This $17 Trillion Divorce Won’t Be a Pretty One: “China is beginning to cancel Congress’s credit card,” he told Fox News on June 10. It “doesn’t want to lend much more money to the United States and especially is worried about the Fed’s policy of printing money to buy new debt.”
Hundreds of Thousands of Workers Will Lose Unemployment Benefits Soon: Workers laid off early in the downturn are soon to be left without the basic sustenance of an unemployment check.
Mortgage defaults spread as even 'safe' borrowers falter: No longer is the real estate bust simply the result of exotic, subprime loans that doubled payments and blew up in homeowners' faces.
Credit Losses Rising Anywhere and Everywhere: The delinquency rate on U.S. mortgages surged to a record 9.12 percent in the first quarter of this year. Late payments rose in ALL categories, including prime fixed-rate loans, the absolute “cream of the crop” in the mortgage world.
AIG Seeks Clearance For More Bonuses: Officials at AIG, whose federal rescue package stands at $180 billion, have been reluctant to move forward without political cover from the government.
Jim Hightower: Big Bankers Mounting Sneak Attack on Consumers: . In June, for example, Bank of America abruptly raised its fee for a basic checking account by 50 percent. Citibank jacked up the interest rate on some of its cards to 29.99 percent. And JPMorgan Chase more than doubled the required minimum payment on its cards.
GM carmaker emerges from bankruptcy: GM has slashed its work force, closed 40 per cent of its dealerships and shed a number of brands.