Life the Universe and ....: more economic troubles.

Oil Companies Escape Billions in Royalty Payments to US: A bureaucratic oversight has allowed 24 oil companies to avoid more than $1.3 billion in royalties for the privilege of extracting oil and natural gas from U.S. territory in the Gulf of Mexico - with foreign companies responsible for 55 percent of that total

Schwarzenegger signs order to cut Californian workers' pay: California Governor Arnold Schwarzenegger on Thursday signed an executive order temporarily slashing the pay of most full-time employees to the federal minimum wage of 6.55 dollars an hour.

Jobless rate climbs as 51,000 jobs vanish: Stores, factories and other businesses large and small showed workers the door last month, sending unemployment to its highest rate in four years and adding to the evidence an economic recovery remains far off.

GM Posts $15.5 Billion Loss; More Job Cuts Possible: General Motors Corp. on Friday reported a $15.5 billion loss for the second quarter of 2008, due in part to a labor strike at one of its suppliers and plummeting sales of trucks and SUVs.

Stressed banks borrow record amount from Fed: Banks borrowed a record amount of funds from the Federal Reserve in the latest week as the year old credit crisis took a persistent toll, while the commercial paper market continued to contract, signaling tough conditions for short term borrowers.

IndyMac Bancorp files for Chapter 7 bankruptcy: According to the bankruptcy filing, the holding company has between $50 million and $100 million in assets, between $100 million and $500 million of liabilities and less than 50 creditors.

Deutsche Bank Writedowns Exceed $11 Billion: Germany's flagship financier had originally been seen as one of the few to emerge unscathed from the crisis, but as the problems on global markets continue Deutsche Bank is being sucked ever deeper into trouble.

FDIC warns four banks over liquidity... Small Florida bank is 8th failure this year...

Florida Bank Closes - 8th Bank Failure Of Year

Greenspan - Housing Prices Not Yet Near Bottom

Greenspan On The Sinking Economy

IndyMac Files Bankruptcy, Sole Empoyee Is CEO

GM In Massive $15.5 Billion 2 Q Loss

MA Sues Merrill Lynch For Fraud

US CUTS Venezuela Oil Imports To Boost Gas Prices!

20% Fall In UK Housing By End Of 2009

Fed Massive Injections To Fuel Surging Inflation

Rising Oil, Food Push EU Inflation To New Record

PPT Rescues Wall Street Using Bank Window Of Deceit