America's Addiction to Debt Finally Crashes the System: Market evangelists created the wreckage, but ordinary working people will bear the greatest burden.
Almighty US dollar turns into ‘American peso’: Since 2001 the dollar has lost more than half its value against the euro. It now costs nearly $1.40 to buy one euro. And it isn’t just the euro that seems to be growing stronger against the US dollar. It has declined against many other major world currencies, and even including minor ones like our peso, reflecting the dollar’s loss of purchasing power.
Current Foreclosure Crisis Deemed the Worst in U.S. History: According to the most recent foreclosure numbers released by the Mortgage Bankers Association (MBA), the U.S. is embroiled in the worst foreclosure crisis in recorded history. More than 14 percent of subprime borrowers are defaulting, and prime borrowers are beginning to follow suit.
U-turn raises heat on UK Bank governor: Mervyn King will be forced to mount a public defence of his reputation as Bank of England governor after being driven into a striking policy U-turn on Wednesday in a bid to ease pressure on the UK banking system.
Chief strategist at CLSA predicts record gold run: It would be the biggest run on gold since the attempted French invasion of Britain of 1797 that sent prices through the roof.
Housing construction falls to 12-year low: Data indicate real estate slump is worsening
Housing layoffs: Struggling companies in the mortgage and housing sectors have cut more than 80,000 jobs this year
Failed Lender Makes Grab for Employee Funds: Bankrupt American Home Mortgage is attempting to seize as much as $27 million that former employees set aside from paychecks for retirement, according to an attorney representing them.
Paulson Asks Congress to Lift Debt Limit: The limit is $8.965 trillion. Unless Congress votes to raise it, the country would be unable to borrow more money to keep the government operating and to pay debt obligations coming due.
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