Monday, December 08, 2008

More economic issues


'IT'S GOING TO GET WORSE'
Investor fear drives US Treasury yields to near zero...

NEWS IS BROKE: TRIBUNE Prepares for Bankruptcy Filing...

...THIS WEEK?

Now MIAMI HERALD for sale...

Oil Rises for First Time in Week as OPEC Signals 'Significant' Output Cut...

UPDATE: Angry laid-off workers occupy factory in Chicago...

The Business Of War

By Robert Weisman

Across the nation, companies are lopping off hundreds of thousands of jobs, retailers are shuttering stores, and automakers are tottering on the edge of bankruptcy. But here in the Merrimack River Valley, and over the state line at several industrial sites around Massachusetts, defense contractor BAE Systems is hoisting "Help Wanted" signs. Continue

Company Crashes Set to Hit Record Next Year

By Richard Milne and Anousha Sakoui in London

Record numbers of companies will go bankrupt next year with 200,000 insolvencies in Europe alone and "an explosion" of failed businesses in the US, according to the world's largest credit insurer. Continue

Angry laid-off workers occupy factory in Chicago; "Across cultures, religions, union and nonunion, we all say this bailout was a shame," said Richard Berg, president of Teamsters Local 743. "If this bailout should go to anything, it should go to the workers of this country."

Unemployed and hungry in the US: Jobless numbers highest in 15 years, food stamp users hit record 31.6 million or 1 in 10 Americans

Obama plans US infrastructure boost: The plan, if approved, will "save or create" 2.5 million jobs and includes schemes to build roads and bridges and make public buildings more energy-efficient, Obama said in his weekly radio address on Saturday.

States' highway projects wish list has $64B tag: More than 5,000 highway projects are ready to go, state transportation officials say, if Congress will only pony up $64.3 billion as part of an economic aid plan.

First Georgia Community Bank Closed, Boosting 2008 Toll to 23: First Georgia Community Bank of Jackson, with four offices southeast of Atlanta, was closed by regulators, becoming the 23rd U.S. bank failure this year amid losses tied to record mortgage delinquencies and foreclosures.

Foreclosures soar 76% to record 1.35 million: Foreclosure rate hits nearly 3% in the third quarter, while another 7% of borrowers fell behind on their mortgages.

US auto aid plan wins support: The amount is far less than the $34bn in loans requested this week by General Motors, Ford Motor, and Chrysler, but it would keep them going into next year.

Investment banks set to cut 30,000 jobs: Up to 20,000 jobs look set to be lost as a result of the imminent merger of Merrill Lynch and Bank of America, as a further 10,000 job losses were announced across the investment banking fraternity.

One in 10 American on food stamps: With 3.2 million more Americans unemployed than 12 months ago, the need for food assistance has risen. Last month saw the evaporation of 533,000 jobs, the biggest one-month loss since 1974.

Record 10% of U.S. homeowners in arrears or foreclosure: A record 10% of the nation's mortgage-burdened homeowners fell behind on their loan payments or were in foreclosure during the third quarter, according to a survey released Friday by the Mortgage Bankers Assn., which said California and Florida were the biggest contributors to the worsening picture.

Retail Sales Are Weakest in 35 Years: The nation’s retailers turned in the worst sales figures in at least a generation on Thursday, starting the holiday shopping season with double-digit declines across a broad spectrum of stores.


PhD Economist, Prof - Gold Market Is Manipulated

Mandelson Vs Bank Merger Challengers

Fear 1 Million Layoffs A Month In US

RBS Secretly Charged 80% On Consumer Loan!

Citi Gets $300B - Car Makers Kicked In Teeth

Lessons From Depression Won't Help Now

Deflation Moving Beyond 1930s Extremes

Spain Faces Full Recession

Welfare Mothers To Be Forced To Work

Just How Bad Will The Economy Get?

Foreclosures Soar 78% To Record 1.35 Million

Motorola Downgraded To Junk Status

Americans Are Buying Spam Again

Oil Staggers To Below $42

India Slashes Interest Rates

Paulson Shoots The Economy In The Heart...Again

US Employers Cut Most Jobs In 34 Yrs

Nov Jobs Losses Worst Since 1974

China Slowdown Could Drop Oil To $25








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