possibly above a [...]
…The government will release figures this week expected to show that the economy has awakened from its deepest slump since the 1930s and is in the early stages of a recovery. But the following week, the government will issue another set of figures expected to show unemployment continuing to rise toward and possibly above a [...]
Spain is sliding into a full-blown economic depression with unemployment approaching levels not seen since the Second Republic of the 1930s and little chance of recovery until well into the next decade, according to a clutch of reports over recent days.
The Madrid research group RR de Acuña & Asociados [...]
The Centre for Labour Market Studies (CLMS) in Boston says US unemployment is now 18.2pc, counting the old-fashioned way. The reason why this does not “feel” like the 1930s is that we tend to compress the chronology of the Depression. It takes time for people to deplete their savings and sink into destitution. Perhaps our [...]
Source: MarketWatch
Now that the books are closed on the fourth quarter’s performance, it’s fair to say that the final three months of 2008 will go down as the worst quarter for the U.S. economy since the 1930s.
In terms of the things that matter most — output, income, wealth, profits, foreclosures and job growth — the [...]
The U.S. economy’s vital signs may not confirm a diagnosis of depression. The symptoms increasingly point to one.
As in the Great Depression, world trade is collapsing, wealth is evaporating and the banking system is broken. Deflation is a growing threat as companies slash production, pay and prices. And leaders worldwide are having difficulty making headway [...]
Source: Reuters
WASHINGTON (Reuters) – Job losses in the United States likely accelerated last month and the unemployment rate probably surged to a 25-year high as recession-hit companies took drastic steps to cut costs, according to economists.
They reckon that the U.S. economy, reeling from the worst financial crisis since the 1930s and stuck in recession [...]
Watch the Video from Bloomberg Television
Source: NY Times
The author of “The Black Swan,” Nassim Nicholas Taleb, predicts that the global financial crisis will be harder to end than the Great Depression and it may force the United States government to nationalize some banks.
The world has a much more complex financial system than in the 1930s, [...]
Source: Bloomberg.com
Chancellor Angela Merkel’s Cabinet approved a draft bill allowing the state to seize control of property lender Hypo Real Estate Holding AG, paving the way for the first German bank nationalization since the 1930s.
The bill allows the government to carry out compulsory purchases of shares held in “systemically relevant” banks. To assuage lawmakers [...]
Source: Reuters
Former U.S. Federal Reserve Chairman Alan Greenspan said on Tuesday the current global recession will “surely be the longest and deepest” since the 1930s and more government rescue funds are needed to stabilize the U.S. financial system.
“To stabilize the American banking system and restore normal lending, additional TARP funds will be required,” Greenspan said [...]
Source: Reuters
G7 finance ministers converged on Rome to discuss the economic crisis amid warnings from Germany and Britain on Friday that the world could revert to the dark days of the 1930s if governments resorted to protectionism.
The G7 industrial powers, all in recession or just about, are under pressure to prove they can work together [...]
Source: The Independent
Britain is facing its worst financial crisis for more than a century, surpassing even the Great Depression of the 1930s, one of Gordon Brown’s most senior ministers and confidants has admitted.
In an extraordinary admission about the severity of the economic downturn, Ed Balls even predicted that its effects would still be felt 15 [...]
Source: guardian.co.uk
Gordon Brown today called for a “new global order” to deal with the economic crisis as he warned against the protectionist policies of the 1930s.In a wide-ranging speech on the global economy, the prime minister said that a radical step-up in global cooperation was necessary to prevent the emergence of “financial mercantilism”.
“We face [...]
Source: guardian.co.uk
Gordon Brown today called for a “new global order” to deal with the economic crisis as he warned against the protectionist policies of the 1930s.In a wide-ranging speech on the global economy, the prime minister said that a radical step-up in global cooperation was necessary to prevent the emergence of “financial mercantilism”.
“We face [...]
Source: guardian.co.uk
Gordon Brown today called for a “new global order” to deal with the economic crisis as he warned against the protectionist policies of the 1930s.In a wide-ranging speech on the global economy, the prime minister said that a radical step-up in global cooperation was necessary to prevent the emergence of “financial mercantilism”.
“We face [...]
Source: Reuters
The number of U.S. workers lining up for state jobless benefits surged last week and home building slumped to a record low in December, data showed on Thursday, as the economy’s downward spiral accelerated.
The worst financial crisis since the Great Depression of the 1930s is forcing companies to slash jobs, creating a vicious cycle [...]
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Supplies against Swine Flu These are some supplies you should consider acquiring, wherever you can obtain them from, but you should act quickly because I suspect they will be going fast.
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