This really is starting to feel like 1932

Friday, July 9, 2010 22:59

[caption id="attachment_507" align="alignnone" width="300" caption=""][/caption] "The economy is still in the gravitational pull of the Great Recession," said Robert Reich, former US labour secretary. "All the booster rockets for getting us beyond it are failing." Let us be honest. The US is still trapped in depression a full 18 months into zero interest rates, quantitative easing (QE), and fiscal stimulus that has pushed the budget ...

12 month T-Bill rate is now ZERO

Wednesday, December 17, 2008 17:18

Bloomberg Dec. 17 (Bloomberg) -- The world’s biggest currency-trading firms say the dollar’s appeal as a haven amid the financial crisis all but evaporated. The U.S. currency slid to a 13-year low against the yen today and had its biggest one-day decline versus the euro after the Federal Reserve reduced its target interest rate yesterday to a range of zero to 0.25 percent, the lowest among the world’s ...

DOW shed another 300 today

Friday, October 24, 2008 15:09

This is getting to the point where it is not even news anymore than a near daily occurrence. Investors abandoning stocks as punishing recession appears at hand NEW YORK - Wall Street capped another difficult week with steep losses Friday, sending the major indexes to their lowest levels in more than five years as markets around the world skidded lower on the belief that a punishing economic recession is at hand. It was a dramatic, fractious day ...

75,000 job loses in one day

Monday, January 26, 2009 14:34

A slew of American heavyweight companies, including Caterpillar, Pfizer, Sprint Nextel, Home Depot and General Motors, announced cuts Monday adding up to 45,000 jobs lost. What's more, a group of business economists predicted many more job losses in the year ahead. Caterpillar had by far the worst news of the group. The world's largest heavy equipment maker announced Monday it was slashing up to 5,000 ...

Administration looks to expand financial rescue

Monday, October 13, 2008 19:33

WASHINGTON - A financial industry official says the Bush administration has decided to greatly expand protections for the U.S. banking system out of concern for the faltering economy. The official said the administration will use perhaps as much as $250 billion of the $700 billion rescue program recently passed by Congress to purchase stock in U.S. banks, providing the banks with badly needed money. The official, who spoke with knowledge of a Treasury Department meeting ...

1 in 6 now owe more on their mortgage then their property is worth

Wednesday, October 8, 2008 21:34

A rising tide of ‘underwater’ homeowners 1 in 6 now owe more on their mortgage then their property is worth "It is very possible that there ...

Great Depression 2008? Not quite

Wednesday, October 22, 2008 15:59

By Robert MacMillan NEW YORK (Reuters) - There's something about hundreds of billions of dollars vanishing overnight that begs a comparison to the 1929 market crash and the Great Depression. Almost -- but not yet. The United States has seen the destruction of some of its biggest names in finance, thousands of lost jobs and threats to the stability of the world banking system. All in one week. The ...

Wachovia reports $23.9B loss for 3Q

Wednesday, October 22, 2008 15:36

NEW YORK – Wachovia Corp. on Wednesday reported a staggering $24 billion loss as it took a goodwill impairment charge of nearly $19 billion ahead of its acquisition by Wells Fargo & Co. The Charlotte, N.C.-based bank reported a loss after paying preferred dividends of $23.89 billion, or $11.18 per share, in the period ended Sept. 30, ...