Thursday, November 29, 2007

More economic issues

One in Ten Americans Went Hungry Last Year: More than one in 10 people in the United States go hungry, according to new official figures that suggest government food programs are falling short in the world's wealthiest country.

Fed pumps $8bn into market to head off new crunch : Central bankers are becoming nervous that a renewed credit crunch could destabilise financial markets around the end of next month, and the US Federal Reserve has pumped an initial $8bn (£3.9bn) into the market to help ease the mounting pressure.

Citigroup to Raise $7.5 Billion From Abu Dhabi State: Citigroup Inc., the biggest U.S. bank by assets, will receive a $7.5 billion cash infusion from Abu Dhabi to replenish capital after record mortgage losses wiped out almost half its market value.

US existing home sales drop 1.2 pct, prices in record slump : The decline was worse than economists' consensus forecast of a drop to 5.00 million units, and followed an 8.0 percent plunge in home sales in September.

Report: Foreclosures to hit metro areas : Prepared by forecasting and consulting firm Global Insight, the report said weak residential investment, lower spending and income in the construction industry and curtailed consumer spending because of falling home values will combine to hold back the nation's economic activity.

Real Reasons for Economic Declines : The recent consumer confidence figures tell us the real estate collapse, the lack of real estate equity cash out, the results of free trade, globalization, offshoring and outsourcing and the credit crisis are all simultaneously taking their toll. Next comes the stock market collapse.

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