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U.S. and EU authorities are expected to hammer out the definite shape of a new regulatory order in 2010 that will fundamentally change how world banks and markets operate.
Stricter limits on leverage and capital will emerge, leading eventually to slimmer profits for banks, policy analysts said. Formerly unregulated off-exchange derivatives markets will have to conform [...]
Homeowners with the best credit are the next big risk for the U.S. housing market.
An increase in mortgage defaults among prime borrowers in 2009 is likely to accelerate this year, slowing the real estate recovery even as Americans become more optimistic about the economy, said Robert Shiller and Karl Case, the economists who created the [...]
Treasuries headed for the worst year in at least three decades as the U.S. stepped up debt sales to help spur growth in an economy recovering from the biggest slump since the Great Depression.
The current seven-year note was little changed after a $32 billion of sale of the debt drew a yield of 3.345 percent, [...]
For all the cash provided by the European Central Bank to ease the worst seizure in credit markets since World War II, financial institutions in the region are unwilling to lend, using the money instead to invest in the safest, most liquid government securities. Bond investors are offering money like never before as returns on [...]
Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania, said in an interview with Reuters home prices will resume their decline by early next year as foreclosure sales pick up again.
“The housing crash is not over,” he said.
The U.S. housing market has suffered the worst downturn since the Great Depression, and its impact [...]
It sounds like a George Lopez joke.
“Times are so bad that I saw an Anglo day laborer standing outside Home Depot the other day.”
Except it’s true.
In the latest sign of the Las Vegas Valley’s economic free fall, U.S. citizens are starting to show up in the early mornings outside home improvement stores and plant nurseries [...]
Salvatore Calvanese, the treasurer of Springfield, Massachusetts, for four years, had a ready defense for why he risked $14 million of taxpayer money on collateralized-debt obligations laden with subprime mortgages in 2007.
He didn’t know what he was buying, he says, and trusted the financial professionals who sold them and told him they were safe.
“I thought [...]
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 [...]
When those adjustments are taken into account for May 2009, the unemployment rate soars to 16.4%. That is the highest rate since the BLS began calculating the U-6 rate in 1994. While not exactly comparable, it is also higher than the BLS’s earlier and yet broader adjusted unemployment rate called the U-7. The BLS began [...]
When those adjustments are taken into account for May 2009, the unemployment rate soars to 16.4%. That is the highest rate since the BLS began calculating the U-6 rate in 1994. While not exactly comparable, it is also higher than the BLS’s earlier and yet broader adjusted unemployment rate called the U-7. The BLS began [...]
Economic output shrank by 5.6pc in the 12 months to the middle of the year, according to official figures which shattered hopes that the recovery has already begun.
The Office for National Statistics said that Britain’s gross domestic product (GDP) contracted by 0.8pc in the second quarter, following the unprecedented 2.4pc fall in the first three [...]
Confidence in the world economy dropped for the first time in four months in July as government stimulus efforts showed little sign of reducing unemployment, a Bloomberg survey of users on six continents showed.
The Bloomberg Professional Global Confidence Index declined to 39.13 in July from 43.57 in June. A reading below 50 means pessimists outnumber [...]
The U.S. Justice Department is investigating the market for credit-default swaps, according to Markit Group Ltd., the data provider majority-owned by Wall Street’s largest banks.
“Markit has been informed of an investigation by the Department of Justice into the credit-derivatives and related markets,” spokeswoman Teresa Chick said yesterday in an e- mailed statement in response to [...]
Just why is there so much debt in the Anglo-Saxon world? Bankers and regulators know well that it is in nobody’s long-term interests to have allowed borrowing to escalate to a position where the US now owes far more, as a multiple of the economy, than at the start of the Great Depression.
The answer is [...]
Also available at: [Taibbi] The Great American Bubble Machine (LF exclusive!) – The Something Awful Forums
From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression – and they’re about to do it again
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 [...]
He must have read Wealth, War and Wisdom
Head for the Farm
The best bet for investors may be to buy a farm and escape from the cities, as a prolonged recession could lead to war, as the Great Depression did, said the Swiss national, who now lives in Thailand.
