Thursday, January 24, 2008

More economic issues

DOW 600 POINT SWING...

FEAR FOR USA AT DAVOS...

Soros: Worst crisis in 60 years...

Going Bankrupt

By Chalmers Johnson

Why the Debt Crisis Is Now the Greatest Threat to the American Republic. Continue



Worries That the Good Times Were Mostly a Mirage

By DAVID LEONHARDT

The recent financial turmoil has many causes, but they are tied to a basic fear that some of the economic successes of the last generation may yet turn out to be a mirage. That helps explain why problems in the American subprime mortgage market could have spread so quickly through the world’s financial system. Continue

U.S. deficit estimated at $250 billion: That figure does not reflect at least $100 billion in red ink from an economic stimulus measure in the works.

Soros Sees End of Dollar-Backed Credit Expansion: Billionaire investor George Soros said the fallout from the U.S. subprime crisis will bring about the end of a 60-year dollar-based credit boom.

California defaults soar in 4Q: The number of California homeowners who fell behind on their mortgage payments surged in the fourth quarter of 2007 to a 15-year high, heightening the possibility of a jump in foreclosures, a real estate research firm said Tuesday.


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