Iran: Stop Sales in Dollars...
Greenspan endorses McCain, foresees recession...
Fed Up: Bernanke joins G-7 to Stem Global Financial Meltdown
By Mike Whitney
The term “subprime” is a red herring; it is used by the media to minimize what is really going on. The meltdown in financing extends across the entire range of mortgage-security products. No loan-type has been spared. The wholesale market for anything connected to mortgages is frozen and the details are being intentionally withheld from the public. Continue
Buddy, Can You Spare a Billion?
By Dana Milbank
Meet Alan Schwartz, welfare recipient. As the chief executive of Bear Stearns, he's getting rather more public assistance than your typical welfare mom -- specifically, $30 billion in federal loan guarantees to help J.P. Morgan Chase take over his firm. But then, Schwartz has had rather more than his share of suffering of late. Continue
Bankruptcies Jump 30% in March, Led by Housing-Bust States : The jump in March bankruptcy filings is another indication the U.S. economy is in recession, led by states where the housing boom turned to bust. The more than 90,000 bankruptcy filings in March were the highest since insolvency laws became more restrictive in October 2005
Foreclosure Machine Thrives on Woes : A small army of law firms and default servicing companies, who represent mortgage lenders, have been raking in mounting profits. These little-known firms assess legal fees and a host of other charges, calculate what the borrowers owe and draw up the documents required to remove them from their homes.
Skybus Ends Service, Third Airline to Fold This Week: Skybus Airlines Inc., a U.S. low- fare carrier that started operations less than a year ago, stopped service today, the third airline to shut down this week as fuel costs soared and the economy slowed.
The Forbidden Financial Topic: U.S. National Debt : As we wind our way towards an election between the numerous professional liars who have been put forward as candidates for U.S. President, it seems to be a great time to remind us all about the financial issue being routinely ignored by virtually everyone
Wall Street brokerages borrowing $38.1 billion a day from Federal Reserve: The Federal Reserve reports Thursday that those firms averaged $38.1 billion in daily borrowing over the past week from the new lending program. That compared with $32.9 billion in the previous week and $13.4 billion in the first week the lending facility opened.
Fed's interest rate games could destroy the dollar: "Helicopter Ben" is living up to the nickname he earned after he remarked in a 2002 speech that he would stave off a recession even if he had to drop money from helicopters to do it.
80,000 Jobs Lost, Recession Feared : The Labor Department on Friday said non-farm employment fell by 80,000 jobs in March, the biggest decline in five years. Financial markets saw the drop as reinforcing the need for further Federal Reserve interest rate cuts.
Motorola to lay off 2,600 workers: Motorola Inc. is laying off 2,600 employees across the company, resulting in a pretax charge of $104 million for the first quarter, the Schaumburg-based telecommunications equipment-maker disclosed in a regulatory filing Thursday.
La-Z-Boy, Whirlpool Moving Hundreds Of Jobs To Mexico: La-Z-Boy employees in Dayton were told today that the cutting and sewing operation is being moved to Mexico.
Rice Jumps to Record, Corn Near High as Demand Outpaces Supply : Rice climbed to a record and corn traded near its highest ever on speculation a 3 percent annual increase in global demand for cereals will outstrip supply as governments curb exports to prevent protests.
Hungry crowds spell trouble for world leaders: "Is it not said 'A hungry man is an angry man'?" commented Simon Nkwenti, head of a teachers' union in Cameroon, after riots that killed dozens of people in the central African country.
Oil Rises, Gasoline Surges to Record on U.S. Fuel-Supply Drop : Crude oil rose more than $3 a barrel and gasoline surged to a record after an Energy Department report showed that U.S. supplies of the motor fuel fell a third week.
Jobless claims shoot up to 2-year high : The number of new people signing up for unemployment benefits last week shot up to the highest level in more than two years, fresh evidence of the damage to a national economy clobbered by housing, credit and financial crises.
Brokerages Borrowing $38B A DAY From Fed
Brown - World Faces First Global Financial Crisis
Investment Firms Tap Fed For Billions
UK House Prices 'Will Crash Soon'
Fed Pres Yellen - US Economy 'All But Stalled'
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