“Buy a farm and let your girlfriend [...]
He must have read Wealth, War and Wisdom
Head for the Farm
The best bet for investors may be to buy a farm and escape from the cities, as a prolonged recession could lead to war, as the Great Depression did, said the Swiss national, who now lives in Thailand.
“Buy a farm and let your girlfriend [...]
He must have read Wealth, War and Wisdom
Head for the Farm
The best bet for investors may be to buy a farm and escape from the cities, as a prolonged recession could lead to war, as the Great Depression did, said the Swiss national, who now lives in Thailand.
“Buy a farm and let your girlfriend [...]
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: Reuters
Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.
Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.
He said the bankruptcy [...]
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 [...]
I suspect we are actually face to face with a Maxi…The Great Depression.
Source: Bloomberg
Bill Gross, co-chief investment officer of Pacific Investment Management Co., said the U.S. may slump into a “mini depression” unless policy makers spend trillions of dollars to spur growth.
“This economy needs support from the government, a check from the government in [...]
I suspect we are actually face to face with a Maxi…The Great Depression.
Source: Bloomberg
Bill Gross, co-chief investment officer of Pacific Investment Management Co., said the U.S. may slump into a “mini depression” unless policy makers spend trillions of dollars to spur growth.
“This economy needs support from the government, a check from the government in [...]
Economic Nationalism…
Source: washingtonpost.com
In 1930, Congress fired the first shot in a protectionist battle that prolonged and deepened the Great Depression. After passing a bill aimed at saving American jobs by effectively barring 20,000 imported goods, including French dresses and Argentine butter, other nations retaliated by raising their own barriers on U.S. products, effectively bringing global [...]
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 [...]
Source: FT.com
The worst annual performance for Wall Street stocks since the Great Depression ended with a modest rally on the final day of trading as the Federal Reserve pushed ahead with its plan to buy mortgage-backed securities.
The central bank’s plan to buy up to $500bn of mortgage bonds by the middle of 2009 helped [...]
Source: FT.com
Stocks in the US are on course for their worst annual falls since the Great Depression when trading closes today, while in Asia some markets ended the year on Tuesday by notching up their worst performance since records began.
The S&P 500 has already fallen 39.3 per cent on the year, its worst run [...]
Source: Bloomberg.com
Sales of single-family houses in the U.S. dropped in November by the most in two decades and resale prices collapsed at a pace reminiscent of the Great Depression, dashing speculation the market was close to a bottom.
Purchases of both new and existing houses dropped 7.6 percent from the prior month, the biggest decline [...]
Source: The Raw Story
Britain edged ever closer to a recession on Tuesday and the IMF’s top economist warned of a second Great Depression, as stock markets awaited fresh US growth data in the hope of some Christmas cheer.
Britain’s economy shrank by 0.6 percent in the three months to September compared with the previous quarter, [...]
Source: breitbart.com
The governor of the Bank of Spain on Sunday issued a bleak assessment of the economic crisis, warning that the world faced a “total” financial meltdown unseen since the Great Depression.
“The lack of confidence is total,” Miguel Angel Fernandez Ordonez said in an interview with Spain’s El Pais daily.
“The inter-bank (lending) market is [...]
Source: Hindustan Times
The world could go through its worst recession since the Great Depression as a massive financial crisis has slashed global investment and sharp drops in commodity prices severely hurt poor-country exports, the World Bank warned on Tuesday.
The global development bank slashed its previous estimates for global growth to 2.5 per cent in [...]
Source: Bloomberg.com
Treasuries rose, pushing rates on the three-month bill negative for the first time, as investors gravitate toward the safety of U.S. government debt amid the worst financial crisis since the Great Depression.
The Treasury sold $27 billion of three-month bills yesterday at a discount rate of 0.005 percent, the lowest since it starting auctioning [...]
Source: Bloomberg.com
California, the world’s eighth-largest economy, may pay vendors with IOUs for only the second time since the Great Depression, State Finance Director Mike Genest said.
In a letter to legislative leaders Dec. 1, Genest said the state “will begin delaying payments or paying in registered warrants in March” unless an $11.2 billion deficit is [...]
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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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